B2Gold’s Otjikoto Mine in Namibia continued to outperform expectations during the third quarter of 2025, producing 44,105 ounces of gold and generating N$2.67 billion (US$143 million) in revenue — a sharp rise from N$2.49 billion in the same period last year.
The strong quarter reinforced Otjikoto’s position as one of the company’s most reliable African operations.
Mill throughput reached 873,000 tonnes at an average grade of 1.59 grams per tonne, with recovery rates of 98.6%.
The average realised gold price surged to US$3,503 per ounce (about N$65,000), helping offset higher operating costs.
Cash operating costs rose to US$781 (N$14,600) per ounce produced, while all-in sustaining costs (AISC) climbed to US$1,089 (N$20,400) per ounce sold due to one-off expenses linked to the wind-down of open-pit mining and higher royalties.
Capital expenditure totalled US$4.4 million (N$82 million), mainly for Wolfshag underground development and equipment rebuilds, while exploration spending reached US$2.2 million (N$41 million).
Despite cost pressures, Otjikoto remains on track to meet its 2025 production guidance of 185,000 to 205,000 ounces, supported by the Wolfshag underground mine and substantial ore stockpiles from the final Otjikoto pit pushbacks.
With open-pit mining nearing completion, B2Gold approved a N$1.96 billion (US$105 million) investment in the Antelope underground deposit, marking the next phase in the mine’s evolution.
The Antelope project, designed as a small-scale, low-cost underground operation, will supplement processing of stockpiles between 2028 and 2032 and is expected to lift Otjikoto’s production to roughly 110,000 ounces per year over that period.
The preliminary economic assessment (PEA) outlines a five-year mine life with total production of 327,000 ounces, averaging 65,000 ounces annually.
The deposit hosts 1.75 million tonnes grading 6.91 g/t gold for 390,000 ounces, mainly within the Springbok Zone, and remains open along strike, offering further growth potential.
For 2025, B2Gold forecasts cash operating costs of US$635–695 (N$11,900–13,000) per ounce produced and AISC of US$965–1,025 (N$18,000–19,200) per ounce sold.
B2Gold says its strategy remains focused on maximising responsible, profitable production, maintaining a strong balance sheet, and investing in future growth.
With the Antelope underground project now approved, Otjikoto is poised to remain Namibia’s flagship gold operation well into the 2030s.
