Can Strong Production at Otjikoto Mine Boost B2Gold’s Growth? – September 21, 2026
Key Takeaways
- Otjikoto produced 23,438 ounces in Q2, lifting H1 output to 47,967 ounces.
- B2Gold raised Otjikoto’s 2026 production guidance to 80,000-100,000 ounces from 70,000-90,000.
- Antelope and low-grade stockpiles could lift Otjikoto output to 110,000 ounces annually from 2029-2032.
B2Gold Corp.’s (BTG – Free Report) Otjikoto mine produced 23,438 ounces of gold in the second quarter of 2026, higher than the company’s expectation and bringing the first-half production to 47,967 ounces. The upside was driven by a higher average mill feed grade, resulting from better-than-expected ore volumes from high-grade underground sources.
Otjikoto in Namibia is the largest gold producer in the country, in which B2Gold holds a 90% interest. B2Gold completed open-pit mining operations at the mine in the third quarter of 2025, while underground operations at Wolfshag are expected to continue into 2027. The company also approved a development decision on the Antelope underground deposit at the Otjikoto mining complex. Production from Antelope, along with the processing of existing low-grade stockpiles, has the potential to boost Otjikoto’s production to around 110,000 ounces per year from 2029 through 2032.
Backed by strong gold production in the first half of 2026, the company increased 2026 production expectations for Otjikoto to 80,000-100,000 ounces from the prior stated 70,000-90,000 ounces. This will aid the company to achieve its consolidated gold production of 820,000-920,000 ounces.
The 2026 all-in sustaining cost guidance for Otjikoto remains between $1,830 and $1,980 per ounce sold. The company expects all-in sustaining costs to be in line with or below the lower end of its guidance range.
B2Gold is focused on its ongoing strategy to maximize responsible profitable production from its existing mines and maintain a strong financial position. Solid performance at Otjikoto is likely to aid the company’s margins.
Other Miners With Operations in Africa
Barrick Mining Corporation (B – Free Report) holds an 80% stake in the Loulo-Gounkoto complex, which comprises two distinct mining permits, Loulo and Gounkoto, and is situated in western Mali. The State of Mali holds the remaining 20%.
The Loulo-Gounkoto complex contributed 152,000 ounces of gold to Barrick Mining’s production in the first half of 2026. Barrick Mining is targeting a full-year production of up to 362,500 ounces from the complex.
Newmont Corporation (NEM – Free Report) is one of the world’s largest producers of gold with several active mines in Nevada, Peru, Australia and Ghana. The company owns 100% of Ahafo and Akyem mines in Ghana.
Newmont has achieved commercial production at Ahafo North, which followed the first gold pour in September 2025. Ahafo North is expected to produce between 275,000 and 325,000 ounces of gold annually over an estimated mine life of 13 years. Newmont expects production to be 315,000 ounces this year, with a ramp-up to full capacity.
BTG’s Price Performance, Valuations & Estimates
B2Gold’s stock has gained 15.4% in a year compared with the Zacks Mining – Gold industry’s 26.2% growth. During this time, the Basic Materials sector has risen 18.9% and the S&P 500 has returned 15.2%.
Image Source: Zacks Investment Research
BTG is trading at a forward 12-month earnings multiple of 6.83X, at a discount to the industry average of 13.30X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for B2Gold’s 2026 sales is $3.57 billion, indicating 16.7% year-over-year growth. The consensus mark for the year’s earnings is 49 cents per share, indicating growth of 6.5%.
The Zacks Consensus Estimate for 2027 sales implies 25.9% year-over-year growth. The same for earnings indicates growth of 89.1%.
EPS estimates for 2025 and 2026 have been trending south over the past 60 days, as seen in the chart below.
Image Source: Zacks Investment Research
BTG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
