Company Performance - B2Gold (BTG) closed at $3.12, showing no change from the previous session, while the S&P 500 gained 1.77% [1] - Over the past month, B2Gold shares appreciated by 10.64%, outperforming the Basic Materials sector's loss of 0.29% and the S&P 500's loss of 5.73% [1] Financial Projections - B2Gold is projected to report earnings of $0.07 per share, reflecting a year-over-year growth of 16.67% [2] - For the full year, earnings are estimated at $0.38 per share and revenue at $2.71 billion, indicating changes of +137.5% and +42.66% from the prior year, respectively [2] Analyst Estimates - Recent changes in analyst estimates for B2Gold are important as they indicate shifting near-term business trends, with positive revisions seen as a good sign for the company's outlook [3] - The Zacks Consensus EPS estimate has shifted 7.12% upward over the past month, and B2Gold currently holds a Zacks Rank of 3 (Hold) [5] Valuation Metrics - B2Gold is trading at a Forward P/E ratio of 8.29, which is a discount compared to the industry's average Forward P/E of 13.83 [6] - The company's PEG ratio is currently 0.24, while the Mining - Gold industry had an average PEG ratio of 1.03 [6] Industry Context - The Mining - Gold industry ranks in the bottom 45% of all industries, with a current Zacks Industry Rank of 140 [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Viewpoint - B2Gold Corp. has successfully completed the Phase 2 expansion of the Fekola Solar Plant in Mali, which will enhance sustainability by reducing emissions and fuel consumption [1][4]. Group 1: Expansion Details - The Phase 2 expansion began in June 2023, with construction activities including land clearing and road construction, and was completed with the installation of 46,200 additional solar panels, bringing the total to 142,912 panels [2][3]. - The expansion will add 22 megawatts of solar capacity and 12.7 megawatt-hours of battery storage, leading to an annual reduction of 63,000 tons in carbon-dioxide-equivalent emissions [4][5]. Group 2: Economic and Employment Impact - The construction of the solar plant expansion generated over 120 local jobs, and 13 individuals were trained and employed for maintenance post-completion [3]. - The reduction in heavy fuel oil consumption is expected to be 20 million liters per year, which is anticipated to significantly lower operational costs [4]. Group 3: Financial Performance - In Q4 2024, B2Gold reported adjusted earnings per share of 1 cent, missing the Zacks Consensus Estimate of 6 cents, marking an 86% decline year over year due to decreased gold ounces sold [6]. - The company generated revenues of $499.8 million in Q4 2024, a 2.4% decrease year over year, with a 33.5% increase in average realized gold prices offset by a 26.9% decline in gold ounces sold [7]. Group 4: Stock Performance - B2Gold's shares have increased by 34.3% over the past year, while the industry has seen a growth of 48.7% [8].

Group 1 - Samuel Smith has extensive experience in dividend stock research and investment, having served as lead analyst and Vice President at notable firms [1] - He is a Professional Engineer and Project Management Professional, holding degrees in Civil Engineering & Mathematics and a Masters in Engineering with a focus on applied mathematics and machine learning [1] - Samuel leads the High Yield Investor investing group, collaborating with Jussi Askola and Paul R. Drake to balance safety, growth, yield, and value in investment strategies [2] Group 2 - High Yield Investor provides real-money core, retirement, and international portfolios, along with regular trade alerts and educational content [2] - The service includes an active chat room for investors to engage and share insights [2]

Group 1 - B2Gold (BTG) was one of the few large gold miners that did not see its share price increase last year despite a significant rally in gold prices, which reached record highs [1] - The VanEck Gold Miners index indicates a broader trend in the gold mining sector, highlighting the disparity in performance among different companies [1] Group 2 - The investment philosophy of Mountain Valley Value Investments focuses on identifying undervalued companies with strong growth potential across various sectors, emphasizing long-term value and disciplined research [1] - The company aims to uncover investment opportunities that can deliver strong returns while highlighting potential risks that may impact investment theses [1]

Core Viewpoint - B2Gold Corp. reported disappointing fourth-quarter 2024 results, with adjusted earnings per share (EPS) of 1 cent, missing the Zacks Consensus Estimate of 6 cents, and reflecting an 86% year-over-year decline due to reduced gold production at the Fekola mine [1][3]. Financial Performance - B2Gold generated revenues of $499.8 million in Q4 2024, a decrease of 2.4% year over year, despite a 33.5% increase in average realized gold prices, which was offset by a 26.9% decline in gold ounces sold [3]. - The company recorded consolidated gold production of 186,001 ounces in Q4 2024, down 31.1% year over year [3][4]. - The total cost of sales for the quarter was $326 million, up 6.3% year over year, with gross profit decreasing by 15.4% to $174 million, leading to a gross margin contraction to 34.8% from 40.1% in the prior year [6]. Cost Structure - B2Gold's consolidated cash operating costs rose to $968 per ounce, an increase of 58.4% year over year, while the all-in-sustaining costs (AISC) increased by 32% to $1,668 per ounce [5]. Cash Flow and Balance Sheet - At the end of 2024, B2Gold had cash and cash equivalents of $337 million, up from $307 million at the end of 2023, and generated $878 million in cash from operating activities in 2024 compared to $714 million in 2023 [7]. Annual Performance - For the full year 2024, B2Gold reported an adjusted EPS of 16 cents, down from 28 cents in the prior year, and missed the Zacks Consensus Estimate of 21 cents. Total sales fell by 1.2% year over year to $1.90 billion, meeting the Zacks Consensus Estimate [8]. Production Outlook - B2Gold expects total gold production for 2025 to be in the range of 970,000 to 1,075,000 ounces, with 2024 production recorded at 804,778 ounces [9]. Stock Performance - B2Gold's shares have increased by 19.8% over the past year, contrasting with the industry's growth of 61% [10].

Financial Data and Key Metrics Changes - The company met its new guidance for the year, coming in at the upper end of all-in sustaining costs and lower end of production [4] - Basic earnings per share were slightly negative for the quarter, primarily due to lower-than-budgeted production at Fekola and foreign exchange impacts [16] - Adjusted net earnings for the quarter were $0.01 per share, with operating cash flow before working capital adjustments at $145 million [17][18] Business Line Data and Key Metrics Changes - Fekola's production was down in 2024, attributed to operational challenges, but the company expects substantial increases in production moving forward [10][25] - The Goose project is on track to produce first gold by the end of Q2 2025, with total construction and development cash expenditures maintained at CAD1.54 billion [18][24] - The Masbate operations outperformed expectations, delivering all-in sustaining costs materially lower than guidance [25] Market Data and Key Metrics Changes - The company is looking to increase production from Fekola to 180,000 ounces annually and from Goose to over 300,000 ounces annually [10][12] - A new discovery in the Otjikoto area has the potential to add 65,000 ounces of gold production [13] Company Strategy and Development Direction - The company is focused on growth from existing assets, with plans to increase production significantly in 2025 [15][31] - The Gramalote project in Colombia is under a feasibility study, expected to yield 240,000 ounces annually, subject to positive outcomes [11][30] - The company is also working on consolidating licenses in Mali to facilitate regional mining [35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting a positive relationship with the Mali government and the resolution of previous uncertainties [28][29] - The company anticipates a turnaround in market perception as risks associated with the Mali operations and the Goose project are alleviated [30] Other Important Information - The company completed a convertible note offering for gross proceeds of $460 million, which was used to pay down its revolving credit facility [19] - The company is maintaining a strong financial position with cash and cash equivalents of $337 million at year-end [18] Q&A Session Summary Question: Update on Fekola permits and regulatory requirements - Management is consolidating three licenses and expects to receive the necessary permits soon, allowing for regional mining to start [35][36] Question: Status of Goose project and underground mining rates - The company acknowledged historical issues with miner quality and equipment but has made improvements, and production rates are now meeting targets [39][40]

Financial Performance - Gold revenue for 2024 was $1,902,030, a decrease of 1.7% from $1,934,272 in 2023[22] - Total cost of sales increased to $1,195,835 in 2024 from $1,154,271 in 2023, reflecting a rise of 3.6%[22] - Gross profit decreased to $706,195 in 2024, down 9.5% from $780,001 in 2023[22] - Net loss for 2024 was $626,653, compared to a net income of $41,588 in 2023, marking a substantial decline[22] - Basic loss per share attributable to shareholders was $0.48 in 2024, compared to earnings of $0.01 per share in 2023[22] - Total comprehensive loss for the year was $604,168, compared to a comprehensive income of $62,201 in 2023[23] Impairments - The company reported an impairment of long-lived assets totaling $876,376 in 2024, significantly higher than the $322,148 recorded in 2023[22] - The impairment assessment for the Goose Project CGU resulted in an impairment of $661 million, based on a discounted cash flow model[13] - The Fekola Complex CGU also experienced an impairment of $215 million, with management applying significant judgment in estimating recoverable amounts[17] - The Company recorded an impairment charge of $661 million for the Goose Project CGU in the year ended December 31, 2024[127] - The Fekola Complex CGU experienced an impairment of $215 million, resulting in a net impairment charge of $194 million after a deferred income tax recovery of $21 million for the year ended December 31, 2024[132] Assets and Liabilities - Total assets decreased slightly to $4.814 billion in 2024 from $4.875 billion in 2023, a decline of about 1.25%[25] - Cash and cash equivalents at the end of 2024 were $336.971 million, up from $306.895 million in 2023, indicating an increase of approximately 9.8%[25] - Long-term debt rose significantly to $421.464 million in 2024 from $175.869 million in 2023, representing an increase of about 139%[25] - The current portion of prepaid gold sales was reported at $272.781 million in 2024, reflecting a new liability compared to 2023[25] - Total debt increased to $437.9 million in 2024 from $192.1 million in 2023, primarily due to a new revolving credit facility[163] Shareholder Equity - Shareholders' equity decreased to $2.983 billion in 2024 from $3.810 billion in 2023, a decline of approximately 21.7%[25] - The total equity of B2Gold Corp. decreased to $3.035697 billion as of December 31, 2024, down from $3.909975 billion at the end of 2023[27] - B2Gold's share capital increased to $3.510271 billion in 2024, up from $3.454811 billion in 2023, indicating a growth in equity financing[27] Cash Flow and Investments - Cash provided by operating activities increased to $877.604 million in 2024 from $714.453 million in 2023, reflecting a growth of approximately 23%[24] - The company invested $515.391 million in the Goose Project in 2024, a substantial increase compared to $282.338 million in 2023[24] - The company issued 2,700 thousand shares for flow-through financing, raising $7.058 million in 2024[26] - The company sold 79 million shares of Calibre Mining Corp for proceeds of $100 million, reclassifying the remaining investment of 32 million shares valued at $43 million to long-term investments[120] - The total long-term investments decreased from $86.0 million in 2023 to $76.7 million in 2024, reflecting various sales and purchases[120] Stock and Share-Based Payments - Share-based payments amounted to $25.763 million in 2024, reflecting the company's commitment to incentivizing its employees[26] - The total number of shares outstanding increased to 1,318,041 thousand by December 31, 2024, from 1,302,396 thousand in 2023[27] - The company granted approximately 22 million stock options in 2024, with an estimated fair value of $11 million recognized over the vesting period[191] - Share-based payments expense related to DSUs decreased to $0.1 million in 2024 from $0.8 million in 2023, showing a reduction of 87.5%[202] Acquisitions and Business Combinations - The company completed the acquisition of Sabina Gold & Silver Corp for a total purchase price of $937 million, which included the issuance of 216,451,555 shares valued at Cdn. $5.72 per share[140][141] - The company incurred a $112 million payment to extinguish certain gold stream and construction financing obligations following the acquisition of Sabina[143] - The company recognized an impairment of $112 million related to its existing 50% interest in the Gramalote Project after acquiring the remaining 50% from AngloGold Ashanti[146] Tax and Regulatory Matters - The company recorded an income tax expense of $67 million for the settlement of income tax and customs assessments for the period from 2016 through 2023[136] - An amended Executive Officer Incentive Compensation Clawback Policy was adopted on November 7, 2023, to comply with new regulatory requirements[204] Hedging and Financial Instruments - The company implemented a gold collar hedging program aimed at achieving a minimum cumulative financial settlement of $220 million[168] - The company measures the fair value of financial instruments not traded in an active market using valuation techniques, impacting the gold stream obligation[110] Mine Operations and Restoration - The company’s mine restoration provisions increased to approximately $147.7 million as of December 31, 2024, up from $107.7 million in 2023[185] - The company reported a severance obligation of $12 million related to the phased closure plan for the Otjikoto Mine, recorded as a restructuring charge[147]

Group 1 - The company, Laureate Education, Inc., will participate in the BTG Pactual Latam Opportunities Conference on March 18-19, 2025, in London [1][2] - The conference is invitation-only, and interested parties must register to attend [2] - Laureate Education operates five higher education institutions in Mexico and Peru, serving over 450,000 students through various degree programs [3]

Company Overview - B2Gold (NYSE: BTG) is a gold mining company operating the tier-1 Fekola mine in Mali and several other low-AISC (all-in sustaining cost) mines [1] Macroeconomic Context - The broader macroeconomic environment is favorable for gold, which has been emphasized in previous coverage [1] Leadership and Expertise - Benjamin Halliburton, the founder of Building Benjamins, has extensive experience in investment management, having started his career at Merrill Lynch in 1986 and earning an MBA from Duke's Fuqua School of Business in 1990 [1] - Halliburton has been recognized for his investment acumen, being named "PSN Manager of the Decade" for All-Cap in the 2000s and for Dividend Value in the 2010s [1] Performance and Strategy - Halliburton's "Disciplined Growth Strategy" outperformed the S&P 500 during the 1990s bull market, showcasing a strong track record in portfolio management [1] - He was the youngest partner at his previous firm, Brundage, Story and Rose, and received accolades from senior managing partners for his investment skills [1]

Company Performance - B2Gold (BTG) closed at $2.42, reflecting a -0.82% change from the previous session, underperforming compared to the S&P 500's loss of 0.51% [1] - Over the last month, B2Gold's shares decreased by 5.79%, while the Basic Materials sector gained 4.34% and the S&P 500 gained 2.87% [1] Upcoming Earnings - B2Gold's earnings report is scheduled for February 19, 2025, with analysts expecting earnings of $0.07 per share, indicating no growth from the previous year [2] Analyst Estimates - Recent changes to analyst estimates for B2Gold are important as they reflect the evolving business trends, with upward revisions indicating positive sentiment towards the company's profitability [3] Zacks Rank and Performance - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), shows B2Gold currently holds a rank of 3 (Hold) [5] - The Zacks Consensus EPS estimate for B2Gold has decreased by 5.43% in the past month [5] Valuation Metrics - B2Gold is trading at a Forward P/E ratio of 5.9, which is below the industry's average Forward P/E of 10.76 [6] - The company has a PEG ratio of 0.27, compared to the industry average PEG ratio of 0.62 [6] Industry Context - The Mining - Gold industry, part of the Basic Materials sector, has a Zacks Industry Rank of 89, placing it in the top 36% of over 250 industries [7] - Strong industry rankings correlate with stock performance, with the top 50% rated industries outperforming the bottom half by a factor of 2 to 1 [7]