B2Gold Corp (TSE: BTO) (NYSEAMERICAN: BTG) concluded 2024 on a positive note, reporting strong gold revenues, significant operational milestones, and promising plans for growth in 2025.
Announced originally on Tuesday, the gold company dropped its financial documents, indicating a robust gold revenue of USD$500 million in Q4, 2024, driven by sales of 187,793 ounces at an average price of $2,661 per ounce.
In the fourth quarter of 2024, B2Gold produced 186,001 ounces of gold, bringing its total annual consolidated gold production to 804,778 ounces, including 19,644 ounces from its stake in Calibre Mining Corp. (TSE: CXB) (OTMRKTS: CXBMF).
This output fell at the low end of the revised 2024 guidance. However, the Masbate in the Philippines and Otjikoto mines in Namibia outperformed expectations. This offset some production shortfalls at the Fekola Mine. The delays at Fekola stemmed from lower-than-expected ore availability from the Phase 7 and Cardinal pits. However, equipment availability improved by year-end, and mining rates returned to expected levels.
The Masbate Mine achieved a remarkable safety milestone in November 2024, marking six years without a Lost Time Injury (LTI). This accomplishment underscores B2Gold’s commitment to safety and operational excellence across its sites.
Additionally, the company secured a renewed revolving credit facility in December 2024, increasing its borrowing capacity to USD$800 million, with a $200 million accordion feature. The facility, extended until 2028, enhances B2Gold’s financial flexibility for growth initiatives.
Read more: High grades in Nicaragua expected to raise Calibre Mining’s mineral resource
Read more: Calibre Mining shuffles strength into its board for future growth
Goose Bay in Canada is a cornerstone of B2Gold’s 2025
Looking ahead, B2Gold anticipates total gold production in 2025 to range between 970,000 and 1,075,000 ounces. This will mark an increase from 2024.
Key drivers include higher-grade ore mining at the Fekola Phase 7 and Cardinal pits, the commencement of underground mining at Fekola, and initial gold production from the Goose Project by mid-2025. However, this growth will be slightly offset by the planned conclusion of open-pit mining at the Otjikoto Mine in Q3 2025.
The Goose Project in Canada is a cornerstone of B2Gold’s 2025 plans. It remains on track for its first gold pour by mid-year. The company expects to complete its Winter Ice Road by March 2025 to facilitate materials transport. Goose is forecast to produce between 120,000 and 150,000 ounces in 2025 and sustain annual output of approximately 310,000 ounces from 2026 to 2031.
Furthermore, mining and trucking operations at Fekola Regional are set to begin in 2025, contributing 20,000-25,000 ounces in its first year and ramping up to 180,000 ounces annually from 2026 to 2029. Exploration potential across the Fekola Complex remains significant.
B2Gold plans to invest USD$61 million in exploration in 2025, focusing on its development pipeline and ongoing campaigns at the Back River Gold District. Early 2025 will see a preliminary economic assessment (PEA) of the Antelope deposit at Otjikoto, with initial production targeted for 2028 and annual output of 80,000-90,000 ounces projected from 2029 to 2032.
In Colombia, B2Gold is progressing with a feasibility study for its Gramalote Project, expected by mid-2025. The project’s PEA highlighted an average annual production of 234,000 ounces over the first five years.
.
Calibre Mining is a sponsor of Mugglehead news coverage
.
joseph@mugglehead.com
