B2Gold(US:BTG)2025-11-05 22:42Financial Performance - Gold revenue for Q3 2025 reached $782,948,000, a 75% increase from $448,229,000 in Q3 2024[3] - Gross profit for the nine months ended September 30, 2025, was $979,532,000, compared to $532,240,000 for the same period in 2024, reflecting an increase of 84%[3] - Net income for Q3 2025 was $23,123,000, a significant recovery from a net loss of $631,032,000 in Q3 2024[4] - Total comprehensive income for the nine months ended September 30, 2025, was $323,010,000, compared to a loss of $588,280,000 in the same period of 2024[4] - The company reported a basic earnings per share of $0.01 for Q3 2025, recovering from a loss per share of $0.48 in Q3 2024[3] - The net income for the nine months ended September 30, 2025, was $246,440,000, compared to a net loss of $617,328,000 for the same period in 2024[7] - For the nine months ended September 30, 2025, the company reported a net income of $231.3 million, a significant recovery from a net loss of $618 million in the same period of 2024[60] - Basic earnings per share for the nine months ended September 30, 2025, was $0.18 compared to a loss of $0.47 in the same period of 2024[60] Costs and Expenses - Production costs for the nine months ended September 30, 2025, were $517,511,000, slightly higher than $500,452,000 in the same period of 2024[3] - The total cost of sales for the nine months ended September 30, 2025, was $1,027,729,000, up from $870,002,000 in the same period of 2024[3] - Cash provided by operating activities for the nine months ended September 30, 2025, was $605,259 thousand, a decrease from $757,060 thousand in the same period of 2024[5] - Cash used in investing activities for the nine months ended September 30, 2025, was $708,975 thousand, compared to $511,334 thousand in the same period of 2024[5] - Capital expenditures for the nine months ended September 30, 2025, totaled $688,460,000, compared to $674,531,000 in the same period of 2024, reflecting a modest increase of approximately 2%[91] Assets and Liabilities - Total assets as of September 30, 2025, increased to $5,692,216 thousand from $4,813,998 thousand as of December 31, 2024[6] - Total liabilities increased to $2,321,433 thousand as of September 30, 2025, from $1,778,301 thousand at the end of 2024[6] - The company reported a total of $1,070,469 thousand in current assets as of September 30, 2025, compared to $901,789 thousand at the end of 2024[6] - Long-term investments rose to $178,415 thousand as of September 30, 2025, up from $76,717 thousand at the end of 2024[6] - As of September 30, 2025, total debt increased to $637.6 million from $437.9 million at December 31, 2024, representing a 45.6% increase[10] Shareholder Information - The company declared dividends totaling $77,588,000 for the nine months ended September 30, 2025, compared to $138,248,000 in the same period of 2024, indicating a reduction in dividend payouts[7] - The company repurchased and cancelled 2 million common shares for $10 million during the three months ended September 30, 2025, as part of its Normal Course Issuer Bid[57] - The total number of shares outstanding increased to 1,330,134,000 as of September 30, 2025, from 1,318,041,000 at the end of 2024[7] Operational Highlights - The company achieved commercial production at the Goose Mine on October 2, 2025, expanding its operational capacity[8] - The Fekola Mine generated external gold revenue of $1,104,565,000 for the nine months ended September 30, 2025, up from $721,898,000 in the same period of 2024, marking an increase of about 53%[89] - The company recognized gold revenue of $144 million from the delivery of 66,192 ounces under prepaid gold sales contracts during the three and nine months ended September 30, 2025[73] Impairments and Charges - The company reported a significant impairment of long-lived assets amounting to $661,160,000 for the Goose Mine during the nine months ended September 30, 2025[88] - The company recorded a net impairment charge of $194 million for the Fekola Complex CGU due to changes in the mining code and local content law in Mali[36] - The company wrote off $5 million related to non-core exploration and evaluation properties during the nine months ended September 30, 2025[38] Financial Instruments and Derivatives - The company has guaranteed its gold stream obligation, which is classified as a derivative liability under IFRS 9[68] - The average floor price for the company's gold derivative contracts is set at $2,450 per ounce, with an average ceiling price of $3,294 per ounce[67] - As of September 30, 2025, the unrealized fair value of the company's gold derivative contracts was $(173) million, while fuel derivative contracts had a fair value of $(1.731) million[67][64] Taxation and Compliance - The company incurred $33 million in current income tax for the three months ended September 30, 2025, compared to $50 million in the same period of 2024[85] - The company maintained compliance with its debt covenants, including an interest coverage ratio greater than or equal to 3:1 and a leverage ratio of less than 3.5:1 as of September 30, 2025[51]