CHAMWE KAIRA
B2Gold has lowered its 2026 all-in sustaining cost (AISC) guidance for Namibia’s Otjikoto gold mine following strong production performance during the first nine months of the year.
The Canadian-listed gold producer said continued outperformance at Otjikoto is expected to support production for the remainder of 2026, prompting a reduction in its full-year cost projections.
The revised guidance puts Otjikoto’s 2026 gold production at between 80 000 and 100 000 ounces, cash operating costs at US$1200 to US$1300 per ounce produced and all-in sustaining costs at US$1630 to US$1780 per ounce sold.
During the third quarter ended 30 September 2026, Otjikoto produced 22 000 ounces of gold and sold 22 000 ounces at an average realised price of US$4 289 per ounce.
The mine generated US$92 million in revenue from gold sales, compared with US$143 million in the corresponding quarter of 2025.
Production costs amounted to US$28 million, while cash operating costs were US$1312 per ounce sold. AISC stood at US$1875 per ounce sold during the quarter.
B2Gold said strong year-to-date production from Otjikoto and its Masbate mine in the Philippines, together with lower royalty costs at its Fekola operation in Mali, contributed to lower-than-expected consolidated cash operating costs and AISC.
The company reported consolidated gold production of 634 732 ounces during the first nine months of 2026.
Meanwhile, development work continued at the Antelope deposit, located about four kilometres southwest of the Otjikoto mine.
B2Gold said it made progress during the third quarter in establishing the surface and underground infrastructure required to support the deposit’s development phase.
The Antelope project forms part of the company’s efforts to increase production potential from its existing development projects while extending the value of its mining operations.
B2Gold president and chief executive officer Mike Cinnamond said the company delivered a strong third quarter, supported by continued outperformance from its Masbate and Otjikoto operations and progress on strategic initiatives.
The company said it remained on track to deliver its 2026 production and cost guidance, with adjustments made to certain cost projections following its year-to-date performance.
These include lower cash operating cost guidance for Masbate and reduced AISC guidance for Fekola, Masbate, Otjikoto and the consolidated group.
AISC guidance for the Goose mine in Canada remained unchanged, although B2Gold expects its full-year result to be near the upper end of the guidance range.
