B2Golds Otjikoto Mine Record Production and Strategic Growth Plans for 2025

B2Gold’s Otjikoto Mine in Namibia, in which the company holds a 90% interest, had a strong performance in 2024, producing 198,142 ounces of gold, nearly at the midpoint of its guidance range of 185,000 to 205,000 ounces.

For the year ending December 31, 2024, the mill feed grade was 1.87 g/t, with mill throughput at 3.34 million tonnes, and a gold recovery rate averaging 98.6%.

In the fourth quarter of 2024, the Otjikoto Mine produced 52,452 ounces of gold. The mill feed grade for the fourth quarter was 2.10 g/t, with throughput of 0.79 million tonnes, and recovery averaging 98.6%.

Ore production from the Wolfshag underground mine in Q4 2024 averaged over 1,650 tonnes per day at a gold grade of 3.61 g/t. Open-pit mining at the Otjikoto Mine is expected to conclude in 2025, while processing will continue until the stockpiles are exhausted, projected for 2032.

Underground operations under the current mine plan are expected to continue until 2027, with the potential for an extension if further underground mineral deposits are identified.

On February 4, 2025, B2Gold announced positive results from a Preliminary Economic Assessment (PEA) on the Antelope deposit at Otjikoto, located approximately 4 km southwest of the existing open pit.

The Antelope deposit, which includes the Springbok and Oryx Zones, along with a potential third structure, Impala, could supplement low-grade stockpile production from 2028 to 2032, bolstering Otjikoto’s production profile into the next decade.

The PEA indicates a mine life of 5 years with a total production of 327,000 ounces, averaging 65,000 ounces annually.

By processing existing low-grade stockpiles, Otjikoto’s annual gold production could reach around 110,000 ounces from 2029 through 2032. B2Gold has allocated up to $10 million in 2025 to advance the development of the Antelope deposit, including early work planning, permits, and long-lead orders.

The Antelope deposit’s inferred mineral resource estimate, based on the PEA, stands at 1.75 million tonnes grading 6.91 g/t gold for a total of 390,000 ounces, primarily located in the Springbok Zone.

The deposit remains open along strike, offering strong potential for resource expansion. However, the PEA is preliminary, and the inferred resources are not yet classified as reserves, meaning there is no certainty that the anticipated economic viability will be realized.

In 2024, Otjikoto’s cash operating costs were $699 per ounce of gold produced, at the low end of its guidance range of $685 to $745 per ounce, due to higher-than-expected production.

For Q4 2024, the costs were $733 per ounce, lower than anticipated, while all-in sustaining costs for 2024 were $951 per ounce sold, slightly below guidance.

Capital expenditures in 2024 totaled $29 million, with $20 million spent on deferred stripping for the Otjikoto pit and $8 million for Wolfshag underground development.

For 2025, capital expenditures at Otjikoto are projected at $39 million, including $29 million for sustaining capital and $10 million for non-sustaining capital, with a focus on underground development, tailings storage facility construction, and mining equipment replacements.

In 2025, Otjikoto is expected to produce between 165,000 and 185,000 ounces of gold, with cash operating costs ranging from $695 to $755 per ounce and all-in sustaining costs between $980 and $1,040 per ounce.

Production will be weighted towards the first half of the year as open-pit mining concludes in the third quarter.

The mine will process 3.4 million tonnes of ore at a grade of 1.63 g/t, with a recovery rate of 98.0%. Exploration is ongoing, with potential to extend underground production at Wolfshag beyond 2027, supporting operations into 2032.

B2Gold continues to focus on expanding Otjikoto’s operations, with a clear path forward for the development of both the Antelope deposit and Wolfshag underground mine.