Antelope Deposit (Otjikoto) PEA: $131M NPV, 35% IRR
B2Gold Corp.'s Antelope Deposit (Otjikoto) in Namibia has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $131M, an after-tax IRR of 35%, and initial capital of $129M. The mine plan runs 5 years at about 65478 oz Au per year.
B2Gold Corp.'s Antelope Deposit (Otjikoto) has reported Preliminary Economic Assessment (PEA) results for the gold project in Namibia. The study headlines an after-tax net present value of $131M at a 5% discount rate. It reflects B2Gold Corp.'s (BTO.TO) latest disclosed economics for the asset.
Economics. The after-tax NPV is $131M using a 5% discount rate. After-tax IRR is 35%. Initial capital expenditure is estimated at $129M. The study models a payback period of 1.3 years. All-in sustaining costs are pegged at 1095 USD/oz. Economics are based on $2,400/oz gold.
Production and mine plan. The project envisions an underground operation. Life of mine is 5 years. Average annual production is approximately 65478 oz Au. Average head grade is 5.75 g/t Au. Metallurgical recovery averages 95%.
Resources and ownership. The company holds a 90% interest in the project.
These figures are extracted from B2Gold Corp.'s technical disclosures and reflect the most recent PEA on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Our Analysis
- IRR after-tax
- 35%
higher than 44% of 113 projects we track
- NPV after-tax
- $131M
higher than 20% of 150 projects we track
- Initial capex
- $129M
98% of NPV
costlier than 41% of 147 projects we track
- Payback
- 1.3yrs
slower than 25% of 93 projects we track
- Mine life
- 5yrs
- Discount rate
- 5%
- Study price assumption
- $2,400/oz gold
- Spot gold today
- $4,408.90/oz
Across the 113 gold projects we track, this one sits in the lower half on returns: a 35% after-tax IRR ranks above only 44% of that peer set, and the $131M after-tax NPV ranks above just 20% of the 150 projects we score on that measure. Payback is the exception, at 1.3 years, faster than 75% of the 93 projects we track. So the shape is a quick-returning, modest-scale asset rather than a standout. Against the roughly 15% after-tax IRR developers typically need to clear project finance, 35% is comfortable headroom; the peer rank is the more sobering number, because it says plenty of projects offer more.
The constraint that matters is what it costs to build. Initial capex of $129M equals 98% of the after-tax NPV, a moderately capital-intensive ratio that ranks lower than 59% of the 147 gold projects we track. That is the whole economics in one line: the mine essentially costs what it is worth. The offset is the balance sheet. Against a US$7.19B market cap, the build is small, and this is one of 10 projects the company carries, so funding a $129M development is not the existential exercise it would be for a single-asset developer. The NPV also sits well below market cap, which cuts both ways: either the asset is not priced in, or the market is discounting something, whether study quality, jurisdiction, or the modest absolute scale.
That points at the study itself. This is a PEA, scoping-level, potentially resting on inferred resources, with a capital estimate that typically carries a plus or minus 50% band, and a 5% discount rate at the low end of convention. The 5-year mine life is short, and the filing shows no movement at all against the prior 2025 PEA: NPV, capex, mine life and IRR all unchanged. Namibia is a workable jurisdiction, but the study's $2,400/oz assumption sits well below today's $4,408.90/oz spot, so the returns may understate what the current price deck would support. The question that decides this: does a feasibility-level study hold the $129M capex and extend the mine life beyond 5 years?
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.
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