Key Takeaways B2Gold produced 229,454 ounces in Q2 2025, up 12.3% year over year and ahead of expectations.Goose Mine achieved its first gold pour, with commercial production set to ramp in Q3 2025.BTG forecasts 2025 sales of $3.21B, up 68.7% year over year, and EPS growth of 262.5%.B2Gold Corp. (BTG) delivered a strong second quarter in 2025, reporting consolidated gold production of 229,454 ounces, up 12.3% year over year and ahead of expectations. The solid results reflected strong performance across all ...

Core Insights - AngloGold Ashanti PLC (AU) reported a 21% year-over-year increase in gold production for Q2 2025, reaching 804,000 ounces, surpassing Q1's production of 720,000 ounces, which was the best first-quarter performance since 2020 [1][9] - The increase in production is attributed to the newly acquired Sukari mine and strong performance across other key assets [1] Production Details - Sukari mine contributed 129,000 ounces in Q2 and 117,000 ounces in Q1, totaling 246,000 ounces for the first half of 2025, marking a 9% year-over-year improvement [2][3] - Sukari now represents 16% of AU's total production, while Geita operations contributed 254,000 ounces, accounting for 17% of the total [3] - The company maintains its 2025 production guidance of 2.900-3.225 million ounces, indicating a year-over-year growth of 9-21% [3] Competitive Landscape - Barrick Mining Corporation experienced a 15.9% decline in Q2 gold production to 797,000 ounces, following a 19% year-over-year drop in Q1 [4][5] - Agnico Eagle Mines Limited reported a 3% dip in Q2 gold production to 866,029 ounces, with a total of 1,739,823 ounces produced in 2025, a 2% decrease from the previous year [6][7] Stock Performance and Valuations - AngloGold Ashanti's stock has appreciated 135.3% year-to-date, outperforming the Zacks Mining – Gold industry's growth of 72.2% [8] - The company is currently trading at a forward 12-month earnings multiple of 10.12X, which is below the industry average of 13.45X [10] Financial Estimates - The Zacks Consensus Estimate for AU's 2025 sales is $9.01 billion, reflecting a 55.6% year-over-year growth, with earnings estimated at $4.96 per share, indicating a 124% increase [11]

Core Viewpoint - Ascot Resources Ltd. reported a net income of $3.362 million for Q1 2025, a significant improvement from a net loss of $6.208 million in Q1 2024, primarily due to gains from higher gold and silver prices and a decrease in the fair value of convertible options [10] Financial Results - The company had cash and cash equivalents of $36.151 million as of March 31, 2025, with a working capital deficiency of $40.724 million [11] - The increase in cash was mainly attributed to net proceeds from the first tranche of the 2025 Offering, partially offset by expenditures in mine development and other costs totaling $27.823 million [11] - Total gross proceeds raised from the 2025 Offering amounted to $61.2 million, with $42 million from the first tranche and $19.2 million from the second tranche [5][13] Leadership Changes - A leadership transition occurred on January 15, 2025, with the resignation of key executives and the appointment of Jim Currie as CEO and Director [5] - Rick Zimmer, the Chairman, announced his retirement due to family health reasons, and Bill Bennett was elected as Interim Chairman [9] Mine Development and Operations - As of April 13, 2025, over 800 meters of mine development had been completed, with plans to stockpile 40,000 tonnes of material for processing before the mill startup in August 2025 [5] - The company is in the process of renegotiating mining and development contract rates, which are trending higher than current rates, potentially impacting cash flows and development timelines [6][12] Future Outlook - The company aims to transition to steady-state gold production in 2025, contingent on successful contract negotiations [15] - Key priorities include completing mine development at PNL and ensuring sufficient mill feed for processing [19]

Core Viewpoint - Calibre Mining Corp. reported strong financial and operational results for Q1 2025, with gold production of 71,539 ounces and a focus on cost discipline, positioning the company to potentially exceed its full-year production guidance of 230,000 to 280,000 ounces [2][10][22]. Financial Performance - Consolidated revenue for Q1 2025 was $202.6 million, compared to $131.9 million in Q1 2024, reflecting a significant increase [18]. - The company achieved net earnings of $22.6 million in Q1 2025, up from a net loss of $3.6 million in Q1 2024 [19]. - Adjusted net earnings for Q1 2025 were $40.1 million, compared to $5.6 million in Q1 2024 [44]. - The average realized gold price per ounce sold was $2,796, an increase from $2,092 in Q1 2024 [43]. Operational Highlights - Gold production was 64,469 ounces from Nicaragua and 7,070 ounces from Nevada, with a consolidated total of 71,539 ounces [10][20]. - The total cash cost (TCC) was $1,221 per ounce, while the all-in sustaining cost (AISC) was $1,389 per ounce [11][19]. - The Valentine Gold Mine is expected to produce approximately 200,000 ounces of gold annually, with first gold expected by the end of Q3 2025 [3][7]. Valentine Gold Mine Update - The initial project capital cost for the Valentine Gold Mine has increased to approximately C$854 million, with $203 million in cash fully funding the project as of April 30, 2025 [3][12]. - Construction is nearing completion, with the primary crusher commissioned and the coarse ore stockpile ready to receive material by the end of May [4][12]. - The largest pure exploration drill program in the property's history is underway, totaling 100,000 meters [10][22]. Merger with Equinox Gold - The merger with Equinox Gold is expected to close by the end of Q2 2025, creating a major Americas-focused gold producer with enhanced scale and diversification [8][14]. - The combined entity is projected to deliver greater value than either company could achieve independently, with a strong balance sheet and a pipeline of development projects [14][27].