B2Gold has committed more than US$14 million (about N$260 million) to exploration at the Otjikoto Gold Mine over 2025 and 2026, with drilling focused on advancing the Antelope deposit while supporting underground production planning at Wolfshag as the operation transitions away from open-pit mining.
In 2025, B2Gold Corp spent approximately US$8 million (around N$150 million) on exploration at Otjikoto, completing 35,924 metres of diamond and reverse-circulation drilling across the mine area.
The exploration programme was primarily directed at the Antelope deposit, while drilling within the broader Otjikoto underground mining footprint supported geological confidence and mine planning at Wolfshag.
The Antelope deposit, located about three kilometres south of the main Otjikoto pit, comprises the Springbok Zone, the Oryx Zone and a potential third structure, Impala, subject to confirmatory drilling.
It was discovered in 2022 following deep drill testing guided by three-dimensional modelling of airborne magnetic data.
Results from the 2025 drilling campaign underpinned the company’s September 2025 decision to approve development of the Antelope underground deposit, following optimisation work that reduced the project’s estimated pre-production capital requirements.
Ongoing drilling and geological work in and around the Wolfshag underground mine continue to support mine design, scheduling and grade confidence as underground operations ramp up following the end of open-pit mining.
Exploration activity will continue in 2026, with US$6 million (about N$110 million) budgeted and approximately 44,000 metres of drilling planned.
The programme is expected to focus on further expanding and refining the Antelope resource while continuing geological work within the Otjikoto underground mining area, including Wolfshag.
Together, the US$14 million (≈ N$260 million) exploration commitment over 2025 and 2026 is aimed at securing sufficient underground ounces at both Wolfshag and Antelope to underpin Otjikoto’s production profile and cash generation in the post–open pit phase of the mine’s life.
