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
- Total gold production of
186,001 ounces in Q4 2024: Total gold production in the
fourth quarter of 2024 was 186,001 ounces. Masbate and Otjikoto
both continued to outperform expectations in the fourth quarter of
2024, which partially offset lower than expected production levels
at Fekola during the quarter due to the continued delays in
accessing higher-grade ore from Fekola Phase 7, a result of lower
realized mine production from the Fekola Phase 7 and Cardinal pits
during the period. Mining and processing of these higher-grade
tonnes is now expected in 2025 as equipment availability had
returned to full capacity and mining rates were at expected levels
at the end of 2024. All three operations are meeting or exceeding
gold production expectations to start 2025.
- Total consolidated cash
operating costs of $968 per gold
ounce produced in Q4 2024: Total consolidated cash
operating costs (see “Non-IFRS Measures”) were $968 per gold ounce
produced during the fourth quarter of 2024, higher than expected as
a result of lower than anticipated production in the quarter.
- Total consolidated all-in
sustaining costs of $1,668 per
gold ounce sold in Q4 2024: Total consolidated all-in
sustaining costs (see “Non-IFRS Measures”) were $1,668 per gold
ounce sold during the fourth quarter of 2024, higher than expected
as a result of lower than anticipated gold ounces sold resulting
from lower than anticipated production, higher than expected
royalties resulting from a higher than anticipated gold price, and
new royalties implemented in 2024 for Fekola.
- Total annual consolidated
gold production of 804,778 ounces: Total consolidated gold
production for 2024 was 804,778 ounces (including 19,644
attributable ounces from Calibre Mining Corp. (“Calibre”)), at the
low end of the Company's 2024 guidance range.
- Total consolidated cash
operating costs and all-in sustaining costs for 2024 within their
guidance ranges: Total consolidated cash operating costs
for 2024 were $889 per gold ounce produced, at the upper end of the
annual guidance range of between $835 and $895 per gold ounce.
Total consolidated all-in sustaining costs for 2024 were $1,465 per
gold ounce sold, within the annual guidance range of between $1,420
and $1,480 per gold ounce.
- Attributable net
loss of $0.01 per share in Q4 2024;
Adjusted attributable net income of $0.01
per share in Q4 2024: Net loss attributable to the
shareholders of the Company of $12 million ($0.01 per share);
adjusted net income (see “Non-IFRS Measures”) attributable to the
shareholders of the Company of $17 million ($0.01 per share). Net
loss attributable to the shareholders of the Company for the year
ended December 31, 2024 was $630 million ($0.48 per share),
predominantly due to non-cash impairment charges on the Goose
Project and the Fekola Complex, and adjusted net income (see
“Non-IFRS Measures”) attributable to the shareholders of the
Company was $207 million ($0.16 per share).
- Operating cash flow before
working capital adjustments of $145 million in Q4 2024:
Cash flow provided by operating activities before working capital
adjustments was $145 million in the fourth quarter of 2024. Cash
flow provided by operating activities before working capital
adjustments and proceeds from the gold prepay arrangement for the
year ended December 31, 2024 was $660 million.
- Strong financial position
and liquidity: At December 31, 2024, the Company had cash
and cash equivalents of $337 million and working capital (defined
as current assets less current liabilities) of $321 million.
- Goose Project construction
and development continues to progress on track for first gold pour
in the second quarter of 2025: 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.
- 2025 Winter Ice Road
(“WIR”) Campaign Commenced at the Goose Project: Following
the successful completion of the 2024 sea lift, construction of the
163 kilometer (“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 Marine Laydown
Area (“MLA”) to the Goose Project site expected to be completed by
May 15, 2025.
- Total Goose Project
construction and mine development cash expenditure estimate before
first production remains at C$1,540 million: Based on the
construction and mine development cash expenditures incurred to
date, combined with the estimated expenditures to be incurred
through to the 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.
- B2Gold's initial Goose
Project life of mine plan to be released at the end of the first
quarter of 2025 based on updated Mineral Reserves: 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.
- Feasibility Study on the
Gramalote Project in Colombia underway and targeted for completion
in mid-2025: The positive Preliminary Economic Assessment
(“PEA”) results on the Company’s 100% owned Gramalote Project,
completed in the second quarter of 2024, outlined a significant
production profile with average annual gold production of 234,000
ounces per year for the first five years of production, and strong
project economics over a 12.5 year project life. As a result,
B2Gold commenced work on a feasibility study with the goal of
completion in mid-2025. Feasibility work including geotechnical
investigation, processing design and site infrastructure design is
underway and the study remains on schedule.
- Subsequent to year-end
2024, positive PEA results for the Antelope deposit at the Otjikoto
Mine in Namibia were announced: On February 4, 2025, the
Company announced positive PEA results for the Antelope deposit,
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.
- Subsequent to year-end
2024, issued convertible senior unsecured notes: On
January 28, 2025, the Company issued 2.75% convertible senior
unsecured notes due 2030 (the “Notes”) with an aggregate principal
amount of $460 million. The initial conversion rate for the Notes
is 315.2088 common shares of the Company (the “Shares”) per $1,000
principal amount of Notes, equivalent to an initial conversion
price of approximately $3.17 per Share. The initial conversion rate
represents a premium of approximately 35% relative to the closing
sale price of the Shares on January 23, 2025 and is subject to
adjustment in certain events. The Company intends to use the net
proceeds to fund working capital requirements and for general
corporate purposes.
- Q1 2025 dividend of $0.02
per share declared: On February 19, 2025, B2Gold's Board
of Directors declared a cash dividend for the first quarter of 2025
of $0.02 per common share (or an expected $0.08 per share on an
annualized basis), payable on March 20, 2025, to shareholders of
record as of March 7, 2025.
Fourth Quarter and Full Year 2024
Results
| |
Three months ended |
Year ended |
| |
December 31 |
December 31 |
|
|
2024 |
2023 |
2024 |
2023 |
2022 |
| |
|
|
|
|
|
| Gold revenue ($ in
thousands) |
499,788 |
511,974 |
1,902,030 |
1,934,272 |
1,732,590 |
| Net (loss) income ($ in
thousands) |
(9,325) |
(117,396) |
(626,653) |
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
NPV5% 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:
- Toll-free in U.S. and Canada: +1 (844) 763-8274
- All other callers: +1 (647) 484-8814
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.
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”). 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. 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 threemonths
endedDec. 31, 2024 |
|
For the threemonths endedDec. 31, 2023 |
|
For the twelvemonths
endedDec. 31, 2024 |
|
For the twelvemonths endedDec. 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 threemonths
endedDec. 31, 2024 |
|
For the threemonths endedDec. 31, 2023 |
|
For the twelvemonths
endedDec. 31, 2024 |
|
For the twelvemonths endedDec. 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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