Mine Snapshot2

  • 199,139 oz

    Gold production

  • $658 /oz

    Cash operating costs
    (per gold ounce produced)

  • $969 /oz

    AISC (per gold ounce sold)

  • 70 - 90 koz

    Gold production

  • $1,200 - $1,300 /oz

    Cash operating costs
    (per gold ounce produced)

  • $1,830 - $1,980 /oz

    AISC (per gold ounce sold)

About Otjikoto

Otjikoto is the largest gold producer in the country. The Otjikoto Mine is located in the north-central part of Namibia, approximately 300 km north of the country’s capital, Windhoek.

Processed ore is 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. Exploration results received to date indicate the potential to extend underground production at Wolfshag past 2027, supplementing the processing operations into 2032 when economically viable stockpiles are forecast to be exhausted.

Map showing the Otjikoto Mine and Antelope Deposit in Namibia, highlighting mining and exploration areas near Otavi and Otjiwarongo. See Location Map

History

B2Gold acquired the Company’s first African gold development project, the Otjikoto Gold Project, through a merger with Auryx Gold Corp. in December 2011. The Company received the Otjikoto Mining Licence in December 2012, and construction of the Otjikoto Mine commenced in April 2013. Within approximately 19 months, the first gold pour occurred on December 11, 2014, ahead of schedule.

Processing Plant

Conventional flowsheet whereby gold is recovered by gravity concentration/intensive leaching and by an agitated cyanide leach/carbon-in-pulp process for treatment of gravity tailings.

Otjikoto Industrial mining site with processing plant and conveyor belts in operation.

Power

Since commissioning the NamPower grid link, the Otjikoto Mine has reduced its overall processing plant costs by approximately 10%. In addition, the transition away from HFO to a combination of the solar power plant and the national grid will significantly reduce GHG emissions.

Solar panel field with rows of panels reflecting the colorful sunset sky.

Production, Costs, Revenue & Sales2,3

Q4 2024 Q3 2024 Q2 2024 Q1 2024
Gold production2 (ounces) 52,453 52,131 48,143 45,416
Cash operating costs3
(per ounce produced)		 $733 $740 $673 $642
AISC3 (per ounce sold) $913 $896 $1,044 $958
Gold revenue ($M) $134 $133 $113 $106
Gold sales (ounces) 50,330 53,676 48,340 51,450
Average realized gold price ($/ounce) $2,663 $2,480 $2,335 $2,063
Notes
  1. The disclosure contains forward-looking statements. Refer to the Legal section of the website (click here) for caution regarding forward-looking statements and the basis for presentation of Mineral Reserves, Mineral Resources and other technical disclosures.
  2. B2Gold’s FY2024 and 2025 guidance gold production are presented on a 100% basis, unless otherwise stated.
  3. Refer to “Non-IFRS measures” in the Company’s most recently filed MD&A (click here).
  4. Certain portions of the following information are derived from and based on the technical report entitled “Otjikoto Gold Mine Namibia NI 43-101 Technical Report” (click here) with an effective date of December 31, 2018, and was prepared by Mr. Tom Garagan, P.Geo., Mr. Peter Montano, P.E., Mr. Ken Jones, P.E. and Mr. John Rajala, P.E. of B2Gold, and from the Company's most recent AIF, dated March 14, 2024 (click here) and are based on the assumptions, qualifications and procedures set out therein.

Processing

Q4 2024 Q3 2024 Q2 2024 Q1 2024
Tonnes of ore milled (M) 0.79 0.87 0.85 0.83
Grade (g/t) 2.10 1.88 1.79 01.74
Recovery (%) 98.6 98.8 98.6 98.5

Mineral Reserve & Resource Estimates

Contained Gold – 100% Project Basis

Probable Mineral Reserves 0.09 Moz
Indicated Mineral Resources 0.91 Moz
Inferred Mineral Resources 0.95 Moz

Otjikoto Indicated Mineral Resource Statement

100% Project Basis Attributable Ownership Basis
Area Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)		 Attributable
(%)		 Contained Gold Ounces
(x 1,000)
Otjikoto Open Pit 17,630 0.67 380 90 340
Wolfshag Open Pit 210 0.60 4 90 4
Wolfshag Underground 780 5.19 130 90 120
Antelope Underground 400 5.53 70 90 65
Low-grade stockpile 23,450 0.42 310 90 280
Run-of-mine stockpile 300 1.30 10 90 10
Total Indicated Mineral Resources 42,770 0.66 910   820

Otjikoto Inferred Mineral Resource Statement

100% Project Basis Attributable Ownership Basis
Area Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)		 Attributable
(%)		 Contained Gold Ounces
(x 1,000)
Otjikoto Open Pit 11,310 0.54 200 90 180
Wolfshag Open Pit 1,520 0.68 30 90 30
Wolfshag Underground 930 4.89 150 90 130
Antelope Underground 3,440 5.23 580 90 520
Total Inferred Mineral Resources 17,190 1.73 950   860
Notes
  1. Mineral Resources have been classified using the CIM Standards. Mineral Resources are reported in situ or in stockpiles, inclusive of those Mineral Resources that have been modified to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  2. Mineral Resources are reported on a 100% project and a 90% attributable basis, the remaining 10% interest is held by EVI, a Namibian empowerment company.
  3. The Qualified Person for the Mineral Resource estimate is Andrew Brown, P.Geo., our Vice President, Exploration.
  4. The Qualified Person for the Mineral Resource in stockpile estimates is Peter Montano, P.E., our Vice President, Projects.
  5. The Mineral Resource estimate for Otjikoto accounts for mining depletion as at December 31, 2025. The Mineral Resource estimate has an effective date of December 31, 2025.
  6. Mineral Resource estimates that are amenable to open pit mining methods are reported within a conceptual open pit shell based on a gold price of $2,500/oz, metallurgical recovery of 98%, selling costs of $103.65/oz including royalties and levies, and operating cost estimates of $2.50/t mined (mining), $14.75/t processed (processing) and $3.70/t processed (site general). Mineral Resources that are potentially amenable to open pit mining are reported at a cut-off grade of 0.25 g/t Au.
  7. Mineral Resources that are potentially amenable to underground mining are reported at cut-off grades of 1.25, 1.45 or 2.20 g/t Au and a minimum diluted thickness of 4.0 m. Underground resource reporting assumes a gold price of $2,500/oz Au, process recovery of 98%, variable mining costs by mining method of $79.78–146.95/t mined, processing cost of $19.14/t processed, and a selling cost of $103.65/oz Au produced.

Otjikoto Probable Mineral Reserves Statement

100% Project Basis Attributable Ownership Basis
Area Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)		 Attributable
(%)		 Contained Gold Ounces
(x 1,000)
Wolfshag Underground 900 2.67 80 90 70
ROM stockpiles 300 1.30 10 90 10
Total Probable Mineral Reserves 1,200 2.33 90   80
Notes
  1. Mineral Reserves have been classified using the CIM Standards, are reported at the point of delivery to the process plant, and have an effective date of December 31, 2025.
  2. Mineral Reserves are reported on a 100% project and a 90% attributable basis, the remaining 10% interest is held by EVI, a Namibian empowerment company.
  3. The Qualified Person for the ROM stockpile Mineral Reserve estimate is Peter Montano, P.E., our Vice President, Projects.
  4. The Qualified Person for the Wolfshag Underground Reserve estimate is Michael Meyers, P.Eng., our Director, Project Development.
  5. Mineral Reserves from stockpiles are based on a gold price of $2,000/oz, metallurgical recovery of 98%, selling costs of $83.65/oz including royalties and levies, average processing cost of $14.73/t processed, and site general costs of $3.61/t processed. Mineral Reserves in stockpiles are reported above a cut-off grade of 0.45 g/t Au.
  6. Mineral Reserves that will be mined by underground methods assume a modified transverse longhole stoping mining method, gold price of $2,000/oz, metallurgical recovery of 98%, selling costs of $83.65/oz including royalties and levies, average mining cost of $90.54/t ore mined, average processing cost of $14.00/t processed, site general costs of $5.14/t processed, 22% dilution, and 90% mining recovery. Mineral Reserves that will be mined by underground methods are reported above a cut-off grade of 1.82 g/t Au.
  7. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.

Exploration

A total of $7 million was budgeted for exploration at Otjikoto in 2025. The focus of the exploration program was drilling the Antelope deposit, located approximately 3 km south of Phase 5 of the Otjikoto open pit, with a total of 39,000 m of drilling planned. The Antelope deposit, comprised of the Springbok Zone, the Oryx Zone, and a possible third structure, Impala, subject to confirmatory drilling, was discovered in 2022 following deep drill testing by B2Gold exploration personnel on three-dimensional models of airborne magnetic data. For the year ended December 31, 2025, the Company incurred $8 million, which included 35,924 m of diamond and reverse circulation drilling at the Otjikoto mine area.

A total of $6 million is budgeted for exploration at Otjikoto in 2026. The focus of the exploration program will be drilling to expand and refine the Antelope deposit, with a total of 44,000 m of drilling planned.