B2Gold Corp. has raised production guidance for its Otjikoto Mine in Namibia after the operation delivered stronger-than-expected second-quarter gold production, driven by higher underground ore grades and increased mining volumes.
The Canadian gold producer said Otjikoto produced 23,438 ounces of gold during the second quarter of 2026, prompting it to increase its full-year production forecast to between 80,000 and 100,000 ounces, up from previous guidance of 70,000 to 90,000 ounces.
The company attributed the improved performance to higher average mill feed grades resulting from increased ore volumes from higher-grade underground mining areas.
“Similarly, at Otjikoto strong gold production results from the first half of 2026 are expected to continue throughout the remainder of the year. As a result, the Company is increasing the Otjikoto gold production guidance for 2026 and anticipates that all-in sustaining costs will be at or below the low-end of guidance,” B2Gold said.
Capital expenditure at the mine totalled US$8 million during the quarter, including US$5 million for the Antelope underground development and US$2 million for the Wolfshag underground development.
Cash operating costs at Otjikoto were US$1,190 per ounce produced and US$1,080 per ounce sold, while all-in sustaining costs (AISC) were US$1,480 per ounce sold.
B2Gold said operating costs came in below expectations as higher gold production offset increased underground mining costs, while lower sustaining capital expenditure also contributed to lower AISC.
The company maintained its 2026 guidance for cash operating costs at US$1,200 to US$1,300 per ounce produced and all-in sustaining costs of US$1,830 to US$1,980 per ounce sold, adding that Otjikoto is now expected to finish the year at or below the lower end of the AISC guidance range.
The stronger performance from Namibia contributed to B2Gold’s consolidated first-half gold production of 441,411 ounces, while second-quarter group production reached 203,648 ounces, in line with company expectations.
The company said higher-than-expected production from Fekola, Masbate and Otjikoto offset lower production at the Goose Mine, where operations were affected by a previously reported fire in sections of the crushing circuit in April.
B2Gold said exploration remains a strategic priority as it seeks to expand mineral reserves and resources at its existing operations, including Otjikoto.
“Exploration also remains a key focus as B2Gold seeks to both expand its reserve and resource base at its existing operations as well as seeking out greenfield opportunities, including strategic investments in prospective junior exploration companies,” the company said.
The miner said it will continue investing in exploration across its existing land packages while pursuing greenfield opportunities and strategic investments in junior exploration companies.
During the year to date, B2Gold repurchased 35 million shares for US$172 million and declared a third-quarter dividend of US$0.02 per share.
As at 30 June 2026, the company reported cash and cash equivalents of US$287 million and working capital of US$405 million.
