B2Gold Corp President and Chief Executive Officer Clive T. Johnson says the Otjikoto Mine in Namibia generated gold revenue of US$155.1 million (about N$2.6 billion) during the first quarter of 2026, compared to US$148.0 million in the corresponding period of 2025, supported by an average realised gold price of US$4,755 per ounce.
Gold sales declined to 32,619 ounces during the quarter from 51,740 ounces a year earlier, while production fell to 24,529 ounces from 52,578 ounces.
Ore milled decreased to 736,566 tonnes from 843,057 tonnes, while ore grade declined to 1.06 grams per tonne from 1.96 grams per tonne. Recovery rates eased slightly to 98.1% from 98.8%.
“The higher-than-anticipated production in the first quarter of 2026 is primarily due to higher-than-expected average ore grade, partially offset by slightly lower-than-planned throughput due to some mill repairs during the period,” Johnson said.
Production costs for the quarter decreased to US$29.4 million from US$35.0 million recorded in the first quarter of 2025.
Cash operating costs increased to US$903 per ounce sold from US$676 per ounce sold previously, while total cash costs rose to US$1,094 per ounce sold. All-in sustaining costs increased to US$1,327 per ounce sold from US$916 per ounce sold.
“Cash operating costs per ounce produced for the first quarter of 2026 were lower than expected as a result of higher-than-anticipated gold production and lower-than-planned underground mining costs,” Johnson said.
Capital expenditure increased to US$7.2 million during the quarter from US$3.6 million a year earlier, mainly consisting of US$4 million for Antelope development and US$3 million for Wolfshag underground development.
Exploration expenditure declined to US$1.3 million from US$1.8 million.
“The lower sustaining capital expenditures for the first quarter of 2026 were mainly a result of the timing of expenditures and are expected to be incurred later in 2026,” Johnson said.
The company expects the Otjikoto Mine to produce between 70,000 and 90,000 ounces of gold during 2026, with projected cash operating costs of between US$1,200 and US$1,300 per ounce produced and all-in sustaining costs of between US$1,830 and US$1,980 per ounce sold.
B2Gold said the cost guidance is based on an assumed realised gold price of US$5,000 per ounce, resulting in budgeted royalties and production taxes of about US$17 million during 2026.
“The Otjikoto Mine in Namibia draws power from the national grid and has significantly decreased its diesel consumption following the move to underground mining in the fourth quarter of 2025,” Johnson said.
At group level, the company reported consolidated gold production of 237,763 ounces during the first quarter of 2026 and expects total production for the year to range between 820,000 and 970,000 ounces.
“The company has approximately 36% of its remaining 2026 fuel needs hedged at or below budget prices,” Johnson said.
