B2Gold cuts Antelope project cost estimate to N$1.8 billion

B2Gold Corp. has reduced the estimated pre-production capital cost for the Antelope underground deposit at its Otjikoto Mine in Namibia to N$1.8 billion, down from N$2.2 billion.

The company said the revised figure follows further optimisation work on a small-scale, low-cost underground project at Antelope, outlined in its 2025 operational update.

President and Chief Executive Officer Clive T. Johnson said the new estimate improved the project’s outlook.

“We have completed further optimization work on a small-scale, low-cost underground gold mine at Antelope. We believe that the estimated pre-production capital cost can be reduced from $129 million to $105 million. The majority of pre-production capital is estimated to be spent in 2026 and 2027,” he said.

Johnson added that Antelope could significantly boost output from Otjikoto.

“Production from Antelope has the potential to increase Otjikoto Mine gold production to approximately 110,000 ounces per year over the life of the Antelope underground mine,” he said.

The Otjikoto Mine has continued to perform strongly in 2025, despite open-pit mining nearing completion.

“During mining of the final phases of the Otjikoto pit, ore tonnes and average gold grade mined have exceeded expectations, providing more robust ore stockpiles than previously anticipated,” Johnson said.

As a result, B2Gold has raised its 2025 guidance for Otjikoto.

“Due to the positive ore tonne and grade reconciliations described above, the Company is increasing its 2025 gold production guidance for the Otjikoto Mine from 185,000 to 205,000 ounces,” Johnson said.

Headquartered in Vancouver, Canada, B2Gold operates mines in Namibia, Mali, the Philippines and Canada.

The company expects to produce between 970,000 and 1,075,000 ounces of gold in 2025.

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