B2Gold (BTO) Q4 2024 earnings summary

Executive summary

• Achieved 2024 gold production of 804,778 ounces at the low end of guidance, with strong Masbate and Otjikoto performance offsetting lower Fekola output due to equipment delays and regulatory issues.

• Consolidated cash operating and all-in sustaining costs for 2024 were within guidance, though Q4 costs were higher due to lower production.

• Goose Project remains on track for first gold by end of Q2 2025, with construction and logistics milestones achieved ahead of schedule and total capital estimate unchanged at C$1,540 million.

• 2024 was challenging due to operational disruptions and non-cash impairment charges at Goose and Fekola, but 2025 is expected to mark a return to growth and operational stability.

• Q1 2025 dividend of $0.02 per share declared, with annualized expectation of $0.08 per share.

Financial highlights

• Q4 2024 gold production was 186,001 ounces; full year: 804,778 ounces (including Calibre).

• Q4 2024 gold revenue: $499.8 million; full year: $1.90 billion.

• Q4 2024 net loss: $12 million ($0.01/share); full year net loss: $630 million ($0.48/share), mainly due to non-cash impairments; adjusted net income for 2024: $207 million ($0.16/share).

• Q4 2024 cash operating costs: $968/oz; full year: $889/oz. Q4 2024 AISC: $1,668/oz; full year: $1,465/oz.

• Ended the year with $337 million in cash and equivalents; working capital: $321 million.

Outlook and guidance

• 2025 gold production guidance: 970,000–1,075,000 ounces, a significant increase from 2024, driven by higher-grade ore at Fekola, Fekola Regional, Fekola underground, and Goose Project startup.

• 2025 cash operating cost guidance: $835–$895/oz; AISC: $1,460–$1,520/oz.

• Goose Project expected to produce 120,000–150,000 ounces in 2025, ramping to 310,000 ounces/year from 2026–2031.

• Fekola Complex 2025 guidance: 515,000–550,000 ounces at $845–$905/oz cash costs and $1,550–$1,610/oz AISC.

• No material impact to 2025 production expected from current Goose underground mining rates.