B2Gold Corp (TSE: BTO) (NYSE: BTG) reported an annual revenue decrease from USD$1.93 billion in 2023 to USD$1.9 billion, owing to lower gold sales volumes.
The company reported this and more during its most recent financial statements, in which it stated that the lower volumes included 801,524 ounces of gold, down from 994,060 ounces the previous year. The decline in volume is partially offset, however, by the stronger than average realized gold price of USD$2,373 per ounce, which was higher than the price from the previous year.
The company reported fourth-quarter revenue of USD$499.8 million, down from USD$512 million in the same period last year, due to fewer ounces sold despite a stronger gold price of USD$2,661 per ounce.
Consolidated cash operating costs rose to an average of USD$879 per gold ounce produced for the year, up from USD$631 per ounce in 2023.
Meanwhile, the company posted a quarterly net loss of USD$9 million, a significant improvement from the USD$117 million net loss in the same quarter of 2023.
However, for the full year, it swung to a net loss of USD$627 million, contrasting with a net income of USD$42 million in 2023.
On an adjusted basis, attributable net income for 2024 reached USD$207 million, down from USD$347 million in the previous year.
Despite the drop in revenue, B2Gold increased its cash flow from operating activities to USD$878 million in 2024. This is up from USD$714 million in 2023. This was driven by a USD$500 million upfront payment under a Gold Prepay arrangement.
Under this agreement, B2Gold committed to delivering 264,768 ounces of gold between July 2025 and June 2026.
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B2Gold produced over 800K gold ounces in 2024
Altogether, the company ended 2024 with USD$337 million in cash and equivalents, rising from USD$307 million at the end of the previous year. This brought its year-end current assets to USD$901.8 million, while current liabilities of USD$580.7 million.
B2Gold produced 804,778 ounces of gold in 2024, including attributable ounces from its stake in Calibre Mining Corp (TSE: CXB) (OTCMKTS: CXBMF), before selling those shares. This marked a decline from the 1,061,060 ounces produced in 2023.
The Fekola Mine in Mali generated 392,946 ounces, down from 598,660 ounces the previous year. This was primarily due to delayed access to higher-grade ore zones. The Masbate Mine in the Philippines delivered 194,046 ounces, near the upper end of guidance. Meanwhile the Otjikoto Mine in Namibia produced 198,142 ounces, benefiting from stable operations.
B2Gold expects total production in 2025 to range between 970,000 and 1,075,000 ounces, driven by access to higher-grade ore at Fekola and the anticipated mid-year start of production at the Goose Project. To preserve additional capital, the company has reduced its quarterly dividend from US$0.04 to US$0.02 per common share.
B2Gold continued its aggressive exploration in 2024, spending USD$61 million against a USD$63 million budget. This included USD$8 million in target generation costs.
The company prioritized the Back River Gold District, aiming to expand resources at the Goose Project and nearby targets. In Namibia, it conducted its largest exploration program at the Otjikoto Mine since 2012, focusing on the Antelope deposit.
In Mali, B2Gold targeted near-mine, near-surface sulphide-related gold mineralization. Meanwhile, in the Philippines, exploration at Masbate concentrated on drilling targets just south of existing mine infrastructure.
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Ramping up exploration efforts in 2025
The company’s plans for 2025 involve more exploration and this time with a budget of USD$61 million. B2Gold will return to Back River Gold District, aiming to expand resources at the Goose Project and surrounding regional targets.
In Namibia, it will focus on increasing resources at the Antelope deposit within the Otjikoto Mine.
Exploration in its Mali properties will target additional high-grade sulphide mineralization across the Fekola Complex. At the Masbate Mine in the Philippines, drilling will continue on new targets south of existing infrastructure.
B2Gold will also advance early-stage exploration in the Philippines, Côte d’Ivoire, and Kazakhstan.
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