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B2Gold Reports Q2 2024 Results and Updated 2024 Guidance

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B2Gold Corp. reported its Q2 2024 results, highlighting a total gold production of 212,508 ounces, including 8,267 ounces from Calibre Mining. The company faced equipment issues at the Fekola Mine, resulting in lower production but expects improvement by Q3 2024.

Total consolidated cash operating costs were $839 per ounce, at the low end of the guidance range, and all-in sustaining costs were $1,267 per ounce. The updated 2024 gold production guidance is between 800,000 and 870,000 ounces due to delays in mining higher-grade ore.

B2Gold reported a net loss of $0.02 per share due to a non-cash impairment of the Fekola Complex but adjusted net income was $0.06 per share. Operating cash flow before working capital adjustments was $192 million.

The company declared a Q3 2024 dividend of $0.04 per share. B2Gold successfully completed key construction for the Goose Project, scheduled for gold production by Q2 2025, and released a positive PEA for the Gramalote Project with an NPV5% of $778 million and an IRR of 20.6%.

B2Gold Corp. ha riportato i risultati del secondo trimestre 2024, evidenziando una produzione totale di oro di 212.508 once, comprese 8.267 once provenienti da Calibre Mining. L'azienda ha affrontato problemi attrezzature presso la Miniera Fekola, che hanno portato a una produzione inferiore, ma si aspetta un miglioramento entro il terzo trimestre 2024.

I costi operativi in contante consolidati totali erano di $839 per oncia, al limite inferiore del range di previsione, e i costi totali sostenibili erano di $1.267 per oncia. La nuova guida per la produzione di oro del 2024 è compresa tra 800.000 e 870.000 once a causa dei ritardi nell'estrazione di minerale di alta qualità.

B2Gold ha riportato una perdita netta di $0.02 per azione a causa di un impairment non monetario del Complesso Fekola, mentre l'utile netto rettificato era di $0.06 per azione. Il flusso di cassa operativo prima degli aggiustamenti del capitale circolante era di $192 milioni.

L'azienda ha dichiarato un dividendo per il terzo trimestre 2024 di $0.04 per azione. B2Gold ha completato con successo lavori di costruzione chiave per il Progetto Goose, previsto per la produzione di oro entro il secondo trimestre 2025, e ha rilasciato un PEA positivo per il Progetto Gramalote con un NPV5% di $778 milioni e un IRR di 20.6%.

B2Gold Corp. informó sus resultados del segundo trimestre de 2024, destacando una producción total de oro de 212,508 onzas, incluidas 8,267 onzas de Calibre Mining. La empresa enfrentó problemas con el equipo en la Mina Fekola, lo que resultó en una producción más baja, pero espera una mejora para el tercer trimestre de 2024.

Los costos operativos en efectivo consolidados totales fueron de $839 por onza, en el extremo bajo del rango orientativo, y los costos totales sostenibles fueron de $1,267 por onza. La guía actualizada para la producción de oro en 2024 es de entre 800,000 y 870,000 onzas debido a retrasos en la extracción de mineral de mayor grado.

B2Gold reportó una pérdida neta de $0.02 por acción debido a un deterioro no monetario del Complejo Fekola, pero el ingreso neto ajustado fue de $0.06 por acción. El flujo de caja operativo antes de los ajustes del capital circulante fue de $192 millones.

La compañía declaró un dividendo para el tercer trimestre de 2024 de $0.04 por acción. B2Gold completó con éxito una construcción clave para el Proyecto Goose, programado para la producción de oro para el segundo trimestre de 2025, y publicó un PEA positivo para el Proyecto Gramalote con un NPV5% de $778 millones y un IRR de 20.6%.

B2Gold Corp.는 2024년 2분기 실적을 보고하며 총 금 생산량이 212,508 온스에 달했으며, 이 중 8,267 온스는 Calibre Mining에서 생산되었다고 밝혔습니다. 회사는 Fekola 광산에서 장비 문제를 겪어 생산량이 감소했으나, 2024년 3분기에는 개선될 것으로 기대하고 있습니다.

총 통합 현금 운영 비용은 온스당 $839로, 가이던스 범위의 하한선에 해당하며, 모든 유지 비용은 온스당 $1,267로 보고되었습니다. 2024년 금 생산 가이던스는 고품질 광석 채굴 지연으로 인해 800,000에서 870,000 온스 사이로 업데이트되었습니다.

B2Gold는 Fekola 단지의 비현금 손상으로 인하여 주당 $0.02의 순 손실을 보고했지만, 조정된 순익은 주당 $0.06에 달했습니다. 운전 자본 조정을 고려하기 전 운영 현금 흐름은 $192 백만이었습니다.

회사는 2024년 3분기 배당금으로 주당 $0.04을 선언했습니다. B2Gold는 2025년 2분기 중 금 생산 예정인 Goose 프로젝트의 주요 건설을 성공적으로 완료했으며, $778 백만의 NPV5%와 20.6%의 IRR을 가진 Gramalote 프로젝트에 대한 긍정적인 PEA를 발표했습니다.

B2Gold Corp. a publié ses résultats du deuxième trimestre 2024, soulignant une production totale d'or de 212 508 onces, dont 8 267 onces provenant de Calibre Mining. L'entreprise a rencontré des problèmes d'équipement à la mine de Fekola, entraînant une production plus faible, mais elle s'attend à une amélioration d'ici le troisième trimestre 2024.

Les coûts d'exploitation en espèces consolidés totaux étaient de 839 $ par once, au bas de la fourchette de prévisions, et les coûts totaux de maintien étaient de 1 267 $ par once. La prévision mise à jour de production d'or pour 2024 se situe entre 800 000 et 870 000 onces en raison de retards dans l'extraction de minerai de meilleure qualité.

B2Gold a signalé une perte nette de 0,02 $ par action en raison d'une dépréciation non monétaire du complexe Fekola, mais le bénéfice net ajusté était de 0,06 $ par action. Le flux de trésorerie d'exploitation avant ajustements du fonds de roulement était de 192 millions $.

La société a déclaré un dividende pour le troisième trimestre 2024 de 0,04 $ par action. B2Gold a réussi à achever des constructions clés pour le projet Goose, prévu pour une production d'or d'ici le deuxième trimestre 2025, et a publié une PEA positive pour le projet Gramalote avec un NPV5% de 778 millions $ et un IRR de 20,6 %.

B2Gold Corp. hat die Ergebnisse des 2. Quartals 2024 veröffentlicht und hebt eine Gesamtgoldproduktion von 212.508 Unzen hervor, einschließlich 8.267 Unzen von Calibre Mining. Das Unternehmen hatte Ausrüstungsprobleme im Fekola-Bergwerk, was zu einer niedrigeren Produktion führte, erwartet jedoch eine Verbesserung bis zum 3. Quartal 2024.

Die insgesamt konsolidierten Betriebskosten in bar betrugen $839 pro Unze, am unteren Ende der Prognose, und die Gesamtkosten für die nachhaltige Förderung lagen bei $1.267 pro Unze. Die aktualisierte Goldproduktionsprognose für 2024 liegt aufgrund von Verzögerungen beim Abbau von hochgradigem Erz zwischen 800.000 und 870.000 Unzen.

B2Gold berichtete einen Nettoverlust von $0.02 pro Aktie aufgrund einer nicht liquiden Abwertung des Fekola-Komplexes, aber der bereinigte Nettoertrag betrug $0.06 pro Aktie. Der Betriebsgeldfluss vor Anpassungen des Working Capitals betrug $192 Millionen.

Das Unternehmen erklärte eine Dividende für das 3. Quartal 2024 von $0.04 pro Aktie. B2Gold hat die wichtigsten Bauarbeiten für das Goose-Projekt erfolgreich abgeschlossen, das für die Goldproduktion bis zum 2. Quartal 2025 geplant ist, und hat eine positive PEA für das Gramalote-Projekt mit einem NPV5% von $778 Millionen und einer IRR von 20,6% veröffentlicht.

Positive
  • Total consolidated cash operating costs of $839 per ounce, at the low end of guidance.
  • Total consolidated all-in sustaining costs of $1,267 per ounce, below the annual guidance range.
  • Adjusted net income of $0.06 per share.
  • Operating cash flow before working capital adjustments of $192 million.
  • Strong financial position with $467 million in cash and cash equivalents.
  • Q3 2024 dividend of $0.04 per share declared.
  • Positive PEA for Gramalote Project with an NPV5% of $778 million and IRR of 20.6%.
Negative
  • Net loss of $0.02 per share due to non-cash impairment of the Fekola Complex.
  • Lower gold production at Fekola due to equipment delays, impacting 2024 guidance.
  • Total gold production guidance for 2024 reduced to 800,000-870,000 ounces from 860,000-940,000 ounces.
  • Increase in 2024 all-in sustaining cost guidance to $1,420-$1,480 per ounce from $1,360-$1,420 per ounce.

Insights

B2Gold's Q2 2024 results show mixed performance. While total gold production of 212,508 ounces was lower than expected, the company maintained strong cost control with consolidated cash operating costs of $839 per ounce at the low end of guidance. All-in sustaining costs of $1,267 per ounce sold were below the annual guidance range.

The company has revised its 2024 guidance downward, now expecting total gold production between 800,000 and 870,000 ounces, primarily due to equipment issues at the Fekola mine. This is partially offset by increased production guidance at Masbate and Otjikoto. The all-in sustaining cost guidance was also increased to $1,420-$1,480 per ounce.

Despite challenges, B2Gold maintains a strong financial position with $467 million in cash and $600 million in working capital. The company declared a Q3 dividend of $0.04 per share, demonstrating confidence in its cash flow generation.

The equipment availability issues at Fekola are concerning, as they've led to a significant production guidance reduction of about 50,000 ounces for 2024. However, B2Gold expects to address these issues by Q3 2024, which should help stabilize operations.

The company's diversified portfolio is proving beneficial, with Masbate and Otjikoto mines outperforming expectations and partially offsetting Fekola's shortfall. This highlights the importance of having multiple operating assets to mitigate risks.

The Goose Project development remains on schedule, with all planned construction for H1 2024 completed. This project is important for B2Gold's future growth and could start contributing to production by Q2 2025.

The positive PEA results for the Gramalote Project and the initial resource estimate for the Springbok Zone at Otjikoto demonstrate B2Gold's commitment to expanding its project pipeline and potentially extending mine life at existing operations.

Despite operational challenges, B2Gold's financial performance remains relatively robust. The company reported adjusted net income of $0.06 per share and strong operating cash flow of $192 million before working capital adjustments.

The partnership with Sandbox to create Versamet Royalties is an interesting strategic move. This deal, expected to provide B2Gold with a $90 million equity interest in Versamet, could diversify the company's revenue streams and provide additional upside potential.

Investors should note the non-cash impairment charge of $194 million for the Fekola Complex, resulting from changes in the financial framework due to Mali's new mining code. While this impacts reported earnings, it doesn't affect cash flow.

The company's continued dividend payments and implementation of a Dividend Reinvestment Plan with a 3% discount demonstrate a commitment to shareholder returns. However, investors should monitor the impact of reduced production guidance on future cash flows and dividend sustainability.

VANCOUVER, British Columbia, Aug. 08, 2024 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announces its operational and financial results for the second quarter of 2024. All dollar figures are in United States dollars unless otherwise indicated.

2024 Second Quarter Highlights

  • Total gold production of 212,508 ounces: Total gold production in the second quarter of 2024 was 212,508 ounces, including 8,267 ounces of attributable production from Calibre Mining Corp. (“Calibre”). Production at the Fekola Mine in the second quarter of 2024 was below expectations as a result of damage to an excavator and the delay in receiving replacement equipment which impacted equipment availability for the second quarter of 2024, reducing tonnes mined. These equipment availability issues are being addressed and mining rates are expected to improve by the end of the third quarter of 2024.
  • Total consolidated cash operating costs of $839 per gold ounce produced, at the low end of the annual guidance range: Total consolidated cash operating costs (see “Non-IFRS Measures”) (including estimated attributable results for Calibre) of $839 per gold ounce produced during the second quarter of 2024 with consolidated cash operating costs from the Company’s three operating mines of $808 per gold ounce produced.
  • Total consolidated all-in sustaining costs of $1,267 per gold ounce sold, below the annual guidance range: Total consolidated all-in sustaining costs (see “Non-IFRS Measures”) (including estimated attributable results for Calibre) of $1,267 per gold ounce sold for the second quarter of 2024 with consolidated all-in sustaining costs from the Company’s three operating mines of $1,244 per gold ounce sold.
  • Total gold production for 2024 now expected to be between 800,000 and 870,000 ounces (including 20,000 ounces of attributable production from Calibre): Total gold production for 2024 is expected to be impacted by the delay in mining higher-grade ore from Phase 7 of the Fekola pit due to equipment availability issues, resulting in an expected decrease of approximately 50,000 ounces in Fekola production for full year 2024. Mining and processing of these ounces is now expected in the first half of 2025. Lower anticipated Fekola production is partially offset by increased gold production guidance at Masbate and Otjikoto, by 10,000 ounces combined. In addition, following the sale of a portion of the Company's equity interest in Calibre in June 2024, the Company will stop reporting its share of attributable Calibre production going forward. In 2024, B2Gold now expects total gold production to be between 800,000 and 870,000 ounces (including 20,000 ounces of attributable production from Calibre). The previous 2024 total gold production range of between 860,000 and 940,000 ounces included 40,000 to 50,000 ounces of attributable production from Calibre.
  • Total consolidated all-in sustaining costs (including attributable results for Calibre) for 2024 now expected to be between $1,420 and $1,480 per ounce: Total consolidated all-in sustaining costs (including attributable results for Calibre) for 2024 are now forecast to be between $1,420 and $1,480 per ounce (original guidance range of between $1,360 and $1,420 per ounce).
  • Attributable net loss of $0.02 per share; adjusted attributable net income of $0.06 per share: Net loss attributable to the shareholders of the Company in the second quarter of 2024 of $24 million ($0.02 per share), primarily the result of a non-cash impairment of the Fekola Complex; adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company of $78 million ($0.06 per share).
  • Operating cash flow before working capital adjustments of $192 million: Cash flow provided by operating activities before working capital adjustments was $192 million in the second quarter of 2024.
  • Strong financial position and liquidity: At June 30, 2024, the Company had cash and cash equivalents of $467 million and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $600 million.
  • Q3 2024 dividend of $0.04 per share declared: On August 8, 2024, B2Gold's Board of Directors declared a cash dividend for the third quarter of 2024 of $0.04 per common share (or an expected $0.16 per share on an annualized basis), payable on September 23, 2024, to shareholders of record as of September 10, 2024.
  • All planned construction for the first half of 2024 necessary to produce gold at the Goose Project by the end of Q2 2025 now complete and project development remains on schedule: B2Gold successfully completed the 2024 Winter Ice Road (“WIR”) campaign in the second quarter of 2024 and has delivered all necessary items from the Marine Laydown Area (“MLA”) to complete the construction of the Goose Project in the second quarter of 2025. The key construction items completed in the second quarter included the construction of three additional fuel storage tanks at the MLA to increase fuel storage capacity to more than 80 million liters of fuel, which are anticipated to begin to receive fuel in August 2024; the construction of three additional fuel storage tanks at the Goose Project site to increase fuel storage capacity to more than 80 million liters of fuel, of which two of the three tanks have been completed with the third tank expected to be completed in the third quarter of 2024; and the purchase of materials necessary to complete construction and the staging of those materials for shipment to the MLA during the 2024 sealift.
  • Positive Preliminary Economic Assessment (“PEA”) results for the Gramalote Project; feasibility work has commenced: On June 18, 2024, the Company released the results of a positive PEA on its 100% owned Gramalote Project located in the Department of Antioquia, Colombia. Highlights of the PEA include a significant production profile with average annual gold production of 185,000 ounces over a 12.5 year project life and strong project economics with an after-tax net present value discounted at 5% (“NPV5%”) of $778 million and an after-tax internal rate of return (“IRR”) of 20.6%. B2Gold has commenced feasibility work with the goal of completing a feasibility study by mid-2025.

  • Initial Inferred Mineral Resource Estimate announced for the Springbok Zone of the Antelope deposit at the Otjikoto Mine: On June 20, 2024, the Company released an initial Inferred Mineral Resource Estimate for the Springbok Zone, the southernmost shoot of the recently discovered Antelope deposit, located approximately three kilometers (“km”) south of the Otjikoto Phase 5 open pit at the Otjikoto Mine in Namibia. The Company determined that the initial Inferred Mineral Resource Estimate was sufficient to initiate a PEA on development of the deposit by underground mining methods, similar to the Wolfshag deposit. Subject to the receipt of a positive PEA and permit, mining of the Springbok Zone, coupled with the exploration potential of the greater Antelope deposit, could begin to contribute to gold production at Otjikoto in 2026.
  • Partnered with Sandbox Royalties Corp. (“Sandbox”) to create Versamet Royalties Corporation (“Versamet”); B2Gold expected to receive $90 million equity interest in Versamet: On June 5, 2024, B2Gold entered into a purchase and sale agreement to sell a portfolio of 10 precious and base metals royalties to Sandbox, a private returns-focused metals royalty company, for consideration of 153.2 million common shares at a price of C$0.80 per share, representing an equity ownership interest in Versamet of 33.0% valued at approximately $90 million.

Second Quarter 2024 Results

 Three months endedSix months ended
 June 30,June 30,
 2024 202320242023
     
Gold revenue ($ in thousands)492,569 470,854954,013944,410
Net (loss) income ($ in thousands)(34,777) 91,85013,704193,754
(Loss) earnings per share – basic(1) ($/ share)(0.02) 0.060.010.14
(Loss) earnings per share – diluted(1) ($/ share)(0.02) 0.060.010.14
Cash provided by operating activities ($ thousands)62,432 194,983773,159398,806
Average realized gold price ($/ ounce)2,343 1,9692,2021,934
Adjusted net income(1)(2) ($ in thousands)78,449 85,804159,952191,666
Adjusted earnings per share(1)(2) – basic ($)0.06 0.070.120.16
Consolidated operations results:    
Gold sold (ounces)210,228 239,100433,206488,250
Gold produced (ounces)204,241 245,961418,580496,680
Production costs ($ in thousands)151,299 152,762308,044280,366
Cash operating costs(2) ($/ gold ounce sold)720 639711574
Cash operating costs(2) ($/ gold ounce produced)808 607762591
Total cash costs(2) ($/ gold ounce sold)877 777857714
All-in sustaining costs(2) ($/ gold ounce sold)1,244 1,2101,2961,128
Operations results including equity investment in Calibre:    
Gold sold (ounces)218,495 255,897452,850521,189
Gold produced (ounces)212,508 262,701438,224529,557
Production costs ($ in thousands)164,520 170,577333,170313,946
Cash operating costs(2) ($/ gold ounce sold)753 667736602
Cash operating costs(2) ($/ gold ounce produced)839 636785618
Total cash costs(2) ($/ gold ounce sold)908 800879738
All-in sustaining costs(2) ($/ gold ounce sold)1,267 1,2141,3081,135

(1) Attributable to the shareholders of the Company.
(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.


Liquidity and Capital Resources

B2Gold continues to maintain a strong financial position and liquidity. At June 30, 2024, the Company had cash and cash equivalents of $467 million (December 31, 2023 - $307 million) and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $600 million (December 31, 2023 - $397 million). At June 30, 2024, the full amount of the Company's $700 million revolving credit facility was undrawn and available.

Third Quarter 2024 Dividend

On August 8, 2024, B2Gold’s Board of Directors (the “Board”) declared a cash dividend for the third quarter of 2024 (the “Q3 2024 Dividend”) of $0.04 per common share (or an expected $0.16 per share on an annualized basis), payable on September 23, 2024, to shareholders of record as of September 10, 2024.

In 2023, the Company implemented a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q3 2024 Dividend, the Company is pleased to announce that a discount of 3% will be applied to calculate the Average Market Price (as defined in the DRIP) of its common shares issued from treasury. However, the Company may, from time to time, in its discretion, change or eliminate any applicable discount, which would be publicly announced, all in accordance with the terms and conditions of the DRIP. Participation in the DRIP is optional. In order to participate in the DRIP in time for the Q3 2024 Dividend, registered shareholders must deliver a properly completed enrollment form to Computershare Trust Company of Canada by no later than 4:00 p.m. (Toronto time) on September 16, 2024. Beneficial shareholders who wish to participate in the DRIP should contact their financial advisor, broker, investment dealer, bank, financial institution, or other intermediary through which they hold common shares well in advance of the above date for instructions on how to enroll in the DRIP.

This dividend is designated as an "eligible dividend" for the purposes of the Income Tax Act (Canada). Dividends paid by B2Gold to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.

The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with B2Gold's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.

For more information regarding the DRIP and enrollment in the DRIP, please refer to the Company's website at https://www.b2gold.com/investors/stock_info/.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.

The Company has filed a registration statement relating to the DRIP with the U.S. Securities and Exchange Commission that may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at http://www.sec.gov/EDGAR or by contacting the Company using the contact information at the end of this news release.

Operations

Fekola Complex - Mali

 Three months endedSix months ended
 June 30,June 30,
 2024202320242023
     
Gold revenue ($ in thousands)270,592281,672526,910595,897
Gold sold (ounces)115,288142,850239,116307,900
Average realized gold price ($/ ounce)2,3471,9722,2041,935
Tonnes of ore milled2,520,3772,324,0434,983,2404,595,934
Grade (grams/ tonne)1.512.241.572.36
Recovery (%)92.891.892.791.9
Gold production (ounces)111,583152,427230,724318,291
Production costs ($ in thousands)81,48179,245166,586156,906
Cash operating costs(1) ($/ gold ounce sold)707555697510
Cash operating costs(1) ($/ gold ounce produced)839538766509
Total cash costs(1) ($/ gold ounce sold)895721873673
All-in sustaining costs(1) ($/ gold ounce sold)1,2581,1651,3511,057
Capital expenditures ($ in thousands)53,17974,151133,741127,946
Exploration ($ in thousands)838—2,1401,706

(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.

The Fekola Mine in Mali (owned 80% by the Company and 20% by the State of Mali) produced 111,583 ounces of gold in the second quarter of 2024, slightly below expectations due to the delayed timing of mining of high-grade ore as compared to expectations, resulting in less high-grade ore processed during the second quarter of 2024. For the second quarter of 2024, mill feed grade was 1.51 grams per tonne (“g/t”), mill throughput was 2.52 million tonnes, and gold recovery averaged 92.8%. Damage to an excavator and the subsequent need for replacement equipment impacted equipment availability for the second quarter of 2024, reducing tonnes mined. These equipment availability issues are being addressed through the delivery of a new excavator, and mining rates are expected to improve by the end of the third quarter of 2024. The reduction in mining rate capacity experienced in 2024 is anticipated to impact the availability of higher-grade ore from Phase 7 of the Fekola pit during the second half of 2024 resulting in an expected decrease of approximately 50,000 ounces in Fekola production for full year 2024. Mining and processing of these ounces is now expected in the first half of 2025. Ore volumes and grades continue to reconcile well with modeled values.

The Fekola Mine’s cash operating costs (see “Non-IFRS Measures”) for the second quarter of 2024 were $839 per gold ounce produced ($707 per gold ounce sold). Cash operating costs per gold ounce produced for the second quarter of 2024 were lower than expected as a result of lower fuel costs, higher mill throughput, higher gold recovery and lower mining costs as a result of lower than anticipated mined tonnage due to equipment availability.

All-in sustaining costs (see “Non-IFRS Measures”) for the second quarter of 2024 were $1,258 per gold ounce sold. All-in sustaining costs were lower than expected as a result of lower than anticipated production costs per gold ounce sold and lower than expected sustaining capital expenditures partially offset by higher gold royalties resulting from a higher than anticipated average realized gold price. The lower sustaining capital expenditures were mainly due to timing of expenditures and are expected to be incurred later in 2024.

Capital expenditures in the second quarter of 2024 totalled $53 million primarily consisting of $13 million for deferred stripping, $9 million for mobile equipment purchases and rebuilds, $9 million for the construction of a new tailings storage facility, $15 million for Fekola underground development, $4 million for solar plant expansion and $2 million for power generation.

As a result of the delay in accessing higher-grade ounces from Phase 7 of the Fekola pit, the Fekola Mine is now expected to produce between 420,000 and 450,000 ounces of gold in 2024 (original guidance of between 470,000 and 500,000 ounces) at cash operating costs of between $870 and $930 per ounce (original guidance of between $835 and $895 per ounce) and all-in sustaining costs of between $1,510 and $1,570 per ounce (original guidance of between $1,420 and $1,480 per ounce).

Fekola Regional Development

The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal pits and Fekola underground) and Fekola Regional (Anaconda Area (Bantako, Menankoto, and Bakolobi permits) and the Dandoko permit).

The development of Fekola Regional is expected to demonstrate positive economics through the enhancement of the overall production profile and the extension of mine life of the Fekola Complex. Based on B2Gold's preliminary planning, Fekola Regional could provide selective higher-grade saprolite material (average annual grade of up to 2.2 g/t gold) to be trucked approximately 20 km and fed into the Fekola mill at a rate of up to 1.5 million tonnes per annum (“Mtpa”). Trucking of selective higher grade saprolite material from the Anaconda Area to the Fekola mill will increase the ore processed and has the potential to generate approximately 80,000 to 100,000 ounces of additional gold production per year from Fekola Regional sources.

Receipt of a mining permit for the Fekola Regional licenses remains outstanding. The Company expects to apply for such a permit in the third quarter of 2024 following the finalization of the implementation decree for the new 2023 Mining Code by the State of Mali in July 2024. Throughout the first half of 2024, B2Gold has continued to hold meetings with the representatives of the Government of Mali regarding the 2023 Mining Code and the parties are close to finalizing an agreement that will cover the future operation of the Fekola Complex. The Government of Mali has expressed their desire for B2Gold to rapidly progress the development of Fekola Regional and committed to assisting the Company in such development. Importantly, the haul road from Fekola Regional to the Fekola Mine is operational as construction of the haul roads and mining infrastructure (warehouse, workshop, fuel depot and offices) was completed on schedule in 2023.

The known and estimated changes to the financial framework of the Fekola Complex as impacted by the 2023 Mining Code and the ongoing discussions with the State of Mali as to its application are considered to be updated indicators of impairment for the Fekola Complex assets. The Company’s analysis concluded that the Fekola Complex was impaired resulting in a non-cash net impairment charge of $194 million in Q2 2024 and a corresponding reduction in the carrying value of the Fekola Complex assets at the balance sheet date. As of June 30, 2024, the carrying value of the Fekola Complex’s mining interests was $985 million. Significant exploration potential remains across the Fekola Complex to further extend the mine life. It is anticipated that exploration drilling will recommence in Mali in the second half of 2024.

Masbate Mine – The Philippines

 Three months endedSix months ended
 June 30,June 30,
 2024202320242023
     
Gold revenue ($ in thousands)109,083111,291208,050168,283
Gold sold (ounces)46,60056,70094,30086,350
Average realized gold price ($/ ounce)2,3411,9632,2061,949
Tonnes of ore milled2,043,0572,000,3604,212,5194,069,402
Grade (grams/ tonne)0.941.030.960.99
Recovery (%)72.474.372.473.9
Gold production (ounces)44,51549,47894,29795,842
Production costs ($ in thousands)37,60248,17080,37373,163
Cash operating costs(1) ($/ gold ounce sold)807850852847
Cash operating costs(1) ($/ gold ounce produced)876817854849
Total cash costs(1) ($/ gold ounce sold)955960983971
All-in sustaining costs(1) ($/ gold ounce sold)1,1351,0911,1771,169
Capital expenditures ($ in thousands)6,5076,09815,03715,051
Exploration ($ in thousands)9281,0081,7491,967

(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.

The Masbate Mine in the Philippines continued its strong performance with second quarter of 2024 gold production of 44,515 ounces, slightly above expectations. For the second quarter of 2024, mill feed grade was 0.94 g/t, mill throughput was 2.04 million tonnes, and gold recovery averaged 72.4%, lower than expected. Lower gold recovery was a result of mining additional lower recovery high-grade sulphide ore during the second quarter of 2024. Actual gold recovery for the second quarter of 2024 remained in line with modeled recovery values for the ore mined.

The Masbate Mine's cash operating costs (see “Non-IFRS Measures”) for the second quarter of 2024 were $876 per gold ounce produced ($807 per gold ounce sold). Cash operating costs per gold ounce produced for the second quarter of 2024 were lower than expected as a result of higher gold production and lower than anticipated mining and processing costs due to higher productivity and lower diesel and heavy fuel oil costs.

All-in sustaining costs (see “Non-IFRS Measures”) for the second quarter of 2024 were $1,135 per ounce sold. All-in sustaining costs for the second quarter of 2024 were lower than expected as a result of lower than anticipated production costs per gold ounce sold.

Capital expenditures in the second quarter of 2024 totalled $7 million, primarily consisting of $2 million for mobile equipment purchases and rebuilds, $2 million for process plant maintenance, $1 million for expansion of the existing tailings storage facility and $1 million for deferred stripping.

The Masbate Mine is now expected to produce between 175,000 and 195,000 ounces of gold in 2024 (original guidance of between 170,000 and 190,000 ounces) at cash operating costs of between $910 and $970 per ounce (original guidance of between $945 and $1,005 per ounce) and all-in sustaining costs of between $1,260 and $1,320 per ounce (original guidance of between $1,300 and $1,360 per ounce). Gold production is scheduled to be relatively consistent throughout 2024. For 2024, Masbate is expected to process 7.9 million tonnes of ore at an average grade of 0.93 g/t with a process gold recovery of 76.0%. Mill feed will be a blend of mined fresh ore and low-grade ore stockpiles.

Otjikoto Mine - Namibia

 Three months endedSix months ended
 June 30,June 30,
 2024202320242023
     
Gold revenue ($ in thousands)112,89477,891219,053180,230
Gold sold (ounces)48,34039,55099,79094,000
Average realized gold price ($/ ounce)2,3351,9692,1951,917
Tonnes of ore milled850,649875,0551,677,1261,699,007
Grade (grams/ tonne)1.791.591.761.53
Recovery (%)98.698.798.598.7
Gold production (ounces)48,14344,05693,55982,547
Production costs ($ in thousands)32,21625,34761,08550,297
Cash operating costs(1) ($/ gold ounce sold)666641612535
Cash operating costs(1) ($/ gold ounce produced)673611658609
Total cash costs(1) ($/ gold ounce sold)760720700612
All-in sustaining costs(1) ($/ gold ounce sold)1,0441,1871,0001,024
Capital expenditures ($ in thousands)11,70615,63025,51932,976
Exploration ($ in thousands)1,5149963,3031,490

(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.

The Otjikoto Mine in Namibia, in which the Company holds a 90% interest, continued to outperform during the second quarter of 2024, producing 48,143 ounces of gold, above expectations as a result of higher than anticipated mill feed grade. For the second quarter of 2024, mill feed grade was 1.79 g/t, mill throughput was 0.85 million tonnes, and gold recovery averaged 98.6%.

Ore production from the Wolfshag underground mine for the second quarter of 2024 averaged over 1,500 tonnes per day at an average grade of 4.69 g/t gold. As of the beginning of 2024, the Probable Mineral Reserve estimate for the Wolfshag deposit included 100,000 ounces of gold in 0.6 million tonnes of ore at an average grade of 5.02 g/t gold. Open pit mining operations at the Otjikoto Mine will continue to ramp down in 2024 and conclude in 2025, while processing operations are expected to continue until economically viable stockpiles are exhausted in 2031. Underground operations are currently projected to continue until 2026 with potential to extend underground operations if the ongoing underground exploration program is successful in identifying more underground mineral deposits.

On January 31, 2024, the Company announced positive exploration drilling results from the Antelope deposit at the Otjikoto Mine. The Antelope deposit, which comprises the Springbok Zone, the Oryx Zone, and a possible third structure, Impala, subject to further confirmatory drilling, is located approximately three km south of the Otjikoto open pit. On June 20, 2024, the Company announced an initial Inferred Mineral Resource estimate for the Springbok Zone, the southernmost shoot of the recently discovered Antelope deposit. Over 36,000 meters have been drilled into the Springbok Zone to date, with 33 holes totaling 16,950 meters completed in 2024, to establish the 50 x 50 meter spacing that informs this initial Inferred Mineral Resource estimate. Recent drilling at the Springbok Zone remains open southward, indicating additional exploration potential beyond the currently defined resource. The Company determined that the initial Inferred Mineral Resource estimate of 1.75 million tonnes grading 6.91 g/t gold for a total of 390,000 ounces of gold was sufficient to initiate a PEA on development of the deposit by underground mining methods, similar to the Wolfshag deposit. Subject to receipt of a positive PEA and permit, mining of the Springbok Zone, coupled with the exploration potential of the greater Antelope deposit, could begin to contribute to gold production at Otjikoto in 2026. The Antelope deposit has the potential to be developed as an underground mining operation, which could complement the expected processing of low-grade stockpiles at the Otjikoto mill from 2026 to 2031. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no guarantee that all or any part of the Mineral Resource will be converted into a Mineral Reserve. Inferred Mineral Resources are considered too geologically speculative to have mining and economic considerations applied to them that would enable them to be categorized as Mineral Reserves.

The Otjikoto Mine's cash operating costs (see “Non-IFRS Measures”) for the second quarter of 2024 were $673 per gold ounce produced ($666 per ounce gold sold). Cash operating costs per gold ounce produced for the second quarter of 2024 were higher than anticipated due to lower than expected credits for deferred stripping resulting from more ore being mined than anticipated and lower capitalized underground development credits for the second quarter of 2024.

All-in sustaining costs (see “Non-IFRS Measures”) for the second quarter of 2024 were $1,044 per gold ounce sold. All-in sustaining costs for the second quarter of 2024 were slightly higher than expected as a result of higher than expected cash operating costs and higher gold royalties due to a higher than anticipated average realized gold price, partially offset by lower than expected sustaining capital expenditures and higher than anticipated gold ounces sold.

Capital expenditures for the second quarter of 2024 totalled $12 million, consisting of $9 million for deferred stripping in the Otjikoto pit, $2 million for Wolfshag underground mine development and $1 million for mining equipment rebuilds.

The Otjikoto Mine is now expected to produce between 185,000 and 205,000 ounces of gold in 2024 (original guidance of between 180,000 and 200,000 ounces) at cash operating costs in the upper end of its guidance range of between $685 and $745 per ounce and all-in sustaining costs of between $960 and $1,020 per ounce. Gold production at Otjikoto is expected to be relatively consistent throughout 2024. For 2024, Otjikoto is expected to process a total of 3.4 million tonnes of ore at an average grade of 1.77 g/t gold with a process gold recovery of 98.0%. Processed ore will be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing medium and high-grade ore stockpiles.

Goose Project Development

The Back River Gold District consists of five mineral claims blocks along an 80 km belt. Construction is underway at the most advanced project in the district, the Goose Project, and has been de-risked with significant infrastructure currently in place.

B2Gold recognizes that respect and collaboration with the Kitikmeot Inuit Association (“KIA”) is central to the license to operate in the Back River Gold District and will continue to prioritize developing the project in a manner that recognizes Inuit priorities, addresses concerns, and brings long-term socio-economic benefits to the Kitikmeot Region. B2Gold looks forward to continuing to build on its strong collaboration with the KIA and Kitikmeot Communities.

As announced in May 2024, development of the open pit and underground was slightly behind schedule due to equipment availability (commissioning and availability of the open pit equipment), adverse weather conditions and the prioritization of critical path construction activities. An additional three months of mining was added to the schedule to ensure that the Umwelt open pit, underground development and crown pillar activities align and that there is significant tailings storage capacity in the Echo open pit. With the schedule change, the mill is expected to start wet commissioning in the second quarter of 2025 with ramp up to full production in the third quarter of 2025. This does not impact the other facets of the project and staffing tables have been adjusted to ensure that capital is conserved. The Company continues to estimate that gold production in calendar year 2025 will be between 120,000 ounces and 150,000 ounces (previously estimated to be between 220,000 ounces and 260,000 ounces). Importantly, the updated mining schedule does not impact the total number of gold ounces the Company expects to produce over the life of mine of the Goose Project. The updated production profile has resulted in the Company estimating that average annual gold production from 2026 to 2030 will increase to be in excess of 310,000 ounces per year (previously estimated at 300,000 ounces per year).

B2Gold successfully completed the 2024 WIR campaign in the second quarter of 2024 and has delivered all necessary materials from the MLA to complete the construction of the Goose Project. All planned construction for the first half of 2024 that is necessary to produce gold by the end of the second quarter of 2025 has been completed and project development remains on schedule. The key construction items that were completed in the second quarter included the installation of Phase 2 of the Goose Project accommodation complex, which expanded camp capacity to more than 600 beds; the construction of three additional fuel storage tanks at the MLA to increase fuel storage capacity to more than 80 million liters of fuel, which are anticipated to begin to receive fuel in August 2024; the construction of three additional fuel storage tanks at the Goose Project site to increase fuel storage capacity to more than 80 million liters of fuel, of which two of the three tanks have been completed with the third tank expected to be completed in the third quarter of 2024; the purchase of materials necessary to complete construction and the staging of those materials for shipment to the MLA, with ten ships and one barge having been scheduled (seven ships with dry cargo of more than 120,000m3 and three ships with more than 80 million liters of fuel) and prepared to depart for the MLA during the 2024 sealift in August and September; the purchase of additional trucks for the 2025 WIR campaign, with a total of 105 trucks now available; the placement of more than 75% of the concrete, with more than 90% of the concrete expected to be placed by the end of the third quarter of 2024; the placement of all E-houses on the mill pad with electricians now working on connecting power to various components; piping work focused on the fuel storage tanks and the final Heavy Mechanical Equipment workshop; and the development of access for placement of piping and barge for fresh water system, with installation expected in the third quarter of 2024.

Development of the open pit and underground remain on the critical path to ensure that adequate material is available for start up and that the Echo pit is available for tailings placement. The open pit started slowly, but showed good progress in the second quarter of 2024, meeting production targets, and is anticipated to be ready to receive tailings when the mill starts. The underground mine remains on schedule for commencement of production by the end of the second quarter of 2025. B2Gold is currently reviewing final options for mining of the crown pillar and maximizing volumes of the Echo pit.

After completing a detailed design review of the Goose Project, B2Gold announced in January 2024 a revised construction capital estimate to C$1,050 million. In addition, before wet commissioning the Company estimated it will spend an additional C$200 million on underground development, deferred stripping and sustaining capital, as well as an additional C$205 million for fuels, reagents, and other working capital items necessary to build up site inventory levels due to the seasonality of the project logistics. In the second quarter of 2024, the Company incurred cash expenditures of $128 million (C$175 million) for the Goose Project on construction and mine development activities and $43 million (C$58 million) on supplies inventory. After successful completion of the 2024 WIR, it is anticipated that cash expenditures on construction and mine development activities will be lower in the second half of 2024 compared to the cash expenditures incurred in the first half of 2024.

B2Gold is currently updating the total construction capital estimate to incorporate the (previously announced) three month delay in commencement of operations and additional costs associated with logistics of shipping materials to the Goose Project site via air transport. A final updated budget is expected to be released in early September 2024.

Gramalote Project Development

On June 18, 2024, the Company announced positive PEA results on its 100% owned Gramalote Project located in the Department of Antioquia, Colombia. Based on the preliminary results completed in 2022, the contemplated larger-scale project with AngloGold Ashanti Ltd. did not meet the combined investment return thresholds for development. In 2023, B2Gold completed a detailed review of the Gramalote Project with the goal of identifying a higher-return project than the previously contemplated joint venture development plan. The results of the review allowed the Company to determine the optimal parameters and assumptions for the PEA.

The PEA, with an effective date of April 1, 2024, was prepared by B2Gold and evaluates recovery of gold from an open pit mining operation that will move up to approximately 97,000 tonnes per day (“tpd”) (35.3 Mtpa) with an approximately 16,500 tpd (6.0 Mtpa) processing plant that includes crushing, grinding, flotation, with fine grinding of the flotation concentrate and agitated leaching of the flotation concentrate followed by a carbon-in-pulp recovery process to process doré bullion. The Mineral Resource estimate for the Gramalote Project that formed the basis for the PEA includes Indicated Mineral Resources of 192.2 million tonnes grading 0.68 g/t gold for a total of 4,210,000 ounces of gold and Inferred Mineral Resources of 85.4 million tonnes grading 0.54 g/t gold for a total of 1,480,000 ounces of gold.

The PEA outlines a significant production profile with average annual gold production of 185,000 ounces over a 12.5 year project life with a low-cost structure and favorable metallurgical characteristics. Additionally, the PEA outlines strong project economics with an after-tax NPV5% of $778 million and an after-tax IRR of 20.6%, with a project payback on pre-production capital of 3.1 years, and an estimated pre-production capital cost for the project of $807 million (including approximately $93 million for mining equipment and $63 million for contingency). A robust amount of historical drilling and engineering studies have been completed on the Gramalote Project, which significantly de-risks future project development. Based on the positive results from the PEA, B2Gold believes that the Gramalote Project has the potential to become a medium-scale, low-cost open pit gold mine.

The PEA is preliminary in nature and includes a small amount of Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA based on these Mineral Resources will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

B2Gold has commenced feasibility work with the goal of completing a feasibility study by mid-2025 and a $10 million budget has been approved by the Board. Due to the work completed for previous studies, the work remaining to finalize a feasibility study for the updated medium-scale project is not extensive. The main work programs for the feasibility study include geotechnical and environmental site investigations for the processing plant and waste dump footprints, as well as capital and operating cost estimates.

The Gramalote Project will continue to advance resettlement programs, establish coexistence programs for small miners, work on health, safety and environmental projects and continue to work with the government and local communities on social programs.

Due to the desired modifications to the processing plant and infrastructure locations, a Modified Environment Impact Study is required. B2Gold has commenced work on the modifications to the Environment Impact Study and expect it to be completed and submitted shortly following the completion of the feasibility study. If the final economics of the feasibility study are positive and B2Gold makes the decision to develop the Gramalote Project as an open pit gold mine, B2Gold would utilize its proven internal mine construction team to build the mine and mill facilities.

Outlook

Total gold production for 2024 is forecast to be between 800,000 and 870,000 ounces, including 20,000 ounces of attributable gold production from Calibre.

Based on current estimates, consolidated gold production in 2025 is expected to materially improve, driven by a significant increase in gold production from the Fekola Complex, relative to 2024, as a result of the scheduled mining and processing of higher-grade ore from the Fekola and Cardinal pits made accessible by the meaningful stripping campaign that will be undertaken throughout 2024, the expected full year contribution of higher-grade ore from Fekola Regional which is anticipated to contribute between 80,000 to 100,000 ounces of additional production, and commencement of mining the higher-grade Fekola underground (subject to receipt of necessary permits for Fekola Regional and Fekola underground).

Upon completion of construction activities at the Goose Project, the mine is expected to commence gold production in the second quarter of 2025 and contribute between 120,000 and 150,000 ounces of gold production in calendar year 2025. Over the first five full calendar years of operation from 2026 to 2030, the average annual gold production for the Goose Project is estimated to be in excess of 310,000 ounces of gold per year.

The positive PEA results on the Company’s 100% owned Gramalote Project, located in the Department of Antioquia, Colombia, outlines a significant production profile with average annual gold production of 234,000 ounces per year for the first five years of production, and strong project economics with an after-tax NPV5% of $778 million and an after-tax IRR of 20.6% over a 12.5 year project life. As a result, B2Gold has commenced feasibility work with the goal of completing a feasibility study by mid-2025 and a $10 million budget has been approved by the Board.

Following the release of an initial Inferred Mineral Resource Estimate for the Springbok Zone, the southernmost shoot of the recently discovered Antelope deposit, in the second quarter of 2024, the Company has commenced a PEA which is expected to be completed in the first half of 2025. Subject to receipt of a positive PEA and permit, mining of the Springbok Zone, coupled with the exploration potential of the greater Antelope deposit, could begin to contribute to gold production at Otjikoto in 2026. The Antelope deposit has the potential to supplement the processing of low-grade stockpiles at the Otjikoto Mine through 2031, with the goal of increasing gold production levels to over 100,000 ounces per year from 2026 through 2031.

The Company's ongoing strategy is to continue to maximize profitable production from its existing mines, maintain a strong financial position, realize the significant potential increase in gold production from the Company’s existing development projects, continue exploration programs across the Company’s robust land packages, evaluate new exploration, development and production opportunities, and continue to return capital to shareholders.

Second Quarter 2024 Financial Results - Conference Call Details

B2Gold executives will host a conference call to discuss the results on Friday, August 9, 2024, at 8:00 am PT / 11:00 am ET.

Participants may register for the conference call here: registration link. Upon registering, participants will receive a calendar invitation by email with dial in details and a unique PIN. This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call. Participants may also dial in using the numbers below:

  • Toll-free in U.S. and Canada: +1 (844) 763-8274
  • All other callers: +1 (647) 484-8814

The conference call will be available for playback for two weeks by dialing toll-free in the U.S. and Canada: +1 (855) 669-9658, replay access code 5652344. All other callers: +1 (412) 317-0088, replay access code 5652344.

About B2Gold

B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland. B2Gold forecasts total consolidated gold production of between 800,000 and 870,000 ounces in 2024.

Qualified Persons

Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release.

Andrew Brown, P. Geo., Vice President, Exploration, a qualified person under NI 43-101, has approved the scientific and technical information related to exploration and mineral resource matters contained in this news release.

ON BEHALF OF B2GOLD CORP.

“Clive T. Johnson”  
President and Chief Executive Officer 

Source: B2Gold Corp. 

The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.  

Production results and production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 14, 2024 for a discussion of our ownership interest in the mines B2Gold operates.

This news release includes certain "forward-looking information" and "forward-looking statements" (collectively forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and budgets on a consolidated and mine by mine basis; future or estimated mine life, metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: remaining well positioned for continued strong operational and financial performance in 2024; projected gold production, cash operating costs and AISC on a consolidated and mine by mine basis in 2024; total consolidated gold production of between 800,000 and 870,000 ounces (including 20,000 attributable ounces from Calibre) in 2024, with cash operating costs of between $835 and $895 per ounce and AISC of between $1,420 and $1,480 per ounce; B2Gold's continued prioritization of developing the Goose Project in a manner that recognizes Indigenous input and concerns and brings long-term socio-economic benefits to the area; the Goose Project capital cost being approximately C$1,050 million and the net cost of open pit and underground development, deferred stripping, and sustaining capital expenditures to be incurred prior to first gold production being approximately C$200 million and the cost for reagents and other working capital items being C$205 million; the Goose Project producing approximately 310,000 ounces of gold per year for the first five years; the potential for first gold production in the second quarter of 2025 from the Goose Project; the Company's consolidated gold production to be relatively consistent throughout 2024; Fekola Regional production now expected to commence at the beginning of 2025; the potential receipt of a mining permit for Fekola Regional licenses later in 2024; the impact of the 2023 Mining Code in Mali; the status of the negotiations with the Government of Mali and the results thereof; the potential for the Antelope deposit to be developed as an underground operation and contribute gold during the low-grade stockpile processing in 2026 through 2031; the timing and results of the PEA on the Antelope deposit and the potential for the Antelope Zone to contribute to the Otjikoto production profile; the results and estimates in the Gramalote PEA, including the project life, average annual gold production, processing rate, capital cost, net present value, after-tax net cash flow and payback; the timing and results of a feasibility study on the Gramalote Project; and the potential to develop the Gramalote Project as an open pit gold mine. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold's reputation; risks affecting Calibre having an impact on the value of the Company's investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), which may be viewed at www.sedar.com and www.sec.gov, respectively (the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements.

B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

Non-IFRS Measures
This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including "cash operating costs" and "all-in sustaining costs" (or "AISC"). Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with B2Gold's consolidated financial statements. Readers should refer to B2Gold's Management Discussion and Analysis, available on the Websites, under the heading "Non-IFRS Measures" for a more detailed discussion of how B2Gold calculates certain of such measures and a reconciliation of certain measures to IFRS terms.

Cautionary Statement Regarding Mineral Reserve and Resource Estimates
The disclosure in this news release was prepared in accordance with Canadian National Instrument 43-101, which differs significantly from the requirements of the United States Securities and Exchange Commission ("SEC"), and resource and reserve information contained or referenced in this news release may not be comparable to similar information disclosed by public companies subject to the technical disclosure requirements of the SEC. Historical results or feasibility models presented herein are not guarantees or expectations of future performance.


B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30
(Expressed in thousands of United States dollars, except per share amounts)
(Unaudited)
 
  For the three
months ended
June 30, 2024
  For the three
months ended
June 30, 2023
  For the six
months ended
June 30, 2024
  For the six
months ended
June 30, 2023
 
         
Gold revenue $492,569  $470,854  $954,013  $944,410 
         
Cost of sales        
Production costs  (151,299)  (152,762)  (308,044)  (280,366)
Depreciation and depletion  (95,008)  (94,662)  (185,454)  (191,820)
Royalties and production taxes  (33,089)  (33,111)  (63,116)  (68,272)
Total cost of sales  (279,396)  (280,535)  (556,614)  (540,458)
         
Gross profit  213,173   190,319   397,399   403,952 
         
General and administrative  (12,968)  (13,921)  (27,106)  (28,106)
Share-based payments  (4,792)  (4,591)  (9,746)  (11,445)
Impairment of long-lived assets  (215,216)  (4,885)  (215,216)  (4,885)
Gain on sale of mining interests  48,662   —   48,662   — 
Gain on sale of shares in associate  16,822   —   16,822   — 
Non-recoverable input taxes  (2,695)  (1,139)  (6,999)  (3,046)
Share of net income of associates  2,582   7,009   4,679   11,988 
Foreign exchange losses  (11,356)  (2,253)  (13,735)  (2,849)
Community relations  (442)  (1,722)  (931)  (2,725)
Write-down of mining interests  (636)  —   (636)  (16,457)
Restructuring charges  —   (7,080)  —   (7,080)
Other expense  (2,322)  (2,598)  (7,754)  (4,289)
Operating income  30,812   159,139   185,439   335,058 
         
Interest and financing expense  (7,465)  (2,916)  (17,036)  (5,842)
Interest income  7,671   6,035   13,126   11,854 
Change in fair value of gold stream  (8,387)  (1,100)  (19,239)  (1,100)
Gains (losses) on dilution of associate  998   —   (8,984)  — 
Gains on derivative instruments  429   782   704   425 
Other income (expense)  12   (2,518)  155   (4,118)
Income from operations before taxes  24,070   159,422   154,165   336,277 
         
Current income tax, withholding and other taxes  (96,697)  (71,205)  (158,281)  (147,945)
Deferred income tax recovery  37,850   3,633   17,820   5,422 
Net (loss) income for the period $(34,777) $91,850  $13,704  $193,754 
         
Attributable to:        
Shareholders of the Company $(24,004) $80,418  $15,747  $166,391 
Non-controlling interests  (10,773)  11,432   (2,043)  27,363 
Net (loss) income for the period $(34,777) $91,850  $13,704  $193,754 
         
(Loss) earnings per share (attributable to shareholders of the Company)        
Basic $(0.02) $0.06  $0.01  $0.14 
Diluted $(0.02) $0.06  $0.01  $0.14 
         
Weighted average number of common shares outstanding (in thousands)        
Basic  1,307,176   1,251,832   1,305,183   1,164,104 
Diluted  1,307,176   1,257,804   1,308,746   1,169,853 


B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30
(Expressed in thousands of United States dollars)
(Unaudited)
 
  For the three
months ended
June 30, 2024
  For the three
months ended
June 30, 2023
  For the six
months ended
June 30, 2024
  For the six
months ended
June 30, 2023
 
Operating activities        
Net (loss) income for the period $(34,777) $91,850  $13,704  $193,754 
Mine restoration provisions settled  (650)  (579)  (941)  (579)
Non-cash charges, net  227,042   107,409   378,364   228,941 
Proceeds from prepaid sales  —   —   500,023   — 
Changes in non-cash working capital  (79,709)  15,052   (57,724)  21,278 
Changes in long-term inventory  (13,298)  —   (9,146)  — 
Changes in long-term value added tax receivables  (36,176)  (18,749)  (51,121)  (44,588)
Cash provided by operating activities  62,432   194,983   773,159   398,806 
         
Financing activities        
Repayment of revolving credit facility  —   —   (150,000)  — 
Extinguishment of gold stream and construction financing obligations  —   (111,819)  —   (111,819)
Repayment of equipment loan facilities  (3,519)  (2,887)  (5,906)  (6,465)
Interest and commitment fees paid  (1,090)  (1,118)  (4,669)  (2,120)
Cash proceeds from stock option exercises  1,357   3,464   2,445   5,908 
Dividends paid  (45,869)  (51,730)  (91,858)  (94,706)
Principal payments on lease arrangements  (1,140)  (2,046)  (2,588)  (3,489)
Distributions to non-controlling interests  (2,708)  (2,198)  (7,288)  (4,280)
Other  691   770   962   1,587 
Cash used by financing activities  (52,278)  (167,564)  (258,902)  (215,384)
         
Investing activities        
Expenditures on mining interests:        
Fekola Mine  (53,179)  (74,151)  (133,741)  (127,946)
Masbate Mine  (6,507)  (6,098)  (15,037)  (15,051)
Otjikoto Mine  (11,706)  (15,630)  (25,519)  (32,976)
Goose Project  (127,704)  (68,612)  (245,155)  (68,612)
Fekola Regional Properties  (4,924)  (15,035)  (9,425)  (29,810)
Gramalote Project  (3,560)  (1,204)  (6,870)  (1,714)
Other exploration  (11,572)  (24,552)  (20,412)  (40,543)
Cash proceeds on sale of investment in associate  100,302   —   100,302   — 
Cash proceeds on sale of long-term investment  18,661   —   18,661   — 
Purchase of long-term investment  (6,252)  (16,764)  (6,252)  (31,880)
Funding of reclamation accounts  (1,676)  (1,351)  (2,705)  (2,640)
Loan to associate  —   —   (1,496)  — 
Cash acquired on acquisition of Sabina Gold & Silver Corp.  —   38,083   —   38,083 
Transaction costs paid on acquisition of Sabina Gold & Silver Corp.  —   (6,672)  —   (6,672)
Other  (295)  101   (340)  (3,212)
Cash used by investing activities  (108,412)  (191,885)  (347,989)  (322,973)
         
(Decrease) increase in cash and cash equivalents  (98,258)  (164,466)  166,268   (139,551)
         
Effect of exchange rate changes on cash and cash equivalents  (2,716)  (3,067)  (6,323)  (6,188)
Cash and cash equivalents, beginning of period  567,814   673,740   306,895   651,946 
Cash and cash equivalents, end of period $466,840  $506,207  $466,840  $506,207 


B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of United States dollars)
(Unaudited)
 
  As at June 30,
2024
  As at December 31,
2023
 
Assets    
Current    
Cash and cash equivalents $466,840  $306,895 
Accounts receivable, prepaids and other  41,330   27,491 
Value-added and other tax receivables  31,368   29,848 
Inventories  376,822   346,495 
Assets classified as held for sale  10,230   — 
   926,590   710,729 
     
Long-term investments  123,764   86,007 
Value-added tax receivables  250,171   199,671 
Mining interests  3,616,534   3,563,490 
Investments in associates  74,193   134,092 
Long-term inventories  102,609   100,068 
Other assets  72,346   63,635 
Deferred income taxes  16,645   16,927 
  $5,182,852  $4,874,619 
Liabilities    
Current    
Accounts payable and accrued liabilities $178,528  $167,117 
Current income and other taxes payable  113,685   120,679 
Current portion of long-term debt  14,857   16,256 
Current portion of mine restoration provisions  2,109   3,050 
Other current liabilities  7,155   6,369 
   316,334   313,471 
     
Long-term debt  25,651   175,869 
Gold stream obligation  158,839   139,600 
Prepaid gold sales  517,723   — 
Mine restoration provisions  104,798   104,607 
Deferred income taxes  170,004   188,106 
Employee benefits obligation  21,135   19,171 
Other long-term liabilities  23,777   23,820 
   1,338,261   964,644 
Equity    
Shareholders’ equity    
Share capital  3,485,034   3,454,811 
Contributed surplus  79,721   84,970 
Accumulated other comprehensive loss  (118,447)  (125,256)
Retained earnings  309,332   395,854 
   3,755,640   3,810,379 
Non-controlling interests  88,951   99,596 
   3,844,591   3,909,975 
  $5,182,852  $4,874,619 
     

NON-IFRS MEASURES

Cash operating costs per gold ounce sold and total cash costs per gold ounce sold

‘‘Cash operating costs per gold ounce’’ and “total cash costs per gold ounce” are common financial performance measures in the gold mining industry but, as non-IFRS measures, they do not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance and ability to generate cash flow. Accordingly, these measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures, along with sales, are considered to be a key indicator of the Company’s ability to generate earnings and cash flow from its mining operations.

Cash cost figures are calculated on a sales basis in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard is the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. Other companies may calculate these measures differently. Cash operating costs and total cash costs per gold ounce sold are derived from amounts included in the statement of operations and include mine site operating costs such as mining, processing, smelting, refining, transportation costs, royalties and production taxes, less silver by-product credits. The tables below show a reconciliation of cash operating costs per gold ounce sold and total cash costs per gold ounce sold to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):

 For the three months ended June 30, 2024
 Fekola
Mine		Masbate
Mine		Otjikoto
Mine		TotalCalibre equity
investment		Grand
Total
 $$$$$$
       
Production costs81,48137,60232,216151,29913,221164,520
Royalties and production taxes21,6556,9104,52433,08971133,800
       
Total cash costs103,13644,51236,740184,38813,932198,320
       
Gold sold (ounces)115,28846,60048,340210,2288,267218,495
       
Cash operating costs per ounce ($/ gold ounce sold)7078076667201,599753
       
Total cash costs per ounce ($/ gold ounce sold)8959557608771,685908


 For the three months ended June 30, 2023
 Fekola
Mine		Masbate
Mine		Otjikoto
Mine		TotalCalibre equity
investment		Grand
Total
 $$$$$$
       
Production costs79,24548,17025,347152,76217,815170,577
Royalties and production taxes23,6866,2853,14033,1111,07834,189
       
Total cash costs102,93154,45528,487185,87318,893204,766
       
Gold sold (ounces)142,85056,70039,550239,10016,797255,897
       
Cash operating costs per ounce ($/ gold ounce sold)5558506416391,061667
       
Total cash costs per ounce ($/ gold ounce sold)7219607207771,125800


 For the six months ended June 30, 2024
 Fekola
Mine		Masbate
Mine		Otjikoto
Mine		TotalCalibre equity
investment		Grand
Total
 $$$$$$
       
Production costs166,58680,37361,085308,04425,126333,170
Royalties and production taxes42,05012,3008,76663,1161,56564,681
       
Total cash costs208,63692,67369,851371,16026,691397,851
       
Gold sold (ounces)239,11694,30099,790433,20619,644452,850
       
Cash operating costs per ounce ($/ gold ounce sold)6978526127111,279736
       
Total cash costs per ounce ($/ gold ounce sold)8739837008571,359879


 For the six months ended June 30, 2023
 Fekola
Mine		Masbate
Mine		Otjikoto
Mine		TotalCalibre equity
investment		Grand
Total
 $$$$$$
       
Production costs156,90673,16350,297280,36633,580313,946
Royalties and production taxes50,35210,6987,22268,2722,33270,604
       
Total cash costs207,25883,86157,519348,63835,912384,550
       
Gold sold (ounces)307,90086,35094,000488,25032,939521,189
       
Cash operating costs per ounce ($/ gold ounce sold)5108475355741,019602
       
Total cash costs per ounce ($/ gold ounce sold)6739716127141,090738
       

Cash operating costs per gold ounce produced

In addition to cash operating costs on a per gold ounce sold basis, the Company also presents cash operating costs on a per gold ounce produced basis. Cash operating costs per gold ounce produced is derived from amounts included in the statement of operations and include mine site operating costs such as mining, processing, smelting, refining, transportation costs, less silver by-product credits. The tables below show a reconciliation of cash operating costs per gold ounce produced to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):

 For the three months ended June 30, 2024
 Fekola
Mine		Masbate
Mine		Otjikoto
Mine		TotalCalibre equity
investment		Grand
Total
 $$$$$$
       
Production costs81,48137,60232,216151,29913,221164,520
Inventory sales adjustment12,0971,41216813,677—13,677
       
Cash operating costs93,57839,01432,384164,97613,221178,197
       
Gold produced (ounces)111,58344,51548,143204,2418,267212,508
       
Cash operating costs per ounce ($/ gold ounce produced)8398766738081,599839


 For the three months ended June 30, 2023
 Fekola
Mine		Masbate
Mine		 Otjikoto
Mine		Total Calibre equity
investment		Grand
Total		 
 $$$$ $$ 
       
Production costs79,24548,170 25,347152,762 17,815170,577 
Inventory sales adjustment2,698(7,757)1,587(3,472)—(3,472)
       
Cash operating costs81,94340,413 26,934149,290 17,815167,105 
       
Gold produced (ounces)152,42749,478 44,056245,961 16,740262,701 
       
Cash operating costs per ounce ($/ gold ounce produced)538817 611607 1,064636 


 For the six months ended June 30, 2024
 Fekola
Mine		Masbate
Mine		Otjikoto
Mine		TotalCalibre equity
investment		Grand
Total
 $$$$$$
       
Production costs166,58680,37361,085308,04425,126333,170
Inventory sales adjustment10,17518844010,803—10,803
       
Cash operating costs176,76180,56161,525318,84725,126343,973
       
Gold produced (ounces)230,72494,29793,559418,58019,644438,224
       
Cash operating costs per ounce ($/ gold ounce produced)7668546587621,279785


 For the six months ended June 30, 2023
 Fekola
Mine		Masbate
Mine		Otjikoto
Mine		TotalCalibre equity investmentGrand
Total
 $$$$$$
       
Production costs156,90673,16350,297 280,36633,580313,946
Inventory sales adjustment5,2168,180(62)13,334—13,334
       
Cash operating costs162,12281,34350,235 293,70033,580327,280
       
Gold produced (ounces)318,29195,84282,547 496,68032,877529,557
       
Cash operating costs per ounce ($/ gold ounce produced)509849609 5911,021618
        

All-in sustaining costs per gold ounce

In June 2013, the World Gold Council, a non-regulatory association of the world’s leading gold mining companies established to promote the use of gold to industry, consumers and investors, provided guidance for the calculation of the measure “all-in sustaining costs per gold ounce”, but as a non-IFRS measure, it does not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The original World Gold Council standard became effective January 1, 2014 with further updates announced on November 16, 2018 which were effective starting January 1, 2019.

Management believes that the all-in sustaining costs per gold ounce measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. The Company has applied the principles of the World Gold Council recommendations and has reported all-in sustaining costs on a sales basis. Other companies may calculate these measures differently.

B2Gold defines all-in sustaining costs per ounce as the sum of cash operating costs, royalties and production taxes, capital expenditures and exploration costs that are sustaining in nature, sustaining lease expenditures, corporate general and administrative costs, share-based payment expenses related to restricted share units/deferred share units/performance share units/restricted phantom units ("RSUs/DSUs/PSUs/RPUs"), community relations expenditures, reclamation liability accretion and realized (gains) losses on fuel derivative contracts, all divided by the total gold ounces sold to arrive at a per ounce figure.

The table below shows a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis for the three months ended June 30, 2024 (dollars in thousands):

 For the three months ended June 30, 2024
 Fekola
Mine		 Masbate
Mine		 Otjikoto
Mine		 CorporateTotal Calibre equity
investment		Grand
Total		 
 $ $ $ $$ $$ 
        
Production costs81,481 37,602 32,216 —151,299 13,221164,520 
Royalties and production taxes21,655 6,910 4,524 —33,089 71133,800 
Corporate administration2,548 548 1,406 8,46612,968 90213,870 
Share-based payments – RSUs/DSUs/PSUs/RPUs(1)34 — — 4,0234,057 —4,057 
Community relations106 17 319 —442 —442 
Reclamation liability accretion458 313 252 —1,023 —1,023 
Realized gains on derivative contracts(202)(108)— —(310)—(310)
Sustaining lease expenditures83 309 236 5121,140 —1,140 
Sustaining capital expenditures(2)38,065 6,428 11,605 —56,098 63756,735 
Sustaining mine exploration(2)838 864 (76)—1,626 —1,626 
        
Total all-in sustaining costs145,066 52,883 50,482 13,001261,432 15,471276,903 
        
Gold sold (ounces)115,288 46,600 48,340 —210,228 8,267218,495 
        
All-in sustaining cost per ounce ($/ gold ounce sold)1,258 1,135 1,044 —1,244 1,8711,267 

1) Included as a component of Share-based payments on the Statement of operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.

The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the unaudited condensed interim consolidated financial statements for the three months ended June 30, 2024 (dollars in thousands):

 For the three months ended June 30, 2024
 Fekola
Mine		 Masbate
Mine		 Otjikoto
Mine		 Total Calibre equity
investment		Grand
Total		 
 $ $ $ $ $$ 
       
Operating mine capital expenditures53,179 6,507 11,706 71,392 63772,029 
Fekola underground(14,772)— — (14,772)—(14,772)
Road construction(342)— — (342)—(342)
Land acquisitions— (49)— (49)—(49)
Other— (30)(101)(131)—(131)
       
Sustaining capital expenditures38,065 6,428 11,605 56,098 63756,735 
 

The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the unaudited condensed interim consolidated financial statements for the three months ended June 30, 2024 (dollars in thousands):

 For the three months ended June 30, 2024
 Fekola
Mine		Masbate
Mine		 Otjikoto
Mine		 Total  Calibre equity
investment		Grand
Total		 
 $$ $ $ $$ 
       
Operating mine exploration838928 1,514 3,280 —3,280 
Regional exploration—(64)(1,590)(1,654)—(1,654)
       
Sustaining mine exploration838864 (76)1,626 —1,626 
 

The table below shows a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis for the three months ended June 30, 2023 (dollars in thousands):

 For the three months ended June 30, 2023
 Fekola
Mine		 Masbate
Mine		 Otjikoto
Mine		 CorporateTotal Calibre equity
investment		Grand
Total		 
 $ $ $ $$ $$ 
        
Production costs79,245 48,170 25,347 —152,762 17,815170,577 
Royalties and production taxes23,686 6,285 3,140 —33,111 1,07834,189 
Corporate administration2,403 640 1,176 9,83614,055 57414,629 
Share-based payments – RSUs/DSUs/PSUs/RPUs(1)— — — 3,8383,838 —3,838 
Community relations1,370 41 311 —1,722 —1,722 
Reclamation liability accretion357 278 277 —912 —912 
Realized gains on derivative contracts(688)(642)(209)—(1,539)—(1,539)
Sustaining lease expenditures981 303 297 4652,046 —2,046 
Sustaining capital expenditures(2)59,032 5,752 15,630 —80,414 1,93382,347 
Sustaining mine exploration(2)— 1,008 996 —2,004 —2,004 
        
Total all-in sustaining costs166,386 61,835 46,965 14,139289,325 21,400310,725 
        
Gold sold (ounces)142,850 56,700 39,550 —239,100 16,797255,897 
        
All-in sustaining cost per ounce ($/ gold ounce sold)1,165 1,091 1,187 —1,210 1,2741,214 

(1) Included as a component of Share-based payments on the Statement of operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below

The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the unaudited condensed interim consolidated financial statements for the three months ended June 30, 2023 (dollars in thousands):

 For the three months ended June 30, 2023
 Fekola
Mine		 Masbate
Mine		 Otjikoto
Mine		Total  Calibre equity
investment		Grand
Total		 
 $ $ $$ $$ 
       
Operating mine capital expenditures74,151 6,098 15,63095,879 1,93397,812 
Road construction(2,657)— —(2,657)—(2,657)
Fekola underground(12,462)— —(12,462)—(12,462)
Other— (346)—(346)—(346)
       
Sustaining capital expenditures59,032 5,752 15,63080,414 1,93382,347 

The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the unaudited condensed interim consolidated financial statements for the three months ended June 30, 2023 (dollars in thousands):

 For the three months ended June 30, 2023
 Fekola
Mine		Masbate
Mine		Otjikoto
Mine		TotalCalibre equity
investment		Grand
Total
 $$$$$$
       
Operating mine exploration—1,0089962,004—2,004
Regional exploration——————
       
Sustaining mine exploration—1,0089962,004—2,004
 

The table below shows a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis for the six months ended June 30, 2024 (dollars in thousands):

 For the six months ended June 30, 2024
 Fekola
Mine		 Masbate
Mine		 Otjikoto
Mine		 CorporateTotal Calibre equity
investment		Grand
Total		 
 $ $ $ $$ $$ 
        
Production costs166,586 80,373 61,085 —308,044 25,126333,170 
Royalties and production taxes42,050 12,300 8,766 —63,116 1,56564,681 
Corporate administration5,275 1,062 2,886 17,88327,106 1,46328,569 
Share-based payments – RSUs/DSUs/PSUs/RPUs(1)67 — — 8,9969,063 —9,063 
Community relations251 30 650 —931 —931 
Reclamation liability accretion893 614 490 —1,997 —1,997 
Realized gains on derivative contracts(420)(252)(31)—(703)—(703)
Sustaining lease expenditures167 627 790 1,0042,588 —2,588 
Sustaining capital expenditures(2)105,935 14,677 24,503 —145,115 2,392147,507 
Sustaining mine exploration(2)2,140 1,598 626 —4,364 —4,364 
        
Total all-in sustaining costs322,944 111,029 99,765 27,883561,621 30,546592,167 
        
Gold sold (ounces)239,116 94,300 99,790 —433,206 19,644452,850 
        
All-in sustaining cost per ounce ($/ gold ounce sold)1,351 1,177 1,000 —1,296 1,5551,308 

(1) Included as a component of Share-based payments on the Statement of operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.

The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the unaudited condensed interim consolidated financial statements for the six months ended June 30, 2024 (dollars in thousands):

 For the six months ended June 30, 2024
 Fekola
Mine		 Masbate
Mine		 Otjikoto
Mine		 Total Calibre equity
investment		Grand
Total		 
 $ $ $ $ $$ 
       
Operating mine capital expenditures133,741 15,037 25,519 174,297 2,392176,689 
Fekola underground(25,876)— — (25,876)—(25,876)
Road construction(1,930)— — (1,930)—(1,930)
Land acquisitions— (120)— (120)—(120)
Other— (240)(1,016)(1,256)—(1,256)
       
Sustaining capital expenditures105,935 14,677 24,503 145,115 2,392147,507 
 

The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the unaudited condensed interim consolidated financial statements for the six months ended June 30, 2024 (dollars in thousands):

 For the six months ended June 30, 2024
 Fekola
Mine		Masbate
Mine		 Otjikoto
Mine		 Total  Calibre equity
investment		Grand
Total		 
 $$ $ $ $$ 
       
Operating mine exploration2,1401,749 3,303 7,192 —7,192 
Regional exploration—(151)(2,677)(2,828)—(2,828)
       
Sustaining mine exploration2,1401,598 626 4,364 —4,364 
 

The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis for the six months ended June 30, 2023 (dollars in thousands):

 For the six months ended June 30, 2023
 Fekola
Mine		 Masbate
Mine		 Otjikoto
Mine		 CorporateTotal Calibre equity
investment		Grand
Total		 
 $ $ $ $$ $$ 
        
Production costs156,906 73,163 50,297 —280,366 33,580313,946 
Royalties and production taxes50,352 10,698 7,222 —68,272 2,33270,604 
Corporate administration5,364 1,139 2,880 18,85728,240 1,32329,563 
Share-based payments – RSUs/DSUs/PSUs/RPUs(1)— — — 8,1578,157 —8,157 
Community relations2,044 99 582 —2,725 —2,725 
Reclamation liability accretion738 569 571 —1,878 —1,878 
Realized gains on derivative contracts(1,459)(1,814)(697)—(3,970)—(3,970)
Sustaining lease expenditures1,045 610 920 9143,489 —3,489 
Sustaining capital expenditures(2)108,808 14,528 32,976 —156,312 3,939160,251 
Sustaining mine exploration(2)1,706 1,967 1,490 —5,163 —5,163 
        
Total all-in sustaining costs325,504 100,959 96,241 27,928550,632 41,174591,806 
        
Gold sold (ounces)307,900 86,350 94,000 —488,250 32,939521,189 
        
All-in sustaining cost per ounce ($/ gold ounce sold)1,057 1,169 1,024 —1,128 1,2501,135 

(1) Included as a component of Share-based payments on the Statement of operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below

The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the unaudited condensed interim consolidated financial statements for the six months ended June 30, 2023 (dollars in thousands):

 For the six months ended June 30, 2023
 Fekola
Mine		 Masbate
Mine		 Otjikoto
Mine		Total  Calibre equity
investment		Grand
Total		 
 $ $ $$ $$ 
       
Operating mine capital expenditures127,946 15,051 32,976175,973 3,939179,912 
Road construction(5,067)— —(5,067)—(5,067)
Fekola underground study(14,071)— —(14,071)—(14,071)
Other— (523)—(523)—(523)
       
Sustaining capital expenditures108,808 14,528 32,976156,312 3,939160,251 
 

The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the unaudited condensed interim consolidated financial statements for the six months ended June 30, 2023 (dollars in thousands):

 For the six months ended June 30, 2023
 Fekola
Mine		Masbate
Mine		Otjikoto
Mine		TotalCalibre equity
investment		Grand
Total
 $$$$$$
       
Operating mine exploration1,7061,9671,4905,163—5,163
Regional exploration——————
       
Sustaining mine exploration1,7061,9671,4905,163—5,163
 

Adjusted net income and adjusted earnings per share - basic

Adjusted net income and adjusted earnings per share – basic are non-IFRS measures that do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines adjusted net income as net income attributable to shareholders of the Company adjusted for non-recurring items and also significant recurring non-cash items. The Company defines adjusted earnings per share – basic as adjusted net income divided by the basic weighted number of common shares outstanding.

Management believes that the presentation of adjusted net income and adjusted earnings per share - basic is appropriate to provide additional information to investors regarding items that we do not expect to continue at the same level in the future or that management does not believe to be a reflection of the Company's ongoing operating performance. Management further believes that its presentation of these non-IFRS financial measures provide information that is useful to investors because they are important indicators of the strength of our operations and the performance of our core business. Accordingly, it is intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently.

A reconciliation of net income to adjusted net income as extracted from the unaudited condensed interim consolidated financial statements is set out in the table below:

 Three months endedSix months ended
 June 30,June 30,
 2024 2023 2024 2023 
 $$$$
 (000’s)(000’s)(000’s)(000’s)
     
Net (loss) income attributable to shareholders of the Company for the period:(24,004)80,418 15,747 166,391 
     
Adjustments for non-recurring and significant recurring non-cash items:    
Impairment of long-lived assets197,141 4,885 197,141 4,885 
Write-down of mining interests636 — 636 16,419 
Gain on sale of shares in associate(16,822)— (16,822)— 
Gain on sale of mining interests(48,662)— (48,662)— 
Unrealized (gains) losses on derivative instruments(119)757 (1)3,545 
Office lease termination costs— — — 1,946 
Loan receivable provision— 2,085 — 2,085 
Change in fair value of gold stream8,387 1,100 19,239 1,100 
(Gain) loss on dilution of associate(998)— 8,984 — 
Deferred income tax recovery(37,110)(3,441)(16,310)(4,705)
     
Adjusted net income attributable to shareholders of the Company for the period78,449 85,804 159,952 191,666 
     
Basic weighted average number of common shares outstanding (in thousands)1,307,176 1,251,832 1,305,183 1,164,104 
     
Adjusted net earnings attributable to shareholders of the Company per share–basic ($/share)0.06 0.07 0.12 0.16 

FAQ

What was B2Gold's total gold production in Q2 2024?

B2Gold's total gold production in Q2 2024 was 212,508 ounces.

What were the cash operating costs for B2Gold in Q2 2024?

B2Gold's total consolidated cash operating costs were $839 per ounce in Q2 2024.

What is B2Gold's updated gold production guidance for 2024?

B2Gold's updated gold production guidance for 2024 is between 800,000 and 870,000 ounces.

What were B2Gold's net loss and adjusted net income per share in Q2 2024?

B2Gold reported a net loss of $0.02 per share and an adjusted net income of $0.06 per share in Q2 2024.

What is the expected dividend for B2Gold in Q3 2024?

B2Gold declared a Q3 2024 dividend of $0.04 per share.

What is the all-in sustaining cost guidance for B2Gold in 2024?

B2Gold's all-in sustaining cost guidance for 2024 has been increased to $1,420-$1,480 per ounce.

What is the financial impact of the Fekola Complex on B2Gold?

B2Gold faced a non-cash impairment of the Fekola Complex, resulting in a net loss of $0.02 per share.

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B2Gold Corp.

NYSE:BTG

BTG Rankings

#1579 Ranked by Market Cap
#433 Ranked by Dividends

BTG Latest News

Dec 2, 2024
B2Gold Continuing to Operate at Fekola Mine Despite Temporary Labour Action; Implementation of MOU with State of Mali Continues
Nov 13, 2024
B2Gold Announces Drilling Results from its 2024 Exploration Program at the Goose Project; Drill Results at the Nuvuyak Deposit and Mammoth Target Demonstrate Potential to Further Extend the Mine Life at the Goose Project
Nov 6, 2024
B2Gold Reports Q3 2024 Results; On Track to Meet Total 2024 Gold Production Revised Guidance; Year-To-Date Cash Operating Costs within Annual Guidance Range and Year-To-Date All-In Sustaining Costs Below Revised Annual Guidance Range
Oct 29, 2024
B2Gold Announces Appointment of Greg Barnes and Basie Maree to its Board of Directors
Oct 9, 2024
B2Gold Third Quarter 2024 Financial Results – Conference Call Details

BTG Stock Data

3.29B
1.29B
0.66%
61.6%
1.74%
Gold
Basic Materials
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