Name of the Project
Rosh Pinah expansion (RP2.0).

Location
South-western Namibia, about 800 km southwest of Windhoek.

Project Owner/s
Rosh Pinah Zinc (RPZ), in which Appian Capital Advisory is the majority shareholder.

Project Description
RP2.0 will double processing throughput from 700 000 t/y to 1.4-million tonnes a year following mine ramp-up, increasing zinc-equivalent production to an average of 170-million pounds a year.

The expansion comprises further development of the underground mine, including the WF3 portal and decline, and new surface infrastructure comprising a processing plant with a semiautogenous grinding (SAG) mill, expanded zinc flotation, thickening and filtration capacity, as well as paste-fill and water-treatment plants.

The SAG mill replaces the existing ball mill and is designed to improve comminution efficiency, grind-size control, metallurgical recovery and unit operating costs, as well as allow for the treatment of harder ore types. It has also been designed with additional capacity for potential future production increases.

The paste-fill plant, the first commissioned paste-backfill operation in Namibia, is intended to reduce mining dilution and surface tailings while improving ore recovery. The water-treatment plant retreats and recycles process water, reducing the mine's dependence on raw water from the Orange river.

Appian also plans to expand the Rosh Pinah Solar Park from 5.4 MWp to 16.3 MWp to supply 30% of RP2.0's energy requirements under a 15-year fixed-rate offtake agreement.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not confirmed.

Capital Expenditure
A $150-million debt facility underwritten by Standard Bank was secured in September 2025 to fund the remaining construction costs, leaving RP2.0 funded to ramp-up.

Planned Start/End Date
Construction completion is expected in the third quarter of 2026, with ramp-up starting in quick succession.

Latest Developments
RP2.0 was more than 95% complete as at June 29, 2026, on schedule and on budget, following the commissioning of the new SAG mill. 

The SAG mill is the final major processing component and its commissioning completed the core processing infrastructure, bringing the full circuit into operation as an integrated system.

The paste-fill and water-treatment plants were commissioned in February and May 2026 respectively. 

RPZ is also undertaking more than 80 km of diamond drilling in 2027 to expand the mineral resource base and extend the mine life.

Key Contracts, Suppliers and Consultants
Standard Bank (underwriter of the debt facility); Endeavour Financial (Appian's financial adviser); and Emesco Energy (operator and developer of the Rosh Pinah Solar Park expansion).

Contact Details for Project Information
Appian Capital Advisory, tel +44 20 7004 0951 or email info@appiancapitaladvisory.com.
RPZ, tel +264 63 274 200 or email RPZC_info@rpzc.com.na.