B2Gold Corp (TSE: BTO) (NYSE: BTG) anticipates its first gold pour at its Goose Mine in Nunavut is on track to be in June of 2025.
Announced on Wednesday, the company said that the mine is close to completion, having completed all construction activities in 2024, including putting together the ball mill. Randall Chatwin, B2Gold’s senior vice president of legal and corporate communications, said that 95 per cent of the concrete had already been placed over the summer.
Construction crews are advancing work on both the open pit and the echo pit. Additionally, the latter is designated for tailings placement once the mine becomes operational.
Both remain on schedule, allowing us to build a significant stockpile ahead of mill start-up, said Chatwin. Right now, construction efforts are concentrated on electrical and piping work.
The company expects to ramp up to commercial production in the third quarter. Furthermore, the company projects to produce between 120,000 and 150,000 ounces of gold in 2025–26. From 2026 through 2031, annual production is forecast to reach 310,000 ounces.
“Transportation of the materials is happening right now. The first loads in were primarily fuel,” Chatwin said during the third week of March.
The company began building the ice road in December and completed it on February 18, finishing three weeks ahead of schedule. This road plays a critical role in opening and operating the mine. Furthermore, it serves as the main route for transporting staff and supplies.
Construction progressed smoothly overall, according to Chatwin.
The team added significant new equipment for this year’s campaign, including a fleet of 105 trucks. These trucks now run 24 hours a day to support nonstop transport.
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The operation expects to haul 3,000 loads during the winter
Crews made major upgrades to the marine landing areas and built a new camp for drivers to rest overnight. This helped streamline traffic and improved the overall efficiency of travel along the ice road.
The operation expects to haul about 3,000 loads during the winter ice road season. That includes 80 million litres of fuel and essential equipment for the project’s operations base.
Earlier this month, the company announced earlier this month that the Toronto Stock Exchange had accepted its notice of intention to start a normal course issuer bid (NCIB).
A NCIB is a share buyback program that allows a company to repurchase its own shares from the market.
Companies typically use an NCIB to signal confidence in their financial health, or improve financial ratios like earnings per share. The company usually cancels the repurchased shares, reducing the total number of outstanding shares.
Canadian securities regulations limit the number of shares a company can buy back under an NCIB to prevent market manipulation.
As of March 20, 2025, the company had approximately 1.3 billion shares issued and outstanding. The TSX approved the company to repurchase up to 65 million shares. This number represents 5 per cent of the issued and outstanding shares. The NCIB will expire no later than April 2, 2026.
The company will make all purchases under the NCIB on the open market through the TSX and NYSE.
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B2Gold has built itself into a strong mid-tier producer
Over the past decade, B2Gold has grown into one of the world’s mid-tier gold producers through strategic acquisitions, consistent production growth, and successful exploration. In 2014, B2Gold acquired Papillon Resources, giving it control of the Fekola gold project in Mali. The Fekola Mine began production in 2017, significantly increasing the company’s output.
In 2015, B2Gold Corp. completed construction of the Otjikoto Mine in Namibia, which became another key asset. The company also operated the Masbate Mine in the Philippines and the La Libertad and El Limon mines in Nicaragua. However, in 2019, B2Gold Corp. divested its Nicaraguan operations, selling them to Calibre Mining Corp. (TSE: CXB) (OTCMKTS: CXBMF) for approximately USD$100 million. This deal transformed Calibre Mining into a gold producer and made B2Gold Corp. its largest shareholder for a time. B2Gold retained a strategic position but began reducing its stake in 2024. It eventually cut it from 14.1 per cent to just 4 per cent.
Throughout the decade, B2Gold Corp. maintained a focus on organic growth and expansion. It advanced projects like the Gramalote Project in Colombia (a joint venture with AngloGold Ashanti (NYSE: AU), from which B2Gold Corp. withdrew in 2023) and the Kiaka Project in Burkina Faso, acquired in 2021 through its purchase of West African Resources’ (ASX: WAF) (OTCMKTS: WFRSF).
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