While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies. Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these ...

tazytaz Investment thesis My interest in the gold mining industry was caused by this precious metal trading at an all-time high. I conducted an analysis of Newmont Corporation (NEM) in February, and today I want to share my opinion about another solid player in the industry, B2Gold (NYSE:BTG). The company's financial performance over the last decade has been quite impressive, with solid revenue growth and profitability expansion. B2Gold has a fortress balance sheet and pays a generous 6.1% dividend yield, w ...

B2Gold Corp (BTG) reported adjusted earnings per share (EPS) of 6 cents for first-quarter 2024, beating the Zacks Consensus Estimate of 5 cents. The bottom line fell 10% year over year.Including one-time items, the company reported EPS of 3 cents, down 63% year over year.B2Gold generated revenues of $461 million in first-quarter 2023 compared with the prior-year quarter’s $474 million.  In the March-end quarter, B2Gold recorded a consolidated gold production of 214,339 ounces, down 14.5% year over year. The ...

Financial Data and Key Metrics Changes - B2Gold produced over 225,000 ounces of gold in Q1 2024, aligning with expectations, with cash operating costs and all-in sustaining costs both well below annual guidance ranges [9][16][38] - The cash balance at the end of March was $568 million, with no amounts drawn on the revolver, indicating a strong financial position [40][41] Business Line Data and Key Metrics Changes - Fekola produced just under 120,000 ounces of gold, with cash operating costs below annual guidance [16][39] - Masbate produced almost 48,000 ounces of gold, benefiting from lower fuel prices, with both cash operating costs and all-in sustaining costs below guidance [17][39] - Otjikoto produced just over 45,000 ounces of gold, with cash operating costs and all-in sustaining costs also below guidance, aided by a weaker Namibian dollar [39] Market Data and Key Metrics Changes - Current gold prices are favorable, enhancing the company's financial position [18] - The company anticipates a decrease in all-in sustaining costs as capital programs are completed in 2025, with gold production expected to increase [38] Company Strategy and Development Direction - The company is focused on increasing production at the Fekola complex by potentially 100,000 ounces per year through exploration and development [10][11] - B2Gold is investing heavily in exploration, with over half of its $63 million exploration budget allocated to the Fekola region, indicating strong potential for future growth [14] - The company is also restructuring and optimizing its operations to ensure successful project completions and maintain a strong financial position [30][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing discussions with the Mali government regarding the mining code and the potential for increased production [30][50] - The company views 2024 as a transitional year, with expectations for improved production and reduced costs in 2025 as capital programs are completed [38][36] - Management highlighted the importance of maintaining strong relationships with the government and the local community to support future operations [50][34] Other Important Information - The construction of the Goose project is on track, with a slight delay pushing the schedule from Q1 2025 to Q2 2025, but the overall project remains on budget [19][22][45] - The company has spent approximately $840 million on the Goose project to date, with total costs expected to reach around $900 million [98] Q&A Session Summary Question: Can you talk about the trade-offs going forward about capital? - Management is currently evaluating costs and is confident in remaining on budget despite some delays [46] Question: How fast can you get the exploitation permit once everything is set in motion? - If an agreement is reached soon, the exploitation license could be fast-tracked, potentially taking a few months [51] Question: Is the purpose of the drill program to increase confidence in the ore body? - The infill drilling is to corroborate the geological model and improve resource classification, with no concerns about the model's validity [54] Question: What are the expectations for CapEx updates in June? - A significant portion of the capital is already ordered, and updates will focus on committed costs as the project progresses [78] Question: What is the current status of the Echo pit and tailings? - The Echo pit is where tailings will be deposited, and the company is managing resources to avoid additional standby costs during the delay [82][88]

VANCOUVER, British Columbia, May 07, 2024 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX:BTO, NYSE:BTG, NSX: B2G))) ("B2Gold" or the "Company") announces its operational and financial results for the first quarter of 2024. All dollar figures are in United States dollars unless otherwise indicated. 2024 First Quarter Highlights Total gold production of 225,716 ounces in Q1 2024, in-line with expectations: Total gold production in the first quarter of 2024 was 225,716 ounces, including 11,377 ounces of attributable pr ...

[Condensed Interim Consolidated Statements of Operations](index=2&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) B2Gold Corp.'s net income for Q1 2024 significantly decreased to $48,481 thousand from $101,904 thousand in Q1 2023, driven by higher production costs, interest, financing expenses, and income tax expenses | Indicator | Three Months Ended March 31, 2024 ($ thousands) | Three Months Ended March 31, 2023 ($ thousands) | | :------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Gold revenue | 461,444 | 473,556 | | Cost of sales | (277,218) | (259,923) | | Gross profit | 184,226 | 213,633 | | Operating income | 154,627 | 175,919 | | Earnings before interest and taxes | 130,095 | 176,855 | | Net income for the period | 48,481 | 101,904 | | Net income attributable to company shareholders | 39,751 | 85,973 | | Basic earnings per share | 0.03 | 0.08 | | Diluted earnings per share | 0.03 | 0.08 | [Condensed Interim Consolidated Statements of Comprehensive Income](index=3&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME) Total comprehensive income for Q1 2024 decreased to $63,452 thousand from $98,328 thousand in Q1 2023, primarily due to lower net income despite a significant increase in unrealized gains on investments | Indicator | Three Months Ended March 31, 2024 ($ thousands) | Three Months Ended March 31, 2023 ($ thousands) | | :------------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Net income for the period | 48,481 | 101,904 | | Unrealized gain (loss) on investments, net of deferred income tax | 14,971 | (3,576) | | Other comprehensive income (loss) for the period | 14,971 | (3,576) | | Total comprehensive income for the period | 63,452 | 98,328 | | Total comprehensive income attributable to company shareholders | 54,722 | 82,397 | [Condensed Interim Consolidated Statements of Cash Flows](index=4&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Operating cash flow significantly increased to $710,727 thousand in Q1 2024, largely due to $500,023 thousand from prepaid gold sales, while financing and investing cash outflows also substantially grew | Cash Flow Category | Three Months Ended March 31, 2024 ($ thousands) | Three Months Ended March 31, 2023 ($ thousands) | | :------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Cash flow from operating activities | 710,727 | 203,823 | | Cash flow from financing activities | (206,624) | (47,820) | | Cash flow from investing activities | (239,577) | (131,088) | | Increase in cash and cash equivalents | 264,526 | 24,915 | | Cash and cash equivalents, end of period | 567,814 | 673,740 | - Operating cash flow significantly increased, primarily benefiting from **$500,023 thousand** in proceeds from prepaid gold sales[16](index=16&type=chunk) - Financing cash outflows significantly increased, mainly due to the repayment of **$150,000 thousand** on the revolving credit facility[16](index=16&type=chunk) - Investing cash outflows substantially increased, primarily driven by **$117,451 thousand** in expenditures for the Goose Project[16](index=16&type=chunk) [Condensed Interim Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2024, total assets increased to $5,296,272 thousand from December 31, 2023, primarily due to increases in cash and cash equivalents, mining interests, and the new prepaid gold sales liability | Indicator | March 31, 2024 ($ thousands) | December 31, 2023 ($ thousands) | | :------------------------------ | :--------------------------- | :------------------------------ | | **Assets** | | | | Cash and cash equivalents | 567,814 | 306,895 | | Total current assets | 996,645 | 710,729 | | Mining interests | 3,682,923 | 3,563,490 | | Total assets | 5,296,272 | 4,874,619 | | **Liabilities** | | | | Total current liabilities | 333,640 | 313,471 | | Long-term debt | 28,804 | 175,869 | | Gold stream obligation | 150,452 | 139,600 | | Prepaid gold sales | 507,640 | — | | Total liabilities | 1,366,416 | 964,644 | | **Equity** | | | | Total shareholders' equity | 3,826,391 | 3,810,379 | | Non-controlling interests | 103,465 | 99,596 | | Total equity | 3,929,856 | 3,909,975 | - Cash and cash equivalents increased from **$306,895 thousand** as of December 31, 2023, to **$567,814 thousand** as of March 31, 2024[17](index=17&type=chunk) - A new prepaid gold sales liability of **$507,640 thousand** was recognized[17](index=17&type=chunk) - Long-term debt decreased from **$175,869 thousand** to **$28,804 thousand**, primarily due to the repayment of the revolving credit facility[17](index=17&type=chunk) [Condensed Interim Consolidated Statements of Changes in Equity](index=6&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20EQUITY) As of March 31, 2024, total equity increased to $3,929,856 thousand, driven by net income and unrealized investment gains, partially offset by dividend payments and non-controlling interest transactions | Equity Item | Balance as of December 31, 2023 ($ thousands) | Balance as of March 31, 2024 ($ thousands) | | :------------------------------ | :-------------------------------------------- | :----------------------------------------- | | Share capital | 3,454,811 | 3,463,392 | | Contributed surplus | 84,970 | 88,745 | | Accumulated other comprehensive loss | (125,256) | (110,285) | | Retained earnings | 395,854 | 384,539 | | Total equity attributable to company shareholders | 3,810,379 | 3,826,391 | | Non-controlling interests | 99,596 | 103,465 | | Total equity | 3,909,975 | 3,929,856 | - Net income for Q1 2024 was **$48,481 thousand**, with **$39,751 thousand** attributable to company shareholders[19](index=19&type=chunk) - Total dividends paid amounted to **$46,075 thousand**[19](index=19&type=chunk) - Unrealized gains on investments (net of deferred income tax) were **$14,971 thousand**[19](index=19&type=chunk) [Notes to the Condensed Interim Consolidated Financial Statements](index=7&type=section&id=NOTES%20TO%20THE%20CONDENSED%20INTERIM%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides detailed notes to the condensed interim consolidated financial statements, covering the nature of operations, basis of preparation, significant accounting judgments and estimates, and the composition and changes in various assets, liabilities, and equity [1. Nature of operations](index=7&type=section&id=1%20Nature%20of%20operations) B2Gold Corp. is a Vancouver-based gold producer operating three mines (Fekola, Masbate, Otjikoto) and developing the Goose Project, also holding interests in Gramalote and other mining companies - B2Gold Corp. is a gold producer with three operating mines: Fekola, Masbate, and Otjikoto[20](index=20&type=chunk) - The Goose Project is under construction in Canada, and the Gramalote Project is in Colombia[20](index=20&type=chunk) - As of March 31, 2024, the company held approximately **15%** interest in Calibre Mining Corp. and approximately **19%** interest in BeMetals Corp[20](index=20&type=chunk) [2. Basis of preparation](index=7&type=section&id=2%20Basis%20of%20preparation) The condensed interim consolidated financial statements are prepared in accordance with IAS 34, Interim Financial Reporting, using consistent accounting policies as the 2023 annual audited statements, and were authorized for issue on May 7, 2024 - Financial statements are prepared in accordance with International Accounting Standard 34, Interim Financial Reporting[22](index=22&type=chunk) - Accounting policies and methods are consistent with the annual consolidated financial statements as of December 31, 2023[23](index=23&type=chunk) - The Board of Directors authorized the release of these condensed interim consolidated financial statements on May 7, 2024[23](index=23&type=chunk) [3. Significant accounting judgements and estimates](index=7&type=section&id=3%20Significant%20accounting%20judgements%20and%20estimates) Financial statement preparation involves significant management judgments and estimates regarding uncertain tax positions, control over investees, fair value of financial instruments, mineral reserves, VAT receivables, and current and deferred income taxes - Significant accounting judgments include uncertain tax positions, determining control or significant influence over investees, and impairment assessment of long-lived assets[25](index=25&type=chunk)[26](index=26&type=chunk)[45](index=45&type=chunk) - Key sources of estimation uncertainty include the fair value of financial instruments (particularly gold stream obligations), mineral reserves and resources estimates, VAT receivables, and current and deferred income taxes[47](index=47&type=chunk)[48](index=48&type=chunk)[50](index=50&type=chunk) - The fair value of gold stream obligations is estimated using an income approach and discounted cash flow model, incorporating unobservable market inputs such as future gold delivery timing[32](index=32&type=chunk) [4. Accounts receivable, prepaids and other](index=10&type=section&id=4%20Accounts%20receivable,%20prepaids%20and%20other) As of March 31, 2024, accounts receivable, prepaids, and other totaled $26,087 thousand, a slight decrease from $27,491 thousand as of December 31, 2023, primarily due to reduced vendor advances | Item | March 31, 2024 ($ thousands) | December 31, 2023 ($ thousands) | | :------------------------------ | :--------------------------- | :------------------------------ | | Vendor advances | 8,086 | 10,533 | | Prepaid expenses | 8,830 | 8,639 | | Current portion of derivative financial instruments | 362 | 481 | | Other receivables | 8,809 | 7,838 | | **Total** | **26,087** | **27,491** | [5. Inventories](index=10&type=section&id=5%20Inventories) Total inventories slightly decreased to $339,351 thousand as of March 31, 2024, from $346,495 thousand as of December 31, 2023, with declines in gold and silver bullion, in-process, and ore stockpiles, partially offset by an increase in materials and supplies | Item | March 31, 2024 ($ thousands) | December 31, 2023 ($ thousands) | | :---------------------- | :--------------------------- | :------------------------------ | | Gold and silver bullion | 46,676 | 53,065 | | In-process inventory | 19,914 | 18,220 | | Ore stockpiles | 71,727 | 80,302 | | Materials and supplies | 201,034 | 194,908 | | **Total** | **339,351** | **346,495** | - Long-term ore stockpiles primarily include **$45 million** at Otjikoto, **$7 million** at Fekola, and **$7 million** at Masbate[54](index=54&type=chunk) - Long-term supplies inventory represents supplies expected to be consumed beyond twelve months for the Back River Project[54](index=54&type=chunk) [6. Long-term investments](index=10&type=section&id=6%20Long-term%20investments) The fair value of long-term investments increased to $101,497 thousand as of March 31, 2024, from $86,007 thousand as of December 31, 2023, mainly driven by the investment in Snowline Gold Corp., with further post-period transactions | Investment Item | Fair Value as of March 31, 2024 ($ thousands) | Fair Value as of December 31, 2023 ($ thousands) | | :-------------------------------- | :-------------------------------------------- | :----------------------------------------------- | | Snowline Gold Corp. | 62,748 | 52,668 | | West African Resources Ltd. | 17,370 | 14,269 | | Osino Resources Corp. | 15,202 | 12,295 | | St. Augustine Gold & Copper Ltd. | 4,026 | 4,631 | | Matador Mining Ltd. | 1,664 | 1,632 | | RTG Mining Inc. | 301 | 308 | | Other | 186 | 204 | | **Total** | **101,497** | **86,007** | - Subsequent to March 31, 2024, the company purchased an additional **1.2 million shares** of Snowline Gold Corp. for **$5 million** and participated in a private placement of **0.4 million shares** for **$2 million** to maintain a **9.9%** interest[55](index=55&type=chunk) - Subsequent to March 31, 2024, the company sold its **22 million shares** investment in West African Resources Ltd., realizing **$19 million** in proceeds[56](index=56&type=chunk) [7. Mining interests](index=11&type=section&id=7%20Mining%20interests) The net book value of mining interests increased to $3,682,923 thousand as of March 31, 2024, from $3,563,490 thousand as of December 31, 2023, due to $245,833 thousand in additions and $3,556 thousand in capitalized interest, while Finnish assets were reclassified as held for sale | Item | Net Book Value as of March 31, 2024 ($ thousands) | Net Book Value as of December 31, 2023 ($ thousands) | | :------------------------------ | :------------------------------------------------ | :--------------------------------------------------- | | Mineral properties | 930,049 | 928,614 | | Buildings, plant and equipment | 862,181 | 880,472 | | Construction in progress | 1,559,035 | 1,394,143 | | Exploration and evaluation assets | 331,658 | 360,261 | | **Total** | **3,682,923** | **3,563,490** | - Additions for the period totaled **$245,833 thousand**, with **$3,556 thousand** in capitalized interest[59](index=59&type=chunk) - Finnish assets were reclassified as held for sale, with a sales agreement expected within the next 12 months, and no impairment was recognized[60](index=60&type=chunk) - In Q1 2023, the company wrote off **$16 million** of non-core assets[61](index=61&type=chunk) [8. Investment in associates](index=12&type=section&id=8%20Investment%20in%20associates) Investment in associates decreased to $126,207 thousand as of March 31, 2024, from $134,092 thousand as of December 31, 2023, primarily due to a **$9,982 thousand** dilution loss from the company's reduced interest in Calibre Mining Corp | Associate Item | March 31, 2024 ($ thousands) | December 31, 2023 ($ thousands) | | :------------- | :--------------------------- | :------------------------------ | | Calibre | 123,068 | 130,953 | | BeMetals | 3,139 | 3,139 | | **Total** | **126,207** | **134,092** | - The company's interest in Calibre Mining Corp. was diluted from **24%** to **15%**, resulting in a dilution loss of **$9,982 thousand**[63](index=63&type=chunk) - Despite the reduced ownership, the company maintains significant influence over Calibre due to the right to nominate one director[63](index=63&type=chunk) [9. Other assets](index=12&type=section&id=9%20Other%20assets) Other assets increased to $71,865 thousand as of March 31, 2024, from $63,635 thousand as of December 31, 2023, mainly driven by the reclassification of deferred financing costs and an increased loan to associate BeMetals Corp | Item | March 31, 2024 ($ thousands) | December 31, 2023 ($ thousands) | | :---------------------------- | :--------------------------- | :------------------------------ | | Reclamation bonds | 51,263 | 50,934 | | Deferred financing costs | 6,429 | — | | Restricted cash | 5,205 | 5,259 | | Loans to associates | 7,331 | 5,763 | | Other | 1,637 | 1,679 | | **Total** | **71,865** | **63,635** | - Reclamation bonds primarily include **$21 million** for Fekola, **$15 million** for Otjikoto, **$11 million** for the Goose Project, and **$4 million** for Masbate[64](index=64&type=chunk) - An additional **$2 million** loan was provided to associate BeMetals Corp. during the period[65](index=65&type=chunk) [10. Long-term debt](index=12&type=section&id=10%20Long-term%20debt) Total long-term debt significantly decreased to $28,804 thousand as of March 31, 2024, primarily due to the repayment of **$150,000 thousand** on the revolving credit facility, with **$700 million** of undrawn capacity remaining | Debt Item | March 31, 2024 ($ thousands) | December 31, 2023 ($ thousands) | | :------------------------------ | :--------------------------- | :------------------------------ | | Revolving credit facility | — | 142,635 | | Equipment loans and lease obligations | 45,218 | 49,490 | | Less: Current portion | (16,414) | (16,256) | | **Total long-term debt** | **28,804** | **175,869** | - **$150,000 thousand** of the revolving credit facility was repaid during the period[69](index=69&type=chunk) - As of March 31, 2024, the company had **$700 million** of undrawn revolving credit facility capacity and was in compliance with all debt covenants[70](index=70&type=chunk) [11. Share capital](index=13&type=section&id=11%20Share%20capital) As of March 31, 2024, the company had 1,305,407,942 common shares issued, having paid **$52 million** in quarterly dividends (with **$6 million** reinvested) and granted approximately **1 million** stock options and **2 million** RSUs - As of March 31, 2024, the company had **1,305,407,942** common shares issued[71](index=71&type=chunk) - Total quarterly dividends of **$52 million** were paid in Q1 2024, with **$6 million** paid through the dividend reinvestment plan by issuing **2 million shares**[76](index=76&type=chunk) - Approximately **1 million** stock options were granted with an exercise price of Cdn.$3.48 and an estimated fair value of **$0.5 million**[77](index=77&type=chunk) - **2 million** Restricted Share Units (RSUs) and **3 million** Performance Share Units (PSUs) were granted[79](index=79&type=chunk)[80](index=80&type=chunk) | Indicator | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | | Net income attributable to company shareholders | $39,751 | $85,973 | | Basic weighted average common shares (thousands) | 1,303,191 | 1,075,402 | | Diluted weighted average common shares (thousands) | 1,307,674 | 1,081,084 | | Basic earnings per share | $0.03 | $0.08 | | Diluted earnings per share | $0.03 | $0.08 | [12. Non-controlling interests](index=15&type=section&id=12%20Non-controlling%20interests) Non-controlling interests increased to $103,465 thousand as of March 31, 2024, from $99,596 thousand as of December 31, 2023, primarily due to **$5,885 thousand** in net income attributable to non-controlling interests and **$4,280 thousand** in distributions | Item | Balance as of December 31, 2023 ($ thousands) | Balance as of March 31, 2024 ($ thousands) | | :------------------------ | :-------------------------------------------- | :----------------------------------------- | | Fekola | 42,911 | 47,607 | | Masbate | 27,744 | 27,964 | | Otjikoto | 24,238 | 22,650 | | Other | 4,703 | 5,244 | | **Total** | **99,596** | **103,465** | - Net income attributable to non-controlling interests was **$8,730 thousand**[85](index=85&type=chunk) - Distributions to non-controlling interests amounted to **$4,280 thousand**[85](index=85&type=chunk) [13. Derivative financial instruments](index=15&type=section&id=13%20Derivative%20financial%20instruments) As of March 31, 2024, the company held fuel derivative contracts for **4 million liters** at an average strike price of **$0.39 per liter**, with zero unrealized fair value, and subsequently entered into additional forward contracts for **36 million liters** of fuel - As of March 31, 2024, the company held fuel derivative contracts for **4 million liters** at an average strike price of **$0.39 per liter**[86](index=86&type=chunk) - Subsequent to the reporting period, the company entered into additional forward contracts to purchase **21 million liters** of fuel (average strike price **$0.47/liter**) and **15 million liters** of diesel (average strike price **$0.64/liter**), scheduled for settlement between July 2024 and March 2026[87](index=87&type=chunk) [14. Gold stream obligation](index=15&type=section&id=14%20Gold%20stream%20obligation) The gold stream obligation increased to $150,452 thousand as of March 31, 2024, from $139,600 thousand as of December 31, 2023, primarily due to a **$10,852 thousand** fair value change, classified as a derivative liability under IFRS 9 | Item | Amount ($ thousands) | | :------------------------ | :------------------- | | Balance as of December 31, 2023 | 139,600 | | Fair value change | 10,852 | | Balance as of March 31, 2024 | 150,452 | - The gold stream obligation requires gold deliveries from the Back River Project, with the delivery ratio changing based on cumulative deliveries[88](index=88&type=chunk) - This obligation is classified as a derivative liability under IFRS 9 and measured at fair value through profit or loss[89](index=89&type=chunk) [15. Prepaid gold sales](index=16&type=section&id=15%20Prepaid%20gold%20sales) On January 23, 2024, the company received **$500 million** in prepayment for gold sales, committing to deliver **264,768 ounces** of gold monthly from July 2025 to June 2026, accounted for as deferred revenue under IFRS 15 - The company received **$500 million** in prepayment for the delivery of **264,768 ounces** of gold between July 2025 and June 2026[92](index=92&type=chunk) - Prepaid gold sales are accounted for as deferred revenue under IFRS 15[93](index=93&type=chunk) - **$8 million** in financing interest expense was recognized during the period, with **$3 million** capitalized and **$5 million** expensed to profit or loss[94](index=94&type=chunk) [16. Financial instruments](index=16&type=section&id=16%20Financial%20instruments) The company's financial assets and liabilities are classified by fair value hierarchy, with long-term investments (Level 1), fuel derivatives (Level 2), and gold stream obligations (Level 3), while credit risk is mitigated by depositing cash with high-rated financial institutions | Financial Instrument Item | Fair Value as of March 31, 2024 ($ thousands) | Fair Value as of December 31, 2023 ($ thousands) | | :-------------------------------- | :-------------------------------------------- | :----------------------------------------------- | | **Assets** | | | | Long-term investments (Level 1) | 101,497 | 86,007 | | Fuel derivative contracts (Level 2) | 362 | 481 | | **Liabilities** | | | | Gold stream obligation (Level 3) | (150,452) | (139,600) | - The fair value of the gold stream is calculated using an income approach and discounted cash flow model, incorporating observable market data (e.g., forward gold price curve) and unobservable market data (e.g., future gold delivery timing)[32](index=32&type=chunk) - The company limits credit risk by primarily depositing cash and cash equivalents with highly-rated financial institutions[35](index=35&type=chunk) [17. Income and other taxes](index=17&type=section&id=17%20Income%20and%20other%20taxes) Income tax expense for Q1 2024 increased to $81,614 thousand from $74,951 thousand in Q1 2023, mainly due to future withholding taxes and foreign exchange movements, with a **$10 million** provision for a tax audit dispute at Fekola | Item | Three Months Ended March 31, 2024 ($ thousands) | Three Months Ended March 31, 2023 ($ thousands) | | :------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Earnings before interest and taxes | 130,095 | 176,855 | | Income tax expense at statutory rate | 35,126 | 47,751 | | Income tax expense | 81,614 | 74,951 | | Current income tax, withholding tax and other taxes | 61,584 | 76,740 | | Deferred income tax expense (recovery) | 20,030 | (1,789) | - The increase in income tax expense is primarily due to the impact of future withholding taxes (**$14,820 thousand**) and foreign exchange movements (**$7,308 thousand**)[36](index=36&type=chunk) - Fekola SA received a tax audit reassessment notice from the Malian tax authorities for **$26 million** (excluding penalties) or **$45 million** (including penalties) for fiscal years 2016-2018; the company has provided a **$10 million** provision (net **$5 million**)[37](index=37&type=chunk) [18. Supplementary cash flow information](index=18&type=section&id=18%20Supplementary%20cash%20flow%20information) Net non-cash expenses increased to $151,322 thousand in Q1 2024 from $121,532 thousand in Q1 2023, influenced by gold stream fair value changes and associate dilution losses, while non-cash working capital changes were $21,985 thousand | Non-Cash Expenses (Credits) Item | Three Months Ended March 31, 2024 ($ thousands) | Three Months Ended March 31, 2023 ($ thousands) | | :---------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Depreciation and amortization | 90,446 | 97,158 | | Deferred income tax expense (recovery) | 20,030 | (1,789) | | Gold stream fair value change | 10,852 | — | | Dilution loss on associate | 9,982 | — | | Non-cash interest and financing expenses | 9,571 | 2,926 | | **Net non-cash expenses** | **151,322** | **121,532** | | Non-Cash Working Capital Changes Item | Three Months Ended March 31, 2024 ($ thousands) | Three Months Ended March 31, 2023 ($ thousands) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Accounts receivable and prepaids | 1,549 | (6,605) | | VAT and other receivables | (5,116) | (645) | | Inventories | 203 | (22,667) | | Accounts payable and accrued liabilities | 13,610 | (4,970) | | Current income tax and other taxes payable | 11,739 | 41,113 | | **Total** | **21,985** | **6,226** | | Other Exploration and Development Expenditures Item | Three Months Ended March 31, 2024 ($ thousands) | Three Months Ended March 31, 2023 ($ thousands) | | :-------------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Fekola Mine, exploration | (1,302) | (1,706) | | Masbate Mine, exploration | (821) | (959) | | Otjikoto Mine, exploration | (1,789) | (494) | | Goose Project, exploration | (2,312) | — | | Finnish assets, exploration | (1,393) | (2,271) | | **Total** | **(8,840)** | **(15,991)** | [19. Segmented information](index=19&type=section&id=19%20Segmented%20information) The company's reportable segments include the Fekola, Masbate, and Otjikoto mine operations, the Goose Project development, and other mineral assets like Gramalote and the Calibre equity investment, with mining interests across various geographies - The company's reportable segments include the Fekola, Masbate, and Otjikoto mines, and the Goose Project[41](index=41&type=chunk) - Fekola regional assets (including Bantako North, Menankoto, Dandoko, and Bakolobi) are in the exploration and evaluation stage[41](index=41&type=chunk) - Other mineral assets include the Gramalote Project and the equity investment in Calibre[41](index=41&type=chunk) | Geographical Location | Mining Interests as of March 31, 2024 ($ thousands) | Mining Interests as of December 31, 2023 ($ thousands) | | :-------------------- | :-------------------------------------------------- | :----------------------------------------------------- | | Canada | 1,633,647 | 1,509,289 | | Mali | 1,176,418 | 1,131,343 | | Philippines | 522,201 | 533,781 | | Namibia | 255,252 | 264,747 | | Colombia | 69,474 | 66,184 | | Finland | — | 32,954 | | Burkina Faso | 21,087 | 21,087 | | Other | 4,844 | 4,105 | | **Total** | **3,682,923** | **3,563,490** | [20. Commitments](index=20&type=section&id=20%20Commitments) As of March 31, 2024, the company has capital expenditure commitments for the Fekola mine, Goose Project, and Masbate mine, with significant expenditures anticipated in 2024 and 2025 - Fekola mine commitments include **$28 million** for underground development, **$7 million** for tailings storage facility construction, and **$6 million** for solar plant expansion, all expected in 2024[7](index=7&type=chunk) - Goose Project commitments include **$30 million** for construction activities and **$27 million** for mobile equipment, with **$52 million** expected in 2024 and **$5 million** in 2025[7](index=7&type=chunk) - Masbate mine commitments include **$1 million** for mobile equipment purchases, expected in 2024[7](index=7&type=chunk)

Investors might want to bet on B2Gold (BTG) , as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Individual investors often ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use tri ...

The run-up in gold prices isn’t over just yet. In fact, with Middle East tensions boiling over, and a pickup in safe-haven demand, the metal could test $2,700 this year, says Goldman Sachs. Roth MKM analysts also believe gold could range between $2,500 and $2,600 this year. All of which could send some of the top gold stocks to higher highs.Central bank buying isn’t slowing either. China’s central bank, for example, just bought even more gold for the seventeenth month in a row, says The Wall Street Journal. ...

VANCOUVER, British Columbia, April 15, 2024 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX:BTO, NYSE:BTG, NSX: B2G))) ("B2Gold" or the "Company") will release its first quarter 2024 financial results after the North American markets close on Tuesday, May 7, 2024. B2Gold executives will host a conference call to discuss the results on Wednesday, May 8, 2024, 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 in ...