2024
B2Gold Namibia delivered a solid production performance during Q4 2024, producing 52,452 ounces of gold in line with our budget, with production coming from the open pit as well as the Wolfshag Underground Mine.
For the full year, the Otjikoto Mine produced 198,142 ounces, at the mid-point of our guidance range of between 185,000 and 205,000 ounces.
Gold revenue for the 12-month period ended 31 December 2024 came in at 486.2M USD / 8.9B NAD at an average USD gold price of 2,386 per ounce sold.
The Company delivered significant returns to Government for the 2024 financial year.
During 2024, B2Gold Namibia made cash payments totalling N$2.4 billion to the GRN including:
- N$ 1.9 Billion Namibian Dollars for Corporate Income Tax Payments
- N$ 128 Million Namibian Dollars for Non-Resident Shareholder Taxes
- N$ 355 Million for Royalties and Export Levies, levied on gold revenue
Our unwavering commitment to the communities in which we operate was evidenced by a couple of significant projects:
- Construction of the Ombili Clinic in Otjiwarongo – N$6 million
- Further expansion of the Ombili School in Otjiwarongo – N$4 million
- Construction of water delivery facilities in Otavi in partnership with the Otavi Town Council and the Ministry of Urban and Rural
Development – N$5 million - Total CSR project spend during 2024 came in at N$31 million
2025 Projections
Gold production at Otjikoto will be weighted towards the first half of 2025 due to the conclusion of open pit mining activities in the third quarter of 2025. For the full year 2025, Otjikoto is projected to process a total of 3.4 million tonnes of ore at an average grade of 1.63 g/t gold with a process gold recovery of 98.0% producing between 165,000 and 185,000 oz for 2025.
Processed ore will be 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.
Antelope Deposit Preliminary Economic Assessment (“PEA”) results
On February 4, 2025, B2Gold announced the preliminary results of a positive PEA prepared in accordance with National Instrument 43-101 on the Antelope deposit. The Antelope deposit, which comprises the Springbok Zone, the Oryx Zone, and a possible third structure, Impala, subject to confirmatory drilling, is located approximately 4 kilometers (“km”) southwest of the existing Otjikoto open pit.
The PEA was prepared by B2Gold and evaluates the recovery of gold from an underground mining operation. Three years of initial mine development includes portal excavation and construction, approximately 3.5 km of primary decline development, and installation of ventilation and other services.
The underground mining operation will move up to approximately 1,400 tonnes per day with development-based mining methods (assuming a 3.0 g/t cutoff grade and 4.0 m minimum mining thickness), which will be hauled to the existing processing plant at Otjikoto. Underground gold production will be blended with existing Otjikoto low-grade stockpile feed to increase previously projected gold production by an average of approximately 65,000 ounces per year over the estimated Life of Mine. Engineering and cost parameters, including mine production and development rates and costs, are based on actual costs for the Wolfshag Underground Mine with adjustments for the Antelope Mineral Resource and mine design, and include cost contingencies of 20% for fixed costs and 25% for variable costs. The Inferred Mineral Resource estimate for the Antelope deposit that forms the basis for this PEA includes 1.75 million tonnes grading 6.91 g/t gold for a total of 390,000 ounces of gold, the majority of which is hosted in the Springbok Zone. The Antelope deposit remains open along strike in both directions, highlighting strong potential for future resource expansion.
The PEA assumptions include revenues using a gold price of $2,400 per ounce over the Life of Mine and current prices for fuel, reagents, labour, power and other consumables.
Based on the positive results from the PEA, B2Gold believes that the Antelope deposit has the potential to become a small-scale, low-cost, underground gold mine that can supplement the low-grade stockpile production during the period of 2028 to 2032 and result in a meaningful production profile for Otjikoto into the next decade.
An initial budget of up to $10 million has been approved to de-risk the Antelope deposit development schedule by advancing early work planning, project permits and long lead orders.
Exploration of the greater Antelope deposit has the potential to supplement the processing of ore stockpiles at the Otjikoto Mine, with an initial goal of adding between 80,000 and 90,000 ounces of additional gold production per year from 2029 through 2032, with potential to extend mine life further through additional drilling at the Springbok and Oryx Zones at the Antelope deposit. The Company has set aside an addition 7MUSD for exploration activities related to the Antelope Deposit in 2025.
Capital expenditures in 2025 at Otjikoto are expected to total $39 million, a small increase from total estimated capital expenditures in 2024.
Approximately $29 million would be classified as sustaining capital expenditures and $10 million would be classified as growth capital expenditures.
Sustaining capital expenditures are expected to include approximately:
- $16 million for underground development;
- $7 million for tailings storage facility construction; and
- $6 million for mining equipment replacement and rebuilds.
Antelope Deposit Next Steps
The Company has approved an initial budget of up to $10 million for 2025 to de-risk the Antelope deposit development schedule by advancing early work planning, project permits, and long lead orders. Technical work including geotechnical, hydrogeological, and metallurgical testing is anticipated to be completed over the next several months. Cost and schedule assumptions will continue to be refined by working with suppliers and contractors, including running a competitive bid process for the development phase of the Antelope deposit.
In addition, as part of the $7 million exploration budget for 2025, exploration drilling will continue to advance the Antelope deposit, including closely spaced drill holes to confirm the Mineral Resource, and wider spaced drill holes along strike with the aim of extending the deposit to the north and south.
Contributed by B2Gold Namibia
