B2Gold’s Otjikoto mine in Namibia produced 70,000 ounces of gold during the first nine months of 2026, while the company lowered its full-year all-in sustaining cost guidance to between US$1,630 and US$1,780 per ounce sold, according to its third-quarter operational and financial report.
The mine’s nine-month production declined by 52.7% from 148,000 ounces recorded during the corresponding period in 2025. Revenue also fell to US$344 million from US$473 million, reflecting lower gold sales.
The report shows that Otjikoto produced 22,000 ounces in the third quarter, compared with 44,000 ounces in the same period last year. Gold sales declined to 76,000 ounces in the first nine months, from 148,000 ounces a year earlier.
B2Gold attributed the lower production to changes in mining activities, including the absence of open-pit ore mining during the nine-month period.
Underground ore mined remained at 440,000 tonnes, while the mill feed grade declined to 0.90 grams per tonne from 1.80 grams per tonne a year earlier.
Otjikoto’s all-in sustaining costs increased to US$1,526 per ounce sold during the nine months, compared with US$930 in 2025. Cash operating costs also rose to US$1,143 per ounce produced, from US$638.
Despite the year-on-year production decline and higher costs, B2Gold said the mine’s performance had exceeded its expectations, prompting a downward revision of its full-year cost guidance.
“Similarly, at Otjikoto strong gold production results from the first nine months of 2026 are expected to continue throughout the remainder of the year. As a result, the Company is lowering its 2026 all-in sustaining cost guidance for Otjikoto,” the report stated.
The company maintained Otjikoto’s 2026 production guidance at between 80,000 and 100,000 ounces, with cash operating costs forecast at US$1,200 to US$1,300 per ounce produced.
The report also highlighted progress at the Antelope deposit, located approximately four kilometres southwest of the Otjikoto mine, where surface and underground infrastructure is being established to support its development.
B2Gold said its exploration programme in Namibia was focused on expanding and refining the Antelope deposit, with approximately 14,500 metres of drilling completed by 30 September 2026 against a planned 15,000-metre programme.
The company allocated approximately US$6 million to exploration at Otjikoto in 2026, targeting the expansion of its mineral resource base.
At group level, B2Gold generated US$836 million in revenue during the third quarter from 195,018 ounces of gold sold at an average realised price of US$4,289 per ounce. Consolidated gold production reached 193,321 ounces.
B2Gold President and Chief Executive Officer Mike Cinnamond said the company delivered a strong third quarter, supported by the performance of its Masbate and Otjikoto operations.
“B2Gold delivered a strong third quarter, highlighted by continued outperformance from Masbate and Otjikoto and significant progress across several key strategic initiatives,” Cinnamond said.
The company reduced its consolidated 2026 all-in sustaining cost guidance to between US$2,230 and US$2,410 per ounce sold, from the previous range of US$2,370 to US$2,550.
It maintained its consolidated annual gold production target of between 820,000 and 920,000 ounces across its operations.
