B2Gold Reports Q1 2025 Results

Core Viewpoint - B2Gold Corp. reported strong operational performance in Q1 2025, exceeding gold production expectations and achieving lower than anticipated all-in sustaining costs, while remaining on track for future production milestones. Financial Performance - Consolidated gold production reached 192,752 ounces in Q1 2025, surpassing expectations and maintaining alignment with annual production guidance [2][54] - Consolidated cash operating costs were $832 per gold ounce produced, lower than expected due to reduced fuel costs and increased production [2][54] - All-in sustaining costs were $1,533 per gold ounce sold, also lower than anticipated, attributed to reduced cash operating costs and sustaining capital expenditures [2][54] - Attributable net income was $58 million, or $0.04 per share, with adjusted net income of $122 million, or $0.09 per share [2][54] - Operating cash flow before working capital adjustments was $244 million, or $0.19 per share [2][54] Project Developments - The Goose Project is on track for first gold production in June 2025, with total construction and mine development budget remaining at C$1,540 million [2][54][44] - The 2025 Winter Ice Road campaign was completed ahead of schedule, facilitating material delivery for operations [2][54][41] - Estimated gold production from the Goose Project for 2025 is between 120,000 and 150,000 ounces, with an average annual production forecast of approximately 300,000 ounces from 2026 to 2031 [2][54][55] Optimization Studies - Multiple optimization studies are underway for the Goose Project, including increasing mill throughput from 4,000 tonnes per day to potentially 6,000 tonnes per day and evaluating a flotation/concentrate leach process to enhance gold recovery [3][45][46] - Results from these studies are expected to be finalized in late 2025 or early 2026 [3][48] Other Projects - A feasibility study for the Gramalote Project in Colombia is targeted for completion in mid-2025, following positive Preliminary Economic Assessment results [5][51] - Positive PEA results for the Antelope deposit at the Otjikoto Mine indicate potential for a small-scale, low-cost underground gold mine, with a development decision anticipated in Q3 2025 [5][34] Liquidity and Capital Resources - As of March 31, 2025, the company had cash and cash equivalents of $330 million and working capital of $174 million [7][54] - The company repaid $400 million on its revolving credit facility, leaving $800 million available for future drawdowns [7][54]