B2Gold Reports Q1 2025 Results Strong Operating Performance Across All Three Operations Led to Lower Than Expected All-In Sustaining Costs and Higher Than Expected Gold Production in the First Quarter Goose Project Remains on Track for First Gold Production Next Month; Total Construction and Mine
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N
ews Release
B2Gold Reports Q1 2025 Results
Strong Operating Performance Across All Three Operations Led to Lower Than Expected All-In Sustaining
Costs and Higher Than Expected Gold Production in the First Quarter
Goose Project Remains on Track for First Gold Production Next Month; Total Construction and Mine
Development Budget Remains at C$1,540 Million
V
ancouver, BC, May 7, 2025 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) is pleased to announce its operational and financial results for the first
quarter of 2025. All dollar figures are in United States dollars unless otherwise indicated.
2025
First Quarter Highlights
• Gold production of 192,752 ounces in Q1 2025: Consolidated gold production in the first quarter
of 2025 was 192,752 ounces, higher than expected. All B2Gold operations exceeded production
budgets in the first quarter, and the Company remains on track to meet its consolidated annual
production guidance range. All three operations continue to meet or exceed gold production
expectations to start the second quarter of 2025.
• Consolidated cash operating costs of $832 per gold ounce produced in Q1 2025: Consolidated
cash
operating costs (see “Non -IFRS Measures”) were $832 per gold ounce produced ( $880 per
gold ounce sold) during the first quarter of 2025. Cash operating costs per ounce produced for the
first quarter of 2025 were lower than expected as a result of lower than expected fuel costs and
higher than expected gold production.
• Consolidated all-in sustaining costs of $1,533 per gold ounce sold in Q1 2025: Consolidated all-
in sustaining costs (see “ Non-IFRS Measures”) were $1,533 per gold ounce sold during the first
quarter of 2025. Consolidated all-in sustaining costs for the first quarter of 2025 were lower than
expected due to lower than expected total consolidated cash operating costs per gold ounce sold
and lower than expected sustaining capital expenditures.
• Attributable net inco me of $0.04 per share; adjusted attributable net income of $0.09 per
share in Q1 2025: Net income attributable to the shareholders of the Company of $58 million, or
$0.04 per share; adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders
of the Company of $122 million, or $0.09 per share.
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• Operating cash flow before working capital adjustments of $244 million in Q1 2025 : Cash
flow provided by operating activities before working capital adjustments was $244 million, or
$0.19 per share, in the first quarter of 2025.
• Strong financial position and liquidity : At March 31, 2025, the Company had cash and cash
equivalents of $330 million and working capital (defined as current assets less assets classified as
held for sale and current liabilities) of $174 million. During the first quarter of 2025, the Company
repaid the outstanding balance of $400 million on the Company's $800 million revolving credit
facility (“RCF”), leaving $800 million remaining available for future draw downs.
• 2025 Winter Ice Road (“WIR”) campaign completed at the Goose Project: Following the
successful completion of the 2024 sea lift, construction of the 163 kilometer (“km”) WIR
commenced in December 2024 and was completed in February 2025, ahead of schedule. B2Gold
successfully completed the 2025 WIR campaign in mid-April 2025, one month ahead of schedule,
and delivered all necessary material from the Marine Laydown Area (“MLA”) to support operations
until next year’s WIR campaign.
• T
otal 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 expects to be in-line with
the total Goose Project construction and mine development cash expenditure estimate of C$1,540
million, as announced on September 12, 2024. Operating cost guidance for the Goose Project for
the second half of 2025 will be released in mid -2025 following the commencement of first gold
production.
• Goose Project construction and development continue to progress on track for first gold pour
in the second quarter of 2025; estimated production of 120,000 to 150,000 ounces in 2025: All
planned construction activities in 2024 and early 2025 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 300,000 ounces per year.
• Updated Mineral Reserve Life of Mine Plan for the Goose Project announced; optimization
studies have commenced: On March 27, 2025, the Company announced an updated Mineral
Reserve Life of Mine Plan for the Goose Project. The updated technical report highlighted th e
r
obust Mineral Resources at the Goose Project and the further potential to expand known deposits
and discover additional mineralization, as well as an updated Mineral Reserve estimate. The
Company is pursuing multiple optimization studies for the Goose Project, including one study to
analyze increasing mill throughput at the Goose Project from 4,000 tonnes per day ( “tpd”)
pot
entially up to 6,000 tpd, and a separate study analyzing the implementation of a flotation /
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concentrate leach process which has the potential to increase gold recovery and reduce processing
unit costs. The results of these studies are expected to be finalized in late 2025 / early 2026. Once
the studies are completed, the Company will evaluate the economics of each option and pursue the
desired choice.
• F
easibility 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
t
he 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.
• Po
sitive PEA results for the Antelope deposit at the Otjikoto Mine in Namibia announced;
development decision anticipated in Q3 2025: 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 t hrough 2032. A
development decision on the Antelope deposit is expected in the third quarter of 2025.
• C
onvertible senior unsecured notes issued: 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 represented 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.
• Im
plementation of Normal Course Issuer Bid (“NCIB”): On April 1, 2025, the Toronto Stock
Exchange accepted the notice of B2Gold’s intention to implement a NCIB. As of March 20, 2025,
the Company had 1,319,616,807 Shares issued and outstanding with approval to purchase up to
65,980,840 Shares, representing 5% of the issued and outstanding Shares as of that date over a
period of twelve months commencing April 3, 2025.
• Q
2 2025 dividend of $0.02 per share declared : On May 7, 2025, B2Gold's Board of Directors
declared a cash dividend for the second quarter of 2025 of $0.02 per common share (or an expected
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$0.08 per share on an annualized basis), payable on June 24, 2025, to shareholders of record as of
June 11, 2025.
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First Quarter 2025 Results
Three months ended
March 31,
2025 2024
Gold revenue ($ in thousands) 532,107 461,444
Net income ($ in thousands) 62,564 48,481
Earnings per share – basic(1) ($/ share) 0.04 0.03
Earnings per share – diluted(1) ($/ share) 0.04 0.03
Cash provided by operating activities ($ thousands) 178,788 710,727
Average realized gold price ($/ ounce) 2,892 2,069
Adjusted net income(1)(2) ($ in thousands) 121,850 81,503
Adjusted earnings per share(1)(2) – basic ($) 0.09 0.06
Consolidated operations results:
Gold sold (ounces) 183,998 222,978
Gold produced (ounces) 192,752 214,339
Production costs ($ in thousands) 161,994 156,745
Cash operating costs(2) ($/ gold ounce sold) 880 703
Cash operating costs(2) ($/ gold ounce produced) 832 718
Total cash costs(2) ($/ gold ounce sold) 1,113 838
All-in sustaining costs(2) ($/ gold ounce sold) 1,533 1,346
Operations results including equity investment in Calibre(3):
Gold sold (ounces) 183,998 234,355
Gold produced (ounces) 192,752 225,716
Production costs ($ in thousands) 161,994 168,650
Cash operating costs(2) ($/ gold ounce sold) 880 720
Cash operating costs(2) ($/ gold ounce produced) 832 734
Total cash costs(2) ($/ gold ounce sold) 1,113 851
All-in sustaining costs(2) ($/ gold ounce sold) 1,533 1,345
(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”.
(3) Production from Calibre Mining Corp.'s ( “Calibre”) La Libertad, El Limon and Pan mines is presented on an approximate 24% basis until January 24, 2024 and
14% subsequently until June 20, 2024 which represented the Company’ s indirect ownership interest in Calibre's operations through its equity investment in Calibre. On
June 20, 2024, the Company reduced its ownership interest to approximately 4% and determined that it no longer had significant influence over Calibre and as a result,
after June 20, 2024, no longer recorded attributable production representing its indirect ownership interest in Calibre's mines through an equity investment.
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Liquidity and Capital Resources
B
2Gold continues to maintain a strong financial position and liquidity. At March 31, 2025, the Company
had cash and cash equivalents of $330 million (December 31, 2024 - $337 million) and working capital
(defined as current assets less assets classified as held for sale and current liabilities) of $174 million
(December 31, 2024 - $321 million). During the first quarter of 2025 the Company repaid $400 million on
the Company's $800 million RCF, leaving $800 million remaining available for future draw downs, plus a
$200 million accordion feature.
Se
cond Quarter 2025 Dividend
O
n May 7, 2025, B2Gold’s Board of Directors declared a cash dividend for the second quarter of 2025 (the
“Q2 2025 Dividend”) of $0.02 per common share (or an expected $0.08 per share on an annualized basis),
payable on June 24, 2025 to shareholders of record as of June 11, 2025.
T
he Company currently has a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q2 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. 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 for instructions on how to enroll
in the DRIP.
T
his 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.
T
he 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.
F
or 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/.
T
his 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.
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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.
O
perations
F
ekola Complex - Mali
Three months ended
March 31,
2025 2024
Gold revenue ($ in thousands) 254,667 256,318
Gold sold (ounces) 87,808 123,828
Average realized gold price ($/ ounce) 2,900 2,070
Tonnes of ore milled 2,446,671 2,462,863
Grade (grams/ tonne) 1.31 1.62
Recovery (%) 91.5 92.7
Gold production (ounces) 93,805 119,141
Production costs ($ in thousands) 89,025 85,105
Cash operating costs(1) ($/ gold ounce sold) 1,014 687
Cash operating costs(1) ($/ gold ounce produced) 965 698
Total cash costs(1) ($/ gold ounce sold) 1,350 852
All-in sustaining costs(1) ($/ gold ounce sold) 1,937 1,436
Capital expenditures ($ in thousands) 64,003 80,562
Exploration ($ in thousands) — 1,302
(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) had a strong start to
the year with gold production for the first quarter of 2025 of 93,805 ounces. For the first quarter of 2025,
mill feed grade was 1.31 grams per tonne (“g/t”), mill throughput was 2.45 million tonnes, and gold
recovery averaged 91.5%. Mill feed grade in April 2025 was in line with the annual budgeted mill
feed grade of 1.84 g/t in 2025.
The Fekola Mine’s cash operating costs (see “Non-IFRS Measures”) for the first quarter of 2025 were $965
per ounce produced ( $1,014 per gold ounce sold). Cash operating costs per gold ounce produced for the
first quarter of 2025 were lower than expected as a result of higher than estimated gold production, lower
operating costs including lower fuel prices for diesel and heavy fuel oil, and lower processing maintenance
costs.
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All-in sustaining costs (see “Non-IFRS Measures”) for the first quarter of 2025 for the Fekola Mine were
$1,937 per gold ounce sold, lower than expected. All -in sustaining costs were lower than anticipated as a
result of lower than expected cash operating costs per gold ounce sold and lower than expected sustaining
capital expenditures, partially offset by higher gold royalties resulting from a higher than expected average
realized gold price. Gold royalties include higher revenue-based production taxes based on a sliding scale
and revenue-based State funds for the Fekola Mine, which became effective for the first time in March
2025. The lower sustaining capital expenditures for the first quarter of 2025 were mainly a result of timing
of expenditures and are expected to be incurred later in 2025.
Capital expenditures in the first quarter of 2025 totaled $64 million primarily consisting of $20 million for
deferred stripping, $17 million for Fekola underground development, $16 million for mobile equipment
purchases and rebuilds, $4 million for the construction of a new tailings storage facility (“ TSF”) and $3
million for solar plant expansion.
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 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.
The Fekola Complex's total 2025 gold production is anticipated to increase significantly relative to 2024,
due to the contribution of higher-grade ore from Fekola underground in the second half of 2025 and Fekola
Regional later in the second half of 2025. Between 25,000 and 35,000 ounces of gold production is expected
from the mining of higher -grade ore at Fekola underground. 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. Despite a delay in the expected commencement of mining at Fekola Regional due to
permit delays, the Company still expects to meet its production guidance from the Fekola Complex in 2025.
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.