B2Gold Announces Positive Economic Assessment for Antelope Deposit at Otjikoto Mine. B2Gold Corp. has released a favorable Preliminary Economic Assessment (PEA) for the Antelope deposit at its Otjikoto Mine in Namibia. The assessment indicates an after-tax net present value (NPV) of $131 million, applying a 5% discount rate, and an after-tax internal rate of return (IRR) of 35%. The project is expected to generate an after-tax free cash flow of $185 million, assuming a gold price of $2,400 per ounce
Project Highlights:
- Mine Life and Production: The underground operation is projected to have a five-year lifespan, processing ore with an average grade of 5.75 grams per tonne (g/t) gold. Total gold production over this period is estimated at approximately 327,000 ounces, with an average annual output of 65,000 ounces and a gold recovery rate of 95%.
- Cost Projections: The all-in sustaining costs (AISC) are anticipated to be around $1,095 per ounce over the mine’s life. Pre-production capital expenditures are estimated at $129 million, with a payback period of 1.3 years.
Strategic Advantages:
The development of the Antelope deposit leverages B2Gold’s experience from the existing Wolfshag underground mine at Otjikoto. The deposit is situated within the current mining license area, streamlining permitting and environmental processes. Additionally, existing infrastructure, including camps, workshops, offices, and power facilities, will support the new operation, reducing both costs and execution risks.
B2Gold has allocated $7 million for exploration at Otjikoto in 2025, focusing on expanding and refining the Antelope deposit. The plan includes 44,000 meters of drilling, with 2,500 meters dedicated to selective infill drilling in the Springbok Zone to assess high-grade mineralization continuity. The company also aims to extend the deposit’s footprint south of the Springbok Zone and explore connections between the Oryx Zone and high-grade areas near the Otjikoto Phase 5 open pit.
The PEA suggests that integrating the Antelope deposit into the Otjikoto operations could enhance the mine’s production profile. By blending underground production with existing low-grade stockpiles, B2Gold anticipates an average annual gold production of approximately 110,000 ounces at Otjikoto from 2029 through 2032.
