B2Gold’s Otjikoto mine produced 23 438 ounces of gold in the second quarter of 2026, contributing to B2Gold’s consolidated gold production of 203 648 ounces during this period.
The company’s operational and financial results for the second quarter of 2026 state that Otjikoto’s higher-than-anticipated production was primarily due to higher average mill feed grade from greater ore volumes supplied by higher-grade underground sources.
Commenting on the results, B2Gold president and chief executive Mike Cinnamond says: “B2Gold delivered a solid second quarter, with production across our operating portfolio largely in line with expectations, highlighted by stronger-than-anticipated performance from Fekola (in Mali), Masbate (in the Philippines) and Otjikoto.”
In the six-month period ended on 30 June, the company realised more than US$1.9 billion (about N$31 billion) against US$1.2 billion (about N$19 billion) in 2025, and Otjikoto mine contributed more than US$250 million (about N$4 billion) to this amount, a drop from the US$330 million (about N$5 billion) during the same period in 2025.
Based on this performance, B2Gold’s board of directors declared a cash dividend for the third quarter of 2026 of US$0.02 per common share (about N$3.24) payable on 23 September.
Cinnamond says Otjikoto’s cash operating costs for the second quarter of 2026 were US$1 190 (about N$19 300) per gold ounce produced.
“Cash operating costs per ounce produced for the second quarter of 2026 were lower than anticipated as a result of higher than expected gold production partially offset by higher than expected underground mining costs,” he says.
All-in sustaining costs for the second quarter of 2026 were US$1 480 (about N$24 000) per gold ounce sold.
All-in sustaining costs per ounce sold for the second quarter of 2026 were lower than anticipated as a result of lower than expected cash operating costs per ounce sold and lower than expected sustaining capital expenditures.
According to the report, capital expenditures for the second quarter of 2026 totalled US$8 million (about N$129 600), primarily consisting of US$5 million (about N$82 600) for Antelope development and US$2 million (N$32 400) for Wolfshag underground development.
Otjikoto mine, in which B2Gold holds a 90% interest, is now expected to produce between 80 000 and 100 000 ounces of gold in 2026, up from the previous guidance of between 70 000 and 90 000 ounces.
“The increase in gold production guidance for Otjikoto reflects better than anticipated gold production in the first half of 2026, with strong operating results expected to continue through year-end,” Cinnamond says.
“As we look forward to the second half of 2026 and into 2027, B2Gold expects to generate significant free cash flow at prevailing metal prices, enabling us to reinvest in our business, fund our prospective exploration projects, and increase capital returns to shareholders,” he says.
