The Friday Cap Table
Every Friday we walk one Namibian capital-markets deal end-to-end: the cap table, the offtake history, the IRR sensitivity at three price assumptions. No press-release journalism. Named operators, named vehicles, the working shown.
The Rosh Pinah Zinc Restart: Who's In, What They Paid, and Whether the IRR Works at $1.25/lb Zinc
Trevali's 2023 receivership left Rosh Pinah in limbo; Appian Capital and Vendetta Mining have since assembled a position. We walk the cap table, price the offtake history, and stress-test the recovery plan at three zinc price assumptions.
| Who | Stake | Paid / how | Vehicle | Notes |
|---|---|---|---|---|
| Appian Capital Advisory | 37% | USD 41.8m | Cash + working-capital line | Operator-led, Glencore offtake retained |
| Vendetta Mining | 21% | USD 22.5m | Equity + minority cash | Public co. listing, Q3 25 placement |
| Trevali receivers | 0% | — | Wound up | Final distribution to creditors Q4 25 |
| Government (Epangelo) | 15% | Carried | NEEEF carry — 5% productive carry surviving | No cash put in |
| Minority free float | 27% | Various | Public market — primary + secondary | Post-restart |
Recent deal walk-throughs
- 15 May 2026
Repatriation Friction Tracker: When ZAR/NAD Becomes the Slowest Part of the Deal
The Common Monetary Area peg holds, but cross-border cash movement between Namibia and South Africa is slower, more expensive, and less predictable than the peg implies. A working account of where capital actually stalls.
- 15 May 2026
Rosh Pinah Zinc Restart: Who's In, What They Paid, and Whether the IRR Works at $1.25/lb
The cap table on Namibia's largest zinc mine has changed hands through receivership and a contested recovery plan. We show the working on whether the numbers hold at current zinc prices — and where they don't.
The cap table, the offtake history, the IRR sensitivity tab, all live and editable. 14-day trial, then N$425/month.
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