Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNR) ("Athena" or the "Company") is pleased to report high-grade gold and silver samples from its first-ever underground mapping and sampling program at its flagship Excelsior Springs project in Nevada's prolific Walker Lane Trend. Five samples were collected underground from the past-producing Buster Mine, which historically produced an estimated 19,200 oz Au at an average grade of 41.1 g/t Au. Two of these samples returned high-grade Au, including:
The reconnaissance program conducted in August 2024 represents Athena's first-time underground at the Buster Mine, providing an opportunity for the team to have a close-up look at the mineralized orebody and gain a better understanding of structural controls at Excelsior. Historical sampling included four samples which exceeded the upper detection limit of 10 g/t Au; however, these were never analyzed to completion. The geologist who collected the surface and underground samples at the Buster Mine in 1986 estimated a mineralized zone containing a historical mineral inventory of up to 200,000 oz Au within a shallow depth of 61 m. This estimate is historical in nature and should not be relied upon as a current mineral resource. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.
"We are pleased to see sampling results confirm the high-grade nature of the epithermal veins at the historic Buster Mine. In addition, we now have a much better understanding of structural controls on mineralization at Excelsior, which should bode well for planning our upcoming drill program" stated John Power, President & CEO of Athena Gold. "Due to small stoping dimensions and uncertain ground conditions, we were unable to sample over broader zones - however, we have reason to believe that high-grade, vein-hosted mineralization ‘bleeds' into the host rock as evidenced by previous drilling at Excelsior. The Buster Mine area is located 400 meters from the Western Slope Zone where our recent RC drill campaigns returned several impressive intercepts including up to 5.2 g/t Au over 33 m. Importantly, the geochemistry at Buster and the Western Slope Zone appear very similar, providing evidence that both mineralized zones may be part of the same system, and opens up the possibility of a larger, mineralized system connecting these two zones."
Two distinct structural orientations were observed and believed to be controlling mineralization, both east-west striking. The first is very steeply north dipping and yielded 50.6 g/t Au over 0.3 m (Figure 1). This sample was collected near the eastern stope on the 75' level, where historical sampling returned 5.8 g/t Au over 1.07 m. Historically, the higher-grade samples which exceeded the 10 g/t Au detection limit were collected from the western stope on the 75' level. Most of the past production occurred within the western stope, which extends from near surface to the 125' level.
On the 125' level, a shallow 35° north dipping fault zone yielded 28.1 g/t Au over 1.0 m (Figure 2). The steeper structures identified on the 75' level appear to be cut by this younger, shallow structure.
This work program demonstrated the important role these shallow structures, which can be traced on surface, play in the control of mineralization at Excelsior Springs. Additional surface and underground mapping will be conducted to better understand the distribution and extent of mineralization along these structures to better target future drilling.
Figure 1: Plan map of the historic Buster Mine, 75' level.
Figure 2: Photograph of 125' Level at Buster Mine, showing sample location and identified structures, looking east.
About the Buster Mine
The Buster Mine is located on the Fortunatus patented claim owned by Athena and is an integral part of our flagship Excelsior Springs Project.
Mineralization at the Buster Mine was discovered in 1872 and has been through several periods of small-scale mining and exploration efforts. During the late 1800s and perhaps the early 1900s there was unconfirmed reported production from the Buster Mine of an estimated 19,200 oz Au at an average grade of 41.1 g/t Au.
The Buster Shaft is 235' deep, with workings on the 75', 125', and 175' levels. It is estimated there is approximately 1,540' of accessible workings, most of which are on the 75' and 125' levels.
Technical Information
The data disclosed in this news release includes historical exploration sampling results. The reader is cautioned that the historical results are based on prior data and reports prepared by previous property owners and other sources. Athena has not independently analyzed the results of the historical exploration work to verify the results. The reader is cautioned not to treat them, or any part of them, as current and that a qualified person has not done sufficient work to verify the results and that they may not form a reliable guide to future results. No independent QA/QC protocols are known for these samples and as such analytical results may be unreliable. Athena's current and future exploration work includes verification of the historical data through further exploration.
QA/QC
Sample preparation and gold analysis was performed by ALS Global in Reno, Nevada. Rock samples were analyzed for gold and 50 other elements by inductively coupled plasma followed by mass spectrometry (ME-MS41) and gold by 30-gram fire assay followed by atomic absorption (Au-AA23). Gold over limits were determined by a gravimetric method (Au-GRA21).
Qualified Person
Technical information in this news release has been reviewed and approved by Matthew R. Dumala, P.Eng., a geological engineer with Archer, Cathro & Associates (1981) Limited and a qualified person for the purposes of National Instrument 43-101.
About Our Flagship Excelsior Springs Project
The Excelsior Springs Project (the "Project") lies within the prolific Walker Lane tectonic trend, a large region of northwest-trending, strike-slip fault zones that host a significant number of precious metal deposits having very strong structural control for mineralization. The Walker Lane trend is experiencing a major resurgence of intense and successful exploration and development.
The Project contains numerous prospect pits, trenches, roads, surface sampling sites and 113 drill holes to date within a 300m X 3,000m wide (1,000 foot-wide and 10,000-foot-long east-west trending zone of shearing and alteration. Underground workings on the two patented claims within the Project had unverified, historical production of 19,200 oz at 41.1 g/t Au.
Gold mineralization discovered at the Project to date occurs in quartz veins, stock-works, and silicified zones in hornfels and calc-silicate altered country rock and is generally close to porphyry dykes. The best grades and thicknesses discovered recently were found in oxidized and altered sedimentary rock immediately above porphyry dykes intruded along preexisting east- and east-northeast trending faults. The mineralized stock-work vein zones are shallow and have a relatively flat plunge, making them potentially amenable to open pit mining methods.
Based on the results of previous drilling programs, the Project has the potential to host one or more shallow gold deposits amenable to open pit mining, along with deeper, higher grade feeder zones that may be found and could be mined by underground methods. In the opinion of management and its consultants, the Project is very promising and further exploration has the potential to expand the known mineralization and establish additional mineralized zones.
About Athena Gold Corporation
Athena is engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct additional exploration drilling and studies on the Project.
For further information about Athena Gold Corporation and our Excelsior Springs Gold project, please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
John C. Power
Chief Executive Officer and President
For further information, please contact:
John C. Power
Email: johnpower@athenagoldcorp.com
Jason Libenson
President and CCO
Castlewood Capital Corporation
Phone: (647)-534-9884
Email: jason@castlewoodcapital.ca
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities laws. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future exploration plans and the completion of a phase 2 drill program at the Project, future results from exploration, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner, QAQC procedures at the Project were followed, the availability of financing on suitable terms for the exploration and development of the Company's projects and the Company's ability to comply with environmental, health and safety laws.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the inability of the Company to obtain the necessary financing required to conduct its business and affairs, as currently contemplated, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including of the Canadian Securities Exchange, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and other factors and risks that are discussed in the Company's periodic filings with the SEC and disclosed in the final long form prospectus of the Company dated August 31, 2021.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this press release or incorporated by reference herein, except as otherwise.
Athena Gold’s high-grade gold exploration assets in two of the world’s safest and most prolific mining jurisdictions, backed by a highly technical and entrepreneurial leadership team, make it a compelling investment opportunity worth examining.
Athena Gold (CSE:ATHA,OTCQB:AHNR) is a dynamic gold exploration company focused on advancing its newly acquired asset in Ontario’s Red Lake Gold Camp in Canada, and its gold discovery project in Nevada’s Excelsior Springs in the US. These projects are located in two of the world’s safest, tier-one mining jurisdictions, where major mining companies are increasingly refocusing their exploration efforts due to geopolitical stability and established mining infrastructure.
Ontario’s Red Lake and Nevada’s Walker Lane Trend are globally renowned for their high-grade gold deposits. By operating in these regions, Athena Gold aligns itself with the recent trend toward safer, more predictable mining jurisdictions.
The company is guided by a young, entrepreneurial and highly technical leadership team, uniquely equipped to unlock the potential of its assets through cost-effective and innovative exploration strategies. Athena Gold is committed to discovery-driven growth, prioritizing projects with world-class potential.
The Laird Lake project, encompassing 4,158 hectares, is located in Ontario’s Red Lake Gold District, an iconic mining camp producing over 30 million ounces of gold. This project spans over 10 kilometers of the Balmer-Confederation Assemblage contact, a key geological structure historically hosting major gold deposits, including the renowned Great Bear mine, now owned by Kinross (TSX:K,NYSE:KGC), and Madsen mine, owned by West Red Lake Gold (TSXV:WRLG:,OTCQB:WRLGF).
Recent sampling has confirmed the project’s exceptional potential, including a bonanza-grade surface grab sample returning 373 grams per ton (g/t) gold — the highest recorded at the site. Mineralization has been identified over a 2.2-kilometer strike length, with further extensions open to the east and west. Strategic proximity to major operations, such as West Red Lake Gold Mines' flagship Madsen mine and Kinross Gold’s Great Bear project, further enhances its appeal.
Map of Laird Lake project, showing selected assays from the October 2024 sampling program.
Athena Gold is executing a systematic exploration strategy, with plans for a property-wide geochemistry survey in 2025. These efforts aim to identify drill targets for a winter-spring drilling campaign, focusing on high-grade zones and expanding the project’s resource potential.
The Excelsior Springs project is located in Nevada’s Walker Lane Trend, a prolific mining district with more than 40 million ounces of historical gold output. Major mining companies already operating in the Walker Lane trend include Kinross Gold, AngloGold Ashanti (NYSE:AU) and Centerra Gold (TSX:CG). Located on patented and unpatented ground with year-round access, the project boasts a rich history of high-grade gold mining, including the Buster Mine, which produced 19,200 ounces at grades exceeding 40 g/t gold in the late 19th century.
Athena Gold has identified significant potential for Excelsior Springs, with near-surface gold oxide mineralization. A standout discovery in the Western Slope zone yielded an impressive intercept of 5.35 g/t gold over 33.5 meters, supported by broader mineralized zones such as 1.02 g/t gold over 52 meters. These results suggest the potential for an open-pit mining operation, making the project an attractive prospect for resource expansion.
The project is geologically analogous to AngloGold’s Silicon project, which has demonstrated similar mineralization and structural settings. Excelsior Springs also benefits from a multi-phase exploration plan. A recent property-wide structural mapping program is refining the understanding of geological controls, with trenching and targeted geochemical sampling already underway.
Upcoming exploration phases will include oriented core drilling to delineate high-grade zones further and test for additional deposits.
David Goodman transitioned from a successful legal career to the investment management industry, becoming a partner, vice-president and portfolio manager at the firm behind Dynamic Funds. As president and CEO of Dynamic Funds and later DundeeWealth, he led the firm to significant growth, increasing assets under management from $5 billion to approximately $50 billion. Under his leadership, the firm was recognized multiple times as Fund Company of the Year at the Canadian Investment Awards. Goodman has also served on the boards of DundeeWealth, Repadre Capital, Dundee and SickKids Foundation.
Koby Kushner is a licensed professional engineer in Ontario and a CFA charter holder, with a background in mining engineering and equity research. He has worked at several mines in Ontario and Manitoba, including Hemlo (Barrick Gold) and Detour, gaining experience across all stages of project development. As an equity research analyst at Red Cloud Securities, a mining-focused investment bank, he covered more than 100 companies across various development stages and commodities, with a focus on precious and energy metals.
John Power has been with Athena Gold since its inception, serving in various capacities, including president and CEO. He managed the Langtry silver project, developing an NI 43-101 compliant resource of more than 60 million ounces of silver. Power was the president of Redwood Microcap Fund, where he increased shareholder value sixfold. He has also served as a director and/or officer of Magellan Gold and co-managing member of Silver Saddle Resources, a private entity owning mining claims in Nevada.
Ty Minnick is a certified public accountant with more than 25 years of experience across various industries. Since 2011, he has worked with Augusta Gold (formerly Bullfrog Gold), serving as chief financial officer until October 2020, and continuing as a consultant thereafter. He has also been associated with Grand Mesa CPAs and served as director of finance and administration for the Grand Junction Regional Airport Authority.
Ben Kuzmich is a geologist with a strong track record of significant discoveries, driving the technical aspects of Athena’s projects. His expertise includes porphyry and epithermal systems, with a focus on cost-efficient exploration.
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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Metal Bank Limited (MBK) offers a compelling investment opportunity driven by its copper-focused growth strategy, targeting high-demand projects across the Middle Eastern region.
Metal Bank (ASX:MBK) is a growth-focused explorer engaged in copper and gold exploration and development across Australia, Saudi Arabia and Jordan.
The company’s near-term focus is 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.
In the near term, MBK is executing its Middle East and North African (MENA) strategy focused on Saudi Arabia and Jordan. The strategy includes 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. MBK has also identified several new areas of interest and exploration licence applications have already been submitted. MBK is also in discussions with third parties holding exploration licences for potential cooperation/joint ventures.
In Jordan, key agreements have been secured for copper exploration within historic mining areas. The three copper project areas granted in Jordan are Malaqa, Area 47 and Area 65. Two of these projects are in areas with historic mining activities, while the third is highly prospective for large-scale copper under cover.
The leadership team brings a proven track record of exploration success and project execution, positioning the company for long-term value creation in the critical minerals market.
Multiple prospects at Livingstone gold project
The Livingstone gold project is an advanced gold exploration project located 140 km northwest of Meekatharra in Western Australia. The project spans 395 sq km within the Bryah-Padbury Basin. The project hosts a JORC 2012 resource of 40,300 oz gold (Homestead) and 30,500 oz gold (Kingsley). Exploration efforts include geophysical mapping, RC drilling, and over 40 km of strike target assessments. The company is updating resource models and conducting pit optimization. Strong corporate interest has led to discussions to expedite divestment, with proceeds to fund MENA operations.
The project has multiple advanced gold targets, inadequately tested to date, including Hilltop, Stanley, Winja, Winja West, VHF and Kirba, Additionally, independent experts have identified more than 10 regional greenfields targets with 40km prospective strike length.
A 427 sq km VMS copper-zinc-gold-silver project, 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.
The Wadi Al Junah project is 35 km east of the Al Hajar gold-silver (copper-zinc) deposit that was previously mined by Saudi’s state-owned mining company, Ma’aden, and is close to the major regional centre and airport of Bisha. The project has received very limited rock chip sampling as part of regional scale mapping work in the 1960s and 1970s. with results of up to 1.53 percent copper, 0.44 grams per ton (g/t) gold and 160 g/t silver. MBK aims to define drill targets in preparation for initial drill programs.
Metal Bank is leveraging its extensive history in Saudi Arabia, and pursuing additional tenement applications and joint venture partnerships. The country has enacted a new mining code in 2021, establishing mining-friendly regulations and a system of refunding exploration expenditure for approved projects.
This three-project portfolio is aimed at large-scale copper exploration. The Malaqa project has shown copper mineralization over an 800-meter strike through chip and channel sampling. Area 47 features a 4 sq km geochemical anomaly indicative of porphyry-style mineralization, while Area 65 is a bulk-tonnage copper-oxide target. Metal Bank is planning a drilling campaign during 2025 and also assessing local joint venture opportunities to progress these three projects.
Rock sample from the Millennium project
This cobalt-copper-gold project holds a JORC 2012 Inferred Resource of 8.4 Mt at 0.09 percent cobalt, 0.29 percent copper, and 0.12 g/t gold. Recent reanalysis of historic cores revealed high-grade graphite intersections (e.g. 56 m at 18.29 percent graphite). Located on granted mining leases, the project offers polymetallic potential. Metal Bank is planning further metallurgical testing and drilling to expand both the copper and graphite resource base.
Inés Scotland has over 20 years of experience in the mining industry, having worked with major gold and copper companies across Australia, Papua New Guinea, the USA, and the Middle East. Her career includes roles with Rio Tinto companies such as Comalco, Lihir, and Kennecott Utah Copper. Notably, she was the managing director and CEO of Citadel Resource Group Limited, where she led the development of the Jabal Sayid Copper Project in Saudi Arabia. Under her leadership, Citadel grew to a market capitalization of $1.3 billion before its acquisition by Equinox Minerals in January 2011. She also served as the managing director and CEO of Ivanhoe Australia, an ASX-listed company with a market capitalization of $500 million. Scotland was appointed as chair of Metal Bank Limited on August 13, 2013.
Guy Robertson brings over 30 years of experience as a chief financial officer, company secretary, and director for both public and private companies in Australia and Hong Kong. His previous roles include serving as chief financial officer and general manager of finance for organizations such as Jardine Lloyd Thompson, Colliers International, and Franklins. He has over a decade of experience with ASX-listed mineral exploration companies and currently holds directorships with Hastings Technology Metals, GreenTech Metals, Artemis Resources, and Alien Metals. Robertson was appointed as an executive director of Metal Bank on September 17, 2012.
Sue-Ann Higgins is an experienced company executive with over 25 years in the mining industry. She has held senior legal and commercial roles with companies including ARCO Coal Australia, WMC Resources, Oxiana, and Citadel Resource Group. Her expertise encompasses governance and compliance, mergers and acquisitions, equity capital markets, and mineral exploration, development, and operations. Higgins was appointed as company secretary on August 21, 2013, and became an executive director on February 24, 2020.
North Bay Resources Inc. (the " Company " or " North Bay ") (OTC: NBRI) is pleased to announce production of concentrate grading 8.52 ounces per ton gold. The concentrate was produced utilizing the gravity circuit at the Company's Bishop Gold Mill with ore from its Fran Gold Project. The results are in-line with recent metallurgical studies that produced 8.54 ounces per ton gold concentrate utilizing gravity separation ( see Press Release dated December 16, 2024 ). The Company continues to process ore and optimize the mill in coordination with its refinery partner.
Multi-element analyses and fire assay with gravity finish were conducted by ALS Geochemistry Reno, Nevada, utilizing ALS Analytical Procedure ME-ICP41 and Au-GRA22.
Fran Gold Project
The Property is 34,360 acres and is located 20 miles from Centerra Gold's 60,000 ton per day Mt. Milligan Copper, Gold Mine (299Mt @ 0.22% Cu, .45 g/t Au). To date there has been in excess of 50,000 feet of diamond drilling in 104 holes at Fran, primarily at the Bullion Alley Zone. A gold deposit, 3700 feet in length, with width of up to 120 feet, and depth of over 700 feet has been delineated. The deposit contains 3 to 4 well defined parallel gold veins grading up to 2.6 troy ounces of gold per ton as well as wide sections of low and mid-grade gold in veins and disseminated in veinlets throughout the deposit. Surface trenching has identified a near surface sub-zone where the gold bearing veins swell and are accessible from surface. In addition, samples have assayed up to 1.68% copper and 5.1 troy ounces per ton silver. There is property wide potential for additional discoveries of gold and copper with numerous showings outside of the Bullion Alley Zone. There is approximately 5,000 tons of surface material available for shipment.
On behalf of the Board of Directors of
North Bay ResourceS INC.
Jared Lazerson
CEO
info@northbay-resources.com
northbay-resources.com
X: @NorthBayRes
YouTube: North Bay Resources - YouTube
Facebook: North Bay Resources Inc | Facebook
LinkedIn: North Bay Resources Inc | LinkedIn
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.
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Yukon Metals Corp. (CSE: YMC, FSE: E770, OTCQB: YMMCF) (" Yukon Metals " or the " Company ") is pleased to announce details of its upcoming exploration program at the 11,755-hectare AZ project, located approximately 36km south of Beaver Creek, Yukon and is the largest of Yukon Metals' seventeen properties, which total over 42,500 hectares.
Highlights of the 2025 planned exploration:
Rory Quinn, President & CEO stated, " The surface copper anomalies, oxidation, alteration, and proximity to a regionally mapped structure make the 5km-long Chair to Nutzotin trend a highly attractive exploration target. The systematic approach - integrating historical data, modern geophysics and targeted drilling - will allow Yukon Metals to refine its exploration model and unlock further potential at the AZ project."
Building on last season's successful prospecting at Chair Mountain, where rock chip samples returned up to 3.49% copper (Figure 2- see YMC NR issued January 15, 2025 here ), the Company has identified a high-priority target area extending an additional 2.5 kilometers toward the Nutzotin mineral occurrence. Notably, hematite alteration (Figure 3) observed at surface and the presence of multiple copper occurrences along this corridor suggest the potential for a porphyry-style system. This corridor will be the focus of a multifaceted exploration program that includes 2,000 meters of diamond drilling, systematic mapping and geochemical sampling, and an airborne magnetic and VTEM (Versatile Time-Domain Electromagnetic) survey to target additional drill holes.
Figure 1- Interpreted mineralization trend the focus of the 2025 field program at AZ highlighted along with 2024 prospected gossan area.
About the AZ Project
In September 2024, Yukon Metals conducted a helicopter-supported mapping and sampling program on its AZ property. A prominent zone of orange iron-stained and altered rocks was followed over 1.2 kilometres on the north and eastern flanks of Chair Mountain. Consistent copper mineralization was found along the prospected area. Of the sixty rock-chip samples taken, 18 samples showing significant copper content, assayed from 0.12-3.49%. Hematite alteration was also noted in the area. This can be associated with oxidized hydrothermal fluids, which are key drivers in forming major porphyry copper deposits.
Rock-chip samples were collected in quartz veins within basalt and andesite volcanic rocks in both outcrop and float exposures near the ridge tops. This area is coincident with a major topographic lineament, mapped regionally as a NW trending fault zone, that extends a further kilometer down to Sanpete Creek (a past alluvial gold producer) and the property boundary to the southeast.
The large gossan and mineralized veins provide evidence of a large hydrothermal system driving fluids through the faults and fractures on Chair Mountain. Strongly clay-altered biotite-quartz diorite dykes were mapped in the vicinity of mineralization and are interpreted to be part of the Nutzotin suite of intrusions.
Figure 2- Sample K140202 Grading 3.49% Cu
The Nutzotin mineral occurrence lies 2.5km northwest of Chair Mountain along strike of a large fault mapped by the Yukon Geologic Survey in 2007 (Figure 4) Two skarn showings were uncovered in this area in the late 1960's which reportedly yielded up to 10.3% copper and 16.4 g/t silver with trace gold. Historical chip sampling over three trenches returned variable copper values, with the best returning 0.6% copper over 12m (AR 095814).
During a 2006 exploration program, a composite grab sample #RC276270 over a granite stock northeast of the skarn showings returned significant copper mineralization of 1,485 ppm (AR 094599). Silt sample #TC276691 downstream of the stock returned 0.183 g/t gold (AR 094599). The stock reportedly shows moderate to strong orange ankeritic alteration and pyritization with abundant quartz veining, noted as commonly chalcopyrite-bearing.
A small exploration program in 2012 by Strategic Metals uncovered a new mineralized zone on the northern contact of the stock with soil samples ranging between 134 to 1,105 ppm copper (AR 096422).
Limited outcrop exposure, permafrost and extensive volcanic ash over the soil profile has previously challenged exploration efforts in this area. Yukon Metals successfully deployed a deep permafrost soil drilling technique in 2024 at the Birch property which was designed for similar difficult exploration terrain. The use of this system at AZ in 2025 has the potential to reveal geochemical continuity between mineralized outcrops.
Sampling Methodology
Rock samples from the 2024 program referenced above were sent to ALS Minerals for analysis with sample preparation in Whitehorse, Yukon and analysis in North Vancouver, British Columbia.
Samples were prepared by crushing to 70% passing 2mm, 250g split pulverised better than 85% passing 75 microns (Prep-31A). Pulp samples were analysed for 48 elements by four acid digestion and ICP-MS super-trace analysis (ME-MS61L). All samples were analyzed for gold by fire assay and AAS with a 50g nominal sample weight (Au-AA24). Samples over 10,000 ppm Copper were assayed by method Cu-OG62.
Rock samples taken while prospecting referenced in this release are selective in nature and collected to determine the presence or absence of mineralization and may not be representative of the mineralization hosted on the project.
 Figure 3- Sample K140214 showing intensely hematite-altered  basalt with quartz-calcite stringers. Contains 111.5 ppm Cu.
Figure 4- Chair Mountain area geology from Israel et. al, 2007 with granite mapping from AR 094599 and the 2024 Yukon Metals field program, with interpreted mineralization trend.
Figure 5- AZ Project Location Map
Qualified Person
The technical content of this news release has been reviewed and approved by Helena Kuikka, P.Geo., VP Exploration for Yukon Metals and a Qualified Person (as defined by National Instrument 43-101).
About Yukon Metals Corp.
Yukon Metals is well financed and represents a property portfolio built on  over 30 years of prospecting by the Berdahl family, the prospecting team behind Snowline Gold's portfolio of primary gold assets . The Yukon Metals portfolio consists primarily of copper-gold and silver-lead-zinc assets, with a substantial gold and silver component. The Company is led by an experienced Board of Directors and Management Team across technical and finance disciplines.
Yukon Metals is focused on fostering sustainable growth and prosperity within Yukon's local communities, while simultaneously enhancing stakeholder value. Our strategy centers around inclusivity and shared prosperity, offering both community members and investors the chance to contribute to, and benefit from, our ventures.
The Yukon
The Yukon ranks 10 th most prospective for mineral potential across global jurisdictions according to the Fraser Institute's 2023 Survey of Mining Companies and is host to a highly experienced and conscientious local workforce, fostered by a long culture of exploration coupled with deep respect for the land. Recent major discoveries with local roots such as Snowline Gold's Rogue Project - Valley Discovery, demonstrate the Yukon's potential to generate fresh district-scale mining opportunities.
Yukon Metals CORP.
" ON BEHALF OF THE BOARD OF Yukon Metals CORP.
"Rory Quinn"
Rory Quinn, President & CEO
Email: roryquinn@yukonmetals.com
Phone: 604-366-4408
For additional information, please contact:
Kaeli Gattens
Vice President, Investor Relations & Communications
Yukon Metals Corp.
Email: kaeligattens@yukonmetals.com
Website: www.yukonmetals.com
Event & Live Panel Discussion: Vancouver Yukon Investor Day – February 19 th , 2025
Please join the Company today – February 19 th at 2:00pm PT at the Terminal City Club – for a live presentation and panel discussion hosted by Invest Yukon. For more information please click here.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information, including information about the metal association and geology of the prospect areas at the AZ project, including Chair Mountain, Nutzotin, Wrangell and California, the accuracy of the copper mineralization, the potential for economic grades of copper, silver and gold, Yukon's potential to generate fresh district-scale mining opportunities, and the Company's future plans and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify the forward-looking information. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking information involves significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from those discussed or implied in the forward-looking information. Such factors include, among other things: risks and uncertainties relating to Chair Mountain and other properties not being prospective copper-rich, gold-rich or silver-rich geological systems; rock samples analysed not being representative of overall mineralization; the required assumptions of completed helicopter-supported mapping and sampling programs; not having significant scale and a lack of economic grade minerals; the Yukon not having the potential to generate fresh district-scale mining opportunities; and other risks and uncertainties. See the section entitled "Risk Factors" in the Company's listing statement dated May 30, 2024, available under the Company's profile on SEDAR+ at www.sedarplus.ca for additional risk factors. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with the forward-looking information. The forward-looking information is made as of the date of this news release, and the Company assumes no obligation to update or revise the information to reflect new events or circumstances, except as required by law.
References
Davidson, G.,(1987). Assessment report on the Chair Gold 1-12, 15-18 mineral claims (YA94380-YA94391, YA94392-YA94395), NTS 115-K-2 . Prepared for G. Harris, Whitehorse Mining District, Yukon Territory. September 1987. AR # 091955
ISRAEL, S., COBBETT, R. and FOZARD, C., 2007. Bedrock geology of the Miles Ridge area, Yukon (parts of NTS 115F/15, 16 and 115K/1, 2) (1:50 000 scale). Yukon Geological Survey, Open File 2007-7.
Mitchell, A., B.Sc. (2012). Assessment report describing soil and rock geochemical sampling at the Nutz Property, Nutz 1-30 YD110353-YD110382, NTS 115/K02 . Prepared for Strategic Metals Ltd. by Archer, Cathro & Associates (1981) Limited. Whitehorse Mining District, Yukon Territory. February 2012. AR # 095814
Richter, D.H., Singer, D.A., and Cox, D.P., 1975, Mineral resources map of the Nabesna quadrangle, Alaska: U.S. Geological Survey Miscellaneous Field Studies Map MF-655-K, 1 sheet, scale 1:250,000.
Schulze, C., B.Sc., (2007). NI 43-101-compliant report on the 2006 exploration program on the White River Nickel Project: ANT, HAND, WENG, RIVER, WR, PIC, and KLUX claim blocks (115K/02, 115F/15, 115F/16) . Prepared for Xstrata plc (formerly Falconbridge Ltd.) by All-Terrane Mineral Exploration Services. Whitehorse Mining District, Yukon Territory. February 26, 2007. AR # 094599
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