B2Gold projects Otjikoto Mine to process 3.4 million tons of ore at an average grade of 1.63 g/t gold with a process gold recovery of 98.0% in 2025.
The processed ore will be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing ore stockpiles.
Open-pit mining operations are scheduled to conclude in the third quarter of 2025, while underground mining operations at Wolfshag are expected to continue into 2027.
Exploration results, however, indicate the potential to extend underground production at Wolfshag past 2027, supplementing the processing operations into 2032 when economically viable stockpiles are forecast to be exhausted.
The newly discovered Antelope deposit could add between 80,000 and 90,000 ounces per year from 2029 through 2032, potentially extending mine life further through additional drilling at the Springbok and Oryx Zones at the Antelope deposit.
B2Gold expects to complete a preliminary economic assessment for the Springbok Zone early in the first quarter of 2025 following the release of an initial inferred mineral resource estimate in 2024.
Subject to a positive preliminary economic assessment and necessary permits and approvals, Springbok Zone could contribute to gold production at Otjikoto as early as 2028.
An initial budget of up to US$10 million has been approved to de-risk the Antelope deposit development schedule by advancing early work planning, project permits, and long lead orders.
B2Gold has budgeted US$7 million to drill 44,000 metres to expand and refine at the Antelope deposit in 2025.
B2Gold expects to spend US$39 million at Otjikoto Gold Mine in 2025, a slight increase from the total estimated capital expenditure in 2024.
Approximately US$29 million would be classified as sustaining capital expenditure and US$10 million as growth capital expenditure.
Sustaining capital expenditure is expected to include approximately US$16 million for underground development, US$7 million for tailings storage facility construction, and US$6 million for mining equipment replacement and rebuilds.
The Otjikoto Mine produced 198,142 ounces of gold, near the midpoint of its revised guidance range of 185,000 and 205,000 ounces in 2024.
In the fourth quarter, the mine produced 52,452 ounces, with production from the Wolfshag underground mine remaining consistent.
