STAFF WRITER
B2Gold says its Otjikoto Mine in Namibia produced 24,529 ounces of gold during the first quarter of 2026, exceeding expectations.
In a statement released last week, the group’s president and chief executive officer, Clive Johnson, said the mine recorded “higher than expected” production during the quarter.
“The higher than anticipated production in the first quarter of 2026 is primarily due to higher than expected average ore grade partially offset by slightly lower than planned throughput due to some mill repairs in the period,” Johnson said.
The company, which holds a 90% stake in the Otjikoto Mine, said mill feed grade for the quarter was 1.06 grams per tonne, while mill throughput reached 0.74 million tonnes. Gold recovery averaged 98.1%.
B2Gold said cash operating costs for the first quarter were US$896 (N$16,576) per ounce of gold produced and US$903 (N$16,706) per ounce of gold sold.
“Cash operating costs per ounce produced for the first quarter of 2026 were lower than expected as a result of higher than anticipated gold production and lower than planned underground mining costs,” Johnson said.
The company said all-in sustaining costs for the quarter stood at US$1,327 (N$24,550) per ounce of gold sold.
Johnson said the lower costs were linked to reduced cash costs and lower sustaining capital expenditure during the period.
“The lower sustaining capital expenditures for the first quarter of 2026 were mainly a result of timing of expenditures and are expected to be incurred later in 2026,” he said.
Capital expenditure for the first quarter totalled US$7 million (N$129.5 million), including US$4 million (N$74 million) for Antelope development and US$3 million (N$55.5 million) for the Wolfshag underground development.
B2Gold said the Otjikoto Mine is expected to produce between 70,000 and 90,000 ounces of gold in 2026.
The mine’s projected cash operating costs are expected to range between US$1,200 (N$22,200) and US$1,300 (N$24,050) per ounce produced, while all-in sustaining costs are forecast at between US$1,830 (N$33,855) and US$1,980 (N$36,630) per ounce sold.
The company said the guidance is based on an assumed gold price of US$5,000 (N$92,500) per ounce in 2026.
“This is expected to result in total budgeted royalties and production taxes of approximately US$17 million (N$314.5 million), or approximately US$200 (N$3,700) per ounce sold,” Johnson said.
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