B2Gold Corp.’s Otjikoto Mine in Namibia produced 52,578 ounces of gold in the first quarter of 2025, exceeding expectations.
The mine, 90% owned by B2Gold, also outperformed across key operational areas. In its Q1 2025 results released this week, the company reported a mill feed grade of 1.96 grams per tonne, 0.84 million tonnes of ore processed, and an average gold recovery rate of 98.8%.
Cash operating costs were reported at US$594 per ounce produced and US$676 per ounce sold.
“Cash operating costs per gold ounce produced for the first quarter of 2025 were lower than expected as a result of higher than expected gold production, a weaker than expected Namibia foreign exchange rate and lower than expected underground mining costs,” the company said.
All-in sustaining costs came in at US$916 per ounce sold, also below forecast.
“All-in sustaining costs for the first quarter of 2025 were lower than expected as a result of higher than expected gold ounces sold and lower than expected sustaining capital expenditures, partially offset by higher gold royalties resulting from a higher than expected average realised gold price,” B2Gold said.
Capital spending totalled US$4 million for the quarter, with US$3 million allocated to the Wolfshag underground mine.
B2Gold expects Otjikoto to produce between 165,000 and 185,000 ounces of gold for the full year. Cash operating costs are forecast between US$695 and US$755 per ounce, while all-in sustaining costs are projected between US$980 and US$1,040 per ounce.
Production will be front-loaded in 2025 due to the scheduled end of open pit mining in the third quarter.
“Processed ore will be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing ore stockpiles. Open pit mining operations are scheduled to conclude in the third quarter of 2025, while underground mining operations at Wolfshag are expected to continue into 2027,” B2Gold said.
Exploration is ongoing at the nearby Antelope deposit. A Preliminary Economic Assessment released in February projected a five-year mine life and production of 327,000 ounces, averaging 65,000 ounces per year.
“Based on the positive results from the PEA, B2Gold believes that the Antelope deposit has the potential to become a small-scale, low-cost, underground gold mine that can supplement the low-grade stockpile production during the period of 2028 to 2032,” the company noted.
B2Gold has budgeted up to US$10 million in 2025 for technical studies, permitting and early-stage development at Antelope.
