有色金属海外季报：B2Gold2024Q4黄金总产量同比减少35.57%至5.79吨，2024Q4净亏损为932.5万美元

Investment Rating - Industry rating: Recommended [6] Core Views - The report indicates a significant decrease in gold production and sales for B2Gold in Q4 2024, with total production down 35.57% year-on-year to 186,001 ounces (5.79 tons) and total sales down 31.71% year-on-year to 187,793 ounces (5.84 tons) [2][3] - The cash operating cost per ounce sold increased by 46.14% year-on-year to $966 per ounce, while the all-in sustaining cost (AISC) rose by 32.70% year-on-year to $1,668 per ounce [2][3] - For the full year 2024, total gold production was 804,778 ounces (25.03 tons), a decrease of 24.15% compared to the previous year, and total sales were 821,168 ounces (25.54 tons), down 22.73% year-on-year [3][9] Financial Performance Summary - In Q4 2024, B2Gold reported revenue of $500 million, a 5.00% increase quarter-on-quarter but a 2.38% decrease year-on-year [4] - The net loss for Q4 2024 was $9.325 million, an improvement from a loss of $631 million in the previous quarter and a loss of $117 million in the same quarter last year [4][13] - For the full year 2024, the company reported a net loss of $626.653 million, compared to a profit of $41.588 million in the previous year [9][13] Production and Cost Guidance - For 2025, B2Gold expects total gold production to be between 970,000 and 1,075,000 ounces (30.17-33.44 tons), a significant increase from 2024 levels [10] - The forecasted cash operating costs for 2025 are expected to range from $835 to $895 per ounce, with total sustaining costs projected between $1,460 and $1,520 per ounce [10] - The Goose project is anticipated to start producing gold in Q2 2025, contributing an estimated 120,000 to 150,000 ounces in its first year of operation [11]