B2Gold will make a development decision on its Antelope deposit in Namibia during the third quarter of 2025, having already allocated up to US$10 million (approximately N$187 million) this year for permitting, technical studies, and procurement planning.
If approved, Antelope could extend the life of the Otjikoto Mine through to 2032, sustaining Namibia’s contribution to the company’s global gold portfolio.
The company’s confidence is backed by a strong second-quarter performance at Otjikoto, where both production and revenue exceeded expectations.
For the three months ended 30 June 2025, the mine generated US$182.2 million (N$3.41 billion) in revenue, up from US$112.9 million (N$2.11 billion) in the same period last year.
The increase was driven by the sale of 55,300 ounces of gold at an average realised price of US$3,295 (N$61,753) per ounce—nearly US$1,000 higher than Q2 2024’s average of US$2,335 (N$43,767) per ounce.
Gold output rose to 51,663 ounces, up from 48,143 ounces in Q2 2024.
The mine processed 883,004 tonnes of ore with a head grade of 1.84 grams per tonne and a recovery rate of 98.7%, underscoring strong operational performance. Total gold production for the first half of 2025 reached 104,241 ounces.
Cost efficiency also improved markedly. Cash operating costs dropped to US$560 (N$10,495) per ounce produced and US$538 (N$10,080) per ounce sold, from US$673 (N$12,606) and US$666 (N$12,466) respectively a year earlier.
All-in sustaining costs fell to US$825 (N$15,460) per ounce sold, compared to US$1,044 (N$19,574) in Q2 2024. B2Gold credited this to higher production, lower underground and maintenance costs, and a favourable exchange rate environment.
Capital expenditures for the quarter totalled US$5 million (N$93.5 million), with US$2 million (N$37.4 million) allocated to the Wolfshag underground development and US$1 million (N$18.7 million) to mobile equipment rebuilds. Exploration spending rose to US$2.4 million (N$44.9 million), up from US$1.5 million (N$28.1 million) a year earlier.
The Otjikoto Mine remains on course to produce between 165,000 and 185,000 ounces of gold in 2025.
Open pit mining is expected to conclude in Q3, while underground operations at the Wolfshag deposit will continue into 2028.
Otjikoto is forecast to process 3.4 million tonnes of ore at an average grade of 1.63 g/t and recovery of 98% this year.
Following the strong Q2 performance, B2Gold has revised its full-year cost guidance downward. Cash operating costs are now forecast between US$635–US$695 (N$11,900–N$13,025) per ounce, while all-in sustaining costs are projected at US$965–US$1,025 (N$18,095–N$19,215) per ounce.
In its longer-term planning, B2Gold is advancing the Antelope deposit as a low-cost, small-scale underground operation that could supplement Otjikoto’s stockpile processing from 2028 to 2032.
A Preliminary Economic Assessment released in February 2025 outlined a five-year mine life at Antelope, with estimated production of 327,000 ounces—averaging 65,000 ounces per year.
The Inferred Mineral Resource stands at 1.75 million tonnes at 6.91 g/t, totalling 390,000 ounces, mainly from the Springbok Zone.
If developed, Antelope would help Otjikoto maintain annual output at around 110,000 ounces post-2028. The deposit remains open along strike, offering potential for further expansion.
With open-pit mining nearing its end, Wolfshag underground operations ongoing, and Antelope on the horizon, B2Gold is positioning Otjikoto for a smooth transition into its next phase—backed by strong Q2 results and improved cost performance.
