B2Gold Corp. (NYSEAMERICAN: BTG) announced that its Goose Mine in Nunavut has officially reached commercial production, marking a major milestone for the company’s operations in Canada’s North.
Announced officially on Monday, the mine achieved this status just over three months after mill operations began.
The company declared commercial production after meeting its internal benchmark of 30 consecutive days of average mill throughput at 65 per cent or greater of the design capacity.
Between September 3 and October 2, the mill processed an average of 2,652 tonnes of ore per day. That represents 66 per cent of the design rate of 4,000 tonnes per day. During this period, most of the ore came from the Echo open pit, one of several deposits within the Goose property.
In late September, B2Gold increased its crushing capacity after integrating a supplemental mobile crusher with the main crushing plant. From September 19 to October 2, ore was crushed at a rate of 183 tonnes per hour, equivalent to 4,385 tonnes per day.
Meanwhile, the mill processed an average of 3,249 tonnes per day, or 81.2 per cent of its designed throughput. The company expects the mill to operate close to full capacity through the fourth quarter of 2025.
Mining activity at the Umwelt deposit has also exceeded expectations.
Both open pit and underground mining rates remained strong through the commercial production test period. For the remainder of 2025, most of the mill feed will come from Umwelt, where ore grades are expected to average between 6.5 and 7 grams of gold per tonne.
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Goose Mine is cornerstone for B2Gold production base
Furthermore, gold recovery rates have remained consistent and are projected to stay above 90 per cent during the fourth quarter.
“It is with great pleasure that we announce the Goose Mine has achieved commercial production,” said B2Gold president and CEO Clive Johnson.
He credited the company’s construction and operations teams for their dedication and recognized the Kitikmeot Inuit Association for its partnership. Johnson described the Goose Mine as a cornerstone for B2Gold’s production base.
The company reaffirmed its production targets, projecting 80,000 to 110,000 ounces of gold in 2025. In addition, B2Gold anticipates 0utput to rise sharply in the following years, reaching approximately 250,000 ounces in 2026 and 330,000 ounces in 2027. Furthermore, the company expects annual production to average about 300,000 ounces of gold over the first six full years of operations.
B2Gold views the Goose Mine as the foundation for further growth in the Back River Gold District. With production underway, B2Gold has established a new gold source supporting long-term operations and contributing to the region’s economic development.
Analysts view the Goose Mine’s early success as a strong indicator of B2Gold’s execution ability.
The rapid transition to commercial production has boosted confidence in the company’s growth outlook. Furthermore, several analysts expect the mine to strengthen B2Gold’s overall production profile and cash flow. In addition, the project’s steady ramp-up could help offset weaker output from some of the company’s older assets.
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Analysts cautious on market volatility
Analysts currently maintain a Hold rating on B2Gold Corp., with a 12-month price target near US$4.50, suggesting limited upside from current levels.
Raymond James recently upgraded the stock to a Moderate Buy, citing steady operational performance. CIBC, however, kept a Hold rating, slightly raising its price target.
Zacks Research, however, downgraded the stock from Strong Buy to Hold, reflecting caution on market volatility. Overall, sentiment is cautiously optimistic, with analysts noting both potential growth and risk factors.
B2Gold’s operations continue to support its outlook. The mine achieved commercial production after meeting a 30-day throughput benchmark at 66 per cent of the mill’s design capacity.
Subsequently, throughput rose to 81.2 per cent following the addition of a supplemental mobile crusher. The company expects annual production between 80,000 and 110,000 ounces of gold in 2025, with an average of 300,000 ounces annually from 2026 through 2031.
Analysts view these milestones as a positive indicator of the company’s ability to meet production targets. However, they also note potential pressures from fluctuating gold prices and geopolitical risks in mining regions. Consequently, the stock remains a cautious play for investors seeking steady, long-term exposure to gold.
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