B2Gold’s Otjikoto Mine in Namibia Delivers Strong Q3 With 44,105 oz Gold Output

B2Gold Corp.’s Otjikoto Mine in Namibia delivered another strong performance in the third quarter of 2025, producing 44,105 ounces of gold and generating N$2.67 billion (US$143 million) in revenue. This represents a notable year-over-year increase from N$2.49 billion, underlining the mine’s reliability as one of B2Gold’s most consistent and profitable operations in Africa. The strong quarterly results reaffirm Otjikoto’s importance within B2Gold’s global portfolio and highlight Namibia’s role as a key jurisdiction for responsible and sustainable gold production.

Operationally, the mine exceeded expectations with a mill throughput of 873,000 tonnes at an average grade of 1.59 grams per tonne (g/t) gold and a high recovery rate of 98.6 percent. Despite inflationary pressures and one-off costs linked to the open-pit wind-down, Otjikoto maintained solid profitability. The average realized gold price reached US$3,503 per ounce (N$65,000), effectively offsetting rising costs. Cash operating costs averaged US$781/oz (N$14,600), while all-in sustaining costs (AISC) stood at US$1,089/oz (N$20,400). Capital expenditure totaled US$4.4 million (N$82 million), primarily directed toward the continued development of the Wolfshag underground project, with a further US$2.2 million (N$41 million) allocated to exploration.

The mine remains firmly on track to achieve its 2025 production guidance of 185,000 to 205,000 ounces, supported by contributions from underground mining and surface stockpiles. Looking ahead, B2Gold has approved a US$105 million (N$1.96 billion) investment in the newly sanctioned Antelope underground deposit, marking the next growth phase for Otjikoto. The Antelope project is expected to produce an average of 110,000 ounces of gold annually between 2028 and 2032, totaling 327,000 ounces over five years. The deposit currently hosts 1.75 million tonnes grading 6.91 g/t gold for 390,000 ounces, with significant expansion potential as exploration continues.

B2Gold projects its 2025 cost guidance to range between US$635–695/oz for cash operating costs and US$965–1,025/oz for AISC, reflecting ongoing efficiency improvements as the mine transitions further underground. The successful integration of Antelope into Otjikoto’s life-of-mine plan will extend the operation’s lifespan well into the 2030s, sustaining employment, local procurement, and fiscal contributions to Namibia’s economy.

With the Antelope development underway and Otjikoto’s steady output, B2Gold continues to demonstrate its commitment to responsible, long-term mining growth in Africa. The company’s focus on operational excellence, reinvestment, and local engagement ensures that Otjikoto remains Namibia’s flagship gold operation and a model for sustainable resource development in the region.

Mini-Glossary

• Throughput: The amount of ore processed by a mill within a specific period.
• Recovery Rate: The percentage of gold extracted from ore during processing.
• Cash Operating Cost: The direct cost of producing each ounce of gold, excluding capital and overhead expenses.
• AISC (All-in Sustaining Cost): A comprehensive measure of total production cost, including sustaining capital and indirect expenses.
• Open-Pit Wind-Down: The gradual closure phase of surface mining operations as underground production begins.
• Grade (g/t): The concentration of gold in ore, measured in grams per tonne.