B2Gold’s Otjikoto Mine generated N$2.9 billion (US$155.1 million) in revenue during the first quarter of 2026 despite gold production falling to 24,529 ounces from 52,578 ounces a year earlier, as surging gold prices of US$4,755 per ounce helped offset lower output from the Namibian operation.
The Otjikoto Mine, located in northern Namibia and 90% owned by B2Gold, sold 32,619 ounces of gold during the March 2026 quarter, down from 51,740 ounces during the same period in 2025.
However, the sharp rise in the average realised gold price from US$2,861 per ounce to US$4,755 per ounce pushed revenue slightly higher year-on-year from N$2.7 billion (US$148 million) to N$2.9 billion (US$155.1 million).
The mine’s performance reflects a major operational transition underway at Otjikoto as B2Gold shifts from higher-grade open-pit production toward underground mining at Wolfshag and the developing Antelope deposit.
Mill feed grades dropped sharply from 1.96 grams per tonne in the first quarter of 2025 to 1.06g/t during the March 2026 quarter, while ore throughput declined from 843,057 tonnes to 736,566 tonnes following mill repairs carried out during the period.
Despite those operational constraints, B2Gold said production exceeded internal expectations because ore grades were still better than originally forecast.
Gold recovery remained strong at 98.1%, only slightly below the 98.8% achieved during the same period last year.
The company also reported lower-than-expected underground mining costs, helping contain operating expenditure despite the lower production profile.
Cash operating costs came in at N$16,800 (US$896) per ounce produced and N$16,900 (US$903) per ounce sold, lower than internal forecasts but significantly above the corresponding 2025 figures of N$11,100 (US$594) per ounce produced and N$12,600 (US$676) per ounce sold.
Total cash costs rose to N$20,500 (US$1,094) per ounce sold from N$14,800 (US$790) per ounce sold a year earlier, while all-in sustaining costs climbed from N$17,200 (US$916) per ounce sold in the first quarter of 2025 to N$24,900 (US$1,327) per ounce sold in 2026.
B2Gold said all-in sustaining costs nevertheless remained below expectations because sustaining capital expenditure during the quarter was lower than planned.
Capital expenditure almost doubled year-on-year to N$135 million (US$7.2 million), compared to N$67 million (US$3.6 million) in the first quarter of 2025.
Most of the spending was directed toward underground expansion, including approximately N$75 million (US$4 million) for development of the Antelope underground project and N$56 million (US$3 million) for continued Wolfshag underground development.
Wolfshag underground officially entered production in 2022 and has become increasingly important to extending Otjikoto’s operational life as open-pit reserves mature.
B2Gold is also pushing ahead with development of the nearby Antelope deposit after approving the project following a positive preliminary economic assessment.
The Antelope study outlined a potential five-year extension of the mine life, with average annual gold production estimated at approximately 65,000 ounces beginning in 2028.
Exploration drilling continues across the broader Otjikoto mining district as B2Gold searches for additional underground resources capable of supporting longer-term production.
For the full year 2026, the company expects Otjikoto to produce between 70,000 and 90,000 ounces of gold.
Cash operating costs are forecast at between N$22,500 and N$24,300 (US$1,200 and US$1,300) per ounce produced, while all-in sustaining costs are expected to range between N$34,200 and N$37,000 (US$1,830 and US$1,980) per ounce sold.
B2Gold said the 2026 guidance assumes a realised gold price of N$93,700 (US$5,000) per ounce and includes approximately N$318 million (US$17 million) in expected royalties and production taxes, equivalent to roughly N$3,700 (US$200) per ounce sold.
Otjikoto remains one of Namibia’s most significant gold mining operations and a major contributor to the country’s mining sector through taxes, royalties, employment and local procurement.
