Otjikoto Mine – Antelope Deposit PEA: $131M NPV, 35% IRR
B2Gold Corp.'s Otjikoto Mine – Antelope Deposit 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 Otjikoto Mine – Antelope Deposit 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 (BTG) 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 Gold Price $2,400/oz (2025 PEA).
Production and mine plan. The project envisions an underground operation. Life of mine is 5 years. Average annual production is approximately 65478 oz Au.
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 45% of 119 projects we track
- NPV after-tax
- $131M
higher than 23% of 172 projects we track
- Initial capex
- $129M
98% of NPV
costlier than 38% of 162 projects we track
- Payback
- 1.3yrs
slower than 28% of 101 projects we track
- Mine life
- 5yrs
- Discount rate
- 5%
- Study price assumption
- Gold Price $2,400/oz (2025 PEA)
- Spot gold today
- $4,188.80/oz
Against the 119 gold projects we track, this one's 35% after-tax IRR sits in the lower half, ahead of only about 45% of them. That is the honest starting point: a solid, unremarkable return in a crowded field. The number that stands out more is payback at 1.3 years, faster than 72% of the 101 projects we track. Capital returned inside roughly sixteen months changes the risk profile materially, because the window in which a developer is exposed to financing, construction and price shocks is short. For an investor weighing where to sit in the queue, that speed is the differentiator here, not the headline return.
The constraint is the study itself. This is a scoping-level PEA, which means inferred resources may be carrying the mine plan and the capital estimate typically arrives with a plus or minus 50% band. A 5-year mine life compounds that: there is little room to absorb a bad year, a cost overrun or a grade shortfall before the reserve is exhausted. The 5% discount rate is a reporting convention rather than an investment hurdle, and it does flatter the $131M after-tax NPV, which ranks ahead of only 23% of the 172 projects we track. Treat the economics as indicative, not bankable.
Funding risk, by contrast, is close to negligible. Initial capex of $129M is small against a US$7.24B market cap, and this is one of 10 projects in the portfolio, so the build can be absorbed without the dilution that defines most development stories. The study assumes $2,400/oz gold against a live spot of $4,188.80/oz, so the returns carry real upside if prices hold. The question that decides this project is whether the PEA's inferred ounces and its plus or minus 50% capital estimate survive the drilling and engineering needed to become a reserve.
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.