B2Gold (BTO) Q1 2025 earnings summary

Executive summary

• Q1 2025 gold production reached 192,752 ounces, surpassing expectations across all operations, with strong performance after resolving operational issues at Fekola.

• Goose Project construction is nearing completion, with first gold pour expected by end of Q2 2025 and ramp-up to commercial production in Q3.

• Significant progress on permitting and development at Fekola regional in Mali, with government approvals advancing the project.

• Gramalote feasibility study in Colombia is on track for completion by mid-2025, potentially leading to a development decision later in the year.

• Strong liquidity with $330 million in cash and $174 million in working capital at quarter-end.

Financial highlights

• Gold revenue for Q1 2025 was $532.1 million, up from $461.4 million in Q1 2024.

• Adjusted earnings per share were $0.09, basic EPS $0.04, benefiting from strong gold prices.

• Operating cash flow before working capital adjustments was $244 million ($0.19/share).

• Goose project CapEx was $136 million in Q1 2025, with accelerated equipment purchases totaling about $60 million.

• Net debt reduced after $400 million RCF repayment; $800 million undrawn on facility.

Outlook and guidance

• 2025 gold production guidance maintained at 970,000–1,075,000 ounces, with Goose and Fekola regional expected to drive growth.

• Goose Project expected to produce 120,000–150,000 ounces in 2025, ramping to 300,000 ounces annually from 2026–2031.

• Fekola regional exploitation permit expected within 30-60 days, with ore production to start after three months of pre-stripping.

• Gramalote could commence development post-feasibility study, with potential production start around 2028-2029.

• Antelope deposit at Otjikoto moving toward a construction decision in Q3 2025.