B2Gold’s clearest stated plan for Namibia in the near term is to execute the spend tied to the Antelope underground project at the Otjikoto Mine near Otavi.
In its Q3 2025 results disclosure, B2Gold said further optimisation work on a small-scale, low-cost underground mine concept at Antelope has reduced the estimated pre-production capital requirement from US$129 million to US$105 million, and that “the majority of pre-production capital is expected to be spent in 2026 and 2027.”
B2Gold also said it approved a development decision on Antelope on September 15, 2025, marking the point at which the project moved beyond study work into an execution pathway within the company’s planning.
Translating those capital figures into Namibian dollars gives a clearer sense of local scale.
Using the Bank of Namibia’s published NAD per US dollar of about N$16.46 to US$1 as shown on its rates page (latest update shown as January 11, 2026), the revised US$105 million estimate equates to roughly N$1.73 billion, while the earlier US$129 million estimate equates to roughly N$2.12 billion.
The optimisation B2Gold described, therefore, implies an indicative reduction of about US$24 million, or roughly N$395 million at that reference rate.
Although these conversions are directional and will move with the exchange rate, they accurately reflect the order of magnitude implied by B2Gold’s own US-dollar guidance.
B2Gold’s emphasis on Antelope spending in 2026–2027 sits within a broader operational transition at Otjikoto that the company has been flagging for some time.
According to B2Gold, “open pit mining operations are scheduled to conclude in the third quarter of 2025,” while underground mining operations at Wolfshag are “expected to continue into 2027.”
That timeline frames Antelope as the key lever in the mine plan once the open pit winds down and the operation becomes increasingly reliant on underground sources and stockpiles to keep the plant supplied.
B2Gold’s own disclosure explains why Antelope matters beyond being a capital line item.
In the Q3 2025 results release, the company summarised the Antelope preliminary economic assessment (PEA) as indicating an initial mine life of five years and total production of 327,000 ounces, averaging approximately 65,000 ounces per year.
B2Gold added that, “in combination with the processing of existing low-grade stockpiles,” production from Antelope has the potential to increase Otjikoto Mine production to approximately 110,000 ounces per year from 2029 through 2032.
This is the company’s stated case for Antelope: it is designed to support Otjikoto’s production profile later in the decade materially and to help bridge the operation into the period when stockpiles and underground sources become increasingly central.
In the Q3 2025 release, B2Gold says the majority of the Antelope pre-production is expected to be spread across 2026 and 2027.
With Wolfshag underground mining expected to continue into 2027, B2Gold is effectively signalling a narrowing window to secure the next ore source to underpin the processing operation.
B2Gold has also noted that exploration results indicate potential to extend underground production at Wolfshag beyond 2027.
However, the company still views Antelope as a distinct, planned contributor that could supplement processing operations and support output into the next decade.
The end of open-pit mining shifts operational emphasis toward underground development rates, scheduling discipline, ground conditions, ventilation and pumping requirements, and the ability to maintain steady plant feed.
A project like Antelope, once moved into execution, tends to pull forward spending on underground development, surface infrastructure, services, and equipment, along with the engineering and procurement activity needed to progress from a development decision into construction and production readiness.
B2Gold’s statement that most pre-production capital will be spent in 2026 and 2027 is therefore a clear signal that the company views those two years as the decisive build period for Antelope.
Antelope is not just an engineering milestone but a roughly N$1.7 billion pre-production capital programme at today’s exchange-rate range, and B2Gold is signalling that most of that capital intensity will land in the next two calendar years.
