B2Gold Corp. (NYSEAMERICAN: BTG) (TSE: BTO) poured its first gold bar on June 30 at the Goose Mine in Nunavut, marking the start of production at the company’s newest operation.
The initial pour represents a turning point for the Vancouver-based miner, formally adding Canada to its global portfolio of gold-producing assets and anchoring B2Gold’s entry into Nunavut through the Back River district.
The pour confirmed Goose as Nunavut’s newest gold producer and capped a rapid development push at the Back River district in the territory’s central Arctic.
B2Gold Corp. entered Canada through a CAD$1.1 billion acquisition of Sabina Gold & Silver in 2023, securing the district-scale Back River project. At the time, the purchase also gave B2Gold a fully permitted development asset and a clear pathway to near-term production in a stable jurisdiction.
Subsequently, the company focused on fast-tracking Goose, the most advanced deposit in the district, toward steady operations. Over roughly two years, B2Gold completed construction, installed processing infrastructure, and prepared the mine for a planned output of 300,000 ounces per year.
By mid-2025, Goose produced its first gold bar and ramped toward commercial production, which management confirmed in October. Company leadership described the start of production as a meaningful expansion of B2Gold’s operating base beyond Africa and Southeast Asia.
The miner already operates gold-producing assets in Mali, Namibia, and the Philippines, giving it a diversified production profile. However, Goose represents more than an additional mine for B2Gold’s portfolio.
The operation serves as the cornerstone for a much larger exploration and development vision across the nearly 100,000-hectare Back River district. Management has emphasized long-term collaboration with the Kitikmeot Inuit Association as central to that strategy.
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Back River’s gold investory sits in Goose deposit
In addition, B2Gold committed CAD$32 million to exploration across Back River in 2025, representing more than half of its prior-year exploration spending. That investment reflects confidence in the district’s scale and geological potential.
As construction crews completed final work at Goose, exploration teams advanced parallel drilling and resource expansion programs. According to calculations completed in March, Back River hosts 17.14 million metric tons of indicated resources averaging 7.23 grams per metric ton gold.
Those indicated resources contain an estimated 3.99 million ounces of gold. Additionally, the project hosts 13.78 million metric tons of inferred resources averaging 8.02 grams per metric ton gold.
Those inferred resources contain about 3.55 million ounces of gold. The majority of Back River’s known gold inventory sits within the Goose deposit itself.
Goose hosts 15.46 million metric tons of indicated resources averaging 7.16 grams per metric ton gold, totaling 3.56 million ounces. Furthermore, Goose contains 10.06 million metric tons of inferred resources averaging 7.54 grams per metric ton gold, or 2.44 million ounces.
Based on these figures, Goose began operations with 11.3 million metric tons of probable reserves. Those reserves average 6.82 grams per metric ton gold and support roughly nine years of mine life.
However, Back River extends well beyond Goose. Resources outside Goose are concentrated at the George deposit, located about 50 kilometers northwest. George hosts 1.68 million metric tons of indicated resources averaging 7.85 grams per metric ton gold.
Additionally, George contains 3.73 million metric tons of inferred resources averaging 9.32 grams per metric ton gold. With that resource base in place, B2Gold structured its 2025 exploration program to balance near-mine growth and regional discovery.
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Drilling returned several strong intercepts
The company allocated CAD$21 million to expanding and upgrading resources at Goose. Meanwhile, B2Gold directed CAD$11 million toward George and other regional targets. During the year, the company completed more than 15,000 meters of drilling at Goose alone.
That work focused on reserve additions and mine-life extensions. Approximately 12,000 meters targeted the Llama and Umwelt deposits, the property’s largest and highest-grade zones.
Drilling returned several strong intercepts at both deposits. Furthermore, at Llama, one hole cut 27.05 meters averaging 14.34 grams per metric ton gold. At Umwelt, drilling intersected 11.1 meters averaging 27.28 grams per metric ton gold.
Furthermore, another Umwelt hole returned 15.95 meters averaging 19.63 grams per metric ton gold. Additionally, a deeper intercept cut 22.79 meters averaging 29.49 grams per metric ton gold. Underground mining at Umwelt began in late October 2025.
Management expects Umwelt to supply high-grade ore to Goose over the next several years. Exploration at Goose also tested targets beyond the main resource footprint. Drilling followed up on earlier discoveries at Nuvuyak, Mammoth, and Hook.
At Nuvuyak, one hole intersected 28.8 meters averaging 6.39 grams per metric ton gold. That interval included a higher-grade section grading 23.49 grams per metric ton gold. The intercept occurred roughly 1,000 meters west of Goose Main. Meanwhile, the best hole at Mammoth cut 10.96 meters averaging 17.45 grams per metric ton gold.
That result included a short interval grading 68.61 grams per metric ton gold. Encouraged by these results, B2Gold initiated a study to evaluate higher mill throughput at Goose. The company is also assessing an increase from 4,000 to 6,000 metric tons per day.
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B2Gold expanded its northern strategy
At current grades and recoveries, that expansion could lift production to roughly 450,000 ounces annually. While advancing Goose, B2Gold continued building a broader pipeline across northern Canada.
In addition, the company invested CAD$11 million last year in regional exploration at Back River. That work included geophysics, mapping, prospecting, and sampling across multiple claim blocks.
The regional targets include George, Boot, Boulder, Del, Beech, and Needle. As a result, geological teams advanced several new prospects into the drilling stage.
Roughly 13,000 meters of diamond drilling tested priority regional targets during 2024. B2Gold has also expanded its northern strategy through minority investments in junior explorers.
In 2023, the company acquired a 9.9 per cent stake in Snowline Gold Corp. (TSE: SGD) (OTCMKTS: SNWGF). Snowline controls the Rogue project in eastern Yukon. According to a recent calculation, Rogue’s Valley deposit hosts 204 million metric tons of measured and indicated resources.
Those resources average 1.21 grams per metric ton gold, totaling 7.94 million ounces. Additionally, the deposit contains 45 million metric tons of inferred resources averaging 0.62 grams per metric ton gold. A preliminary economic assessment released in June outlined a 20-year mine plan at Valley.
The study projects average annual production of 340,000 ounces of gold. Management at Snowline described the project as financially robust and capable of delivering long-term economic benefits to Yukon.
In 2024, B2Gold also acquired a 9.9 per cent stake in Prospector Metals Corp. (CVE: PPP). Prospector is advancing the Mike Lake property near Dawson City, Yukon. With support from B2Gold, Prospector quickly outlined a broad gold-copper mineralized corridor.
