B2Gold has budgeted a total of N$132 million for exploration at Otjikoto in 2025, with the focus of the exploration program earmarked for drilling to expand and refine the recently discovered Antelope deposit, located approximately 3 km south of Phase 5 of the Otjikoto open pit.
A total of 44,000 m of drilling is planned.
In its recently released gold production and revenue results for the fourth quarter and full year 2024, the miner said that 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%. 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,” says B2Gold.
Following the 2024 release of an initial Inferred Mineral Resource Estimate for the Springbok Zone, the southernmost shoot of the recently discovered Antelope deposit, the company commenced a PEA, which is expected to be completed early in the first quarter of 2025.
Subject to receipt of a positive PEA and necessary permits and approvals, mining of the Springbok Zone could begin to contribute to gold production at Otjikoto as early as 2028. 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,” adds B2Gold.
Capital expenditures in 2025 at Otjikoto are expected to total US$39 million, a small increase from total estimated capital expenditures in 2024. Approximately US$29 million would be classified as sustaining capital expenditures, and US$10 million would be classified as growth capital expenditures. Sustaining capital expenditures are expected to include approximately US$16 million for underground development, US$7 million for tailings storage facility construction, and US$6 million for mining equipment replacement and rebuilds.
Growth capital expenditures are expected to include approximately US$10 million to initiate Antelope deposit development.
Holistically, the company reported that total gold production in the fourth quarter of 2024 was 186,001 ounces. At the Fekola Mine, production was lower than expected due to the continued delays in accessing higher-grade ore from Fekola Phase 7, a result of lower realised mine production from the Fekola Phase 7 and Cardinal pits during the period. Mining and processing of these higher-grade tonnes is now expected in 2025 as equipment availability had returned to full capacity and mining rates were at expected levels at the end of 2024. The Fekola Mine and mill are operating without limitations, and gold production is being exported for refining as per its regular planned schedule. Masbate and Otjikoto both continued to outperform expectations in the fourth quarter of 2024, which partially offset a portion of the lower-than-expected production levels at Fekola during the fourth quarter.