B2Gold says its Otjikoto gold mine in Namibia has performed better than expected during the first nine months of 2026 and remains on track to achieve its annual production target of between 80,000 and 100,000 ounces, despite producing 78,513 fewer ounces than during the corresponding period last year.
The Canadian gold producer, in its third-quarter results released on 4 November 2026, said Otjikoto’s stronger-than-anticipated performance is expected to continue through the remainder of the year, allowing the company to maintain its production guidance and lower its cost forecast.
Otjikoto produced 69,833 ounces of gold during the nine months ended 30 September 2026, compared with 148,346 ounces during the same period in 2025.
The mine would need to produce another 10,167 ounces during the final quarter to reach the lower end of its annual target, while production of 30,167 ounces would take it to the upper end of the forecast range.
During the third quarter, Otjikoto produced 21,866 ounces, compared with 44,105 ounces in the corresponding period last year, a reduction of 22,239 ounces.
Despite the lower volumes, B2Gold said the mine’s performance during the first nine months had exceeded expectations, contributing to the company’s decision to revise its full-year all-in sustaining cost guidance downwards.
The company now expects Otjikoto’s all-in sustaining costs to range between US$1,630 and US$1,780 per ounce sold in 2026.
The mine recorded all-in sustaining costs of US$1,526 per ounce sold during the first nine months of the year, compared with US$930 in the corresponding period of 2025.
During the third quarter, all-in sustaining costs reached US$1,875 per ounce sold, up from US$1,089 a year earlier.
Cash operating costs also increased to US$1,312 per ounce sold during the quarter, compared with US$782 during the corresponding period last year.
Otjikoto generated US$92 million in gold revenue during the third quarter, compared with US$143 million in the same period last year.
Revenue for the first nine months declined from US$473 million in 2025 to US$344 million in 2026, reflecting the substantial reduction in gold sales.
The mine sold approximately 76,000 ounces during the nine months, compared with 148,000 ounces in the corresponding period last year.
Higher gold prices helped offset some of the impact of the lower sales volumes. Across B2Gold’s operations, the average realised gold price increased from US$3,133 per ounce in the third quarter of 2025 to US$4,289 in the latest reporting period.
B2Gold’s international operations produced 193,321 ounces of gold during the third quarter, compared with 254,369 ounces in the corresponding period last year.
Production during the first nine months reached 634,732 ounces, compared with 676,575 ounces in 2025.
Despite the lower output, the company maintained its consolidated annual production guidance of between 820,000 and 920,000 ounces.
B2Gold also lowered its group all-in sustaining cost forecast to between US$2,230 and US$2,410 per ounce sold, from the previous range of US$2,370 to US$2,550.
The company’s president and chief executive, Mike Cinnamond, said stronger production performance at Otjikoto and the Masbate mine in the Philippines had contributed to the improved cost outlook.
The company expects both operations to maintain their stronger-than-anticipated performance through the final quarter of 2026.
