Astral Resources presents a compelling investment case as an ASX-listed gold explorer with a 1.46 Moz resource base in Western Australia's premier Kalgoorlie region, anchored by its flagship Mandilla project which demonstrates robust economics with an AU$442 million NPV and 11-year mine life.
Astral Resources (ASX:AAR) is a gold mineral exploration company with three gold projects in tier 1 mining jurisdictions of Western Australia. The three assets are the Mandilla gold project, the Feysville gold project, and the Carnilya Hill gold project. The flagship and 100 percent owned Mandilla gold project has a mineral resource containing 1.27 million ounces (Moz) of contained gold. The other key project, 100 percent owned Feysville, hosts an updated Mineral Resource Estimate (MRE) of 5.0 Mt at 1.2g/t gold for 196 koz of contained gold . Feysville could potentially become a satellite source of high-grade ore feed for the flagship Mandilla gold project.
The scoping study completed at Mandilla unveils robust project economics. The cornerstone of the scoping study is the Theia deposit, which alone accounts for 81 percent of the total Mandilla mineral resource estimate. The deposit hosts a mineral resource estimate of 29 Mt at 1.1 g/t gold for 1.02 Moz of contained gold in one large open pit. The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. The study outlines compelling financial metrics, including NPV@8 percent of AU$442 million, free cash flow of AU$740 million, and a payback period of nine months.
Astral benefits from a team of professionals boasting extensive expertise in geology and mining.
The company is led by managing director Marc Ducler, who has more than two decades of experience in the mining industry. The management team has a proven track record of executing several successful exploration and development projects, as well as M&A.
The Mandilla gold project is located within the northern region of the Widgiemooltha greenstone belt, approximately 70 kilometers to the south of the prominent mining hub of Kalgoorlie, Western Australia. Mandilla includes four deposits namely, Theia, Iris, Eos and Hestia. The cornerstone of the project is the Theia deposit, constituting 81 percent of Mandilla's resources, totaling 29 Mt at a grade of 1.1 g/t gold, amounting to 1.02 Moz of contained gold in a single open pit. Mandilla has a total mineral resource estimate of 37 Mt at 1.1 g/t gold for 1.27 Moz.
The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. Astral estimates the pre-production capital spend at AU$191 million, and the project is anticipated to generate a free cash flow of AU$740 million (assuming a gold price of A$2,750/oz). The project’s NPV @8 percent is estimated at AU$442 million, and the IRR at 73 percent.
Drill collars at Theia deposit
Astral continues to advance exploration and resource expansion efforts at Mandilla. The company recently completed a four-hole 1,762-metre in-fill diamond drilling program at the Theia deposit late last year. Best results included: 28 metres at 2.63 g/t gold, 15.5 metres at 1.81 g/t gold, 9.6 metres at 27.6 g/t gold, 2.4 metres at 169.1 g/t gold, 24.9 metres at 4.14 g/t gold and 72.2 metres at 1.15 g/t gold.
Astral has commenced work on a pre-feasibility study at Mandilla, which is due in the June quarter 2025.
The Feysville project is situated in Australia's premier gold belt, merely 14 km south of the Golden Mile deposit, which boasts 70 million ounces, located in Kalgoorlie. The project's updated JORC 2012 MRE indicates 5.0 Mt at 1.2 g/t gold for 196 koz of contained gold. Including the Mandilla MRE of 37 Mt at 1.1 g/t gold for 1.27 Moz of contained gold, Astral’s total gold MRE is now calculated to be 42 Mt at 1.1 g/t gold for 1.46 Moz of contained gold (group MRE).
At Feysville, Astral is focusing on the high-grade Kamperman prospect. A recent 31-hole (3,834 m) reverse circulation (RC) drilling program at Kamperman returned encouraging assay results. The latest drilling program returned best assay results of 33 metres at 3.75 g/t gold, 22 metres at 5.21 g/t gold, and 22 metres at 4.44 g/t gold. This high success rate continues to indicate that Kamperman has the potential to be a substantial source of high-grade satellite ore for the Mandilla processing plant.
Mark Connelly is a mining industry veteran who has held positions of CEO and managing director with several multinational companies across many jurisdictions, including Australia, North America, South America, Africa and Europe. He has a proven track record in deal making and was principally responsible for the merger of Papillon Resources and B2 Gold Corp in October 2014 (value US$570 million), as well as the key person responsible for the merger of Adamus Resources and Endeavour Mining for US$579 million. He is currently the non-executive chair of Calidus Resources, Omnia Metals Group, Alto Metals, Warriedar Resources and Nickel Search.
Marc Ducler has more than 20 years of experience in the mining industry. He has held senior operational management roles with GoldFields, BHP, Fortescue Metals, MRL and Roy Hill. He was also the managing director of Egan Street Resources (a gold exploration and development company) until it was acquired by Silver Lake Resources (ASX:SLR).
Peter Stern has experience in corporate advisory, specializing in M&A and capital raising. He has spent six years with Macquarie Bank and three years with UBS and Deutsche Bank. He is a graduate of Monash University with a Bachelor of Science (geology major). Stern is a fellow of the Australian Institute of Company Directors and the chairman of Troy Resources.
David Varcoe is a mining engineer with over three decades of experience. He has extensive operational and managerial experience across various commodities, including gold, iron ore, copper, diamonds, coal, uranium and rare earths. His expertise spans board positions, operations management, project management and consulting. Varcoe is a principal consultant with the leading Australian firm AMC Consulting.
Justin Osborne is a geologist with over 30 years of experience in exploration. He was previously the executive director at Gold Road Resources (ASX:GOR), where he played a crucial role in developing the world-class Gruyere gold deposit (6.6 Moz gold). Osborne also held senior positions on the exploration executive team at Gold Fields. He was instrumental in developing the Damang Superpit project in Ghana and achieved significant discovery success at the St Ives gold mine.
Brendon Morton has over 20 years of experience, particularly in the global resources sector across Australia, Africa and Asia. He has held several executive financial and company secretarial roles with ASX-listed and unlisted companies in the resources industry.
Steve Lampron is a mining engineer with more than 20 years industry experience. As well as having worked in production roles for companies such as Placer Dome, Barrick and North American Palladium he has also worked as a Consultant for over 10 years.
Julie Reid has 36 years of experience working across Australia, Vietnam and Indonesia, covering a variety of commodities in diverse geological terrains. She holds a Bachelor of Applied Science from Curtin University of Technology.
Gold price chart, February 13 to 20, 2025.
Chart via the Investing News Network.
Gold has also made headlines this week on the back of calls for an audit of Fort Knox.
The Kansas-based army installation reportedly holds 4,580 metric tons of gold, but despite ongoing requests has not been fully audited since 1953. Tech billionaire Elon Musk has suggested that the newly established US Department of Government Efficiency, better known as DOGE, should take on the task.
Long-term factors supporting gold include strong central bank demand and buying from eastern investors.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Aurum Resources offers a compelling value proposition through its highly prospective gold asset in Côte d'Ivoire, a fast-emerging gold region in West Africa. Its cost-effective exploration strategy of drill rig ownership also distinguishes it from its peers.
Aurum Resources (ASX:AUE) is a mineral exploration company primarily focused on gold through its flagship Boundiali gold project located in Côte d’Ivoire, West Africa.
Côte d'Ivoire's gold mining sector is experiencing significant growth and development, with several key projects contributing to the country's economic expansion. The overall gold mining sector in Côte d'Ivoire is supported by substantial investments in infrastructure and exploration.
Geopolitically, Côte d'Ivoire outperforms most developing countries in the world in political, legal, tax and operational risk metrics. Additionally, Côte d'Ivoire continues to make notable strides in its political stability and Absence of Violence and Terrorism Index.
Boundiali Gold Project – BD Target 1 Artisanal Working
Aurum has entered into a Bid Implementation Agreement with Mako Gold for Aurum to acquire 100 percent of the issued shares in Mako. This proposed merger will allow both Aurum and Mako security holders to benefit from the combination of Aurum’s strong balance sheet and exceptional drilling efficiencies with AU$23 million in cash at the end of December 2024 to support work programs targeted at further resource definition across Aurum and Mako’s assets in northern Côte d'Ivoire. Aurum is currently in its final phase of compulsory acquisition of remaining Mako shares after it received over 90% acceptance of MKG shares in late January 2025.
The merger is backed by a highly experienced board and management team with extensive gold experience from grassroots discovery, through to resource drill-out, feasibility studies, project finance, and production.
The Boundiali gold project in Cote d’Ivoire is located within the Boundiali Greenstone Belt, which hosts Resolute’s Syama gold operation (11.5 Moz) and the Tabakoroni deposit (1 Moz) in Mali. Neighbouring assets also include Barrick’s Tongon mine (5 Moz) and Montage Gold’s Kone project (4.5 Moz).
The Boundiali project area covers the underexplored southern extension of the Boundiali belt, where a highly deformed synclinal greenstone horizon traverses finer-grained basin sediments, and to the west, Tarkwaian clastic rocks lie in contact with a granitic margin. The project benefits from year-round road access and excellent infrastructure.
The first stage of drilling at Boundiali occurred from late October 2023 to end of November 2024 for both the BM and BD tenements (BM1 and BM2; BD1, BD2 and BD3 targets) and was designed to test below-gold-in-soil anomalies oriented along NE trending structures, define new gold prospects and define maiden JORC resources. With over 63,000m diamond holes drilled during this period, Maiden JORC gold resources estimate was delivered in late December 2024.
Drilling costs are estimated at US$45 per metre, as Aurum owns all of its eight drilling rigs and employs its operators, representing a significant value proposition relative to peers who use commercial drilling companies that charge upwards of $200 per meter. The company believes there is potential for multi-million ounce gold resources to be defined with hundreds thousands meters of drilling over years within the Boundiali Gold Project’s land holding areas.
The Boundiali gold project comprises four contiguous granted licenses: PR0808 (80 percent interest), PR0893 (80 percent and earning to 88 percent interest), PR414 (100 percent interest), and PR283 (earning to 70 percent interest). Historic exploration at PR0893 includes 93 AC drill holes and four RC holes. Airborne geophysical surveying, geological mapping and extensive soil sampling have also been performed at PR0893, while PR0808 has had 91 RC holes drilled for 6,229 metres along with geochemical analysis and modeling. Detailed geochemical sampling and drilling at PR414 revealed three strong gold anomalies and returned impressive high-grade results.
Following the renewal of its Boundali South (BST) exploration licence in September 2024, drilling at the Nyangboue deposit is planned for H1 2025 and H2 2025. Previous exploration at BST has returned impressive results, including 20 m at 10.45 g/t gold from 38 meters, and 30 m at 8.30 g/t gold from 39 m.
In May 2024, Aurum entered a strategic partnership agreement to earn up to a 70 percent interest in exploration tenement PR283, to be renamed Boundiali North (BN). Aurum, through subsidiary Plusor Global Pty Ltd, has partnered with Ivorian company Geb & Nut Resources Sarl and related party (GNRR) to explore and develop the Boundiali North (BN) tenement which covers 208.87sq km immediately north of Aurum’s BD tenement. Further to this agreement,
Aurum announced it has earned 80 percent project interest after completing more than 20,000 m of diamond core drilling.
Boundiali Project JORC Mineral Resource Estimate
Aurum has announced a maiden independent JORC mineral resource estimate of 1.59 Moz gold for its 1,037 sq. km. The Boundiali Gold Project comprises the BST, BDT1 & BDT2, BMT1 and BMT3 deposits. Drilling is ongoing on these deposits, and Aurum has identified other prospects at Boundiali which have yet to be drilled. Since October 2023, the company has completed an extensive 63,927-metre diamond drilling program. This aggressive exploration campaign has rapidly defined a significant gold resource of 50.9 Mt @ 1.0 g/t gold for 1.6 million ounces.
A 100,000 m of drilling is planned and being carried out at Boundiali using eight self-owned diamond rigs to drive resource growth with two JORC resources updates in 2025.
In 2025, Aurum plans to launch a mining exploitation licence application and complete a PFS and environment study for the Boundiali Gold Project.
Troy Flannery has more than 25 years’ experience in the mining industry, including nine years in corporate and 17 years in senior mining engineering and project development roles. He has a degree in mining engineering, masters in finance, and first class mine managers certificate of competency. Flannery has performed non-executive director roles with numerous ASX listed companies and was the CEO of Abra Mining until October 2021. He has worked at numerous mining companies, mining consultancy and contractors, including BHP, Newcrest, Xstrata, St Barbara Mines and AMC Consultants.
Dr. Caigen Wang founded Tietto Minerals (ASX:TIE), where he led the company as managing director for 13 years through private exploration, ASX listing, gold resource definition, project study and mine building to become one of Africa’s newest gold producers at its Abujar gold mine in Côte d’Ivoire. He holds a bachelor, masters and PhD in mining engineering. He is a fellow of AusIMM and a chartered professional engineer of Institution of Engineer, Australia. Wang has 13 years of mining academic experience in China University of Mining and Technology, Western Australia School of Mine and University of Alberta, and over 20 years of practical experience in mining engineering and mineral exploration in Australia, China and Africa. Other professional experience includes senior technical and management roles in mining houses, including St. Barbara, Sons of Gwalia, BHP Billiton, China Goldmines PLC and others.
Mark Strizek has nearly 30 years’ experience in the resource industry, having worked as a geologist on various gold, base metal and technology metal projects. He brings invaluable geological, technical and development expertise to Aurum, most recently as an executive director at Tietto Minerals’, which progressed from an IPO to gold production at the Abujar gold project in West Africa. Strizek has worked as an executive with management and board responsibilities in exploration, feasibility, finance and development-ready assets across Australia, West Africa, Asia and Europe.
Tartana Minerals is a new copper producer with strong cash flow and a substantial exploration footprint in a tier 1 mining jurisdiction. Tartana Minerals is creating shareholder value through investment in increasing its existing copper, zinc and gold resources and accelerating exploration of key projects within its highly prospective exploration portfolio. Tartana Minerals presents a compelling investment against a strong macroeconomic environment for copper.
Tartana Minerals (ASX:TAT) is a copper, gold, silver and zinc, producer, explorer and developer in Far North Queensland. Its flagship project is the 100 percent owned Tartana copper and zinc project which comprises four mining leases located north of Chillagoe. The company’s business model has involved refurbishing an existing heap leach - solvent extraction – crystallisation plant which is located on the Tartana mining leases. The refurbishment and commissioning of this plant is now completed and the company is producing copper sulphate pentahydrate which is sold to offtaker, Kanins International. Copper sulphate is priced on a premium plus percentage of the LME copper price and provides investors with leverage to anticipate increasing copper prices.
The company, formerly known as R3D Resources, changed its name to Tartana Minerals in April 2024. Tartana Minerals is based in Sydney, Australia.
Tartana Minerals has reported the following resources:
These copper, zinc and gold resources remain open at depth and along strike and the company has designed drilling programs to expand these resources. In particular, the copper mineralisation and potentially the gold mineralisation have scope to be upgraded through ore sorting.
However, the refurbished heap leach – solvent extraction – crystallisation plant utilises existing copper in the ponds and the heaps and these copper sources will be replenished when we commence mining from the open pit.
Copper sulphate contains 25 percent copper metal and payment is based on the LME copper price for the preceding month plus a premium. It is one of the few forms of saleable copper where the copper content receives the full LME price.
Sprinklers operating on the lower heap. Note the presence of copper (blue).
Tartana Minerals completed the acquisition of Queensland Strategic Metals with drilling planned to commence in 2025 that includes the Daisy Bell tin-tungsten project where historical drilling and our mapping have identified a potentially tin-rich zone.
The Chillagoe region of Far North Queensland is highly prospective with the discovery and development of a number of key projects over the last few decades including Red Dome (2.5 Moz gold), Mungana (1.2 Moz gold), and King Vol (250 kt zinc). These deposits occur along the Palmerville Fault in a similar location to the Tartana Mining leases.
The mining leases at Tartana contain copper, zinc and gold mineralisation but the company also has significant projects which are both east and west of the Palmerville Fault. In the west it has the Cardross and Mountain Maid copper-gold projects and further north it has the Beefwood project. Mountain Maid has gold resources mentioned above and which are open to the south and at depth while the company is finalising a maiden copper resource for the Cardross project.
The Beefwood project comprises a buried geophysical target and surface sampling has recovered samples grading up to 180 g/t gold with no apparent source. Drilling is planned to test this target in the current dry season.
In the east of the Palmerville Fault, the company has the Bellevue/Dry River project, the OK South project and the Dimbulah Porphyry project, all copper projects with historic copper mines and prospects. Like many parts of Far North Queensland, historical exploration has not been systematic and thorough despite many promising expressions of surface mineralisation.
At the Nightflower project, Tartana has upgraded its exploration target after reviewing its earlier estimation, in light of the recent increases in the antimony price. Nightflower is a high-grade silver-lead deposit with previously overlooked significant antimony credits. Nightflower exploration target includes 2.75 Mt @ 364 g/t silver equivalent for 32 Moz silver equivalent to 5.36 Mt @ 270 g/t silver equivalent for 47 Moz silver equivalent (the exploration target is conceptual in nature only and there is no guarantee that further exploration will define a resource). Drilling is now being planned to test the target and upgrade previously identified mineralisation to JORC 2012 reporting standards.
Tartana’s exploration team comprises experienced exploration geologists with supporting cash flow from their copper production, they expect to be able to drill the most promising targets in the short term.
Overall, the macroeconomic environment for copper remains strong. The LME three-month copper price hit US$5.24/lb on May 17, the highest since March 7, 2022, driven by a weaker US dollar, Chinese property stimulus measures, and a short squeeze on the Chicago Mercantile Exchange futures market.
In the near-to-mid term, China’s demand for refined copper is expected to grow, due to better-than-expected performances from key consumer segments, including the power grid, solar installations and electric vehicle and air conditioning appliance sales. On the supply side, the copper concentrate market is expected to remain in a significant deficit due to the estimated delay in the Cobre Panama mine restart but will be partially offset by the higher projected production from smelters in China. As a result, we see further demand growth and supply tightening for the copper market as positive for base metal equities to maintain significant leverage to increase prices.
Jihad Malaeb is an experienced entrepreneur across a number of industries, including hospitality and construction, as well as having significant experience in mineral exploration and mining operations – both as an active investor and company director. He currently owns and operates a portfolio of hospitality businesses and real estate across Australia, which have been established over the past 30 years. Malaeb was previously a non-executive director of Critical Resources (ASX:CRR), where he helped steer CRR as one of its largest shareholders and as a board member.
Steve Bartrop’s professional experience spans more than 30 years covering periods in both the mining industry and financial sector. With a geology background, Bartrop has worked in exploration, feasibility and evaluation studies and mining in a range of commodities and in different parts of the world. In the financial sector, he has been involved in research, corporate transactions and IPOs spanning more than 20 years, including senior roles at JPMorgan, Bankers Trust and Macquarie Equities.
Bruce Hills is an accountant and is currently an executive director of Breakaway Investment Group, which operates the Breakaway Private Equity Emerging Resources Fund. Hills is a director of a number of unlisted companies in the mining and financial services sectors including The Risk Board and Stibium Australia. Hills has 35 years’ experience in the financial sector including 20 years in the banking industry primarily in the areas of strategy, finance and risk.
Dr. Alistair Lewis is a successful entrepreneur and highly experienced medical doctor with over 40 years’ experience. For the past 10 years, Lewis has been involved in the management of mining and exploration companies. In 2017, Lewis established Oosen Lewis Mining in North Queensland. He financed the aggregation of a substantial portfolio of gold, tin, tungsten and antimony assets and instigated subsequent extensive exploration programs. These assets now form part of the QSM portfolio.
Michael Thirnbeck is an experienced geologist with over 25 years in managing numerous mineral development projects in Papua New Guinea, Indonesia and Australia. He has been a member of the Australasian Institute of Mining and Metallurgy since 1989 and holds B.Sc (Hons.) degree from the University of Queensland.
Shuyi (Kiara) Wang was appointed a director of Tartana Minerals on July 17, 2024. Wang is an accomplished, emerging leader with a strong academic and professional background. She holds a Bachelor of Arts majoring in Philosophy from The University of Melbourne and is currently pursuing a Juris Doctor at the prestigious Melbourne Law School.
Targeting high-demand copper-gold projects, Metal Bank (ASX:MBK) offers a compelling investment opportunity by exploring assets in Australia, Saudi Arabia and Jordan. The company focuses on optimizing and divesting the Livingstone gold project to generate capital for expanding its copper projects in the Middle East. Metal Bank's strong regional presence, particularly in Saudi Arabia and Jordan, is underpinned by deep industry relationships and extensive operating experience.
The company is securing copper and other critical minerals projects in Saudi Arabia, through its joint venture company, Consolidated Mining Company (CMC). CMC is 60 percent owned by MBK and 40 percent by Central Mining Holding Company. Its first project, Wadi Al Junah, has been awarded exploration licences in November 2024.
Wadi Al Junah is a joint venture through Consolidated Mining Company (CMC, MBK 60 percent). Exploration activities include regional geochemical surveys, surface mapping, and shear-zone anomaly identification. Phase 1 drilling is planned for Q2 2025.
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B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) ("B2Gold" or the "Company") announces its operational and financial results for the fourth quarter and full year 2024. The Company previously released its gold production and gold revenue results for the fourth quarter and full year 2024. All dollar figures are in United States dollars unless otherwise indicated.
2024 Fourth Quarter and Full Year Highlights
Fourth Quarter and Full Year 2024 Results
| Three months ended | Year ended | ||||
| December 31 | December 31 | ||||
| 2024 | 2023 | 2024 | 2023 | 2022 | |
| Gold revenue ($ in thousands) | 499,788 | 511,974 | 1,902,030 | 1,934,272 | 1,732,590 |
| Net (loss) income ($ in thousands) | (9,325 Â ) | (117,396) | (626,653 Â ) | 41,588 | 286,723 |
| (Loss) earnings per share – basic (1) ($/share) | (0.01  ) | (0.09) | (0.48  ) | 0.01 | 0.24 |
| (Loss) earnings per share – diluted (1) ($/share) | (0.01  ) | (0.09) | (0.48  ) | 0.01 | 0.24 |
| Cash provided by operating activities ($ in thousands) | 120,544 | 205,443 | 877,604 | 714,453 | 595,798 |
| Total assets ($ in thousands) | 4,813,998 | 4,874,619 | 4,813,998 | 4,874,619 | 3,681,233 |
| Non-current liabilities ($ in thousands) | 1,197,614 | 651,173 | 1,197,614 | 651,173 | 335,828 |
| Average realized gold price ($/ounce) | 2,661 | 1,993 | 2,373 | 1,946 | 1,788 |
| Adjusted net income (1)(2) ($ in thousands) | 17,433 | 90,697 | 206,542 | 347,203 | 263,782 |
| Adjusted earnings per share (1)(2) - basic ($) | 0.01 | 0.07 | 0.16 | 0.28 | 0.25 |
| Consolidated operations results: | |||||
| Gold sold (ounces) | 187,793 | 256,921 | 801,524 | 994,060 | 969,155 |
| Gold produced (ounces) | 186,001 | 270,611 | 785,134 | 992,343 | 973,003 |
| Production costs ($ in thousands) | 181,376 | 164,406 | 681,828 | 616,197 | 626,526 |
| Cash operating costs (2) ($/gold ounce sold) | 966 | 640 | 851 | 620 | 646 |
| Cash operating costs (2) ($/gold ounce produced) | 968 | 611 | 879 | 631 | 637 |
| Total cash costs (2) ($/gold ounce sold) | 1,235 | 769 | 1,034 | 756 | 768 |
| All-in sustaining costs (2) ($/gold ounce sold) | 1,668 | 1,264 | 1,463 | 1,199 | 1,022 |
| Operations results including equity investment in Calibre: | |||||
| Gold sold (ounces) | 187,793 | 274,980 | 821,168 | 1,062,785 | 1,024,272 |
| Gold produced (ounces) | 186,001 | 288,665 | 804,778 | 1,061,060 | 1,027,874 |
| Production costs ($ in thousands) | 181,376 | 181,801 | 706,954 | 683,963 | 684,894 |
| Cash operating costs (2) ($/gold ounce sold) | 966 | 661 | 861 | 644 | 669 |
| Cash operating costs (2) ($/gold ounce produced) | 968 | 633 | 889 | 654 | 660 |
| Total cash costs (2) ($/gold ounce sold) | 1,235 | 786 | 1,041 | 776 | 788 |
| All-in sustaining costs (2) ($/ounce gold sold) | 1,668 | 1,257 | 1,465 | 1,201 | 1,033 |
(1) Attributable to the shareholders of the Company.
(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and liquidity. At December 31, 2024, the Company had cash and cash equivalents of $337 million (December 31, 2023 - $307 million). Working capital at December 31, 2024 was $321 million (December 31, 2023 - $397 million). At December 31, 2024, the Company had $400 million drawn on the Company's $800 million revolving credit facility ("RCF") with $400 million remaining available for future draw downs. Subsequent to December 31, 2024, the RCF balance was repaid using funds raised from the Notes offering completed in January 2025.
First Quarter 2025 Dividend
On February 19, 2025, B2Gold's Board of Directors declared a cash dividend for the first quarter of 2025 (the "Q1 2025 Dividend") of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on March 20, 2025, to shareholders of record as of March 7, 2025.
In 2023, the Company implemented a Dividend Reinvestment Plan ("DRIP"). For the purposes of the Q1 2025 Dividend, the Company has determined that no discount will be applied to calculate the Average Market Price (as defined in the DRIP) of its common shares issued from treasury. Participation in the DRIP is optional. In order to participate in the DRIP in time for the Q1 2025 Dividend, registered shareholders must deliver a properly completed enrollment form to Computershare Trust Company of Canada by no later than 4:00 p.m. (Toronto time) on February 28, 2025. Beneficial shareholders who wish to participate in the DRIP should contact their financial advisor, broker, investment dealer, bank, financial institution, or other intermediary through which they hold common shares well in advance of the above date for instructions on how to enroll in the DRIP.
This dividend is designated as an "eligible dividend" for the purposes of the Income Tax Act (Canada). Dividends paid by B2Gold to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.
The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with B2Gold's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.
For more information regarding the DRIP and enrollment in the DRIP, please refer to the Company's website at https://www.b2gold.com/investors/stock_info/ .
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.
The Company has filed a registration statement relating to the DRIP with the U.S. Securities and Exchange Commission that may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at http://www.sec.gov/EDGAR or by contacting the Company using the contact information at the end of this news release.
Operations
Fekola Mine - Mali
| Three months ended | Year ended | |||
| December 31 | December 31 | |||
| 2024 | 2023 | 2024 | 2023 | |
| Gold revenue ($ in thousands) | 229,779 | 255,509 | 951,676 | 1,143,781 |
| Gold sold (ounces) | 86,453 | 128,321 | 404,458 | 588,460 |
| Average realized gold price ($/ounce) | 2,658 | 1,991 | 2,353 | 1,944 |
| Tonnes of ore milled | 2,442,390 | 2,419,637 | 9,891,717 | 9,408,400 |
| Grade (grams/tonne) | 1.17 | 1.99 | 1.34 | 2.13 |
| Recovery (%) | 91.9 | 93.4 | 92.6 | 92.3 |
| Gold production (ounces) | 84,015 | 143,010 | 392,946 | 590,243 |
| Production costs ($ in thousands) | 107,778 | 82,921 | 384,221 | 333,215 |
| Cash operating costs (1) ($/gold ounce sold) | 1,247 | 646 | 950 | 566 |
| Cash operating costs (1) ($/gold ounce produced) | 1,192 | 605 | 990 | 572 |
| Total cash costs (1) ($/gold ounce sold) | 1,684 | 809 | 1,198 | 729 |
| All-in sustaining costs (1) ($/gold ounce sold) | 2,237 | 1,444 | 1,723 | 1,194 |
| Capital expenditures ($ in thousands) | 59,571 | 87,830 | 257,776 | 298,942 |
| Exploration ($ in thousands) | 1,292 | 2,022 | 4,428 | 3,728 |
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".
The Fekola Mine in Mali (owned 80% by the Company and 20% by the State of Mali) produced 392,946 ounces of gold in 2024, below the low end of its annual guidance range of between 420,000 and 450,000 ounces due to the significant delay in accessing the higher-grade ore from Fekola Phase 7. Damage to an excavator earlier in 2024 and the subsequent need for replacement equipment impacted equipment availability throughout 2024, reducing tonnes mined, which continued to affect the availability of high-grade ore from the Fekola Phase 7 pit resulting in less higher-grade ore processed in 2024. Mining and processing of these higher-grade tonnes is expected in 2025 as equipment availability and utilization were at full capacity at the end of 2024, with gold production to start 2025 meeting expectations. The Fekola mine and mill are operating without limitations and gold production is being exported for refining as per its regular planned schedule. For the year ended December 31, 2024, mill feed grade was 1.34 grams per tonne ("g/t"), mill throughput was a record 9.89 million tonnes, and gold recovery averaged 92.6%.
In the fourth quarter of 2024, the Fekola Mine produced 84,015 ounces of gold, lower than expected, largely due to the delays experienced in accessing higher-grade ore from Fekola Phase 7 discussed above. During the fourth quarter of 2024, the Fekola processing facilities continued to outperform budget as a result of continued favorable ore fragmentation and continued optimization of the grinding circuit. For the fourth quarter of 2024, mill feed grade was 1.17 g/t, mill throughput was 2.44 million tonnes, and gold recovery averaged 91.9%.
For the year ended December 31, 2024, the Fekola Mine's cash operating costs (see " Non-IFRS Measures ") of $990 per gold ounce produced ($950 per gold ounce sold) were above the higher end of Fekola's guidance range of between $870 and $930 per gold ounce, primarily as a result of lower than expected production and higher than anticipated production costs due to the lower than expected deferred stripping and stockpile inventory changes. Fekola's cash operating costs for the fourth quarter of 2024 were $1,192 per gold ounce produced ($1,247 per gold ounce sold), higher than expected for the same reasons noted above.
All-in sustaining costs (see " Non-IFRS Measures ") for the Fekola Mine for the year ended December 31, 2024 were $1,723 per gold ounce sold, above the upper end of the guidance range of between $1,510 and $1,570 per gold ounce due to lower than expected gold ounces sold resulting from lower than anticipated production, higher than expected royalties resulting from a higher than anticipated gold price as well as new royalties and revenue based production taxes and State funds implemented in the third quarter of 2024. All-in sustaining costs for the Fekola Mine for the fourth quarter of 2024 were $2,237 per gold ounce sold. As with the full year 2024, all-in sustaining costs per ounce for the fourth quarter of 2024 were higher than expected as a result of lower than anticipated gold ounces sold and higher than expected royalties and revenue based production taxes and State funds.
Capital expenditures for the year ended December 31, 2024, totalled $258 million, primarily consisting of $63 million for deferred stripping, $58 million for mobile equipment purchases and rebuilds, $34 million for tailings storage facility expansion and equipment, $64 million for development of the Fekola underground mine, $21 million for the expansion of the solar plant, $8 million for process and power plant and $5 million for other mining sustaining capital. Capital expenditures in the fourth quarter of 2024 totalled $60 million, primarily consisting of $9 million for deferred stripping, $21 million for mobile equipment purchases and rebuilds, $6 million for tailings storage facility expansion and equipment, $17 million for the development of the Fekola underground mine and $2 million for the expansion of the solar plant.
The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal pits and Fekola underground) and Fekola Regional (Anaconda Area (Bantako, Menankoto, and Bakolobi permits) and the Dandoko permit). The Fekola Complex is expected to produce between 515,000 and 550,000 ounces of gold in 2025 at cash operating costs of between $845 and $905 per ounce and all-in sustaining costs of between $1,550 and $1,610 per ounce. The Fekola Complex's total 2025 gold production is anticipated to increase significantly relative to 2024 due to the expected contribution of higher-grade ore from Fekola Regional and Fekola underground. Following the expected receipt of the exploitation license for Fekola Regional in the first quarter of 2025, mining and trucking operations will commence, with gold production expected in mid-2025. At the Fekola Mine, ore will continue to be mined from the Fekola and Cardinal pits, with approval of the exploitation phase to mine the higher-grade ore at Fekola underground expected to be received in the second quarter of 2025 followed by initial gold production from Fekola underground expected in mid-2025. Fekola Regional is expected to contribute between 20,000 and 25,000 ounces of additional gold production in 2025 through the trucking of open pit ore to the Fekola mill, and between 25,000 and 35,000 ounces of gold production is expected from the mining of higher-grade ore at Fekola underground.
The development of Fekola Regional will enhance the overall Fekola Complex life of mine production profile and is expected to extend the mine life of the Fekola Complex. Fekola Regional is anticipated to contribute approximately 180,000 ounces of additional annual gold production in its first four full years of production from 2026 through 2029. Significant exploration potential remains across the Fekola Complex to further extend the mine life.
The Fekola Mine is expected to process 9.56 million tonnes of ore during 2025 at an average grade of 1.84 g/t gold with a process gold recovery of 93.4%. Gold production is expected to be weighted approximately 40% to the first half of 2025 and 60% to the second half of 2025.
Capital expenditures in 2025 at Fekola are expected to total approximately $234 million, of which approximately $197 million are expected to be classified as sustaining capital expenditures and $37 million are expected to be classified as non-sustaining capital expenditures. Sustaining capital expenditures are expected to include approximately $106 million for deferred stripping, $44 million for new and replacement Fekola mining equipment, $15 million for tailings storage facility construction, $14 million for underground development, $7 million for other mining costs, $5 million for general site expenses, $4 million for powerhouse, and $2 million for process plant. Non-sustaining capital expenditures are expected to include $21 million for underground development, $14 million for regional development, and $2 million for mining equipment.
Masbate Mine – The Philippines
| Three months ended | Year ended | |||
| December 31 | December 31 | |||
| 2024 | 2023 | 2024 | 2023 | |
| Gold revenue ($ in thousands) | 135,976 | 107,063 | 464,141 | 372,902 |
| Gold sold (ounces) | 51,010 | 53,500 | 193,270 | 190,800 |
| Average realized gold price ($/ounce) | 2,666 | 2,001 | 2,402 | 1,954 |
| Tonnes of ore milled | 2,190,610 | 2,077,503 | 8,600,241 | 8,302,075 |
| Grade (grams/tonne) | 0.95 | 0.90 | 0.96 | 0.97 |
| Recovery (%) | 74.1 | 77.0 | 72.8 | 74.5 |
| Gold production (ounces) | 49,534 | 46,490 | 194,046 | 193,502 |
| Production costs ($ in thousands) | 38,392 | 43,733 | 161,462 | 160,952 |
| Cash operating costs (1) ($/gold ounce sold) | 753 | 817 | 835 | 844 |
| Cash operating costs (1) ($/gold ounce produced) | 835 | 910 | 838 | 859 |
| Total cash costs (1) ($/gold ounce sold) | 897 | 933 | 974 | 966 |
| All-in sustaining costs (1) ($/gold ounce sold) | 1,102 | 1,118 | 1,155 | 1,143 |
| Capital expenditures ($ in thousands) | 9,534 | 9,195 | 29,763 | 30,142 |
| Exploration ($ in thousands) | 610 | 1,067 | 3,649 | 3,808 |
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".
The Masbate Mine in the Philippines continued its strong operational performance in 2024, producing 194,046 ounces of gold, at the upper end of its guidance range of between 175,000 and 195,000 ounces. For the year ended December 31, 2024, mill feed grade was 0.96 g/t, mill throughput was a record 8.60 million tonnes, and gold recovery averaged 72.8%. In the fourth quarter of 2024, Masbate produced 49,534 ounces of gold, slightly higher than anticipated as a result of higher than expected mill throughput and slightly higher ore grade than anticipated, partially offset by slightly lower than anticipated gold recovery. For the fourth quarter of 2024 mill feed grade was 0.95 g/t, mill throughput was 2.19 million tonnes, and gold recovery averaged 74.1%.
The Masbate Mine's cash operating costs (see "Non-IFRS Measures" ) of $838 per ounce produced ($835 per gold ounce sold) for the year ended December 31, 2024 were below the low end of the guidance range of between $910 and $970 per gold ounce produced, primarily due to higher than expected gold production, lower than anticipated mining and processing costs and higher mill productivity. The Masbate Mine's cash operating costs for the fourth quarter of 2024 were $835 per gold ounce produced ($753 per gold ounce sold).
All-in sustaining costs (see " Non-IFRS Measures" ) for the Masbate Mine were $1,155 per gold ounce sold for the year ended December 31, 2024, well below the lower end of the guidance range of between $1,260 and $1,320 per gold ounce sold. All-in sustaining costs for the year ended December 31, 2024 were lower than anticipated as a result of higher than expected gold ounces sold, lower than expected cash operating costs as described above and lower than expected sustaining capital expenditures, partially offset by higher gold royalties resulting from a higher than expected average realized gold price. All-in sustaining costs for the Masbate Mine for the fourth quarter of 2024 were $1,102 per gold ounce sold.
Capital expenditures totalled $30 million in 2024, primarily consisting of mobile equipment rebuilds and purchases of $14 million, $3 million in deferred stripping, $3 million for process plant upgrades, $3 million for expansion of the existing tailings storage facility, and $2 million for land purchases. Capital expenditures for the fourth quarter of 2024 totalled $10 million, primarily consisting of $4 million for mobile equipment rebuilds and purchases, $1 million in deferred stripping, $1 million for powerhouse rebuilds, and $1 million for expansion of the existing tailings storage facility.
The Masbate Mine is expected to produce between 170,000 and 190,000 ounces of gold in 2025 at cash operating costs of between $955 and $1,015 per ounce and all-in sustaining costs of between $1,310 and $1,370 per ounce. Gold production is scheduled to be relatively consistent throughout 2025. For 2025, Masbate is expected to process 8.0 million tonnes of ore at an average grade of 0.88 g/t with a process gold recovery of 79.9%. Mill feed will be a blend of mined fresh ore from the Main Vein pit and low-grade ore stockpiles.
Capital expenditures for 2025 at Masbate are expected to total $47 million, of which approximately $30 million are expected to be classified as sustaining capital expenditures and $17 million are expected to be classified as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to include $8 million for deferred stripping, $7 million for mining equipment replacement and rebuilds, $6 million for construction of a new solar plant, $5 million for tailings storage facility construction, $3 million for processing and $1 million for general site facilities. Non-sustaining capital expenditures are anticipated to include $13 million for Pajo pit land acquisition and $4 million for Pajo development.
Otjikoto Mine - Namibia
| Three months ended | Year ended | |||
| December 31 | December 31 | |||
| 2024 | 2023 | 2024 | 2023 | |
| Gold revenue ($ in thousands) | 134,034 | 149,402 | 486,213 | 417,589 |
| Gold sold (ounces) | 50,330 | 75,100 | 203,796 | 214,800 |
| Average realized gold price ($/ounce) | 2,663 | 1,989 | 2,386 | 1,944 |
| Tonnes of ore milled | 788,536 | 888,561 | 3,338,384 | 3,443,308 |
| Grade (grams/tonne) | 2.10 | 2.88 | 1.87 | 1.91 |
| Recovery (%) | 98.6 | 98.5 | 98.6 | 98.6 |
| Gold production (ounces) | 52,452 | 81,111 | 198,142 | 208,598 |
| Production costs ($ in thousands) | 35,206 | 37,752 | 136,145 | 122,030 |
| Cash operating costs (1) ($/gold ounce sold) | 700 | 503 | 668 | 568 |
| Cash operating costs (1) ($/gold ounce produced) | 733 | 451 | 699 | 585 |
| Total cash costs (1) ($/gold ounce sold) | 806 | 582 | 763 | 646 |
| All-in sustaining costs (1) ($/gold ounce sold) | 913 | 816 | 951 | 984 |
| Capital expenditures ($ in thousands) | 2,714 | 14,797 | 28,842 | 61,063 |
| Exploration ($ in thousands) | 2,634 | 1,410 | 7,825 | 3,863 |
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".
The Otjikoto Mine in Namibia, in which the Company holds a 90% interest, had a strong 2024 and produced 198,142 ounces of gold, near the mid-point of its guidance range of between 185,000 and 205,000 ounces. For the year ended December 31, 2024, mill feed grade was 1.87 g/t, mill throughput was 3.34 million tonnes, and gold recovery averaged 98.6%. In the fourth quarter of 2024, the Otjikoto Mine produced 52,452 ounces of gold. For the fourth quarter of 2024, mill feed grade was 2.10 g/t, mill throughput was 0.79 million tonnes, and gold recovery averaged 98.6%.
Ore production from the Wolfshag underground mine for the fourth quarter of 2024 averaged over 1,650 tonnes per day at an average gold grade of 3.61 g/t gold. Open pit mining operations at Otjikoto Mine are expected to conclude in 2025, while processing operations are expected to continue until economically viable stockpiles are exhausted in 2032. Underground operations under the current Otjikoto mine plan are projected to continue into 2027 with potential to extend underground operations if the ongoing underground exploration program is successful in identifying additional underground mineral deposits.
On February 4, 2025, the Company announced positive PEA results for the Antelope deposit at the Otjikoto Mine. The Antelope deposit, comprised of the Springbok Zone, the Oryx Zone, and a possible third structure, Impala, subject to further confirmatory drilling, is located approximately 4 km southwest of the existing Otjikoto open pit. 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. The PEA for the Antelope deposit indicates an initial mine life of 5 years and total production of 327,000 ounces averaging approximately 65,000 ounces per year over the life of mine. In combination with the processing of existing low grade stockpiles, production from the Antelope deposit has the potential to increase Otjikoto Mine production to approximately 110,000 ounces per year for 2029 through 2032. 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.
The Inferred Mineral Resource estimate for the Antelope deposit that formed the basis for the PEA included 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 is preliminary in nature and is based on Inferred Mineral Resources that are considered too speculative geologically to have the engineering and economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA based on these Mineral Resources will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The Otjikoto Mine's cash operating costs (see " Non-IFRS Measures ") for the year ended December 31, 2024 were $699 per gold ounce produced ($668 per gold ounce sold), at the low end of its guidance range of between $685 and $745 per gold ounce produced, as a result of higher than expected gold ounces produced. For the fourth quarter of 2024, the Otjikoto Mine's cash operating costs were $733 per gold ounce produced ($700 per ounce gold sold), lower than expected due to higher than anticipated gold ounces produced and higher than expected net increases in stockpiled ore from open pits.
All-in sustaining costs (see " Non-IFRS Measures ") for the Otjikoto Mine for the year ended December 31, 2024 were $951 per gold ounce sold, slightly below its guidance range of between $960 and $1,020 per ounce sold as a result of higher than expected gold ounces sold and lower than anticipated cash operating costs offset by higher gold royalties resulting from a higher than anticipated realized gold price. All-in sustaining costs for the Otjikoto Mine for the fourth quarter of 2024 were $913 per gold ounce sold.
Capital expenditures totalled $29 million in 2024, primarily consisting of $20 million for deferred stripping for the Otjikoto pit and $8 million for Wolfshag underground development. Capital expenditures for the fourth quarter of 2024 totalled $3 million, primarily consisting of $2 million for Wolfshag underground development.
The Otjikoto Mine is expected to produce between 165,000 and 185,000 ounces of gold in 2025 at cash operating costs of between $695 and $755 per ounce and all-in sustaining costs of between $980 and $1,040 per ounce. 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 expected to process a total of 3.4 million tonnes of ore at an average grade of 1.63 g/t 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. In addition to the economic potential of the Antelope deposit, exploration results received to date indicate the potential to extend underground production at Wolfshag past 2027, supplementing processing operations into 2032 when economically viable stockpiles are forecast to be exhausted.
Capital expenditures in 2025 at Otjikoto are expected to total $39 million, of which approximately $29 million are expected to be classified as sustaining capital expenditures and $10 million are expected to be classified as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to include $16 million for underground development, $7 million for tailings storage facility construction and $6 million for mining equipment replacement and rebuilds. Non-sustaining capital expenditures are expected to include approximately $10 million to initiate Antelope deposit development.
Goose Project Development
The Back River Gold District consists of eight mineral claims blocks along an 80 km belt. Construction is underway at the most advanced project in the district, the Goose Project, with development on schedule for first gold pour in the second quarter of 2025.
B2Gold recognizes that respect and collaboration with the Kitikmeot Inuit Association ("KIA") is central to the license to operate in the Back River Gold District and will continue to prioritize developing the project in a manner that recognizes Inuit priorities, addresses concerns, and brings long-term socio-economic benefits to the Kitikmeot Region. B2Gold looks forward to continuing to build on its strong collaboration with the KIA and Kitikmeot Communities.
All planned construction activities in 2024 were completed and project construction and development continue to progress on track for first gold pour at the Goose Project in the second quarter of 2025 followed by ramp up to commercial production in the third quarter of 2025. The Company continues to estimate that gold production in calendar year 2025 will be between 120,000 and 150,000 ounces and that average annual gold production for the six year period from 2026 to 2031 inclusive will be approximately 310,000 ounces per year, with the latest published Mineral Reserves supporting a long mine life beyond 2031. The Company remains on track to complete B2Gold's initial Goose Project life of mine plan based on updated Mineral Reserves by the end of the first quarter of 2025.
Following the successful completion of the 2024 sealift, construction of the 163 km WIR began in December 2024 and was completed in February 2025. As of February 18, 2025, the WIR is operational with the transportation of all materials from the MLA to the Goose Project site expected to be completed by May 15, 2025.
Development of the open pit and underground remain the Company's primary focus to ensure that adequate material is available for mill startup and that the Echo pit is available for tailings placement. Open pit mining of the Echo pit continues to meet production targets and is anticipated to be ready to receive tailings when the mill starts. The Umwelt underground development remains on schedule for the commencement of production by the end of the second quarter of 2025. B2Gold is currently reviewing final options for mining the crown pillar and maximizing volumes of the Echo pit.
In the fourth quarter of 2024 and year ended December 31, 2024, the Company incurred cash expenditures of $149 million (C$209 million) and $515 million (C$707 million), respectively, for the Goose Project on construction activities and $40 million (C$55 million) and $195 million (C$266 million), respectively, on supplies inventory. Based on the construction and mine development cash expenditures incurred to date, combined with the estimated expenditures to be incurred through to first gold pour in the second quarter of 2025, the Company reiterates the total Goose Project construction and mine development cash expenditure estimate of C$1,540 million, as announced on September 12, 2024.
Gramalote Project Development
On June 18, 2024, the Company announced the results of a positive PEA on its 100% owned Gramalote Project located in the Department of Antioquia, Colombia. The PEA outlines a significant production profile of 234,000 ounces of annual gold production for the first five years, with average annual gold production of 185,000 ounces over a 12.5 year project life with a low-cost structure and favorable metallurgical characteristics. Additionally, the PEA outlines strong economics with an after-tax NPV 5% of $778 million and an after-tax internal rate of return of 20.6%, with a project payback on pre-production capital of 3.1 years at a long-term gold price of $2,000 per ounce.
The pre-production capital cost for the project was estimated to be $807 million (including approximately $93 million for mining equipment and $63 million for contingency). A robust amount of historical drilling and engineering studies have been completed on the Gramalote Project, which significantly de-risks future project development. Based on the positive results from the PEA, B2Gold believes that the Gramalote Project has the potential to become a medium-scale, low-cost open pit gold mine.
B2Gold has commenced feasibility work with the goal of completing a feasibility study by mid-2025. Due to the work completed for previous studies, the work remaining to finalize a feasibility study for the updated medium-scale project is not extensive. The main work programs for the feasibility study include geotechnical and environmental site investigations for the processing plant and waste dump footprints, as well as capital and operating cost estimates. Those work programs, as well as processing engineering and site infrastructure design, are underway and the study is on schedule.
The Gramalote Project will continue to advance resettlement programs, establish coexistence programs for small miners, work on health, safety and environmental projects and continue to work with the government and local communities on social programs.
Due to the desired modifications to the processing plant and infrastructure locations, a Modified Environmental Impact Study is required. B2Gold has commenced work on the modifications to the Environmental Impact Study and expects it to be completed and submitted shortly following the completion of the feasibility study. If the final economics of the feasibility study are positive and B2Gold makes the decision to develop the Gramalote Project as an open pit gold mine, B2Gold would utilize its proven internal mine construction team to build the mine and mill facilities.
Capital expenditures in 2025 at Gramalote are expected to be relatively consistent throughout the year, totaling $28 million related primarily to feasibility study costs and ongoing care and maintenance.
Exploration
B2Gold executed another year of aggressive exploration in 2024 incurring $61 million (including $8 million of target generation costs included in other operating expenses in the Consolidated Statement of Operations) compared to a budget of $63 million. Exploration in 2024 was focused predominantly at the Back River Gold District, with the goal of enhancing and growing the significant resource base at the Goose Project and surrounding regional targets. In Namibia, the exploration program at the Otjikoto Mine was the largest since 2012 with a focus on drilling the recently discovered Antelope deposit. In Mali, the exploration program was directed at a more strategic search for near-mine, near-surface sources of additional sulphide-related gold mineralization. In the Philippines, the exploration program at Masbate focused on drilling targets immediately south of mine infrastructure.
B2Gold is planning another year of extensive exploration in 2025 with a budget of approximately $61 million. A significant focus will be exploration at the Back River Gold District, with the goal of enhancing and growing the significant resource base at the Goose Project and surrounding regional targets. In Namibia, the exploration program at the Otjikoto Mine will be focused on enhancing and increasing the resources at the Antelope deposit. In Mali, an ongoing focus will be on the discovery of additional high-grade sulphide mineralization across the Fekola Complex. In the Philippines, the exploration program at Masbate will continue to focus on new targets located south of the Masbate Mine infrastructure. Early stage exploration programs will continue in the Philippines, Cote d'Ivoire and Kazakhstan in 2025. Finally, the search for new joint ventures and strategic investment opportunities will continue, building on existing equity investments in Snowline Gold Corp., Founders Metals Inc., AuMEGA Metals Ltd., and Prospector Metals Corp.
Outlook
Total gold production in 2025 is anticipated to be between 970,000 and 1,075,000 ounces, a significant increase from 2024 production levels primarily due to the scheduled mining and processing of higher-grade ore from the Fekola Phase 7 and Cardinal pits made accessible by the deferred stripping campaign that was undertaken throughout 2024, the expected contribution from Fekola Regional starting in mid-2025, the commencement of mining of higher-grade ore at Fekola underground and the commencement of gold production at the Goose Project by the end of the second quarter of 2025. The Company's full year total cash operating costs for the Fekola Complex, Masbate and Otjikoto are forecast to be between $835 and $895 per gold ounce and total all-in sustaining costs are forecast to be between $1,460 and $1,520 per gold ounce. Operating cost guidance for the Goose Project will be released in the second quarter of 2025 (prior to the commencement of initial production), after the publication in the first quarter of 2025 of B2Gold's initial Goose Project life of mine plan based on updated Mineral Reserves.
Upon completion of the construction activities at the Goose Project, the mine is expected to pour first gold in the second quarter of 2025, followed by ramp up to commercial production in the third quarter, and contribute between 120,000 and 150,000 ounces of gold in 2025. Over the first six full calendar years of operation from 2026 to 2031 inclusive, the average annual gold production for the Goose Project is estimated to be approximately 310,000 ounces of gold per year, with the latest published Mineral Reserves supporting a long mine life beyond 2031. The Company remains on track to complete B2Gold's initial Goose Project life of mine plan based on updated Mineral Reserves by the end of the first quarter of 2025.
Based on the positive PEA results for the Antelope deposit at the Otjikoto Mine released in February 2025, 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 from 2028 to 2032 and result in meaningful production profile for Otjikoto into the next decade.
Following the release of positive PEA results on the Company's Gramalote Project in Colombia, B2Gold commenced feasibility work with the goal of completing a feasibility study by mid-2025. Due to the work completed for previous studies, the work remaining to finalize a feasibility study for the updated medium-scale project is not expected to be extensive. The main work programs for the feasibility study include geotechnical and environmental site investigations for the processing plant and waste dump footprints, as well as capital and operating cost estimates. Those work programs, as well as processing engineering and site infrastructure design, are underway and the study is on schedule.
The Company's ongoing strategy is to continue to maximize profitable production from its existing mines, maintain a strong financial position, realize the potential increase in gold production from the Company's existing development projects, continue exploration programs across the Company's robust land packages, evaluate new exploration, development and production opportunities and continue to return capital to shareholders.
Fourth Quarter and Full Year 2024 Financial Results - Conference Call Details
B2Gold executives will host a conference call to discuss the results on Thursday, February 20, 2025, at 8:00 am PT / 11:00 am ET.
Participants may register for the conference call here: registration link . Upon registering, participants will receive a calendar invitation by email with dial in details and a unique PIN. This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call. Participants may also dial in using the numbers below:
The conference call will be available to playback for two weeks by dialing toll-free in the U.S. and Canada: +1 (855) 669-9658, replay access code 8765183. All other callers: +1 (412) 317-0088, replay access code 8765183.
About B2Gold
B2Gold is a responsible international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland. B2Gold forecasts total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025.
Qualified Persons
Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release.
Andrew Brown, P. Geo., Vice President, Exploration, a qualified person under NI 43-101, has approved the scientific and technical information related to exploration and mineral resource matters contained in this news release.
ON BEHALF OF B2GOLD CORP.
"Clive T. Johnson"
President and Chief Executive Officer
Source: B2Gold Corp.
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.
Production results and production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 16, 2023 for a discussion of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and budgets on a consolidated and mine by mine basis; future or estimated mine life, metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: remaining well positioned for continued strong operational and financial performance in 2025; projected gold production, cash operating costs and all-in sustaining costs ("AISC") on a consolidated and mine by mine basis in 2025 for the Fekola Complex, the Otjikoto Mine, the Masbate Gold Project and the Goose Project; total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025, with cash operating costs of between $835 and $895 per ounce and AISC of between $1,460 and $1,520 per ounce; B2Gold's continued prioritization of developing the Goose Project in a manner that recognizes Indigenous input and concerns and brings long-term socio-economic benefits to the area; the Goose Project capital cost being approximately C$1,190 million and the net cost of open pit and underground development, deferred stripping, and sustaining capital expenditures to be incurred prior to first gold production being approximately C$350 million and the cost for reagents and other working capital items being C$330 million; the Goose Project producing approximately 310,000 ounces of gold per year for the first six years; the potential for first gold production in the second quarter of 2025 from the Goose Project and the estimates of such production; trucking of selective higher-grade saprolite material from the Anaconda Area to the Fekola mill having the potential to generate approximately 80,000 to 100,000 ounces of additional gold production per year from Fekola Regional sources; the receipt of the exploitation permit for Fekola Regional and Fekola Regional production expected to commence in the second quarter of 2025; the receipt of a permit for Fekola underground and Fekola underground commencing operation in mid-2025; the potential for the Antelope deposit to be developed as an underground operation and contribute gold during the low-grade stockpile processing in 2029 through 2032; the results and estimates in the Gramalote PEA, including the project life, average annual gold production, processing rate, capital cost, net present value, after-tax net cash flow, after-tax internal rate of return and payback; the timing and results of a feasibility study on the Gramalote Project; the potential to develop the Gramalote Project as an open pit gold mine; and planned 2025 exploration budgets for Canada, Mali, Namibia, The Philippines, Finland, Cote D'Ivoire and other grassroots projects. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold's reputation; risks affecting Calibre having an impact on the value of the Company's investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), which may be viewed at www.sedarplus.ca and www.sec.gov, respectively (the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements.
B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
Non-IFRS Measures
This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including "cash operating costs" and "all-in sustaining costs" (or "AISC"). Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The projected range of AISC is anticipated to be adjusted to include sustaining capital expenditures, corporate administrative expense, mine-site exploration and evaluation costs and reclamation cost accretion and amortization, and exclude the effects of expansionary capital and non-sustaining expenditures. Projected GAAP total production cash costs for the full year would require inclusion of the projected impact of future included and excluded items, including items that are not currently determinable, but may be significant, such as sustaining capital expenditures, reclamation cost accretion and amortization. Due to the uncertainty of the likelihood, amount and timing of any such items, B2Gold does not have information available to provide a quantitative reconciliation of projected AISC to a total production cash costs projection. Â B2Gold believes that this measure represents the total costs of producing gold from current operations, and provides B2Gold and other stakeholders of the Company with additional information of B2Gold's operational performance and ability to generate cash flows. AISC, as a key performance measure, allows B2Gold to assess its ability to support capital expenditures and to sustain future production from the generation of operating cash flows. This information provides management with the ability to more actively manage capital programs and to make more prudent capital investment decisions.
The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with B2Gold's consolidated financial statements. Readers should refer to B2Gold's Management Discussion and Analysis, available on the Websites, under the heading "Non-IFRS Measures" for a more detailed discussion of how B2Gold calculates certain such measures and a reconciliation of certain measures to IFRS terms.
Cautionary Statement Regarding Mineral Reserve and Resource Estimates
The disclosure in this news release was prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ in some material respects from the disclosure requirements of United States securities laws. In particular, and without limiting the generality of the foregoing, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources,", "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced in this prospectus, any prospectus supplement and the documents incorporated by reference herein or therein are Canadian mineral disclosure terms as defined in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Definition Standards"). The definitions of these terms, and other mining terms and disclosures, differ from the definitions of such terms, if any, for purposes of the SEC's disclosure rules the SEC for domestic United States Issuers (the "SEC Rules"), (the "Exchange Act"). Â Accordingly, mineral reserve and mineral resource information and other technical information contained in this news release may not be comparable to similar information disclosed by United States companies subject to the SEC's reporting and disclosure requirements for domestic United States issuers.
Historical results or feasibility models presented herein are not guarantees or expectations of future performance. Â Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves. Investors are cautioned not to assume that any part of mineral deposits in these categories will ever be converted into reserves or recovered. In addition, United States investors are cautioned not to assume that any part or all of B2Gold's measured, indicated or inferred mineral resources constitute or will be converted into mineral reserves or are or will be economically or legally mineable without additional work.
| B2GOLD CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in thousands of United States dollars) (Unaudited) | ||||||||||||||||
| For the three months ended Dec. 31, 2024 | For the three months ended Dec. 31, 2023 | For the twelve months ended Dec. 31, 2024 | For the twelve months ended Dec. 31, 2023 | |||||||||||||
| Gold revenue | $ | 499,788 | $ | 511,974 | $ | 1,902,030 | $ | 1,934,272 | ||||||||
| Cost of sales | ||||||||||||||||
| Production costs | (181,376 | ) | (164,406 | ) | (681,828 | ) | (616,197 | ) | ||||||||
| Depreciation and depletion | (93,903 | ) | (108,983 | ) | (367,408 | ) | (402,371 | ) | ||||||||
| Royalties and production taxes | (50,554 | ) | (33,042 | ) | (146,599 | ) | (135,703 | ) | ||||||||
| Total cost of sales | (325,833 | ) | (306,431 | ) | (1,195,835 | ) | (1,154,271 | ) | ||||||||
| Gross profit | 173,955 | 205,543 | 706,195 | 780,001 | ||||||||||||
| General and administrative | (19,094 | ) | (21,194 | ) | (59,483 | ) | (62,364 | ) | ||||||||
| Share-based payments | (9,863 | ) | (5,187 | ) | (24,678 | ) | (20,921 | ) | ||||||||
| Impairment of long-lived assets | — | (205,666 | ) | (876,376 | ) | (322,148 | ) | |||||||||
| Gain on sale of mining interests | — | — | 56,115 | — | ||||||||||||
| Gain on sale of shares in associate | — | — | 16,822 | — | ||||||||||||
| Non-recoverable input taxes | (2,859 | ) | (1,363 | ) | (13,211 | ) | (5,600 | ) | ||||||||
| Foreign exchange losses | (15,850 | ) | (1,432 | ) | (23,692 | ) | (16,020 | ) | ||||||||
| Share of net (loss) income of associates | (1,951 | ) | 2,322 | 2,630 | 19,871 | |||||||||||
| Community relations | (1,123 | ) | (1,322 | ) | (2,909 | ) | (5,205 | ) | ||||||||
| Write-down of mining interests | — | (2,883 | ) | (636 | ) | (19,905 | ) | |||||||||
| Restructuring charges | — | — | — | (12,151 | ) | |||||||||||
| Other income (expense) | 5,200 | (4,002 | ) | (29,104 | ) | (8,161 | ) | |||||||||
| Operating income (loss) | 128,415 | (35,184 | ) | (248,327 | ) | 327,397 | ||||||||||
| Interest and financing expense | (10,846 | ) | (4,893 | ) | (34,848 | ) | (13,925 | ) | ||||||||
| Interest income | 3,597 | 2,778 | 20,734 | 18,519 | ||||||||||||
| Change in fair value of gold stream | (5,629 | ) | (18,800 | ) | (26,825 | ) | (12,300 | ) | ||||||||
| Losses on dilution of associate | — | (943 | ) | (8,984 | ) | (943 | ) | |||||||||
| Gains (losses) on derivative instruments | 2,837 | (1,393 | ) | (2,837 | ) | 4,699 | ||||||||||
| Other (expense) income | (10,069 | ) | 1,955 | (8,137 | ) | (3,114 | ) | |||||||||
| Income (loss) from operations before taxes | 108,305 | (56,480 | ) | (309,224 | ) | 320,333 | ||||||||||
| Current income tax, withholding and other taxes | (86,641 | ) | (73,926 | ) | (319,726 | ) | (290,081 | ) | ||||||||
| Deferred income tax (expense) recovery | (30,989 | ) | 13,010 | 2,297 | 11,336 | |||||||||||
| Net (loss) income for the period | $ | (9,325 | ) | $ | (117,396 | ) | $ | (626,653 | ) | $ | 41,588 | |||||
| Attributable to: | ||||||||||||||||
| Shareholders of the Company | $ | (11,881 | ) | $ | (113,224 | ) | $ | (629,891 | ) | $ | 10,097 | |||||
| Non-controlling interests | 2,556 | (4,172 | ) | 3,238 | 31,491 | |||||||||||
| Net (loss) income for the period | $ | (9,325 | ) | $ | (117,396 | ) | $ | (626,653 | ) | $ | 41,588 | |||||
| (Loss) earnings per share (attributable to shareholders of the Company) | ||||||||||||||||
| Basic | (0.01 | ) | $ | (0.09 | ) | $ | (0.48 | ) | $ | 0.01 | ||||||
| Diluted | (0.01 | ) | $ | (0.09 | ) | $ | (0.48 | ) | $ | 0.01 | ||||||
| Weighted average number of common shares  outstanding (in thousands) | ||||||||||||||||
| Basic | 1,313,960 | 1,300,791 | 1,308,850 | 1,232,092 | ||||||||||||
| Diluted | 1,313,960 | 1,300,791 | 1,308,850 | 1,237,404 | ||||||||||||
| B2GOLD CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in thousands of United States dollars) (Unaudited) | ||||||||||||||||
| For the three months ended Dec. 31, 2024 | For the three months ended Dec. 31, 2023 | For the twelve months ended Dec. 31, 2024 | For the twelve months ended Dec. 31, 2023 | |||||||||||||
| Operating activities | ||||||||||||||||
| Net (loss) income for the period | $ | (9,325 | ) | $ | (117,396 | ) | $ | (626,653 | ) | $ | 41,588 | |||||
| Mine restoration provisions settled | (620 | ) | (1,374 | ) | (2,088 | ) | (2,297 | ) | ||||||||
| Non-cash charges, net | 154,570 | 340,489 | 1,289,104 | 802,577 | ||||||||||||
| Proceeds from prepaid sales | — | — | 500,023 | — | ||||||||||||
| Changes in non-cash working capital | (101,031 | ) | 523 | (155,179 | ) | (6,538 | ) | |||||||||
| Changes in long-term supplies inventory | 62,052 | 10,842 | (55,413 | ) | (26,153 | ) | ||||||||||
| Changes in long-term value added tax receivables | 14,898 | (27,641 | ) | (72,190 | ) | (94,724 | ) | |||||||||
| Cash provided by operating activities | 120,544 | 205,443 | 877,604 | 714,453 | ||||||||||||
| Financing activities | ||||||||||||||||
| Revolving credit facility draw downs | 250,000 | 150,000 | 450,000 | 150,000 | ||||||||||||
| Revolving credit facility repayments | (50,000 | ) | — | (200,000 | ) | — | ||||||||||
| Revolving credit facility transaction costs | (4,247 | ) | — | (4,247 | ) | (3,296 | ) | |||||||||
| Equipment facility draw downs, net of transaction costs | 7,779 | — | 7,779 | — | ||||||||||||
| Repayment of equipment loan facilities | (2,156 | ) | (3,388 | ) | (11,042 | ) | (13,301 | ) | ||||||||
| Interest and commitment fees paid | (5,904 | ) | (1,119 | ) | (11,648 | ) | (4,582 | ) | ||||||||
| Common shares issued for cash in flow-through financing | 10,073 | — | 10,073 | — | ||||||||||||
| Cash proceeds from stock option exercises | 108 | 460 | 3,122 | 12,854 | ||||||||||||
| Dividends paid | (46,662 | ) | (46,640 | ) | (184,632 | ) | (186,724 | ) | ||||||||
| Principal payments on lease arrangements | (1,146 | ) | (1,565 | ) | (6,531 | ) | (6,189 | ) | ||||||||
| Distributions to non-controlling interests | (110,169 | ) | (16,435 | ) | (122,869 | ) | (34,316 | ) | ||||||||
| Extinguishment of gold stream and construction financing obligations | — | — | — | (111,819 | ) | |||||||||||
| Other | 473 | 842 | 923 | 4,863 | ||||||||||||
| Cash provided (used) by financing activities | 48,149 | 82,155 | (69,072 | ) | (192,510 | ) | ||||||||||
| Investing activities | ||||||||||||||||
| Expenditures on mining interests: | ||||||||||||||||
| Fekola Mine | (59,571 | ) | (87,830 | ) | (257,776 | ) | (298,942 | ) | ||||||||
| Masbate Mine | (9,534 | ) | (9,195 | ) | (29,763 | ) | (30,142 | ) | ||||||||
| Otjikoto Mine | (2,714 | ) | (14,797 | ) | (28,842 | ) | (61,063 | ) | ||||||||
| Goose Project | (149,262 | ) | (125,644 | ) | (515,391 | ) | (282,338 | ) | ||||||||
| Fekola Regional Properties | (3,444 | ) | (9,630 | ) | (16,861 | ) | (55,975 | ) | ||||||||
| Gramalote Project | (6,901 | ) | (3,812 | ) | (17,128 | ) | (6,380 | ) | ||||||||
| Other exploration | (13,465 | ) | (17,692 | ) | (52,629 | ) | (76,005 | ) | ||||||||
| Cash proceeds on sale of investment in associate | — | — | 100,302 | — | ||||||||||||
| Cash proceeds on sale of long-term investment | 15,276 | — | 92,564 | — | ||||||||||||
| Purchase of long-term investment | (9,660 | ) | (523 | ) | (16,576 | ) | (33,282 | ) | ||||||||
| Purchase shares in associate | — | — | (9,089 | ) | — | |||||||||||
| Cash proceeds from sale of mining interests | — | — | 7,500 | — | ||||||||||||
| Purchase of short-term investments | (16,361 | ) | — | (16,361 | ) | — | ||||||||||
| Redemption of short-term investments | 5,386 | — | 5,386 | — | ||||||||||||
| Funding of reclamation accounts | (802 | ) | (1,712 | ) | (5,797 | ) | (6,541 | ) | ||||||||
| Cash acquired on acquisition of Sabina Gold & Silver Corp. | — | — | — | 38,083 | ||||||||||||
| Transaction costs paid on acquisition of Sabina Gold & Silver Corp. | — | — | — | (6,672 | ) | |||||||||||
| Cash paid for purchase of non-controlling interest | — | — | — | (6,704 | ) | |||||||||||
| Cash paid for acquisition of Gramalote Property interest | — | (20,393 | ) | — | (20,393 | ) | ||||||||||
| Other | (915 | ) | 3,809 | (2,840 | ) | 1,015 | ||||||||||
| Cash used by investing activities | (251,967 | ) | (287,419 | ) | (763,301 | ) | (845,339 | ) | ||||||||
| (Decrease) increase in cash and cash equivalents | (83,274 | ) | 179 | 45,231 | (323,396 | ) | ||||||||||
| Effect of exchange rate changes on cash and cash equivalents | (10,868 | ) | (2,853 | ) | (15,155 | ) | (21,655 | ) | ||||||||
| Cash and cash equivalents, beginning of period | 431,113 | 309,569 | 306,895 | 651,946 | ||||||||||||
| Cash and cash equivalents, end of period | $ | 336,971 | $ | 306,895 | $ | 336,971 | $ | 306,895 | ||||||||
| B2GOLD CORP. CONSOLIDATED BALANCE SHEETS (Expressed in thousands of United States dollars) | ||||||||
| As at December 31, 2024 | As at December 31, 2023 | |||||||
| Assets | ||||||||
| Current | ||||||||
| Cash and cash equivalents | $ | 336,971 | $ | 306,895 | ||||
| Accounts receivable, prepaids and other | 41,059 | 27,491 | ||||||
| Value-added and other tax receivables | 46,173 | 29,848 | ||||||
| Inventories | 477,586 | 346,495 | ||||||
| 901,789 | 710,729 | |||||||
| Long-term investments | 76,717 | 86,007 | ||||||
| Value-added tax receivables | 244,147 | 199,671 | ||||||
| Mining interests | 3,291,435 | 3,563,490 | ||||||
| Investments in associates | 91,417 | 134,092 | ||||||
| Long-term inventories | 134,529 | 100,068 | ||||||
| Other assets | 73,964 | 63,635 | ||||||
| Deferred income taxes | — | 16,927 | ||||||
| $ | 4,813,998 | $ | 4,874,619 | |||||
| Liabilities | ||||||||
| Current | ||||||||
| Accounts payable and accrued liabilities | $ | 156,352 | $ | 167,117 | ||||
| Current income and other taxes payable | 103,557 | 120,679 | ||||||
| Current portion of prepaid gold sales | 272,781 | — | ||||||
| Current portion of long-term debt | 16,419 | 16,256 | ||||||
| Current portion of gold stream obligation | 6,900 | — | ||||||
| Current portion of mine restoration provisions | 7,170 | 3,050 | ||||||
| Other current liabilities | 17,508 | 6,369 | ||||||
| 580,687 | 313,471 | |||||||
| Long-term debt | 421,464 | 175,869 | ||||||
| Gold stream obligation | 159,525 | 139,600 | ||||||
| Prepaid gold sales | 265,329 | — | ||||||
| Mine restoration provisions | 140,541 | 104,607 | ||||||
| Deferred income taxes | 169,738 | 188,106 | ||||||
| Employee benefits obligation | 18,410 | 19,171 | ||||||
| Other long-term liabilities | 22,607 | 23,820 | ||||||
| 1,778,301 | 964,644 | |||||||
| Equity | ||||||||
| Shareholders' equity | ||||||||
| Share capital | 3,510,271 | 3,454,811 | ||||||
| Contributed surplus | 91,184 | 84,970 | ||||||
| Accumulated other comprehensive loss | (102,771 | ) | (125,256 | ) | ||||
| Retained (deficit) earnings | (515,619 | ) | 395,854 | |||||
| 2,983,065 | 3,810,379 | |||||||
| Non-controlling interests | 52,632 | 99,596 | ||||||
| 3,035,697 | 3,909,975 | |||||||
| $ | 4,813,998 | $ | 4,874,619 | |||||
NON-IFRS MEASURES
Cash operating costs per gold ounce sold and total cash costs per gold ounce sold
‘‘Cash operating costs per gold ounce'' and "total cash costs per gold ounce" are common financial performance measures in the gold mining industry but, as non-IFRS measures, they do not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance and ability to generate cash flow. Accordingly, these measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures, along with sales, are considered to be a key indicator of the Company's ability to generate earnings and cash flow from its mining operations.
Cash cost figures are calculated on a sales basis in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard is the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. Other companies may calculate these measures differently. Cash operating costs and total cash costs per gold ounce sold are derived from amounts included in the statement of operations and include mine site operating costs such as mining, processing, smelting, refining, transportation costs, royalties and production taxes, less silver by-product credits. The tables below show a reconciliation of cash operating costs per gold ounce sold and total cash costs per gold ounce sold to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the three months ended December 31, 2024 | ||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
| $ | $ | $ | $ | $ | $ | |
| Production costs | 107,778 | 38,392 | 35,206 | 181,376 | — | 181,376 |
| Royalties and production taxes | 37,792 | 7,381 | 5,381 | 50,554 | — | 50,554 |
| Total cash costs | 145,570 | 45,773 | 40,587 | 231,930 | — | 231,930 |
| Gold sold (ounces) | 86,453 | 51,010 | 50,330 | 187,793 | — | 187,793 |
| Cash operating costs per ounce ($/gold ounce sold) | 1,247 | 753 | 700 | 966 | — | 966 |
| Total cash costs per ounce ($/gold ounce sold) | 1,684 | 897 | 806 | 1,235 | — | 1,235 |
| For the three months ended December 31, 2023 | ||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
| $ | $ | $ | $ | $ | $ | |
| Production costs | 82,921 | 43,733 | 37,752 | 164,406 | 17,395 | 181,801 |
| Royalties and production taxes | 20,891 | 6,185 | 5,966 | 33,042 | 1,418 | 34,460 |
| Total cash costs | 103,812 | 49,918 | 43,718 | 197,448 | 18,813 | 216,261 |
| Gold sold (ounces) | 128,321 | 53,500 | 75,100 | 256,921 | 18,059 | 274,980 |
| Cash operating costs per ounce ($/gold ounce sold) | 646 | 817 | 503 | 640 | 963 | 661 |
| Total cash costs per ounce ($/gold ounce sold) | 809 | 933 | 582 | 769 | 1,042 | 786 |
| For the year ended December 31, 2024 | ||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
| $ | $ | $ | $ | $ | $ | |
| Production costs | 384,221 | 161,462 | 136,145 | 681,828 | 25,126 | 706,954 |
| Royalties and production taxes | 100,353 | 26,801 | 19,445 | 146,599 | 1,565 | 148,164 |
| Total cash costs | 484,574 | 188,263 | 155,590 | 828,427 | 26,691 | 855,118 |
| Gold sold (ounces) | 404,458 | 193,270 | 203,796 | 801,524 | 19,644 | 821,168 |
| Cash operating costs per ounce ($/gold ounce sold) | 950 | 835 | 668 | 851 | 1,279 | 861 |
| Total cash costs per ounce ($/gold ounce sold) | 1,198 | 974 | 763 | 1,034 | 1,359 | 1,041 |
| For the year ended December 31, 2023 | ||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
| $ | $ | $ | $ | $ | $ | |
| Production costs | 333,215 | 160,952 | 122,030 | 616,197 | 67,766 | 683,963 |
| Royalties and production taxes | 95,576 | 23,439 | 16,688 | 135,703 | 5,053 | 140,756 |
| Total cash costs | 428,791 | 184,391 | 138,718 | 751,900 | 72,819 | 824,719 |
| Gold sold (ounces) | 588,460 | 190,800 | 214,800 | 994,060 | 68,725 | 1,062,785 |
| Cash operating costs per ounce ($/gold ounce sold) | 566 | 844 | 568 | 620 | 986 | 644 |
| Total cash costs per ounce ($/gold ounce sold) | 729 | 966 | 646 | 756 | 1,060 | 776 |
Cash operating costs per gold ounce produced
In addition to cash operating costs on a per gold ounce sold basis, the Company also presents cash operating costs on a per gold ounce produced basis. Cash operating costs per gold ounce produced is derived from amounts included in the statement of operations and include mine site operating costs such as mining, processing, smelting, refining, transportation costs, less silver by-product credits. The tables below show a reconciliation of cash operating costs per gold ounce produced to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the three months ended December 31, 2024 | |||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | ||||
| $ | $ | $ | $ | $ | $ | ||||
| Production costs | 107,778 | 38,392 | 35,206 | 181,376 | — | 181,376 | |||
| Inventory sales adjustment | (7,600 | ) | 2,950 | 3,245 | (1,405 | ) | — | (1,405 | ) |
| Cash operating costs | 100,178 | 41,342 | 38,451 | 179,971 | — | 179,971 | |||
| Gold produced (ounces) | 84,015 | 49,534 | 52,452 | 186,001 | — | 186,001 | |||
| Cash operating costs per ounce ($/gold ounce produced) | 1,192 | 835 | 733 | 968 | — | 968 | |||
| For the three months ended December 31, 2023 | ||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |||
| $ | $ | $ | $ | $ | $ | |||
| Production costs | 82,921 | 43,733 | 37,752 | 164,406 | 17,395 | 181,801 | ||
| Inventory sales adjustment | 3,618 | (1,430 | ) | (1,160 | ) | 1,028 | — | 1,028 |
| Cash operating costs | 86,539 | 42,303 | 36,592 | 165,434 | 17,395 | 182,829 | ||
| Gold produced (ounces) | 143,010 | 46,490 | 81,111 | 270,611 | 18,054 | 288,665 | ||
| Cash operating costs per ounce ($/gold ounce produced) | 605 | 910 | 451 | 611 | 963 | 633 | ||
| For the year ended December 31, 2024 | ||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
| $ | $ | $ | $ | $ | $ | |
| Production costs | 384,221 | 161,462 | 136,145 | 681,828 | 25,126 | 706,954 |
| Inventory sales adjustment | 4,905 | 1,183 | 2,391 | 8,479 | — | 8,479 |
| Cash operating costs | 389,126 | 162,645 | 138,536 | 690,307 | 25,126 | 715,433 |
| Gold produced (ounces) | 392,946 | 194,046 | 198,142 | 785,134 | 19,644 | 804,778 |
| Cash operating costs per ounce ($/gold ounce produced) | 990 | 838 | 699 | 879 | 1,279 | 889 |
| For the year ended December 31, 2023 | ||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
| $ | $ | $ | $ | $ | $ | |
| Production costs | 333,215 | 160,952 | 122,030 | 616,197 | 67,766 | 683,963 |
| Inventory sales adjustment | 4,161 | 5,362 | 72 | 9,595 | — | 9,595 |
| Cash operating costs | 337,376 | 166,314 | 122,102 | 625,792 | 67,766 | 693,558 |
| Gold produced (ounces) | 590,243 | 193,502 | 208,598 | 992,343 | 68,717 | 1,061,060 |
| Cash operating costs per ounce ($/ gold ounce produced) | 572 | 859 | 585 | 631 | 986 | 654 |
All-in sustaining costs per gold ounce
In June 2013, the World Gold Council, a non-regulatory association of the world's leading gold mining companies established to promote the use of gold to industry, consumers and investors, provided guidance for the calculation of the measure "all-in sustaining costs per gold ounce", but as a non-IFRS measure, it does not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The original World Gold Council standard became effective January 1, 2014 with further updates announced on November 16, 2018 which were effective starting January 1, 2019.
Management believes that the all-in sustaining costs per gold ounce measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. The Company has applied the principles of the World Gold Council recommendations and has reported all-in sustaining costs on a sales basis. Other companies may calculate these measures differently.
B2Gold defines all-in sustaining costs per ounce as the sum of cash operating costs, royalties and production taxes, capital expenditures and exploration costs that are sustaining in nature, sustaining lease expenditures, corporate general and administrative costs, share-based payment expenses related to RSUs/DSUs/PSUs/RPUs, community relations expenditures, reclamation liability accretion and realized (gains) losses on fuel derivative contracts, all divided by the total gold ounces sold to arrive at a per ounce figure.
The table below shows a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the three months ended December 31, 2024 | |||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Corporate | Total | Calibre equity investment | Grand Total | |
| $ | $ | $ | $ | $ | $ | $ | |
| Production costs | 107,778 | 38,392 | 35,206 | — | 181,376 | — | 181,376 |
| Royalties and production taxes | 37,792 | 7,381 | 5,381 | — | 50,554 | — | 50,554 |
| Corporate administration | 3,209 | 1,168 | 1,089 | 13,628 | 19,094 | — | 19,094 |
| Share-based payments – RSUs/DSUs/PSUs/RPUs (1) | 16 | — | — | 3,532 | 3,548 | — | 3,548 |
| Community relations | 543 | 89 | 491 | — | 1,123 | — | 1,123 |
| Reclamation liability accretion | 443 | 299 | 226 | — | 968 | — | 968 |
| Realized losses on fuel derivative contracts | 465 | 255 | 83 | — | 803 | — | 803 |
| Sustaining lease expenditures | 80 | 309 | 230 | 483 | 1,102 | — | 1,102 |
| Sustaining capital expenditures (2) | 41,809 | 7,993 | 2,590 | — | 52,392 | — | 52,392 |
| Sustaining mine exploration (2) | 1,292 | 320 | 658 | — | 2,270 | — | 2,270 |
| Total all-in sustaining costs | 193,427 | 56,206 | 45,954 | 17,643 | 313,230 | — | 313,230 |
| Gold sold (ounces) | 86,453 | 51,010 | 50,330 | — | 187,793 | — | 187,793 |
| All-in sustaining cost per ounce ($/gold ounce sold) | 2,237 | 1,102 | 913 | — | 1,668 | — | 1,668 |
( 1) Included as a component of Share-based payments on the Consolidated Statement of Operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.
The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the three months ended December 31, 2024 | |||||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | ||||||
| $ | $ | $ | $ | $ | $ | ||||||
| Operating mine capital expenditures | 59,571 | 9,534 | 2,714 | 71,819 | — | 71,819 | |||||
| Road construction | (278 | ) | — | — | (278 | ) | — | (278 | ) | ||
| Fekola underground | (17,484 | ) | — | — | (17,484 | ) | — | (17,484 | ) | ||
| Other | — | — | (124 | ) | (124 | ) | — | (124 | ) | ||
| Land acquisitions | — | (1,541 | ) | — | (1,541 | ) | — | (1,541 | ) | ||
| Sustaining capital expenditures | 41,809 | 7,993 | 2,590 | 52,392 | — | 52,392 | |||||
The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the three months ended December 31, 2024 | ||||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |||||
| $ | $ | $ | $ | $ | $ | |||||
| Operating mine exploration | 1,292 | 610 | 2,634 | 4,536 | — | 4,536 | ||||
| Regional exploration | — | (290 | ) | (1,976 | ) | (2,266 | ) | — | (2,266 | ) |
| Sustaining mine exploration | 1,292 | 320 | 658 | 2,270 | — | 2,270 | ||||
The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the three months ended December 31, 2023 | ||||||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Corporate | Total | Calibre equity investment | Grand Total | ||||||
| $ | $ | $ | $ | $ | $ | $ | ||||||
| Production costs | 82,921 | 43,733 | 37,752 | — | 164,406 | 17,395 | 181,801 | |||||
| Royalties and production taxes | 20,891 | 6,185 | 5,966 | — | 33,042 | 1,418 | 34,460 | |||||
| Corporate administration | 4,760 | 1,159 | 1,190 | 14,032 | 21,141 | 813 | 21,954 | |||||
| Share-based payments – RSUs/DSUs/PSUs/RPUs (1) | 34 | — | — | 3,706 | 3,740 | — | 3,740 | |||||
| Community relations | 1,087 | 40 | 195 | — | 1,322 | — | 1,322 | |||||
| Reclamation liability accretion | 433 | 322 | 324 | — | 1,079 | — | 1,079 | |||||
| Realized gains on fuel derivative contracts | (1,393 | ) | (1,038 | ) | (277 | ) | — | (2,708 | ) | — | (2,708 | ) |
| Sustaining lease expenditures | 818 | 306 | (49 | ) | 490 | 1,565 | — | 1,565 | ||||
| Sustaining capital expenditures (2) | 73,764 | 8,049 | 14,797 | — | 96,610 | 1,191 | 97,801 | |||||
| Sustaining mine exploration (2) | 2,022 | 1,067 | 1,410 | — | 4,499 | 38 | 4,537 | |||||
| Total all-in sustaining costs | 185,337 | 59,823 | 61,308 | 18,228 | 324,696 | 20,855 | 345,551 | |||||
| Gold sold (ounces) | 128,321 | 53,500 | 75,100 | — | 256,921 | 18,059 | 274,980 | |||||
| All-in sustaining cost per ounce ($/gold ounce sold) | 1,444 | 1,118 | 816 | — | 1,264 | 1,155 | 1,257 | |||||
(1) Included as a component of Share-based payments on the Consolidated Statement of Operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.
The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the three months ended December 31, 2023 | ||||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |||||
| $ | $ | $ | $ | $ | $ | |||||
| Operating mine capital expenditures | 87,830 | 9,195 | 14,797 | 111,822 | 1,191 | 113,013 | ||||
| Road construction | (52 | ) | — | — | (52 | ) | — | (52 | ) | |
| Fekola underground | (14,014 | ) | — | — | (14,014 | ) | — | (14,014 | ) | |
| Other | — | (948 | ) | — | (948 | ) | — | (948 | ) | |
| Land acquisitions | — | (198 | ) | — | (198 | ) | — | (198 | ) | |
| Sustaining capital expenditures | 73,764 | 8,049 | 14,797 | 96,610 | 1,191 | 97,801 | ||||
The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the three months ended December 31, 2023 | ||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
| $ | $ | $ | $ | $ | $ | |
| Operating mine exploration | 2,022 | 1,067 | 1,410 | 4,499 | 38 | 4,537 |
| Regional exploration | — | — | — | — | — | — |
| Sustaining mine exploration | 2,022 | 1,067 | 1,410 | 4,499 | 38 | 4,537 |
The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the year ended December 31, 2024 | |||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Corporate | Total | Calibre equity investment | Grand Total | |
| $ | $ | $ | $ | $ | $ | $ | |
| Production costs | 384,221 | 161,462 | 136,145 | — | 681,828 | 25,126 | 706,954 |
| Royalties and production taxes | 100,353 | 26,801 | 19,445 | — | 146,599 | 1,565 | 148,164 |
| Corporate administration | 11,220 | 2,767 | 4,781 | 40,715 | 59,483 | 1,463 | 60,946 |
| Share-based payments – RSUs/DSUs/PSUs/RPUs (1) | 111 | — | — | 16,150 | 16,261 | — | 16,261 |
| Community relations | 962 | 228 | 1,719 | — | 2,909 | — | 2,909 |
| Reclamation liability accretion | 1,815 | 1,234 | 961 | — | 4,010 | — | 4,010 |
| Realized losses on fuel derivative contracts | 100 | 35 | 73 | — | 208 | — | 208 |
| Sustaining lease expenditures | 329 | 1,248 | 1,254 | 1,989 | 4,820 | — | 4,820 |
| Sustaining capital expenditures (2) | 193,277 | 27,314 | 27,668 | — | 248,259 | 2,392 | 250,651 |
| Sustaining mine exploration (2) | 4,428 | 2,121 | 1,769 | — | 8,318 | — | 8,318 |
| Total all-in sustaining costs | 696,816 | 223,210 | 193,815 | 58,854 | 1,172,695 | 30,546 | 1,203,241 |
| Gold sold (ounces) | 404,458 | 193,270 | 203,796 | — | 801,524 | 19,644 | 821,168 |
| All-in sustaining cost per ounce ($/gold ounce sold) | 1,723 | 1,155 | 951 | — | 1,463 | 1,555 | 1,465 |
(1) Included as a component of Share-based payments on the Consolidated Statement of Operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.
The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
| For the year ended December 31, 2024 | |||||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | ||||||
| $ | $ | $ | $ | $ | $ | ||||||
| Operating mine capital expenditures | 257,776 | 29,763 | 28,842 | 316,381 | 2,392 | 318,773 | |||||
| Road construction | (887 | ) | — | — | (887 | ) | — | (887 | ) | ||
| Fekola underground | (63,612 | ) | — | — | (63,612 | ) | — | (63,612 | ) | ||
| Land acquisitions | — | (2,189 | ) | — | (2,189 | ) | — | (2,189 | ) | ||
| Other | — | (260 | ) | (1,174 | ) | (1,434 | ) | — | (1,434 | ) | |
| Sustaining capital expenditures | 193,277 | 27,314 | 27,668 | 248,259 | 2,392 | 250,651 | |||||
The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the annual consolidated financial statements (dollars in thousands):
| For the year ended December 31, 2024 | ||||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |||||
| $ | $ | $ | $ | $ | $ | |||||
| Operating mine exploration | 4,428 | 3,649 | 7,825 | 15,902 | — | 15,902 | ||||
| Regional exploration | — | (1,528 | ) | (6,056 | ) | (7,584 | ) | — | (7,584 | ) |
| Sustaining mine exploration | 4,428 | 2,121 | 1,769 | 8,318 | — | 8,318 | ||||
The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the annual consolidated financial statements on a consolidated and a mine-by-mine basis (dollars is thousands):
| For the year ended December 31, 2023 | ||||||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Corporate | Total | Calibre equity investment | Grand Total | ||||||
| $ | $ | $ | $ | $ | $ | $ | ||||||
| Production costs | 333,215 | 160,952 | 122,030 | — | 616,197 | 67,766 | 683,963 | |||||
| Royalties and production taxes | 95,576 | 23,439 | 16,688 | — | 135,703 | 5,053 | 140,756 | |||||
| Corporate administration | 12,201 | 2,921 | 5,339 | 41,850 | 62,311 | 2,794 | 65,105 | |||||
| Share-based payments – RSUs/DSUs/PSUs/RPUs (1) | 43 | — | — | 16,188 | 16,231 | — | 16,231 | |||||
| Community relations | 3,773 | 163 | 1,269 | — | 5,205 | — | 5,205 | |||||
| Reclamation liability accretion | 1,552 | 1,181 | 1,181 | — | 3,914 | — | 3,914 | |||||
| Realized gains on fuel derivative contracts | (4,169 | ) | (3,824 | ) | (1,206 | ) | — | (9,199 | ) | — | (9,199 | ) |
| Sustaining lease expenditures | 1,935 | 1,218 | 1,145 | 1,891 | 6,189 | — | 6,189 | |||||
| Sustaining capital expenditures (2) | 255,026 | 28,194 | 61,063 | — | 344,283 | 8,518 | 352,801 | |||||
| Sustaining mine exploration (2) | 3,728 | 3,808 | 3,863 | — | 11,399 | 57 | 11,456 | |||||
| Total all-in sustaining costs | 702,880 | 218,052 | 211,372 | 59,929 | 1,192,233 | 84,188 | 1,276,421 | |||||
| Gold sold (ounces) | 588,460 | 190,800 | 214,800 | — | 994,060 | 68,725 | 1,062,785 | |||||
| All-in sustaining cost per ounce ($/gold ounce sold) | 1,194 | 1,143 | 984 | — | 1,199 | 1,225 | 1,201 | |||||
(1) Included as a component of Share-based payments on the Consolidated Statement of Operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.
The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the annual consolidated financial statements (dollars in thousands):
| For the year ended December 31, 2023 | ||||||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |||||
| $ | $ | $ | $ | $ | $ | |||||
| Operating mine capital expenditures | 298,942 | 30,142 | 61,063 | 390,147 | 8,518 | 398,665 | ||||
| Road construction | (5,335 | ) | — | — | (5,335 | ) | — | (5,335 | ) | |
| Fekola underground | (38,581 | ) | — | — | (38,581 | ) | — | (38,581 | ) | |
| Land acquisitions | — | (198 | ) | — | (198 | ) | — | (198 | ) | |
| Other | — | (1,750 | ) | — | (1,750 | ) | — | (1,750 | ) | |
| Sustaining capital expenditures | 255,026 | 28,194 | 61,063 | 344,283 | 8,518 | 352,801 | ||||
The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the annual consolidated financial statements (dollars in thousands):
| For the year ended December 31, 2023 | ||||||
| Fekola Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
| $ | $ | $ | $ | $ | $ | |
| Operating mine exploration | 3,728 | 3,808 | 3,863 | 11,399 | 57 | 11,456 |
| Regional exploration | — | — | — | — | — | — |
| Sustaining mine exploration | 3,728 | 3,808 | 3,863 | 11,399 | 57 | 11,456 |
Adjusted net income and adjusted earnings per share - basic
Adjusted net income and adjusted earnings per share – basic are non-IFRS measures that do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines adjusted net income as net income attributable to shareholders of the Company adjusted for non-recurring items and also significant recurring non-cash items. The Company defines adjusted earnings per share – basic as adjusted net income divided by the basic weighted number of common shares outstanding.
Management believes that the presentation of adjusted net income and adjusted earnings per share - basic is appropriate to provide additional information to investors regarding items that we do not expect to continue at the same level in the future or that management does not believe to be a reflection of the Company's ongoing operating performance. Management further believes that its presentation of these non-IFRS financial measures provide information that is useful to investors because they are important indicators of the strength of our operations and the performance of our core business. Accordingly, it is intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently.
A reconciliation of net (loss) income to adjusted net income as extracted from the annual consolidated financial statements is set out in the table below:
| Three months ended | Year ended | |||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| $ | $ | $ | $ | |||||
| (000's) | (000's) | (000's) | (000's) | |||||
| Net (loss) income attributable to shareholders of the Company for the period: | (11,881 | ) | (113,224 | ) | (629,891 | ) | 10,097 | |
| Adjustments for non-recurring items and significant recurring non-cash items: | ||||||||
| Impairment of long-lived assets | — | 187,964 | 858,301 | 304,446 | ||||
| Write-down of mining interests | — | 2,921 | 636 | 19,905 | ||||
| Gain on sale of shares in associate | — | — | (16,822 | ) | — | |||
| Gain on sale of mining interests | — | — | (56,115 | ) | — | |||
| Regulatory dispute settlement | — | — | 15,089 | — | ||||
| Unrealized (gains) losses on derivative instruments | (3,639 | ) | 4,101 | 2,630 | 4,500 | |||
| Office lease termination costs | — | — | — | 1,946 | ||||
| Loan receivable provision | — | — | — | 2,085 | ||||
| Change in fair value of gold stream | 5,629 | 18,800 | 26,825 | 12,300 | ||||
| Dilution loss on investment in Calibre | — | 943 | 8,984 | 943 | ||||
| Deferred income tax expense (recovery) | 27,324 | (10,808 | ) | (3,095 | ) | (9,019 | ) | |
| Adjusted net income attributable to shareholders of the Company for the period | 17,433 | 90,697 | 206,542 | 347,203 | ||||
| Basic weighted average number of common shares outstanding (in thousands) | 1,313,960 | 1,300,791 | 1,308,850 | 1,232,092 | ||||
| Adjusted net earnings attributable to shareholders of the Company per share–basic ($/share) | 0.01 | 0.07 | 0.16 | 0.28 | ||||
2025 Guidance
The projected range of all-in sustaining costs is anticipated to be adjusted to include sustaining capital expenditures, corporate administrative expense, mine-site exploration and evaluation costs and reclamation cost accretion and amortization and exclude the effects of expansionary capital and non-sustaining capital expenditures. Projected GAAP total production cash costs for the full year would require inclusion of the projected impact of future included and excluded items, including items that are not currently determinable, but may be significant, such as sustaining capital expenditures, reclamation, cost accretion and amortization. Due to the uncertainty of the likelihood, amount and timing of any such items, B2Gold does not have information available to provide a quantitative reconciliation of projected all-in sustaining costs to a total production cash costs projection. B2Gold believes that this measure represents the total costs of producing gold from current operations and provides B2Gold and other shareholders of the Company with additional information of B2Gold's operational performance and ability to generate cash flows. All-in sustaining costs, as a key performance measure, allows B2Gold to assess its ability to support capital expenditures and to sustain future gold production from the generation of operating cash flows. This information provides management with the ability to more actively manage capital programs and to make more prudent capital investment decisions.
For more information on B2Gold please visit the Company website at www.b2gold.com or contact: Michael McDonald VP, Investor Relations & Corporate Development +1 604-681-8371 investor@b2gold.com Cherry DeGeer Director, Corporate Communications +1 604-681-8371 investor@b2gold.com
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