B2Gold Corp. invested approximately N$88.85 million (US$5 million) in its Otjikoto Mine during the second quarter of 2025, with capital spending focused on developing the Wolfshag underground extension and rebuilding mobile mining equipment, according to the company’s second-quarter report.
“Capital expenditures for the second quarter of 2025 totalled $5 million, consisting mainly of $2 million for Wolfshag underground development and $1 million of mobile equipment rebuild costs,” the report stated.
B2Gold said the mine produced 51,663 ounces of gold during the quarter, supported by an ore grade of 1.84 grams per tonne, mill throughput of 883,004 tonnes and a recovery rate of 98.7%.
The company reported that cash operating costs came in at N$9,951 (US$560) per ounce produced and N$9,560 (US$538) per ounce sold, exceeding expectations due to higher output, a favourable exchange rate, and reduced underground and maintenance expenses.
It added that all-in sustaining costs (AISC) were also lower than projected at N$14,660 (US$825) per ounce sold.
B2Gold has revised its 2025 guidance for Otjikoto, lowering the cash operating cost range to US$635–US$695 per ounce and the AISC range to US$965–US$1,025 per ounce.
“The lower sustaining capital expenditures for the second quarter of 2025 were mainly a result of timing of expenditures and are expected to be incurred later in 2025,” the company said.
B2Gold said the mine remains on track to produce between 165,000 and 185,000 ounces of gold this year, with most production front-loaded ahead of the scheduled completion of open-pit operations in the third quarter. Underground mining at Wolfshag is expected to continue until 2028.
Looking ahead, the company said it is advancing plans to develop the Antelope deposit, which is being considered as a low-cost underground mine to supplement Otjikoto’s output between 2028 and 2032. A decision on the project is expected in the third quarter of 2025.
