B2Gold spent US$5.83 million developing the Antelope gold deposit near its Otjikoto mine in Namibia during the third quarter of 2026, as the Canadian gold producer continued establishing surface and underground infrastructure to support the project’s development.
The expenditure, disclosed in B2Gold’s financial results released on 4 November 2026, forms part of the company’s investment in additional gold resources around Otjikoto, where production has declined significantly compared with 2025.
Situated approximately four kilometres south-west of Otjikoto, Antelope is being developed as B2Gold continues preparations for future mining activities at the deposit.
The company said work progressed during the quarter, with surface and underground infrastructure being established to support the development phase. However, its latest announcement did not provide a revised date for the commencement of gold production from Antelope.
The US$5.83 million spent on Antelope accounted for more than half of Otjikoto’s US$10.48 million in operating mine capital expenditure during the quarter.
After excluding Antelope development expenditure, Otjikoto’s sustaining capital expenditure amounted to US$4.64 million.
The investment comes as Otjikoto’s gold production declined to 21,866 ounces during the three months ended 30 September 2026, compared with 44,105 ounces during the corresponding period last year.
Production during the first nine months of 2026 reached 69,833 ounces, down from 148,346 ounces in the same period of 2025.
The decline was also reflected in the mine’s financial performance, with third-quarter gold revenue falling from US$143 million to US$92 million.
Revenue for the nine months ended 30 September amounted to US$344 million, compared with US$473 million during the corresponding period last year.
Despite the lower production volumes, B2Gold said Otjikoto had performed better than expected during the first nine months of 2026 and was positioned to maintain that performance through the remainder of the year.
The company retained its annual production guidance of between 80,000 and 100,000 ounces.
Based on the 69,833 ounces produced during the first nine months, Otjikoto would need to produce between 10,167 and 30,167 ounces in the final quarter to achieve its annual target.
B2Gold has lowered Otjikoto’s projected all-in sustaining costs for 2026 to between US$1,630 and US$1,780 per ounce sold, citing stronger-than-expected performance during the first nine months.
The mine recorded all-in sustaining costs of US$1,875 per ounce sold during the third quarter, compared with US$1,089 in the corresponding period last year.
However, the average for the first nine months stood at US$1,526 per ounce, supporting the company’s decision to revise its annual cost guidance downwards.
Cash operating costs during the third quarter amounted to US$1,312 per ounce sold, compared with US$782 a year earlier.
Across its international operations, B2Gold produced 193,321 ounces of gold during the third quarter and generated US$836 million in revenue from the sale of 195,018 ounces.
The company maintained its consolidated annual production guidance of between 820,000 and 920,000 ounces, while reducing its group all-in sustaining cost forecast to between US$2,230 and US$2,410 per ounce sold.
B2Gold president and chief executive Mike Cinnamond said strong production performance at Otjikoto and the Masbate mine in the Philippines had contributed to the group’s improved cost outlook.
The latest results show that B2Gold is continuing to commit capital to Antelope’s development while managing declining production volumes at Otjikoto and maintaining its remaining production targets for 2026.
