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.

Open pit mining operations at the Otjikoto mine concluded in the third quarter of 2025 after over a decade of production, while underground mining operations at the Wolfshag underground mine 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.

On September 15, 2025, the Company announced it had approved a development decision on the Antelope underground deposit. The Antelope deposit has an initial mine life of 5 years and averages approximately 65,000 ounce per year over the life-of-mine. In combination with the processing of existing low-grade stockpiles, production from Antelope has the potential to increase Otjikoto Mine production to approximately 110,000 ounces per year from 2029 through 2032.

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

The electricity consumed at Otjikoto comes from a combination of the onsite solar plant, connection to the Namibian grid, and a power purchasing agreement with a local solar plant. The mine sourced approximately 79% of its electricity from renewable energy in 2025, supporting national energy security objectives and contributing to decarbonization efforts within the sector.

In February 2025, a 10-MW solar facility was successfully commissioned under NamPower’s Modified Single Buyer Framework. It was the first wheeling solar project in Namibia to reach full commercial operation under the MSB Framework.

The plant was inaugurated in September 2025, marking a practical demonstration of renewable energy wheeling through the national grid.

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

Production, Costs, Revenue & Sales2,3

Q1 2026 Q4 2025 Q3 2025 Q2 2025
Gold production2 (ounces) 24,529 50,793 49,519 51,663
Cash operating costs3
(per ounce produced)		 $896 $716 $775 $560
AISC3 (per ounce sold) $1,327 $1,085 $1,108 $825
Gold revenue ($M) $155 $212 $226 $182
Gold sales (ounces) 32,619 50,725 64,043 55,300
Average realized gold price ($/ounce) $4,755 $4,175 $3,533 $3,295
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 FY2025 and 2026 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 11, 2026 (click here)and are based on the assumptions, qualifications and procedures set out therein.

Processing

Q1 2026 Q4 2025 Q3 2025 Q2 2025
Tonnes of ore milled (M) 0.74 0.84 0.87 0.83
Grade (g/t) 1.06 1.91 1.59 1.84
Recovery (%) 98.1 98.7 98.6 98.7

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 90 860
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 March 31, 2026. The Mineral Resource estimate has an effective date of March 31, 2026.
  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 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, 2026.
  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 $6.1 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, located approximately 3 km south of Phase 5 of the Otjikoto open pit, with a total of 15,100 m of drilling contemplated for the year. High productivity from the Otjikoto drilling team has resulted in approximately 4,600 m of drilling being completed in the first quarter of 2026, exceeding the 3,600 m budgeted for the period.