B2Gold Announces Total Consolidated Gold Production for 2024 of 804,778 oz, Within the Revised 2024 Guidance Range; Total Gold Production for 2025 Anticipated to be Between 970,000 and 1,075,000 oz; Goose Project Remains On Track for First Gold in Q2 2025 and Total Capital Estimate Remains at C$1,540 Million

by ahnationtalk on January 14, 202559 Views

VANCOUVER, British Columbia, Jan. 13, 2025– B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) is pleased to announce its gold production and revenue results for the fourth quarter and full year 2024, as well as its 2025 total gold production guidance and 2025 cost guidance for its current operating mines. All dollar figures are in United States dollars unless otherwise indicated.

Q4 and Full Year 2024 Highlights

  • Total gold production of 186,001 ounces in Q4 2024: Total gold production in the fourth quarter of 2024 was 186,001 ounces. At the Fekola Mine, production was lower than expected 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. The Fekola Mine and mill are operating without limitations and gold production is being exported for refining as per its regular planned schedule. Masbate and Otjikoto both continued to outperform expectations in the fourth quarter of 2024, which partially offset a portion of the lower than expected production levels at Fekola during the fourth quarter.
  • Total annual consolidated gold production of 804,778 ounces: Total consolidated gold production for 2024 was 804,778 ounces (including 19,644 ounces of attributable production from Calibre Mining Corp. (“Calibre”)), at the low end of the Company’s revised 2024 guidance range.
  • Strong quarterly gold revenue to finish 2024: Consolidated gold revenue in the fourth quarter of 2024 was $500 million on sales of 187,793 ounces at an average realized gold price of $2,661 per gold ounce. For the full year 2024, consolidated gold revenue was $1.90 billion on sales of 801,524 ounces at an average realized gold price of $2,373 per gold ounce.
  • Re-affirm full year 2024 total consolidated cost guidance: Total consolidated cash operating costs (see “Non-IFRS Measures”) for the year (including attributable results for Calibre) are still expected to be at the upper end of the guidance range of between $835 and $895 per ounce and total consolidated all-in sustaining costs (“AISC”) (see “Non-IFRS Measures”) for the year (including attributable results for Calibre) are still forecast to be at the upper end of the revised guidance range of between $1,420 and $1,480 per ounce.
  • Achieved significant safety milestone of 6 years without a Lost Time Injury at Masbate: On November 17, 2024, the Masbate Mine, located in the Philippines, achieved a major safety milestone, six years without a Lost Time Injury (“LTI”). Further, Masbate has only seen one LTI in approximately the last ten years. B2Gold has a longstanding commitment to continuous safety improvement at all of its sites, and its goal of sending everyone home safe at each of its operations and projects.
  • Renewed revolving credit facility in December 2024, increasing the total borrowing capacity to $800 million: On December 17, 2024, B2Gold completed the renewal of its revolving credit facility, increasing the total available amount from $700 million to $800 million, plus a $200 million accordion feature. The new revolving credit facility has a term until December 17, 2028. The revolving credit facility was completed with a syndicate of banks: Canadian Imperial Bank of Commerce, ING Bank N.V., The Bank of Nova Scotia, Bank of Montreal, National Bank of Canada, HSBC Bank USA, National Association and Citibank N.A., Canadian Branch.

2025 Guidance Highlights

  • Total gold production is anticipated to be between 970,000 and 1,075,000 ounces: Total gold production for 2025 is expected to be between 970,000 and 1,075,000 ounces. The expected increase in gold production relative to 2024 is predominantly due to the scheduled mining and processing of higher-grade ore from the Fekola Phase 7 and Cardinal pits made accessible by the meaningful 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, partially offset by the scheduled conclusion of open pit mining activities at the Otjikoto Mine in the third quarter of 2025.
  • Total consolidated cash operating costs and all-in sustaining costs remain stable: Total consolidated cash operating cost guidance (see “Non-IFRS Measures”) for the Fekola Complex, Masbate Mine, and Otjikoto Mine for 2025 of between $835 and $895 per gold ounce. Total all-in sustaining cost guidance (see “Non-IFRS Measures”) for the Fekola Complex, Masbate Mine, and Otjikoto Mine for 2025 of 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 publication in the first quarter of 2025 of B2Gold’s initial Goose Project life of mine plan based on updated Mineral Reserves.
  • 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.
  • Total Goose Project construction and mine development cash expenditure estimate before first production remains at C$1,540 million: As of September 30, 2024, C$1,176 million of construction and mine development cash expenditures (or 76% of the total estimated cash expenditures) had been incurred. Based on its unaudited November 2024 cost report, the Company estimates that approximately 83% of the total estimated cash expenditures to first gold had been incurred as of November 30, 2024. Reconciled total cash expenditures as of December 31, 2024, will be published with the Company’s year-end financial statements to be released in February 2025. 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.
  • Goose Project construction and development remains on schedule for first gold pour in the second quarter of 2025: All planned construction activities for 2024 were completed and project construction and development continue to progress on track to achieve first gold pour at the Goose Project in the second quarter of 2025. Following the successful completion of the 2024 sea lift, the construction of the 163 kilometer (“km”) Winter Ice Road (“WIR”) is well underway and expected to be completed on schedule and fully operational before March 2025, allowing for the transportation of all materials from the Marine Laydown Area (“MLA”) to the Goose Project site by the end of May 2025.
  • Mining and trucking operations anticipated to commence at Fekola Regional in 2025, with first gold production expected in mid-2025; initial gold production at Fekola underground also expected in mid-2025: 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. The contribution of higher-grade open pit ore from Fekola Regional, to be trucked to the Fekola mill, is anticipated to contribute between 20,000 and 25,000 ounces in 2025 with average contribution of approximately 180,000 ounces of additional annual gold production in its first four full years of production from 2026 through 2029. The approval of the exploitation phase to mine the higher-grade ore at Fekola underground is expected to be received in the second quarter of 2025 with initial gold production from Fekola underground expected in mid-2025. Significant exploration potential remains across the Fekola Complex to further extend mine life.
  • Preliminary economic assessment (“PEA”) on the Antelope deposit at Otjikoto expected early in the first quarter of 2025: Following the successful completion in 2024 of an initial Inferred Mineral Resource Estimate for the Springbok Zone, which is the southernmost shoot of the recently discovered Antelope deposit located approximately three km south of the Otjikoto Phase 5 open pit at the Otjikoto Mine in Namibia, the Company commenced a PEA which is expected to be completed early in the first quarter of 2025. Subject to receipt of a positive PEA and necessary permits and approvals, mining of the Springbok Zone could begin to contribute to gold production at Otjikoto as early as 2028. An initial budget of up to $10 million has been approved to de-risk the Antelope deposit development schedule by advancing early work planning, project permits and long lead orders. Exploration of the greater Antelope deposit has the potential to supplement the processing of low-grade stockpiles at Otjikoto, with an initial goal of adding between 80,000 and 90,000 ounces of additional gold production per year from 2029 through 2032, with potential to extend mine life further through additional drilling at the Springbok and Oryx Zones at the Antelope deposit.
  • Feasibility Study on the Gramalote Project in Colombia targeted for completion in mid-2025: The positive 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.
  • Continued focus on exploration investment across B2Gold’s prospective land packages: $61 million is budgeted for exploration in 2025 to support organic growth by advancing the Company’s pipeline of development, brownfield and greenfield exploration projects, with a considerable portion allocated to continue the significant exploration campaign at the Back River Gold District.

Fourth Quarter and Full Year 2024 Gold Production

Mine-by-mine production in the fourth quarter and full year 2024 was as follows:

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