B2Gold says the Otjikoto Mine in Namibia continued to outperform during the third quarter of 2024, producing 52,131 ounces of gold compared to 44,940 in 2023.
This exceeds expectations due to higher-than-anticipated mill feed grade and higher-than-expected mill throughput.
In the three months ending September 30, 2024, Otjikoto milled 872,722 tons of ore compared to 855,740 tons in the same period in 2023.
However, in the nine months ending September 30, 2024, Otjikoto milled 2,549,847 below the 2,554,747 milled in the same period in 2023.
During the nine months ending September 30, 2024, Otjikoto produced 145,690 ounces of gold compared to 127,487 in 2023.
For the third quarter of 2024, the mill feed grade was 1.88 g/t, mill throughput was 0.87 million tons, and gold recovery averaged 98.8%.
Ore production from the Wolfshag underground mine for the third quarter of 2024 averaged over 1,800 tonnes per day at an average grade of 3.64 g/t gold.
The Otjikoto Mine’s cash operating costs for the third quarter of 2024 were US$740 per gold ounce produced ($742 per ounce of gold sold).
Cash operating costs per gold ounce produced for the third quarter of 2024 were lower than anticipated due to higher-than-expected gold production in the third quarter of 2024.
All-in-sustaining costs for the third quarter of 2024 were US$896 per gold ounce sold.
All-in-sustaining costs for the third quarter of 2024 were lower than expected due to lower-than-expected cash operating costs and higher gold ounces sold, partially offset by higher gold royalties due to a higher-than-anticipated average realised gold price.
Capital expenditures for the third quarter of 2024 totalled US$1 million for Wolfshag underground mine development.
The Otjikoto Mine is expected to produce between 185,000 and 205,000 ounces of gold in 2024 at cash operating costs of between US$685 and US$745 per ounce and all-in sustaining costs at or below the lower end of its guidance range of between US$960 and US$1,020 per ounce.
