B2Gold Corp. plans to invest US$57 million (N$915 million) in capital expenditure at its Otjikoto Mine in 2026, with funding earmarked to sustain underground mining operations, expand critical infrastructure and advance the Antelope underground development aimed at supporting future production. The investment will primarily fund underground development at the Wolfshag deposit, expansion of the tailings storage facility (TSF), and non-sustaining development work at the Antelope deposit, which is expected to play a key role in extending the operational life of the Otjikoto mine.
According to the company’s fourth-quarter and full-year 2025 results, US$26 million (N$369 million) of the 2026 capital budget will be classified as sustaining capital, while US$31 million (N$498 million) will be allocated to non-sustaining capital, largely linked to development of the Antelope underground deposit.
“Sustaining capital in 2026 will focus on underground development at Wolfshag and expansion of the tailings storage facility, while non-sustaining capital relates to advancing the Antelope deposit,” B2Gold said.
The planned investment follows total capital expenditure of US$24 million (N$385 million) at Otjikoto in 2025, which included US$11 million (N$177 million) for Wolfshag underground development, US$5 million (N$80 million) for tailings storage expansion, US$4 million for Antelope development and US$3 million for mobile equipment rebuilds. The spending programme follows the company’s approval in September 2025 of a development decision for the Antelope underground project. Subsequent optimisation work reduced the estimated pre-production capital cost from US$129 million to US$105 million.
“Following further optimisation of the Antelope project, we believe pre-production capital can be reduced to approximately US$105 million, with the majority of that capital expected to be spent in 2026 and 2027,” the company said.
A preliminary economic assessment outlines an initial five-year mine life for Antelope, with total production estimated at 327,000 ounces, averaging about 65,000 ounces annually. B2Gold said that, when combined with existing low-grade stockpiles, Antelope production has the potential to lift Otjikoto’s output to around 110,000 ounces per year between 2029 and 2032.
