B2Gold’s Antelope deposit in Namibia, discovered within the Otjikoto mining licence area, is shaping up to be the company’s next high-grade underground operation in the country.
The deposit hosts an inferred mineral resource of 1.75 million tonnes grading 6.91 grams per tonne of gold, totalling 390,000 ounces, most of it concentrated in the Springbok Zone.
At current gold prices of about US$3,295 (N$61,753) per ounce, Antelope’s resource has a potential in-situ value of roughly US$1.28 billion (N$24 billion), underscoring its strategic importance in extending the life of the Otjikoto Mine.
A preliminary economic assessment released in February 2025 outlined a five-year mine life for Antelope, producing an estimated 327,000 ounces—averaging 65,000 ounces per year—through to 2032.
Planned as a low-cost, small-scale underground operation, Antelope would supplement stockpile processing after the depletion of Otjikoto’s open-pit ore in 2028, helping to maintain annual output at around 110,000 ounces.
The deposit remains open along strike, leaving room for additional resource growth.
B2Gold will make a development decision on Antelope in the third quarter of 2025.
The company has already allocated up to US$10 million (approximately N$187 million) this year for permitting, technical studies, and procurement planning to fast-track the project once the necessary approvals are obtained.
The investment comes against the backdrop of a strong second-quarter 2025 performance at Otjikoto.
For the three months ended 30 June, the mine generated US$182.2 million (N$3.41 billion) in revenue, up from US$112.9 million (N$2.11 billion) in the same period last year.
This was driven by the sale of 55,300 ounces at an average realised price of US$3,295 (N$61,753) per ounce—almost US$1,000 higher than the US$2,335 (N$43,767) recorded in Q2 2024.
Gold output reached 51,663 ounces, up from 48,143 ounces in the same quarter last year, with 883,004 tonnes of ore processed at a head grade of 1.84 g/t and a recovery rate of 98.7 per cent.
For the first half of 2025, production stood at 104,241 ounces.
Operational efficiencies have also improved. Cash operating costs dropped to US$560 (N$10,495) per ounce produced and US$538 (N$10,080) per ounce sold, compared to US$673 (N$12,606) and US$666 (N$12,466) respectively a year earlier.
All-in sustaining costs fell to US$825 (N$15,460) per ounce sold, down from US$1,044 (N$19,574) in Q2 2024, due to higher production, lower underground and maintenance costs, and favourable exchange rates.
Capital spending for the quarter totalled US$5 million (N$93.5 million), including US$2 million (N$37.4 million) for the Wolfshag underground development and US$1 million (N$18.7 million) for mobile equipment rebuilds. Exploration expenditure rose to US$2.4 million (N$44.9 million), from US$1.5 million (N$28.1 million) a year earlier.
Otjikoto is on track to produce between 165,000 and 185,000 ounces of gold in 2025.
Open-pit mining is expected to conclude in the third quarter, with Wolfshag’s underground operations extending to 2028.
This year, the mine is forecast to process 3.4 million tonnes at an average grade of 1.63 g/t, with a recovery rate of 98 per cent.
Following the strong Q2 showing, B2Gold lowered its full-year cost guidance to US$635–US$695 (N$11,900–N$13,025) per ounce for cash operating costs and US$965–US$1,025 (N$18,095–N$19,215) per ounce for all-in sustaining costs.
With open-pit mining nearing its end, Wolfshag continuing underground, and Antelope poised for development, B2Gold is positioning Otjikoto for a smooth transition into its next decade.
The potential billion-dollar value of Antelope’s resource, combined with its capacity to sustain production and support jobs in Namibia, makes it a pivotal piece of the company’s long-term strategy.
How Antelope compares to other gold mines
If approved, Antelope would rank among Namibia’s higher-grade gold operations.
Its average grade of 6.91 g/t is significantly above the current Otjikoto open-pit feed grade of around 1.6–1.8 g/t, well above the grades at QKR’s Navachab Gold Mine, which typically operates between 1.4–2.0 g/t and produced approximately 117,000 ounces in 2023, and higher than Osino Resources’ Twin Hills project, which has reserves of about 2.2 million ounces at an average grade of 1.04 g/t.
It also surpasses the Kokoseb gold deposit, owned by WIA Gold Limited (80%) and Epangelo Mining Company (20%), which has a current Mineral Resource Estimate of about 89 million tonnes at 1.0 g/t for 2.93 million ounces, including a higher-grade core of 46 million tonnes at 1.4 g/t for 2.07 million ounces.
While Antelope’s total resource of 390,000 ounces is smaller than Otjikoto’s historical endowment or Twin Hills’ multi-million-ounce inventory, its high grade and underground mining plan position it as a low-cost, high-margin producer.
This makes Antelope a niche, high-grade contributor within Namibia’s gold sector, complementing the country’s lower-grade, bulk-tonnage mines and emerging greenfield projects.
