An initial mineral resource estimate at Antelope is expected by the third quarter this year. Photo B2Gold
An initial mineral resource estimate at Antelope is expected by the third quarter this year. Photo B2Gold

Antelope could be B2Gold lifeline

Deposit has mining potential
B2Gold's exploration budget for Namibia this year is about N$168 million, funding the largest drill programme since the definition of the Wolfshag discovery in 2012.
Jo-Maré Duddy
B2Gold Corp’s Antelope deposit at its Otjikoto Mine has the potential to be developed as an underground gold mining operation, the Canada-based miner yesterday announced on the Namibian Stock Exchange (NSX).

If successful, Antelope could start contributing to gold production at Otjikoto in 2026, B2Gold said. It could complement the expected processing of stockpiles at the Otjikoto mill from 2026 through 2031, the company added.

A total of 20 715 m in 37 drill holes were completed at the Antelope deposit last year. This year, 39 000 m of drilling is planned to define and expand the Antelope deposit.

Antelope – discovered in 2022 and comprised of the Springbok Zone and the Oryx Zone – is about 3 km south of the Otjikoto Phase 5 open pit. A possible third structure, Impala, is subject to further confirmatory drilling.

Following the results at last year Antelope drilling, B2Gold said it “believes this style of mineralisation could be amenable to underground mining methods similar to those used at the Wolfshag underground mine”.



Operations

The open pit operations at Otjikoto are expected to wrap up in 2025, whereas the underground mining activities at Wolfshag are slated to continue until 2026.

Current gold production estimates at Otjikoto are expected to be between 180 000 to 200 000 ounces this year and next year, and just under 100 000 ounces in 2026. From 2026 to 2031, during the processing of low-grade stockpiles, production is expected to decrease to below 50 000 ounces.

“Underground mining of the Antelope deposit has the potential to supplement the processing of stockpiles through 2031, with the goal of increasing gold production levels to over 100 000 ounces per year from 2026 through 2031,” B2Gold said.

An initial mineral resource estimate at Antelope is expected by the third quarter this year.

An internal scoping study on an underground mining operation should be completed by the first quarter of 2025, according to B2Gold.



Exploration

B2Gold’s exploration budget for Namibia this year is US$9 million – about N$168 million – funding the largest drill programme since the definition of the Wolfshag discovery in 2012.

The company plans to spend US$33 million, about N$619 million, in capital expenditures on its Otjikoto Mine in Namibia this year.

Otjikoto ended last year on a high note, producing 81 111 ounces of gold in the last three months, marking a quarterly record.

Production from the Wolfshag underground mine remained consistent through the last quarter of the year.

B2Gold said the Otjikoto Mine produced 208 598 ounces of gold in total last year, near the upper end of its guidance range of 190 000 to 210 000 ounces. The company holds a 90% interest in Otjikoto.

B2Gold also owns the Fekola Mine in Mali, which produced 590 243 ounces of gold last year. Its Masbate Mine in the Philippines delivered 193 502 ounces.

In total, B2Gold’s mines produced 992 343 ounces of gold last year, of which Otjikoto contributed 21%.

B2Gold is dual-listed on the Overall Index of the Namibian Stock Exchange (NSX). It closed Wednesday at N$53.06 per share.

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Premier League: Chelsea 6 vs 0 Everton | Arsenal 0 vs 2 Aston Villa | West Ham 0 vs 2 Fulham | Liverpool 0 vs 1 Crystal Palace LaLiga: Osasuna 0 vs 1 Valencia | Real Sociedad 2 vs 2 Almería | Athletic Club 1 vs 1 Villarreal | Granada 2 vs 0 Deportivo Alaves | Las Palmas 0 vs 2 Sevilla SerieA: Atalanta 2 vs 2 Hellas Verona | Fiorentina 1 vs 1 Genoa | Inter Milan 2 vs 2 Cagliari | Udinese 1 vs 1 AS Roma | Sassuolo 3 vs 3 AC Milan | Napoli 2 vs 2 Frosinone European Championships Qualifying: Southampton 3 vs 0 Preston North End English Championship: Southampton 3 vs 0 Preston North End Katima Mulilo: 18° | 34° Rundu: 19° | 34° Eenhana: 21° | 36° Oshakati: 23° | 35° Ruacana: 24° | 37° Tsumeb: 20° | 33° Otjiwarongo: 18° | 32° Omaruru: 18° | 34° Windhoek: 17° | 30° Gobabis: 17° | 31° Henties Bay: 15° | 21° Wind speed: 18km/h, Wind direction: S, Low tide: 05:58, High tide: 12:09, Low Tide: 18:01, High tide: 00:35 Swakopmund: 15° | 17° Wind speed: 19km/h, Wind direction: SW, Low tide: 05:56, High tide: 12:07, Low Tide: 17:59, High tide: 00:33 Walvis Bay: 16° | 24° Wind speed: 24km/h, Wind direction: SW, Low tide: 05:56, High tide: 12:06, Low Tide: 17:59, High tide: 00:32 Rehoboth: 17° | 32° Mariental: 18° | 33° Keetmanshoop: 19° | 33° Aranos: 18° | 32° Lüderitz: 15° | 29° Ariamsvlei: 19° | 33° Oranjemund: 13° | 23° Luanda: 26° | 29° Gaborone: 14° | 27° Lubumbashi: 16° | 24° Mbabane: 13° | 26° Maseru: 11° | 22° Antananarivo: 12° | 23° Lilongwe: 16° | 25° Maputo: 18° | 28° Windhoek: 17° | 30° Cape Town: 16° | 21° Durban: 18° | 26° Johannesburg: 13° | 24° Dar es Salaam: 23° | 30° Lusaka: 16° | 26° Harare: 14° | 28° Currency: GBP to NAD 23.62 | EUR to NAD 20.19 | CNY to NAD 2.62 | USD to NAD 18.94 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.33 | EGP to NAD 0.38 | KES to NAD 0.14 | NGN to NAD 0.02 | ZMW to NAD 0.75 | ZWL to NAD 0.04 | BRL to NAD 3.62 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 134.54 | USD to AOA 832.82 | USD to BWP 13.85 | USD to EGP 48.73 | USD to KES 131.48 | USD to NGN 1138.13 | USD to ZAR 18.94 | USD to ZMW 25.2 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 72999.63 Down -2.04% | Namibian Stock Exchange (NSX) Overall Index 1520.5 Down -2.01% | Casablanca Stock Exchange (CSE) MASI 13362.33 Down -0.08% | Egyptian Exchange (EGX) 30 Index 29400.84 Down -0.73% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 388.89/OZ UP +0.26% | Copper US$ 4.30/lb UP +0.29% | Zinc US$ 2 800.60/T UP 1.08% | Brent Crude Oil US$ 89.62/BBP DOWN -0.0088 | Platinum US$ 956.95/OZ DOWN -0.0029 Sport results: Premier League: Chelsea 6 vs 0 Everton | Arsenal 0 vs 2 Aston Villa | West Ham 0 vs 2 Fulham | Liverpool 0 vs 1 Crystal Palace LaLiga: Osasuna 0 vs 1 Valencia | Real Sociedad 2 vs 2 Almería | Athletic Club 1 vs 1 Villarreal | Granada 2 vs 0 Deportivo Alaves | Las Palmas 0 vs 2 Sevilla SerieA: Atalanta 2 vs 2 Hellas Verona | Fiorentina 1 vs 1 Genoa | Inter Milan 2 vs 2 Cagliari | Udinese 1 vs 1 AS Roma | Sassuolo 3 vs 3 AC Milan | Napoli 2 vs 2 Frosinone European Championships Qualifying: Southampton 3 vs 0 Preston North End English Championship: Southampton 3 vs 0 Preston North End Weather: Katima Mulilo: 18° | 34° Rundu: 19° | 34° Eenhana: 21° | 36° Oshakati: 23° | 35° Ruacana: 24° | 37° Tsumeb: 20° | 33° Otjiwarongo: 18° | 32° Omaruru: 18° | 34° Windhoek: 17° | 30° Gobabis: 17° | 31° Henties Bay: 15° | 21° Wind speed: 18km/h, Wind direction: S, Low tide: 05:58, High tide: 12:09, Low Tide: 18:01, High tide: 00:35 Swakopmund: 15° | 17° Wind speed: 19km/h, Wind direction: SW, Low tide: 05:56, High tide: 12:07, Low Tide: 17:59, High tide: 00:33 Walvis Bay: 16° | 24° Wind speed: 24km/h, Wind direction: SW, Low tide: 05:56, High tide: 12:06, Low Tide: 17:59, High tide: 00:32 Rehoboth: 17° | 32° Mariental: 18° | 33° Keetmanshoop: 19° | 33° Aranos: 18° | 32° Lüderitz: 15° | 29° Ariamsvlei: 19° | 33° Oranjemund: 13° | 23° Luanda: 26° | 29° Gaborone: 14° | 27° Lubumbashi: 16° | 24° Mbabane: 13° | 26° Maseru: 11° | 22° Antananarivo: 12° | 23° Lilongwe: 16° | 25° Maputo: 18° | 28° Windhoek: 17° | 30° Cape Town: 16° | 21° Durban: 18° | 26° Johannesburg: 13° | 24° Dar es Salaam: 23° | 30° Lusaka: 16° | 26° Harare: 14° | 28° Economic Indicators: Currency: GBP to NAD 23.62 | EUR to NAD 20.19 | CNY to NAD 2.62 | USD to NAD 18.94 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.33 | EGP to NAD 0.38 | KES to NAD 0.14 | NGN to NAD 0.02 | ZMW to NAD 0.75 | ZWL to NAD 0.04 | BRL to NAD 3.62 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 134.54 | USD to AOA 832.82 | USD to BWP 13.85 | USD to EGP 48.73 | USD to KES 131.48 | USD to NGN 1138.13 | USD to ZAR 18.94 | USD to ZMW 25.2 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 72999.63 Down -2.04% | Namibian Stock Exchange (NSX) Overall Index 1520.5 Down -2.01% | Casablanca Stock Exchange (CSE) MASI 13362.33 Down -0.08% | Egyptian Exchange (EGX) 30 Index 29400.84 Down -0.73% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 388.89/OZ UP +0.26% | Copper US$ 4.30/lb UP +0.29% | Zinc US$ 2 800.60/T UP 1.08% | Brent Crude Oil US$ 89.62/BBP DOWN -0.0088 | Platinum US$ 956.95/OZ DOWN -0.0029