B2Gold Reports Q3 2024 Results
6 November 2024
VANCOUVER, British Columbia, Nov. 06, 2024 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announces its operational and financial results for the third quarter of 2024. All dollar figures are in United States dollars unless otherwise indicated.
2024 Third Quarter Highlights
- Total gold production of 180,553 ounces: Total gold production in the third quarter of 2024 was 180,553 ounces. At the Fekola Mine, production was lower than expected due to the delayed timing of mining high-grade ore and by lower than anticipated equipment productivity and inclement weather throughout the quarter that reduced the mined volumes of high-grade ore. Damage to an excavator and the subsequent need for replacement equipment impacted equipment availability at Fekola, reducing tonnes mined in the first and second quarters of 2024, which affected the availability of higher-grade ore for the third quarter of 2024. Masbate and Otjikoto both continued to outperform expectations in the third quarter.
- Total consolidated cash operating costs of $1,061 per gold ounce produced: Total consolidated cash operating costs (see “Non-IFRS Measures”) were $1,061 per gold ounce produced during the third quarter of 2024. Total consolidated cash operating costs of $865 per gold ounce produced for the first nine months of 2024 are at the mid-point of the Company's annual guidance range.
- Total consolidated all-in sustaining costs of $1,650 per gold ounce sold: Total consolidated all-in sustaining costs (see “Non-IFRS Measures”) were $1,650 per gold ounce sold for the third quarter of 2024. Total consolidated all-in sustaining costs of $1,405 per gold ounce sold for the first nine months of 2024 are below the Company’s revised annual guidance range.
- Attributable net loss of $0.48 per share; adjusted attributable net income of $0.02 per share: Net loss attributable to the shareholders of the Company in the third quarter of 2024 of $634 million ($0.48 per share), predominantly due to a non-cash impairment charge on the Goose Project as a result of the previously announced construction capital increases (see “Goose Project Development”). Adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company was $29 million ($0.02 per share). Adjusted net income attributable to the shareholders of the Company in the third quarter was negatively impacted by one-time tax audit accruals of $30 million related to the agreement between the Company and the State of Mali in connection with the ongoing operation and governance of the Fekola Complex.
- Operating cash flow before working capital adjustments of $118 million: Cash flow provided by operating activities before working capital adjustments was $118 million in the third quarter of 2024.
- Strong financial position and liquidity: At September 30, 2024, the Company had cash and cash equivalents of $431 million and working capital (defined as current assets less current liabilities) of $419 million.
- Q4 2024 dividend of $0.04 per share declared: On November 6, 2024, B2Gold's Board of Directors declared a cash dividend for the fourth quarter of 2024 of $0.04 per common share (or upon payment $0.16 per share on an annualized basis), payable on December 12, 2024, to shareholders of record as of December 2, 2024.
- Goose Project construction and development remains on schedule for first gold pour in Q2 2025: All planned construction year to date in 2024 has been completed and project construction and development continues to progress on track for first gold pour at the Goose Project in the second quarter of 2025 followed by a ramp up to commercial production in the third quarter of 2025. The 2024 sealift was completed successfully on September 30, 2024, with ten ships and one barge having unloaded 123,000 cubic meters (“m3”) of dry cargo, more than 84 million liters of arctic grade diesel fuel and 58 additional trucks for the 2025 Winter Ice Road (“WIR”) campaign to the Marine Laydown Area (“MLA”) from global locations.
- Memorandum of Understanding with the State of Mali relating to the Fekola Complex: On September 11, 2024, the Company announced that it had entered into a Memorandum of Understanding (the “MOU Agreement”) with the State of Mali (the “State”) in connection with the ongoing operation and governance of the Fekola Complex, including the development of both the underground project at the Fekola Mine (owned 80% by B2Gold and 20% by the State of Mali) and Fekola Regional. Under the MOU Agreement, the State agreed to expedite the issuance of exploitation permits for Fekola Regional and the approval of the exploitation phase for Fekola underground. Upon issuance of the exploitation permit for Fekola Regional, mining operations will begin with initial gold production expected to commence in early 2025, with the potential to generate approximately 80,000 to 100,000 ounces of additional gold production per year from Fekola Regional sources through the trucking of open pit ore to the Fekola mill. Initial gold production from Fekola underground is expected to commence in mid-2025.