Golden Deeps Limited (ASX: GED) has reaffirmed its position as one of Namibia’s most significant holders of polymetallic ground following a presentation by CEO Jon Dugdale at the Noosa Mining Investor Conference on 12 November 2025.
Dugdale described the company’s Otavi portfolio as “one of the richest critical metals territories in southern Africa,” highlighting extensive Mineral Resource growth and near-term discovery potential across the belt.
The Otavi Mountain Land, once home to the legendary Tsumeb Mine, lies within the Damaran Mobile Belt.
This world-class mineral province also hosts the Kalahari and Zambian Copper Belts. Golden Deeps’ 440 km² tenement package sits at the heart of this terrain and contains a suite of critical and industrial metals, including copper, lead, zinc, silver, germanium, vanadium, gallium, and antimony.
Dugdale said the company’s four established JORC-compliant Mineral Resources — spanning copper-silver, zinc-lead, vanadium, and rare metals such as gallium, germanium, and antimony — position Golden Deeps at the forefront of Namibia’s emerging critical metals story.
The company maintains cash backing of $5.5 million, a market capitalisation of $11.1 million, and an enterprise value of $5.6 million, providing a robust financial base for continued exploration.
The Otavi Belt has long been synonymous with extraordinary grades.
The historic Tsumeb Mine yielded 27 million tonnes at 4.3% Cu, 10% Pb, 3.5% Zn, and 95 g/t Ag, with valuable by-products including germanium and gallium. Golden Deeps’ licences — including Nosib, Khusib Springs, Abenab, Border, and Kaskara — occupy the same geological corridor that produced those historic riches and now underpin the company’s modern exploration drive.
Golden Deeps’ Otavi Critical Metals Project now boasts four significant JORC-compliant Mineral Resources.
The Khusib Springs deposit hosts 492,000 tonnes at 116 g/t AgEq (63 g/t Ag, 0.50% Cu, 0.11% Zn, 0.08% Pb) for 1.9 million ounces of silver equivalent, including 78,000 tonnes at 353 g/t AgEq (163 g/t Ag, 1.84% Cu, 0.30% Zn, 0.33% Pb) in the Indicated category and 414,000 tonnes at 73 g/t AgEq (45 g/t Ag, 0.26% Cu, 0.11% Zn, 0.03% Pb) in the Inferred category.
The conversion to silver-equivalent (AgEq) grades, Dugdale noted, was conducted in consultation with Shango Mining Consultants of South Africa, incorporating metallurgical test work, historical processing recoveries, and updated market prices.
Recoveries were guided by test work from the Nosib vanadium-lead-copper-silver deposit, located about 20 km northeast of Khusib, and by historical sulphide-ore recoveries from Tsumeb.
The company’s conservative recovery assumptions — 61.6% for silver and copper, 54.4% for zinc, and 61.6% for lead — yielded the following conversion factors: Ag (1), Cu (96), Zn (24), Pb (21). Using these, the final AgEq grade was calculated using the formula:
AgEq (g/t) = (1 × Ag g/t) + (96 × Cu%) + (24 × Zn%) + (21 × Pb%), producing an average AgEq grade of 116 g/t for the Khusib resource.
At Abenab, the new Mineral Resource stands at 2.30 million tonnes at 1.11% V₂O₅Eq (0.61% V₂O₅, 2.66% Pb, 1.04% Zn, 0.06% Cu), including 1.15 million tonnes at 1.34% V₂O₅Eq (Indicated) and 1.15 million tonnes at 0.88% V₂O₅Eq (Inferred).
The Nosib deposit, a polymetallic Cu-V-Pb-Ag-Ga system, holds 707,660 tonnes at 1.06% CuEq (0.67% Cu, 0.15% V₂O₅, 0.84% Pb, 0.04% Zn, 3.56 g/t Ag), including 51,560 tonnes at 4.36% CuEq (1.85% Cu, 1.01% V₂O₅, 5.86% Pb, 0.11% Zn, 6.21 g/t Ag) in the Measured category.
The Border deposit, part of the Central Otavi Project, carries a JORC Inferred Resource of 16 million tonnes at 2.12% Zn+Pb (1.53% Zn, 0.59% Pb) and 4.76 g/t Ag, equivalent to 330,000 tonnes of contained zinc and lead and 2.5 million ounces of silver.
The jewel in Golden Deeps’ Otavi portfolio is the Graceland Prospect, where surface sampling has revealed exceptional polymetallic mineralisation.
Channel samples returned 42.7% Cu, 1,353 g/t Ag, 201 g/t Ge, and 1,205 g/t Sb, while rock chips assayed up to 47.3% Cu and 7,792 g/t Ag.
Spanning a 2.5 km by 1 km mineralised system, Graceland hosts multiple gossans and sulphide lenses displaying a classic “Tsumeb-type” geochemical footprint, with zonation in copper, silver, zinc, lead, and germanium. Induced polarisation and resistivity surveys are underway to delineate targets ahead of a maiden drilling campaign.
Dugdale described Graceland as “a clear high-priority discovery zone” with the potential for a significant new Tsumeb-style deposit, supported by spectacular high-grade sampling and strong geophysical signatures.
Golden Deeps’ tenements across Otavi represent one of the most concentrated collections of polymetallic resources in Namibia, spanning the full spectrum of critical and industrial metals — from copper and silver to germanium, gallium, vanadium, and antimony.
With a team experienced in discovery and Mineral Resource growth and strong financial backing, the company is advancing exploration and development in tandem.
Dugdale said the Otavi Belt’s combination of historical production, geological pedigree, and modern exploration success positions it as “the richest undeveloped polymetallic terrain in southern Africa,” and one capable of rekindling the legacy of Tsumeb for a new energy era.
