B2Gold Corp (TSE: BTO) (NYSE: BTG) announced its first gold pour at the Goose Mine on Wednesday.
The Goose Mine processing facilities began receiving ore on June 24, 2025. Since then, the mill has consistently operated at about 50 per cent of nameplate capacity, as planned for the initial phase.
During the third quarter of 2025, the team will focus on maintaining steady-state operations. Additionally, they aim to increase throughput to full design capacity in the near term. This effort includes synchronizing the remaining generators. They will also ensure all process circuits continue to operate as designed.
The Goose Mine is part of the Back River Gold District in Nunavut, Canada. It is B2Gold’s fourth producing mine in its current portfolio and also marks the Company’s first operating asset in Canada.
“The commencement of gold production at the Goose Mine marks an exciting step in B2Gold’s history, further diversifying and adding to the quality of the Company’s existing global operating portfolio,” said Clive Johnson.
“We look forward to many years of safe and successful production at the Goose Mine, as well as further unlocking the value of the entire Back River Gold District.”
B2Gold acknowledges the Kitikmeot Inuit Association (KIA) as a long-standing and essential partner in developing the Goose Mine. For years, the KIA has played a critical role in supporting the success of this gold mining operation.
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B2Gold ramping to commercial production for Q3
Respect and collaboration with the KIA remain central to B2Gold’s license to operate in the Back River Gold District. The company will also prioritize running the Goose Mine in a way that reflects Inuit priorities, addresses community concerns, and delivers lasting socio-economic benefits to the Kitikmeot Region. Additionally, B2Gold looks forward to strengthening its strong partnership with the KIA and Kitikmeot Communities.
Following the first gold pour at the Goose Mine, B2Gold expects to ramp up to commercial production in the third quarter of 2025. The company continues to forecast 2025 gold production between 120,000 and 150,000 ounces. From 2026 to 2031, B2Gold estimates average annual production of approximately 300,000 ounces, based solely on existing Mineral Reserves.
B2Gold’s exploration programs have successfully upgraded inferred mineral resources to indicated mineral resources. The company anticipates this positive trend will continue. Additionally, significant exploration potential remains across the Back River Gold District. In 2025, B2Gold has allocated a total of $61 million to corporate exploration, including $32 million for the Back River Gold District.
B2Gold’s ramp-up at Goose Mine comes as gold prices remain near record highs, driven by inflation concerns and global instability.
Entering commercial production in the third quarter of 2025 positions the company to capitalize on strong market fundamentals. Additionally, with interest rate cuts likely, investor appetite for gold may continue to grow.
The timing allows B2Gold to generate early cash flow from a Tier-1 asset while margins remain attractive. Also, production growth from a politically stable region could attract new institutional interest.
This strategic alignment between operational milestones and the gold cycle strengthens B2Gold’s position heading into 2026 and beyond.
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