B2Gold Corp. expects gold production at its Otjikoto Mine in Namibia to decline sharply in 2026 to between 70,000 and 90,000 ounces, compared with 199,139 ounces produced in 2025, representing a potential drop of more than 50% following the completion of open-pit mining.
The company reported that Otjikoto’s 2025 output was near the upper end of its production guidance range of 185,000 to 205,000 ounces, supported by strong mill performance and higher-grade ore.
In the fourth quarter alone, the mine produced 50,793 ounces, exceeding expectations due to continued processing of high-grade open-pit stockpiles after mining activities in the pit concluded early in the quarter.
“Gold production at Otjikoto is anticipated to be lower than in 2025 due to the completion of open-pit mining activities in the fourth quarter of 2025,” B2Gold said in its production guidance.
During 2025, the mine processed 3.44 million tonnes of ore at an average grade of 1.83 grams per tonne, achieving gold recovery of 98.7%. Fourth-quarter production reached 50,793 ounces, driven by the continued processing of high-grade stockpiles.
For 2026, Otjikoto is projected to process 3.4 million tonnes of ore at a significantly lower average grade of 0.80 grams per tonne, with recovery expected at 97.4%. Feed will be sourced primarily from the Wolfshag underground mine and supplemented by low-grade stockpiles.
“Processed ore in 2026 will be sourced from the Wolfshag underground mine, supplemented by existing low-grade ore stockpiles,” the company said.
B2Gold noted that cash operating costs are expected to rise to between US$1,200 and US$1,300 per ounce produced, while all-in sustaining costs are forecast at between US$1,830 and US$1,980 per ounce sold, reflecting lower grades and the transition to underground mining.
In 2025, Otjikoto’s cash operating costs averaged US$658 per ounce produced, with all-in sustaining costs of US$969 per ounce sold, both at or below the company’s guidance ranges.
