Chamwe Kaira
The Otjikoto Mine near Otavi, in which B2Gold holds a 90% interest, produced 44 105 ounces of gold during the third quarter of 2025, exceeding expectations.
According to the company’s production report, the mine achieved a mill feed grade of 1.59 grams per tonne, a mill throughput of 0.87 million tonnes, and an average gold recovery rate of 98.6%.
Cash operating costs for the quarter were US$781 (N$13 584) per gold ounce produced and US$782 per ounce sold. The company said costs were slightly higher than expected due to non-recurring expenses linked to the completion of open-pit mining activities, even as mill feed grades, recoveries, and throughput improved.
All-in sustaining costs for the period were reported at US$1 089 per gold ounce sold.
B2Gold said the higher-than-expected costs were due to increased operating expenses and gold royalties resulting from stronger realised gold prices. The company added that lower sustaining capital expenditures were caused by timing delays, with most of the spending now expected later in 2025.
Total capital expenditures for the quarter reached US$4 million (N$70 million), including US$2 million for the Wolfshag underground development and US$2 million for mobile equipment rebuilds.
On 15 September 2025, B2Gold approved the development of the Antelope underground deposit.
Following the preliminary economic assessment (PEA) released on 4 February 2025, optimisation studies reduced the estimated pre-production capital cost from US$129 million to US$105 million. Most of this spending is planned for 2026 and 2027.
The PEA outlines an initial mine life of five years, producing an estimated 327 000 ounces of gold at an average of about 65 000 ounces per year. Combined with processing low-grade stockpiles, production from Antelope could increase total Otjikoto output to around 110 000 ounces annually between 2029 and 2032.
The Antelope assessment is based on inferred mineral resources of 1.75 million tonnes grading 6.91 grams per tonne of gold, for a total of 390 000 ounces, mainly in the Springbok Zone. The deposit remains open along with the strike, suggesting potential for expansion.
Open-pit mining at Otjikoto is nearing completion. During the final mining stages, ore tonnes and grades exceeded expectations, resulting in larger-than-anticipated stockpiles. For 2025, Otjikoto’s gold production guidance remains between 185 000 and 205 000 ounces.
Processed ore will continue to come from the Otjikoto pit and Wolfshag underground mine, supported by existing stockpiles. Underground mining at Wolfshag is expected to continue until 2028, with exploration indicating the potential to extend production beyond that date.
For 2025, cash operating costs are forecast between US$635 and US$695 per ounce produced, while all-in sustaining costs are expected between US$965 and US$1 025 per ounce sold, B2Gold said.
