Canadian resource financier Sprott has invested in, or proposed to commit, about US$432.5 million across three Namibian mining assets, ranging from the restart of the Kombat copper mine and the Okanjande graphite project to a proposed US$375 million financing package for Wia Gold’s Kokoseb gold project.
The Namibia-specific figure comprises US$37.5 million for Kombat, US$20 million directly attributable to Okanjande and US$375 million proposed for Kokoseb, which would become by far Sprott’s largest known project-level financing commitment in the country.
The investments are significant because Sprott’s involvement has not necessarily ended when ownership structures or project financial circumstances have changed.
At Kombat, its streaming interest survived Trigon Metals’ departure from Namibia, while at Okanjande its exposure has been restructured and extended to future production.
Sprott entered Kombat through a definitive US$37.5 million silver-and-copper streaming transaction concluded with Trigon Metals in October 2022, increasing an earlier proposed US$27.5 million arrangement.
The financing was intended to support the expansion of Kombat’s processing capacity, the dewatering of the historic mine, the development of the Asis West underground operation, and working capital.
An earlier US$2.5 million Sprott loan to Trigon should not be added separately to the US$37.5 million, as the subsequent transaction incorporated that financing, making US$37.5 million the cleaner figure for Sprott’s identifiable investment in Kombat.
Kombat subsequently changed hands when Trigon sold its interests to Kamino Minerals, an affiliate of Horizon Corporation, in December 2025, but Trigon’s departure did not simply remove Sprott from the Namibian asset.
Sprott’s consent was required for the transaction, while Trigon’s rights and obligations associated with the Sprott stream were reorganised as part of the sale.
The arrangement matters because Sprott’s investment was tied to mineral production from Kombat rather than simply to an investment in Trigon, the mine’s owner.
The original streaming arrangement gave Sprott rights to future silver and copper production from Kombat, effectively allowing its economic interest to remain tied to the mine even after the company that originally secured the financing exited Namibia.
Sprott’s second identifiable Namibia investment is at Okanjande, where Northern Graphite acquired the graphite mine and associated Okorusu processing plant as part of a wider 2022 transaction.
Sprott provided US$36 million in debt, royalty, and streaming financing for Northern Graphite’s acquisition package, which covered both the O’Kiep mine in Namibia and the Lac des Iles graphite mine in Canada. The full US$36 million therefore cannot be counted as an investment in Namibia alone.
The Namibia-specific component that can be clearly identified is a US$20 million graphite stream over Okanjande.
In return for the upfront financing, Sprott obtained rights to a portion of graphite produced from the Namibian project. The original arrangement covered 11.25% of Okanjande production until 350,000 tonnes of graphite concentrate had been delivered, after which the stream could convert into a royalty.
That relationship changed substantially in April 2026 when Northern Graphite reached a binding restructuring agreement with Sprott Resource Streaming and Royalty Corp.
Under the restructuring, Sprott would extinguish approximately US$16 million of senior secured debt and about US$6 million of accrued interest by issuing 12.5 million Northern Graphite shares and amending the Okanjande stream.
Crucially for Namibia, the previous 350,000-tonne limit on the Okanjande graphite stream is being removed, meaning Sprott’s streaming agreement will instead cover all future production from Okanjande.
The restructuring will also leave Sprott with about 9.9% of Northern Graphite, making it the company’s largest shareholder.
Northern has identified restarting Okanjande as a priority following the restructuring, meaning Sprott retains both a production-linked interest in the Namibian project and an equity interest in the company developing it.
Sprott’s Namibia exposure could now increase dramatically through Kokoseb.
Wia Gold has agreed indicative financing terms with Sprott Resource Lending for a US$360 million senior secured debt facility to help develop the Kokoseb gold project, accompanied by a proposed US$15 million Sprott equity subscription, bringing the potential package to US$375 million.
Kokoseb’s definitive feasibility study puts initial development capital at approximately US$475 million, meaning the proposed Sprott debt facility alone would be equivalent to about 76% of the capital required to build the mine.
The project has a probable ore reserve of 69.8 million tonnes grading 0.87 grams of gold per tonne, yielding 1.95 million ounces. It is planned as an open-pit operation, placing it among the major new mines advancing toward development in Namibia.
Wia has also secured commitments for an A$125 million equity placement as part of the wider funding package intended to take Kokoseb through construction to first gold, strengthening the financing pathway around the proposed Sprott facility.
The distinction between Kokoseb and the other two Namibian investments is that the US$375 million Sprott package has not yet been advanced in the same way as the historical Kombat and Okanjande financing.
The terms are indicative and remain part of the project’s financing process, so the amount represents proposed Sprott financing rather than money already spent in Namibia.
A review of Andrada Mining’s Uis operation does not establish a comparable direct Sprott investment in that Namibian mine.
Andrada’s latest Uis financing instead includes N$98 million in conditional 10-year facilities from Bank Windhoek and the Development Bank of Namibia, alongside an approximately US$11 million equity raising completed earlier this year.
On the identifiable Namibia-specific transactions, Sprott has therefore put US$37.5 million into Kombat and US$20 million directly into Okanjande, for US$57.5 million in historical project financing clearly attributable to Namibian mining assets.
If the proposed US$375 million Kokoseb package is completed, that figure would rise to approximately US$432.5 million across three Namibian projects.
The progression is also notable because Sprott’s role in Namibia has shifted from tens of millions of dollars to restart or reposition existing mines to a proposed financing package that could fund most of the construction costs of a new large-scale gold mine.
