B2Gold Reports Q4 and Full Year 2024 Results; Achieved 2024 Total Gold Production and Consolidated Cost Guidance; Goose Project Remains On Track for First Gold in Q2 2025 and Total Capital Estimate Remains at C$1,540 Million; Q1 2025 Dividend of US$0.02 per Share Declared
News Release B2Gold Reports Q4 and Full Year 2024 Results; Achieved 2024 Total Gold Production and Consolidated Cost Guidance; Goose Project Remains On Track for First Gold in Q2 2025 and Total Capital Estimate Remains at C$1,540 Million; Q1 2025 Dividend of US$0.02 per Share Declared
Vancouver, BC, February 19, 2025 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announces its operational and financial results for the fourth quarter and full year 2024. The Company previously released its gold production and gold revenue results for the fourth quarter and full year 2024. All dollar figures are in United States dollars unless otherwise indicated.
2024 Fourth Quarter and Full Year Highlights
- Total gold production of 186,001 ounces in Q4 2024: Total gold production in the fourth quarter of 2024 was 186,001 ounces. Masbate and Otjikoto both continued to outperform expectations in the fourth quarter of 2024, which partially offset lower than expected production levels at Fekola during the quarter due to the continued delays in accessing higher-grade ore from Fekola Phase 7, a result of lower realized mine production from the Fekola Phase 7 and Cardinal pits during the period. Mining and processing of these higher-grade tonnes is now expected in 2025 as equipment availability had returned to full capacity and mining rates were at expected levels at the end of 2024. All three operations are meeting or exceeding gold production expectations to start 2025.
- Total consolidated cash operating costs of $968 per gold ounce produced in Q4 2024: Total consolidated cash operating costs (see “Non-IFRS Measures”) were $968 per gold ounce produced during the fourth quarter of 2024, higher than expected as a result of lower than anticipated production in the quarter.
- Total consolidated all-in sustaining costs of $1,668 per gold ounce sold in Q4 2024: Total consolidated all-in sustaining costs (see “Non-IFRS Measures”) were $1,668 per gold ounce sold during the fourth quarter of 2024, higher than expected as a result of lower than anticipated gold ounces sold resulting from lower than anticipated production, higher than expected royalties resulting from a higher than anticipated gold price, and new royalties implemented in 2024 for Fekola.
- Total annual consolidated gold production of 804,778 ounces: Total consolidated gold production for 2024 was 804,778 ounces (including 19,644 attributable ounces from Calibre Mining Corp. (“Calibre”)), at the low end of the Company's 2024 guidance range.
- Total consolidated cash operating costs and all-in sustaining costs for 2024 within their guidance ranges: Total consolidated cash operating costs for 2024 were $889 per gold ounce produced, at the upper end of the annual guidance range of between $835 and $895 per gold ounce. Total consolidated all-in sustaining costs for 2024 were $1,465 per gold ounce sold, within the annual guidance range of between $1,420 and $1,480 per gold ounce.
| Attributable net loss of $0.01 per share in Q4 2024; Adjusted attributable net income of $0.01 per share in Q4 2024: Net loss attributable to the shareholders of the Company of $12 million ($0.01 per share); adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the | loss of $0.01 | per share in Q4 2024; Adjusted attributable net income of $0.01 per tributable to the shareholders of the Company of $12 million ($0.01 per | income of $0.01 | per | |||
| loss at | $12 million ($0.01 per | ||||||
| share) | income (see “Non-IFRS Measures”) attributable to the shareholders of the | ||||||
| Company of $17 million ($0.01 per share). Net loss attributable to the shareholders of the Company for | |||||||
| the year ended December 31, 2024 was $630 million ($0.48 per share), predominantly due to non-cash | |||||||
| impairment charges on the Goose Project and the Fekola Complex, and adjusted net income (see “Non- | |||||||
| IFRS Measures”) attributable to the shareholders of the Company was $207 million ($0.16 per share). |
•
- Operating cash flow before working capital adjustments of $145 million in Q4 2024: Cash flow provided by operating activities before working capital adjustments was $145 million in the fourth quarter of 2024. Cash flow provided by operating activities before working capital adjustments and proceeds from the gold prepay arrangement for the year ended December 31, 2024 was $660 million.
- Strong financial position and liquidity: At December 31, 2024, the Company had cash and cash equivalents of $337 million and working capital (defined as current assets less current liabilities) of $321 million.
- Goose Project construction and development continues to progress on track for first gold pour in the second quarter of 2025: All planned construction activities in 2024 were completed and project construction and development continue to progress on track for first gold pour at the Goose Project in the second quarter of 2025 followed by ramp up to commercial production in the third quarter of 2025.
- 2025 Winter Ice Road (“WIR”) Campaign Commenced at the Goose Project: Following the successful completion of the 2024 sea lift, construction of the 163 kilometer (“km”) WIR began in December 2024 and was completed in February 2025. As of February 18, 2025, the WIR is operational with the transportation of all materials from the Marine Laydown Area (“MLA”) to the Goose Project site expected to be completed by May 15, 2025.
- Total Goose Project construction and mine development cash expenditure estimate before first production remains at C$1,540 million: Based on the construction and mine development cash expenditures incurred to date, combined with the estimated expenditures to be incurred through to the first gold pour in the second quarter of 2025, the Company reiterates the total Goose Project construction and mine development cash expenditure estimate of C$1,540 million.
- B2Gold's initial Goose Project life of mine plan to be released at the end of the first quarter of
| 2025 based on updated Mineral Reserves: | The Company continues to estimate that gold production |
| in calendar year 2025 will be between 120,000 and 150,000 ounces and that average annual gold |
production for the six year period from 2026 to 2031 inclusive will be approximately 310,000 ounces per year, with the latest published Mineral Reserves supporting a long mine life beyond 2031.
- Feasibility Study on the Gramalote Project in Colombia underway and targeted for completion in mid-2025: The positive Preliminary Economic Assessment (“PEA”) results on the Company’s 100% owned Gramalote Project, completed in the second quarter of 2024, outlined a significant production profile with average annual gold production of 234,000 ounces per year for the first five years of production, and strong project economics over a 12.5 year project life. As a result, B2Gold commenced work on a feasibility study with the goal of completion in mid-2025. Feasibility work including geotechnical investigation, processing design and site infrastructure design is underway and the study remains on schedule.
- Subsequent to year-end 2024, positive PEA results for the Antelope deposit at the Otjikoto Mine in Namibia were announced: On February 4, 2025, the Company announced positive PEA results for the Antelope deposit, located approximately 4 km southwest of the existing Otjikoto open pit. Based on the positive results from the PEA, B2Gold believes that the Antelope deposit has the potential to become a small-scale, low-cost, underground gold mine that can supplement the low-grade stockpile production during the period of 2028 to 2032 and result in a meaningful production profile for Otjikoto into the next decade. The PEA for the Antelope deposit indicates an initial mine life of 5 years and total production of 327,000 ounces averaging approximately 65,000 ounces per year over the life of mine. In combination with the processing of existing low grade stockpiles, production from the Antelope deposit has the potential to increase Otjikoto Mine production to approximately 110,000 ounces per year for 2029 through 2032.
- Subsequent to year-end 2024, issued convertible senior unsecured notes: On January 28, 2025, the Company issued 2.75% convertible senior unsecured notes due 2030 (the “Notes”) with an aggregate principal amount of $460 million. The initial conversion rate for the Notes is 315.2088 common shares of the Company (the “Shares”) per $1,000 principal amount of Notes, equivalent to an initial conversion price of approximately $3.17 per Share. The initial conversion rate represents a premium of approximately 35% relative to the closing sale price of the Shares on January 23, 2025 and is subject to adjustment in certain events. The Company intends to use the net proceeds to fund working capital requirements and for general corporate purposes.
- Q1 2025 dividend of $0.02 per share declared: On February 19, 2025, B2Gold's Board of Directors declared a cash dividend for the first quarter of 2025 of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on March 20, 2025, to shareholders of record as of March 7, 2025.
Fourth Quarter and Full Year 2024 Results
Three months ended Year ended
| 2024 | 2023 | 2024 | 2023 | 2022 | |
| Total cash costs(2)($/gold ounce sold) | 1,235 | 786 | 1,041 | 776 | 788 |
| All-in sustaining costs(2)($/ounce gold sold) | 1,668 | 1,257 | 1,465 | 1,201 | 1,033 |
| Gold revenue ($ in thousands) | 499,788 | 511,974 | 1,902,030 | 1,934,272 | 1,732,590 |
| Net (loss) income ($ in thousands) | (9,325) | (117,396) | (626,653) | 41,588 | 286,723 |
| (Loss) earnings per share – basic (1) ($/share) | (0.01) | (0.09) | (0.48) | 0.01 | 0.24 |
| (Loss) earnings per share – diluted (1) ($/share) | (0.01) | (0.09) | (0.48) | 0.01 | 0.24 |
| Cash provided by operating activities ($ in thousands) | 120,544 | 205,443 | 877,604 | 714,453 | 595,798 |
| Total assets ($ in thousands) | 4,813,998 | 4,874,619 | 4,813,998 | 4,874,619 | 3,681,233 |
| Non-current liabilities ($ in thousands) | 1,197,614 | 651,173 | 1,197,614 | 651,173 | 335,828 |
| Average realized gold price ($/ounce) | 2,661 | 1,993 | 2,373 | 1,946 | 1,788 |
| Adjusted net income(1)(2) ($ in thousands) | 17,433 | 90,697 | 206,542 | 347,203 | 263,782 |
| Adjusted earnings per share (1)(2) - basic ($) | 0.01 | 0.07 | 0.16 | 0.28 | 0.25 |
| Consolidated operations results: | |||||
| Gold sold (ounces) | 187,793 | 256,921 | 801,524 | 994,060 | 969,155 |
| Gold produced (ounces) | 186,001 | 270,611 | 785,134 | 992,343 | 973,003 |
| Production costs ($ in thousands) | 181,376 | 164,406 | 681,828 | 616,197 | 626,526 |
| Cash operating costs(2) ($/gold ounce sold) | 966 | 640 | 851 | 620 | 646 |
| Cash operating costs(2) ($/gold ounce produced) | 968 | 611 | 879 | 631 | 637 |
| Total cash costs(2) ($/gold ounce sold) | 1,235 | 769 | 1,034 | 756 | 768 |
| All-in sustaining costs(2) ($/gold ounce sold) | 1,668 | 1,264 | 1,463 | 1,199 | 1,022 |
| Operations results including equity investment in Calibre: | |||||
| Gold sold (ounces) | 187,793 | 274,980 | 821,168 | 1,062,785 | 1,024,272 |
| Gold produced (ounces) | 186,001 | 288,665 | 804,778 | 1,061,060 | 1,027,874 |
| Production costs ($ in thousands) | 181,376 | 181,801 | 706,954 | 683,963 | 684,894 |
| Cash operating costs(2) ($/gold ounce sold) | 966 | 661 | 861 | 644 | 669 |
| Cash operating costs(2) ($/gold ounce produced) | 968 | 633 | 889 | 654 | 660 |
(1) Attributable to the shareholders of the Company.
(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined
or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and liquidity. At December 31, 2024, the Company had cash and cash equivalents of $337 million (December 31, 2023 - $307 million). Working capital at December 31, 2024 was $321 million (December 31, 2023 - $397 million). At December 31, 2024, the Company had $400 million drawn on the Company's $800 million revolving credit facility (“RCF”) with
| $400 million remaining available for future draw downs | . Subsequent to December 31, 2024, the RCF |
| balance was repaid using funds raised from the Notes offering completed in January 2025. |
First Quarter 2025 Dividend
On February 19, 2025, B2Gold's Board of Directors declared a cash dividend for the first quarter of 2025 (the “Q1 2025 Dividend”) of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on March 20, 2025, to shareholders of record as of March 7, 2025.
In 2023, the Company implemented a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q1 2025 Dividend, the Company has determined that no discount will be applied to calculate the Average Market Price (as defined in the DRIP) of its common shares issued from treasury. Participation in the DRIP is optional. In order to participate in the DRIP in time for the Q1 2025 Dividend, registered shareholders must deliver a properly completed enrollment form to Computershare Trust Company of Canada by no later than 4:00 p.m. (Toronto time) on February 28, 2025. Beneficial shareholders who wish to participate in the DRIP should contact their financial advisor, broker, investment dealer, bank, financial institution, or other intermediary through which they hold common shares well in advance of the above date for instructions on how to enroll in the DRIP.
This dividend is designated as an "eligible dividend" for the purposes of the Income Tax Act (Canada). Dividends paid by B2Gold to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.
The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with B2Gold's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.
For more information regarding the DRIP and enrollment in the DRIP, please refer to the Company's website at https://www.b2gold.com/investors/stock_info/.
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.
The Company has filed a registration statement relating to the DRIP with the U.S. Securities and Exchange Commission that may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at http://www.sec.gov/EDGAR or by contacting the Company using the contact information at the end of this news release.
Operations
Fekola Mine - Mali
Three months ended Year ended December 31 December 31 2024 2023 2024 2023
| Gold revenue ($ in thousands) | 229,779 | 255,509 | 951,676 | 1,143,781 |
| Gold sold (ounces) | 86,453 | 128,321 | 404,458 | 588,460 |
| Average realized gold price ($/ounce) | 2,658 | 1,991 | 2,353 | 1,944 |
| Tonnes of ore milled | 2,442,390 | 2,419,637 | 9,891,717 | 9,408,400 |
| Grade (grams/tonne) | 1.17 | 1.99 | 1.34 | 2.13 |
| Recovery (%) | 91.9 | 93.4 | 92.6 | 92.3 |
| Gold production (ounces) | 84,015 | 143,010 | 392,946 | 590,243 |
| Production costs ($ in thousands) | 107,778 | 82,921 | 384,221 | 333,215 |
| Cash operating costs(1) ($/gold ounce sold) | 1,247 | 646 | 950 | 566 |
| Cash operating costs(1) ($/gold ounce produced) | 1,192 | 605 | 990 | 572 |
| Total cash costs(1) ($/gold ounce sold) | 1,684 | 809 | 1,198 | 729 |
| All-in sustaining costs(1) ($/gold ounce sold) | 2,237 | 1,444 | 1,723 | 1,194 |
| Capital expenditures ($ in thousands) | 59,571 | 87,830 | 257,776 | 298,942 |
Exploration ($ in thousands) 1,292 2,022 4,428 3,728
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined
or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
The Fekola Mine in Mali (owned 80% by the Company and 20% by the State of Mali) produced 392,946 ounces of gold in 2024, below the low end of its annual guidance range of between 420,000 and 450,000 ounces due to the significant delay in accessing the higher-grade ore from Fekola Phase 7. Damage to an excavator earlier in 2024 and the subsequent need for replacement equipment impacted equipment availability throughout 2024, reducing tonnes mined, which continued to affect the availability of highgrade ore from the Fekola Phase 7 pit resulting in less higher-grade ore processed in 2024. Mining and processing of these higher-grade tonnes is expected in 2025 as equipment availability and utilization were at full capacity at the end of 2024, with gold production to start 2025 meeting expectations. The Fekola mine and mill are operating without limitations and gold production is being exported for refining as per its regular planned schedule. For the year ended December 31, 2024, mill feed grade was 1.34 grams per tonne (“g/t”), mill throughput was a record 9.89 million tonnes, and gold recovery averaged 92.6%.
In the fourth quarter of 2024, the Fekola Mine produced 84,015 ounces of gold, lower than expected, largely due to the delays experienced in accessing higher-grade ore from Fekola Phase 7 discussed above. During the fourth quarter of 2024, the Fekola processing facilities continued to outperform budget as a result of continued favorable ore fragmentation and continued optimization of the grinding circuit. For the fourth quarter of 2024, mill feed grade was 1.17 g/t, mill throughput was 2.44 million tonnes, and gold recovery averaged 91.9%.
For the year ended December 31, 2024, the Fekola Mine's cash operating costs (see “Non-IFRS Measures”) of $990 per gold ounce produced ($950 per gold ounce sold) were above the higher end of Fekola's guidance range of between $870 and $930 per gold ounce, primarily as a result of lower than expected production and higher than anticipated production costs due to the lower than expected deferred stripping and stockpile inventory changes. Fekola’s cash operating costs for the fourth quarter of 2024 were $1,192 per gold ounce produced ($1,247 per gold ounce sold), higher than expected for the same reasons noted above.
All-in sustaining costs (see “Non-IFRS Measures”) for the Fekola Mine for the year ended December 31, 2024 were $1,723 per gold ounce sold, above the upper end of the guidance range of between $1,510 and $1,570 per gold ounce due to lower than expected gold ounces sold resulting from lower than anticipated production, higher than expected royalties resulting from a higher than anticipated gold price as well as new royalties and revenue based production taxes and State funds implemented in the third quarter of 2024. All-in sustaining costs for the Fekola Mine for the fourth quarter of 2024 were $2,237 per gold ounce sold. As with the full year 2024, all-in sustaining costs per ounce for the fourth quarter of 2024 were higher than expected as a result of lower than anticipated gold ounces sold and higher than expected royalties and revenue based production taxes and State funds.
Capital expenditures for the year ended December 31, 2024, totalled $258 million, primarily consisting of $63 million for deferred stripping, $58 million for mobile equipment purchases and rebuilds, $34 million for tailings storage facility expansion and equipment, $64 million for development of the Fekola underground mine, $21 million for the expansion of the solar plant, $8 million for process and power plant and $5 million for other mining sustaining capital. Capital expenditures in the fourth quarter of 2024 totalled $60 million, primarily consisting of $9 million for deferred stripping, $21 million for mobile equipment purchases and rebuilds, $6 million for tailings storage facility expansion and equipment, $17 million for the development of the Fekola underground mine and $2 million for the expansion of the solar plant.
The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal pits and Fekola underground) and Fekola Regional (Anaconda Area (Bantako, Menankoto, and Bakolobi permits) and the Dandoko permit). The Fekola Complex is expected to produce between 515,000 and 550,000 ounces of gold in 2025 at cash operating costs of between $845 and $905 per ounce and all-in sustaining costs of between $1,550 and $1,610 per ounce. The Fekola Complex's total 2025 gold production is anticipated to increase significantly relative to 2024 due to the expected contribution of higher-grade ore from Fekola Regional and Fekola underground. Following the expected receipt of the exploitation license for Fekola Regional in the first quarter of 2025, mining and trucking operations will commence, with gold production expected in mid-2025. At the Fekola Mine, ore will continue to be mined from the Fekola and Cardinal pits, with approval of the exploitation phase to mine the higher-grade ore at Fekola underground expected to be received in the second quarter of 2025 followed by initial gold production from Fekola underground expected in mid-2025. Fekola Regional is expected to contribute between 20,000 and 25,000 ounces of additional gold production in 2025 through the trucking of open pit ore to the Fekola mill, and between 25,000 and 35,000 ounces of gold production is expected from the mining of higher-grade ore at Fekola underground.
The development of Fekola Regional will enhance the overall Fekola Complex life of mine production profile and is expected to extend the mine life of the Fekola Complex. Fekola Regional is anticipated to contribute approximately 180,000 ounces of additional annual gold production in its first four full years of production from 2026 through 2029. Significant exploration potential remains across the Fekola Complex to further extend the mine life.
The Fekola Mine is expected to process 9.56 million tonnes of ore during 2025 at an average grade of 1.84 g/t gold with a process gold recovery of 93.4%. Gold production is expected to be weighted approximately 40% to the first half of 2025 and 60% to the second half of 2025.
Capital expenditures in 2025 at Fekola are expected to total approximately $234 million, of which approximately $197 million are expected to be classified as sustaining capital expenditures and $37 million are expected to be classified as non-sustaining capital expenditures. Sustaining capital expenditures are expected to include approximately $106 million for deferred stripping, $44 million for new and replacement Fekola mining equipment, $15 million for tailings storage facility construction, $14 million for underground development, $7 million for other mining costs, $5 million for general site expenses, $4 million for powerhouse, and $2 million for process plant. Non-sustaining capital expenditures are expected to include $21 million for underground development, $14 million for regional development, and $2 million for mining equipment.
Masbate Mine – The Philippines
Three months ended Year ended December 31 December 31 2024 2023 2024 2023
| Gold revenue ($ in thousands) | 135,976 | 107,063 | 464,141 | 372,902 |
| Gold sold (ounces) | 51,010 | 53,500 | 193,270 | 190,800 |
| Average realized gold price ($/ounce) | 2,666 | 2,001 | 2,402 | 1,954 |
| Tonnes of ore milled | 2,190,610 | 2,077,503 | 8,600,241 | 8,302,075 |
| Grade (grams/tonne) | 0.95 | 0.90 | 0.96 | 0.97 |
| Recovery (%) | 74.1 | 77.0 | 72.8 | 74.5 |
| Gold production (ounces) | 49,534 | 46,490 | 194,046 | 193,502 |
| Production costs ($ in thousands) | 38,392 | 43,733 | 161,462 | 160,952 |
| Cash operating costs(1) ($/gold ounce sold) | 753 | 817 | 835 | 844 |
| Cash operating costs(1) ($/gold ounce produced) | 835 | 910 | 838 | 859 |
| Total cash costs(1) ($/gold ounce sold) | 897 | 933 | 974 | 966 |
| All-in sustaining costs(1) ($/gold ounce sold) | 1,102 | 1,118 | 1,155 | 1,143 |
| Capital expenditures ($ in thousands) | 9,534 | 9,195 | 29,763 | 30,142 |
Exploration ($ in thousands) 610 1,067 3,649 3,808
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined
or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
The Masbate Mine in the Philippines continued its strong operational performance in 2024, producing 194,046 ounces of gold, at the upper end of its guidance range of between 175,000 and 195,000 ounces. For the year ended December 31, 2024, mill feed grade was 0.96 g/t, mill throughput was a record 8.60 million tonnes, and gold recovery averaged 72.8%. In the fourth quarter of 2024, Masbate produced 49,534 ounces of gold, slightly higher than anticipated as a result of higher than expected mill throughput and slightly higher ore grade than anticipated, partially offset by slightly lower than anticipated gold recovery. For the fourth quarter of 2024 mill feed grade was 0.95 g/t, mill throughput was 2.19 million tonnes, and gold recovery averaged 74.1%.
The Masbate Mine’s cash operating costs (see “Non-IFRS Measures”) of $838 per ounce produced ($835 per gold ounce sold) for the year ended December 31, 2024 were below the low end of the guidance range of between $910 and $970 per gold ounce produced, primarily due to higher than expected gold production, lower than anticipated mining and processing costs and higher mill productivity. The Masbate Mine's cash operating costs for the fourth quarter of 2024 were $835 per gold ounce produced ($753 per gold ounce sold).
All-in sustaining costs (see “Non-IFRS Measures”) for the Masbate Mine were $1,155 per gold ounce sold for the year ended December 31, 2024, well below the lower end of the guidance range of between $1,260 and $1,320 per gold ounce sold. All-in sustaining costs for the year ended December 31, 2024 were lower than anticipated as a result of higher than expected gold ounces sold, lower than expected cash operating costs as described above and lower than expected sustaining capital expenditures, partially offset by higher gold royalties resulting from a higher than expected average realized gold price. All-in sustaining costs for the Masbate Mine for the fourth quarter of 2024 were $1,102 per gold ounce sold.
Capital expenditures totalled $30 million in 2024, primarily consisting of mobile equipment rebuilds and purchases of $14 million, $3 million in deferred stripping, $3 million for process plant upgrades, $3 million for expansion of the existing tailings storage facility, and $2 million for land purchases. Capital expenditures for the fourth quarter of 2024 totalled $10 million, primarily consisting of $4 million for mobile equipment rebuilds and purchases, $1 million in deferred stripping, $1 million for powerhouse rebuilds, and $1 million for expansion of the existing tailings storage facility.
The Masbate Mine is expected to produce between 170,000 and 190,000 ounces of gold in 2025 at cash operating costs of between $955 and $1,015 per ounce and all-in sustaining costs of between $1,310 and $1,370 per ounce. Gold production is scheduled to be relatively consistent throughout 2025. For 2025, Masbate is expected to process 8.0 million tonnes of ore at an average grade of 0.88 g/t with a process gold recovery of 79.9%. Mill feed will be a blend of mined fresh ore from the Main Vein pit and low-grade ore stockpiles.
Capital expenditures for 2025 at Masbate are expected to total $47 million, of which approximately $30 million are expected to be classified as sustaining capital expenditures and $17 million are expected to be classified as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to include $8 million for deferred stripping, $7 million for mining equipment replacement and rebuilds, $6 million for construction of a new solar plant, $5 million for tailings storage facility construction, $3 million for processing and $1 million for general site facilities. Non-sustaining capital expenditures are anticipated to include $13 million for Pajo pit land acquisition and $4 million for Pajo development.
Otjikoto Mine - Namibia
Three months ended Year ended
2024 2023 2024 2023
| Gold revenue ($ in thousands) | 134,034 | 149,402 | 486,213 | 417,589 |
| Gold sold (ounces) | 50,330 | 75,100 | 203,796 | 214,800 |
| Average realized gold price ($/ounce) | 2,663 | 1,989 | 2,386 | 1,944 |
| Tonnes of ore milled | 788,536 | 888,561 | 3,338,384 | 3,443,308 |
| Grade (grams/tonne) | 2.10 | 2.88 | 1.87 | 1.91 |
| Recovery (%) | 98.6 | 98.5 | 98.6 | 98.6 |
| Gold production (ounces) | 52,452 | 81,111 | 198,142 | 208,598 |
| Production costs ($ in thousands) | 35,206 | 37,752 | 136,145 | 122,030 |
| Cash operating costs(1) ($/gold ounce sold) | 700 | 503 | 668 | 568 |
| Cash operating costs(1) ($/gold ounce produced) | 733 | 451 | 699 | 585 |
| Total cash costs(1) ($/gold ounce sold) | 806 | 582 | 763 | 646 |
| All-in sustaining costs(1) ($/gold ounce sold) | 913 | 816 | 951 | 984 |
| Capital expenditures ($ in thousands) | 2,714 | 14,797 | 28,842 | 61,063 |
Exploration ($ in thousands) 2,634 1,410 7,825 3,863
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined
or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
The Otjikoto Mine in Namibia, in which the Company holds a 90% interest, had a strong 2024 and produced 198,142 ounces of gold, near the mid-point of its guidance range of between 185,000 and 205,000 ounces. For the year ended December 31, 2024, mill feed grade was 1.87 g/t, mill throughput was 3.34 million tonnes, and gold recovery averaged 98.6%. In the fourth quarter of 2024, the Otjikoto Mine produced 52,452 ounces of gold. For the fourth quarter of 2024, mill feed grade was 2.10 g/t, mill throughput was 0.79 million tonnes, and gold recovery averaged 98.6%.
Ore production from the Wolfshag underground mine for the fourth quarter of 2024 averaged over 1,650 tonnes per day at an average gold grade of 3.61 g/t gold. Open pit mining operations at Otjikoto Mine are expected to conclude in 2025, while processing operations are expected to continue until economically viable stockpiles are exhausted in 2032. Underground operations under the current Otjikoto mine plan are projected to continue into 2027 with potential to extend underground operations if the ongoing underground exploration program is successful in identifying additional underground mineral deposits.
On February 4, 2025, the Company announced positive PEA results for the Antelope deposit at the Otjikoto Mine. The Antelope deposit, comprised of the Springbok Zone, the Oryx Zone, and a possible third structure, Impala, subject to further confirmatory drilling, is located approximately 4 km southwest of the existing Otjikoto open pit. Based on the positive results from the PEA, B2Gold believes that the Antelope deposit has the potential to become a small-scale, low-cost, underground gold mine that can supplement the low-grade stockpile production during the period of 2028 to 2032 and result in a meaningful production profile for Otjikoto into the next decade. The PEA for the Antelope deposit indicates an initial mine life of 5 years and total production of 327,000 ounces averaging approximately 65,000 ounces per year over the life of mine. In combination with the processing of existing low grade stockpiles, production from the Antelope deposit has the potential to increase Otjikoto Mine production to approximately 110,000 ounces per year for 2029 through 2032. The Company has approved an initial budget of up to $10 million for 2025 to de-risk the Antelope deposit development schedule by advancing early work planning, project permits, and long lead orders. Technical work including geotechnical, hydrogeological, and metallurgical testing is anticipated to be completed over the next several months. Cost and schedule assumptions will continue to be refined by working with suppliers and contractors, including running a competitive bid process for the development phase of the Antelope deposit.
The Inferred Mineral Resource estimate for the Antelope deposit that formed the basis for the PEA included 1.75 million tonnes grading 6.91 g/t gold for a total of 390,000 ounces of gold, the majority of which is hosted in the Springbok Zone. The Antelope deposit remains open along strike in both directions, highlighting strong potential for future resource expansion.
The PEA is preliminary in nature and is based on Inferred Mineral Resources that are considered too speculative geologically to have the engineering and economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA based on these Mineral Resources will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The Otjikoto Mine's cash operating costs (see “Non-IFRS Measures”) for the year ended December 31, 2024 were $699 per gold ounce produced ($668 per gold ounce sold), at the low end of its guidance range of between $685 and $745 per gold ounce produced, as a result of higher than expected gold ounces produced. For the fourth quarter of 2024, the Otjikoto Mine's cash operating costs were $733 per gold ounce produced ($700 per ounce gold sold), lower than expected due to higher than anticipated gold ounces produced and higher than expected net increases in stockpiled ore from open pits.
All-in sustaining costs (see “Non-IFRS Measures”) for the Otjikoto Mine for the year ended December 31, 2024 were $951 per gold ounce sold, slightly below its guidance range of between $960 and $1,020 per ounce sold as a result of higher than expected gold ounces sold and lower than anticipated cash operating costs offset by higher gold royalties resulting from a higher than anticipated realized gold price. All-in sustaining costs for the Otjikoto Mine for the fourth quarter of 2024 were $913 per gold ounce sold.
Capital expenditures totalled $29 million in 2024, primarily consisting of $20 million for deferred stripping for the Otjikoto pit and $8 million for Wolfshag underground development. Capital expenditures for the fourth quarter of 2024 totalled $3 million, primarily consisting of $2 million for Wolfshag underground development.
The Otjikoto Mine is expected to produce between 165,000 and 185,000 ounces of gold in 2025 at cash operating costs of between $695 and $755 per ounce and all-in sustaining costs of between $980 and $1,040 per ounce. Gold production at Otjikoto will be weighted towards the first half of 2025 due to the conclusion of open pit mining activities in the third quarter of 2025. For the full year 2025, Otjikoto is expected to process a total of 3.4 million tonnes of ore at an average grade of 1.63 g/t with a process gold recovery of 98.0%. Processed ore will be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing ore stockpiles. Open pit mining operations are scheduled to conclude in the third quarter of 2025, while underground mining operations at Wolfshag are expected to continue into 2027. In addition to the economic potential of the Antelope deposit, exploration results received to date indicate the potential to extend underground production at Wolfshag past 2027, supplementing processing operations into 2032 when economically viable stockpiles are forecast to be exhausted.
Capital expenditures in 2025 at Otjikoto are expected to total $39 million, of which approximately $29 million are expected to be classified as sustaining capital expenditures and $10 million are expected to be classified as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to include $16 million for underground development, $7 million for tailings storage facility construction and $6 million for mining equipment replacement and rebuilds. Non-sustaining capital expenditures are expected to include approximately $10 million to initiate Antelope deposit development.
Goose Project Development
The Back River Gold District consists of eight mineral claims blocks along an 80 km belt. Construction is underway at the most advanced project in the district, the Goose Project, with development on schedule for first gold pour in the second quarter of 2025.
B2Gold recognizes that respect and collaboration with the Kitikmeot Inuit Association (“KIA”) is central to the license to operate in the Back River Gold District and will continue to prioritize developing the project in a manner that recognizes Inuit priorities, addresses concerns, and brings long-term socioeconomic benefits to the Kitikmeot Region. B2Gold looks forward to continuing to build on its strong collaboration with the KIA and Kitikmeot Communities.
All planned construction activities in 2024 were completed and project construction and development continue to progress on track for first gold pour at the Goose Project in the second quarter of 2025 followed by ramp up to commercial production in the third quarter of 2025. The Company continues to estimate that gold production in calendar year 2025 will be between 120,000 and 150,000 ounces and that average annual gold production for the six year period from 2026 to 2031 inclusive will be approximately 310,000 ounces per year, with the latest published Mineral Reserves supporting a long mine life beyond 2031. The Company remains on track to complete B2Gold's initial Goose Project life of mine plan based on updated Mineral Reserves by the end of the first quarter of 2025.
Following the successful completion of the 2024 sealift, construction of the 163 km WIR began in December 2024 and was completed in February 2025. As of February 18, 2025, the WIR is operational with the transportation of all materials from the MLA to the Goose Project site expected to be completed by May 15, 2025.
Development of the open pit and underground remain the Company's primary focus to ensure that adequate material is available for mill startup and that the Echo pit is available for tailings placement. Open pit mining of the Echo pit continues to meet production targets and is anticipated to be ready to receive tailings when the mill starts. The Umwelt underground development remains on schedule for the commencement of production by the end of the second quarter of 2025. B2Gold is currently reviewing final options for mining the crown pillar and maximizing volumes of the Echo pit.