B2Gold Namibia - Mining Outlook - Issue 16

AS GOOD AS GOLD

AS GOOD AS GOLD Proudly operating the nation’s largest and most successful underground gold mine, B2Gold Namibia continues to flourish with exciting plans in the pipeline. We dig deeper into the company’s story with Managing Director, John Roos Writer: Ed Budds | Project Manager: Josh Whiteside

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B2GOLD NAMIBIA AFRICA

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B2GOLD NAMIBIA AFRICA

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cross Namibia, one of the most sparsely populated countries in the world, the vitality of the nation’s mining industry continues to boom as the sector experiences a historic wave of exploration and project development, evidenced by the fact that a record NAD$1.5 billion of exploration capital was spent in 2025 by members of the Chamber of Mines of Namibia.

B2Gold has meticulously established itself as a greatly respected global gold producer, headquartered in Vancouver, Canada.

Founded in 2007, today the company’s portfolio includes four major active gold mines – the Goose Mine in Northern Canada, the Fekola Mine in Mali, the Masbate Gold Project in the Philippines, and the Otjikoto Mine in Namibia – as well as numerous international development and exploration projects.

Employing a substantial workforce of approximately 6,300 employees

worldwide, B2Gold produces around one million ounces (oz) of gold on a consolidated basis each year.

The business acquired its first African gold development project, the Otjikoto Gold Project (Otjikoto), through a merger with Auryx Gold Corp. in December 2011.

After it received the required mining licence in December 2012, construction of the Otjikoto Mine commenced in April 2013. Within approximately 19 months, the first gold pour occurred in December 2014, ahead of schedule.

In Namibia, Otjikoto is currently the largest underground gold mining operation, following the cessation of open pit mining operations in the beginning of October 2025. Up to the end of last year, this mine was the largest gold producer in the country since declaring commercial production in 2015.

The mine is located in the north-central part of the nation, approximately 300 kilometres (km)

HOW DO YOU REFLECT ON THE LAST FEW YEARS – BOTH FOR THE COMPANY AND FROM A PERSONAL PERSPECTIVE? John Roos, Managing Director: “We have been through an incredible journey as a company, particularly through the transition phase that began in 2023, when we had to gradually scale down our workforce.

“Our open-pit operations ceased at the beginning of October 2025, after which we transitioned to underground mining and stockpile processing.

“It was a challenging but valuable journey, particularly in terms of managing the downscaling process, engaging with stakeholders, communicating with government and our people, and putting processes in place to ensure that the transition was handled fairly for everyone involved.

“I remain very excited about the Namibian mining sector, particularly gold. Gold is currently at record highs, although I do not know whether it will stay there; unfortunately, I do not have a crystal ball. But I suppose one needs to make hay whilst the sun shines and harvest cashflows for future investment – or, in the case of B2Gold’s agriculture project, grow maize whilst the sun shines.”

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north of the capital, Windhoek.

Processed ore is sourced from the Wolfshag underground mine, supplemented by existing ore stockpiles.

ENGROSSED IN THE INDUSTRY John Roos is Managing Director of B2Gold Namibia and has been with the company for 12 years – prior to that, he worked for KPMG as a chartered accountant based in Johannesburg, working in the energy and natural resources division with a focus on the mining sector.

“Working at KPMG on major mining clients really sparked my interest in mining. Then, in August 2014, I received a call from B2Gold, a mining company with operations in Namibia that was in the advanced stages of development, three months out from first gold pour. They asked me to join the Namibian business as a member of the finance team – I joined a month later, and the rest is history,” he recalls fondly.

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This approach is particularly valuable in the mining sector, where logistics, compliance, and strict timelines demand careful planning and flawless execution. Spice’s long-standing partnership with B2Gold Namibia reflects its ability to continuously deliver consisten quality within complex operational environments whilst meeting the highest brand standards.

Spice offers a complete end-to-end service, managing everything from sourcing and concept development to branding, production, quality control, and delivery. Whether it’s executive gifting, staff outfitting, or large-scale promotional campaigns, every project is approached with precision, professionalism, and a commitment to delivering results.

The company has continued to strengthen its capabilities through investments in systems, supplier networks, quality control, and people.

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B2GOLD NAMIBIA AFRICA

“ B 2 G O L D ’ S E T H O S I S T O L E AV E A C O U N T R Y O R A R E A I N W H I C H I T O P E R AT E D I N A B E T T E R S TAT E T H A N W H AT I T F O U N D I T I N – B O T H E N V I R O N M E N TA L LY A N D S O C I O E C O N O M I C A L LY ” – J O H N R O O S , M A N AG I N G D I R E C TO R , B 2 G O L D N A M I B I A

“If you work at a mining company, you are exposed to many different areas of business – you work with the supply chain, banking, insurance, finance, large construction projects, and a range of other functions.

“By contrast, in other sectors, one tends to be focused on one or two disciplines – which is why I chose a career in the mining sector – being able to kick the tyres, crunch the numbers, and make a positive difference to people’s lives is exciting for me.

“B2Gold is an incredible 8 | Mining Outlook Issue 16

organisation to be part of – both at the corporate office in Vancouver, Canada and in Namibia. This is a very people-focused company, truly living the values of fairness, respect, transparency, and accountability, understanding that without its people there will be no gold produced,” Roos tells us.

He also had the opportunity to work closely with and learn from Bill Lytle and Mark Dawe, the previous Managing Directors of the Namibian business who Roos took

over from in 2022.

“With a culture focused on employee development, I was involved in a number of special projects outside finance from early in my career at B2Gold.”

Those projects included largescale renewable energy initiatives, managing the company’s NamPower grid connection and a number of other exciting social upliftment initiatives, including the Namibian Rhino Gold Bar Conservation Initiative, to mention but a few.

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B2GOLD NAMIBIA AFRICA

B2GOLD ESG PRIORITIES, VALUES, AND VISION B2Gold integrates environmental, social, and governance (ESG) factors into each area of its business and day-to-day decision-making. It recognises the importance of having an integrated approach to managing operations, risks, and stakeholder relationships.

VISION B2Gold’s vision is to be a responsible mining company, demonstrating leadership by going beyond industry standards and continuing to raise the bar on its own performance.

One of the key reasons for its success is delivering on promises of fairness, respect, transparency, and accountability. These principles are part of the B2Gold corporate culture and are applied globally across all corporate social responsibility projects.

VALUES • Fairness • Respect • Transparency • Accountability

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ANTELOPE DEPOSIT For the next 18 months, B2Gold Namibia’s main focus is the progression of the Antelope Project, a new underground mine that is currently under development.

The development of this underground mine represents a bold new chapter for the Otjikoto Mine, following the closure of open-pit operations in Q4 2025 and transition to becoming an underground mining company.

“Our focus is to stay on track with the development of Antelope, further build out the resource for our existing Wolfshag underground mine, and explore additional opportunities that the current gold environment and record-high prices may create,” Roos sets out.

The Antelope resource was discovered in 2022, and B2Gold Namibia, through the support of its majority shareholder, B2Gold Corp.,

fast-tracked the project through to a preliminary economic assessment, which was released last year.

The company believes the deposit has the seismic potential to change the future of the Otjikoto Mine, representing the next major development of the site.

“We look forward to bringing this exciting project online at the end of 2028, when we expect first ore production to begin. From 2028 through to 2033, Antelope is expected to have a significant impact on our gold production profile, with annual production exceeding 100,000 oz at a low all-in sustaining cost,” he excites.

The Antelope Project’s initial predicted life of mine spanned five years, yielding gold production of approximately 327,000 oz in total, with an average gold recovery of 95 percent.

B2GOLD NAMIBIA AFRICA

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B2GOLD NAMIBIA AFRICA

“However, through additional exploration work, we’ve increased the resource by 67 percent to approximately 650,000 oz, so it’s very exciting for us for the future.”

RESPONSIBILITY IN THE DNA A resolute dedication to corporate social responsibility (CSR) is deeply ingrained in the DNA of B2Gold Namibia, and the company is proud of its world-class array of initiatives in its CSR portfolio.

Since B2Gold began developing the Otjikoto Mine in 2013, the company has invested consistently in the communities around its operations.

“Investments into our host communities totalled USD$1 million before a single ounce of gold was produced during development of the project,” Roos adds.

At present, cumulative CSR expenditure over the previous 12 12 | Mining Outlook Issue 16

years up to the end of 2025 has reached approximately USD$20 million, with investments focused on education, arts and culture, health, the environment, and livelihoods.

Amongst the many impactful projects supported by the company in Namibia, B2Gold has invested in healthcare and water infrastructure, best encapsulated by the clinic built in Otjiwarongo, which was handed over to the Ministry of Health and has supported bulk water infrastructure in the town of Otavi.

“These water projects are transferred to the town council and help communities access clean drinking water at a reduced cost,” Roos explains.

Another important initiative is the company’s agriculture project – B2Gold owns a land package of approximately 18,000 hectares and has developed part of this land into an intensive agriculture hub.

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“The project began in 2019 as a pilot and proof of concept, and it has since grown into one of Namibia’s largest white maize production operations. The maize is produced on a commercial basis and sold to local 14 | Mining Outlook Issue 16

milling companies,” he adds.

Intended to support B2Gold’s longterm post-closure strategy, this agriculture project is expected to become a revenue generator for the company’s foundation, helping to sustain CSR

activities after mine closure.

In this way, the project represents sustainability in action and demonstrates exceptional leadership in creating post-mining opportunities.

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DIVERSE PROJECT PORTFOLIO At the same time, cost management remains a key priority.

“We need to make sure that we remain cost-competitive and do not allow our costs to become inflated simply because we are operating in a high gold price environment.

Gold prices can very easily return to previous levels, so maintaining cost discipline and thereby futureproofing the operation from a cost perspective is essential.”

Elsewhere, on the social side, B2Gold Namibia is also excited about a number of upcoming projects such as finishing the Ombili Primary School this year. Once construction is finalised on the school’s sports facilities, it will hand over the entire project to the Ministry of Education towards the end of 2026.

The Ombili Primary School, which supports around 1,300 learners currently, is nestled in the heart of the Ombili Informal Settlement on the

outskirts Otjiwarongo near B2Gold’s Otjikoto Mine and has become a beacon of hope and progress since its establishment in 2019.

B2Gold identified a need in the informal settlement of Ombili, where children were being taught in tents under difficult conditions.

“Serving a diverse learner population with the dedication of its incredible teaching staff, the school has made remarkable strides in both infrastructure and academic achievements.”

The school has become a source of pride for the company, with its learners achieving top positions in regional science fairs and mathematics Olympiads, while the school itself ranks strongly within the region.

In Otavi, the company is looking at several initiatives, including investment in an open-air business park and continued investment in water facilities.

“In the 13 years that B2Gold has

been operating in Namibia, we have built an exceptionally strong brand, despite the fact we had to deal with a period of transition where our workforce was downscaled due to the ending of open-pit mining operations.

“We take the lead in investing in communities through our CSR projects, and we invest in initiatives that many mining companies would not dream of taking on,” Roos affirms.

“B2Gold is an amazing, forwardlooking organisation to be part of and to work for - that is why we receive recognition for the work we do,” he concludes.

Tel: 00264 61 295 8700 namibia.pr@b2gold.com

www.b2gold.com Mining Outlook Issue 16 | 15

Tel: 00264 61 295 8700 namibia.pr@b2gold.com www.b2gold.com

PRODUCED BY AFRICA OUTLOOK MAGAZINE