From GlobeNewswire: 2025-05-07 18:03:00

B2Gold Corp. reported strong operational performance in Q1 2025, producing 192,752 ounces of gold, higher than expected. Consolidated cash operating costs were $832 per ounce, lower than anticipated, while all-in sustaining costs were $1,533 per ounce, also below expectations. The Company had an attributable net income of $0.04 per share and $244 million in operating cash flow.

The Goose Project remains on track for first gold production next month, with a total construction and mine development budget of C$1,540 million. The 2025 Winter Ice Road campaign was completed ahead of schedule, allowing for the successful delivery of necessary materials. Construction and development continue to progress for a first gold pour in the second quarter of 2025, with an estimated production of 120,000 to 150,000 ounces in 2025.

An updated Mineral Reserve Life of Mine Plan for the Goose Project was announced, highlighting robust Mineral Resources and potential for expansion. Optimization studies have commenced, including analyzing increasing mill throughput and implementing a flotation/concentrate leach process to potentially increase gold recovery and reduce processing costs. Results are expected in late 2025/early 2026. B2Gold is conducting a feasibility study on the Gramalote Project in Colombia, with positive PEA results showing significant gold production. Another positive PEA was announced for the Antelope deposit at the Otjikoto Mine in Namibia. The company issued convertible senior unsecured notes and implemented a Normal Course Issuer Bid. Q2 2025 dividend of $0.02 per share was declared.

First Quarter 2025 Results show strong financial performance with $532,107,000 in gold revenue. B2Gold maintains a strong financial position with $330 million in cash and cash equivalents. Second Quarter 2025 Dividend of $0.02 per share was declared, payable on June 24, 2025. The company has a Dividend Reinvestment Plan in place. B2Gold Corporation announces that shareholders can enroll in the Dividend Reinvestment Plan (DRIP) by contacting their financial intermediary. The dividend is considered an “eligible dividend” under the Income Tax Act in Canada. Future dividends are subject to Board discretion based on various factors. More information is available on the company’s website.

The Fekola Mine in Mali, owned 80% by B2Gold, had strong gold production of 93,805 ounces in the first quarter of 2025. Cash operating costs were $965 per ounce produced, lower than expected due to higher production and lower costs. All-in sustaining costs were $1,937 per ounce sold, also lower than anticipated.

Capital expenditures for the Fekola Mine in the first quarter of 2025 totaled $64 million, primarily for deferred stripping, underground development, equipment purchases, TSF construction, and solar plant expansion. The Fekola Complex is expected to produce between 515,000 and 550,000 ounces of gold in 2025 with cash operating costs of $845-$905 per ounce.

Gold production at the Fekola Complex is expected to increase significantly in 2025, with contributions from higher-grade ore at Fekola underground and Fekola Regional. Between 25,000 and 35,000 ounces of gold are expected from Fekola underground, while Fekola Regional is anticipated to contribute 20,000-25,000 ounces through the trucking of open pit ore to the mill. B2Gold anticipates meeting production goals despite mining delays at Fekola Regional in 2025. The addition of Fekola Regional will boost the Fekola Complex production and extend its mine life. Masbate Mine in the Philippines exceeded expectations in Q1 2025, with gold production of 46,369 ounces and lower operating costs.

At Masbate Mine, cash operating costs per gold ounce produced were $833 in Q1 2025. All-in sustaining costs were $1,206 per gold ounce sold, lower than expected due to higher production and lower operating costs. Capital expenditures in Q1 2025 totaled $8 million, with expectations to produce 170,000-190,000 ounces of gold in 2025.

Otjikoto Mine in Namibia outperformed in Q1 2025 with 52,578 ounces of gold produced. Cash operating costs per gold ounce produced were $594, while all-in sustaining costs were $916 per gold ounce sold. Capital expenditures for Q1 2025 were $4 million, with expectations to produce 165,000-185,000 ounces of gold in 2025. B2Gold reports positive PEA results for the Antelope deposit, indicating potential for underground production to extend past 2027. Initial mine life projected at 5 years with total production of 327,000 ounces. Antelope deposit development budget approved for up to $10 million in 2025, with a development decision expected in Q3.

Construction progressing on schedule at the Goose Project in the Back River Gold District, with first gold pour expected in Q2 2025. Collaboration with Kitikmeot Inuit Association prioritized for long-term socio-economic benefits. Project construction activities completed, with gold production estimated between 120,000 and 150,000 ounces in 2025.

Transportation of materials to the Goose Project site completed ahead of schedule in mid-April 2025. Open pit mining of the Echo pit meeting production targets, scheduled for completion by May 2025. Umwelt underground development on track for high-grade stope ore production in Q3 2025. Company spent $95 million on construction and development in Q1 2025.

B2Gold expects total construction and mine development cash expenditures for the Goose Project to align with the estimated C$1,540 million. Operating cost guidance for the second half of 2025 will be released later in the year. Optimization studies underway to maximize long-term value of the Back River Gold District. B2Gold is conducting optimization studies for the Goose Project, exploring options to increase mill throughput from 4,000 tpd to potentially 6,000 tpd. A flotation/concentrate leach process is also being evaluated to enhance gold recovery and reduce processing costs. Results are expected in late 2025/early 2026, with potential economic benefits to be assessed.

The Gramalote Project in Colombia is moving forward with a feasibility study after positive results from a preliminary economic assessment. B2Gold aims to develop a medium-scale, low-cost open pit gold mine. Feasibility work is progressing, with plans for resettlement programs, environmental initiatives, and collaboration with local communities.

B2Gold is pleased with its first quarter 2025 results, tracking towards its total gold production guidance of 970,000 to 1,075,000 ounces. Operating costs for Fekola Complex, Masbate, and Otjikoto are forecasted between $835 and $895 per ounce, with all-in sustaining costs between $1,460 and $1,520 per ounce. The Goose Project is expected to pour first gold in Q2 2025, ramping up to commercial production in Q3 and contributing 120,000-150,000 ounces of gold in 2025. Annual production at the Goose Project is estimated to average around 300,000 ounces from 2026 to 2031. B2Gold plans to evaluate the economics of various options after completing studies on its Antelope deposit at the Otjikoto Mine, expecting meaningful production from 2028 to 2032. A feasibility study for the Gramalote Project in Colombia will be completed by mid-2025, with the potential for development as an open pit gold mine. The company aims to maximize production, explore new opportunities, and return capital to shareholders.

First Quarter 2025 Financial Results conference call is set for May 8, 2025, at 8:00 am PT / 11:00 am ET. Registration is open to receive dial-in details and unique PIN. Playback will be available for two weeks after the call. B2Gold, a senior gold producer, operates mines in Mali, Namibia, and the Philippines, with future projects in Canada, Mali, Colombia, and Finland, forecasting total gold production between 970,000 and 1,075,000 ounces in 2025.

Qualified persons have approved the technical information in this news release. Clive T. Johnson, President, and CEO of B2Gold Corp. provided this information. The Toronto Stock Exchange and NYSE American LLC do not approve or disapprove the content. Production results and guidance reflect total production at B2Gold’s mines on a 100% basis. B2Gold’s recent Annual Information Form details the company’s ownership interest in the mines it operates.

The news release contains forward-looking statements regarding B2Gold’s financial and operational performance projections for 2025. These include gold production estimates, cash operating costs, and all-in sustaining costs on a consolidated and mine-specific basis.

Key projections for 2025 include total consolidated gold production between 970,000 and 1,075,000 ounces, with cash operating costs ranging from $835 to $895 per ounce. The Goose Project is expected to produce approximately 300,000 ounces of gold per year for the first six years of production.

B2Gold emphasizes the prioritization of developing the Goose Project in a manner that respects Indigenous input and brings long-term socio-economic benefits to the area. The company anticipates first gold production from the project in the second quarter of 2025, with commercial production likely by the end of the third quarter. B2Gold’s forward-looking statements are based on management’s opinions and estimates. Factors affecting these statements include metal price volatility, environmental regulations, and the ability to obtain necessary permits. The company’s projections for all-in sustaining costs aim to provide stakeholders with information on operational performance and cash flow generation. B2Gold has released non-IFRS measures, including cash operating costs and all-in sustaining costs, for its mining operations. These measures are not comparable to IFRS standards. AISC projected range includes various costs such as sustaining capital expenditures and mine-site exploration. Mineral reserve and resource estimates follow Canadian standards, not U.S. disclosure requirements. Mineral resources may not have economic viability and historical results are not guarantees of future performance. B2Gold Corp. reported a gross profit of $237,750 for the first quarter of 2025, with gold revenue totaling $532,107. Operating income was $208,833, resulting in a net income of $62,564. The Company’s earnings per share were $0.04 for both basic and diluted shares.

B2Gold Corp.’s cash provided by operating activities for the first quarter of 2025 was $178,788, while cash used by investing activities was $195,076. Financing activities provided $8,265 in cash. The Company’s cash and cash equivalents decreased by $8,023 during the period.

The balance sheet of B2Gold Corp. as of March 31, 2025, showed total assets of $5,098,697, with mining interests accounting for $3,438,533. Liabilities totaled $1,923,920, with shareholders’ equity at $3,125,173. Non-controlling interests were $49,604. The Company’s cash and cash equivalents were $330,123.

B2Gold Corp. provided non-IFRS measures for cash operating costs per gold ounce sold and total cash costs per gold ounce sold. The Company believes these measures are key indicators of its ability to generate earnings and cash flow from mining operations. Cash operating costs per gold ounce produced were also presented as additional information for investors. For the three months ended March 31, 2025, the cash operating costs per gold ounce produced were $965 at Fekola Mine, $833 at Masbate Mine, and $594 at Otjikoto Mine, totaling $832 per ounce. Gold produced was 192,752 ounces. In comparison, for the same period in 2024, the costs were $698, $835, and $642 respectively.

The World Gold Council established guidance for calculating “all-in sustaining costs per gold ounce” in 2013. B2Gold follows this measure, including all costs related to gold production. For the three months ended March 31, 2025, the total all-in sustaining cost per ounce was $1,533, with production costs of $161,994 and 183,998 ounces of gold sold. This information is valuable for investors.

To further understand costs, B2Gold details sustaining capital expenditures and mine exploration for each mine. For the same period in 2025, sustaining capital expenditures were $56,995, and sustaining mine exploration was $509. In comparison, for the same period in 2024, sustaining capital expenditures were $89,017, and sustaining mine exploration was $2,738. These figures highlight the ongoing expenses to sustain gold production.



Read more at GlobeNewswire:: B2Gold Reports Q1 2025 Results