B2Gold Reports Q3 2024 Results; On Track to Meet Total 2024 Gold Production Revised Guidance; Y ear-To- Date Cash Operating Costs within Annual Guidance Range and Year-To-Date All-In Sustaining Costs Below Revised Annual Guidance Range
News Release
B2Gold Reports Q3 2024 Results; On Track to Meet Total 2024 Gold Production Revised Guidance; Y ear-To-
Date Cash Operating Costs within Annual Guidance Range and Year-To-Date All-In Sustaining Costs Below
Revised Annual Guidance Range
Vancouver, BC, November 6, 2024 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) announces its operational and financial results for the third quarter of 2024.
All dollar figures are in United States dollars unless otherwise indicated.
2024 Third Quarter Highlights
• Total gold production of 180,553 ounces: Total gold production in the third quarter of 2024 was
180,553 ounces. At the Fekola Mine, production was lower than expected due to the delayed timing
of mining high -grade ore a nd by lower than anticipated equipment productivity and inclement
weather throughout the quarter that reduced the mined volumes of high -grade ore. Damage to an
excavator and the subsequent need for replacement equipment impacted equipment availability at
Fekola, reducing tonnes mined in the first and second quarters of 2024, which affected the
availability of higher-grade ore for the third quarter of 2024. Masbate and Otjikoto both continued
to outperform expectations in the third quarter.
• Total consolidated cash operating costs of $1,061 per gold ounce produced: Total consolidated
cash operating costs (see “Non-IFRS Measures”) were $1,061 per gold ounce produced during the
third quarter of 2024. Total consolidated cash operating costs of $865 per gold ounce produced for
the first nine months of 2024 are at the mid-point of the Company's annual guidance range.
• Total consolidated all-in sustaining costs of $1,650 per gold ounce sold: Total consolidated all-
in sustaining costs (see “Non-IFRS Measures”) were $1,650 per gold ounce sold for the third
quarter of 2024. Total consolidated all-in sustaining costs of $1,405 per gold ounce sold for the first
nine months of 2024 are below the Company’s revised annual guidance range.
• Attributable net loss of $0.48 per share; adjusted attributable net income of $0.02 per share:
Net loss attributable to the shareholders of the Company in the third quarter of 2024 of $634 million
($0.48 per share), predominantly due to a non -cash impairment charge on the Goose Project as a
result of the previously announced construction capital increases (see “Goose Project
Development”). Adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders
of the Company was $29 million ($0.02 pe r share). Adjusted net income attributable to the
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shareholders of the Company in the third quarter was negatively impacted by one-time tax audit
accruals of $30 million related to the agreement between the Company and the State of Mali in
connection with the ongoing operation and governance of the Fekola Complex.
• Operating cash flow before working capital adjustments of $ 118 million: Cash flow provided
by operating activities before working capital adjustments was $118 million in the third quarter of
2024.
• Strong financial position and liquidity: At September 30, 2024, the Company had cash and cash
equivalents of $431 million and working capital (defined as current assets less current liabilities)
of $419 million.
• Q4 2024 dividend of $0.04 per share declared : On November 6, 2024, B2Gold's Board of
Directors declared a cash dividend for the fourth quarter of 2024 of $0.04 per common share (or
upon payment $0.16 per share on an annualized basis), payable on December 12, 2024, to
shareholders of record as of December 2, 2024.
• Goose Project construction and development remains on schedule for first gold pour in Q2
2025: All planned construction year to date in 2024 has been completed and project construction
and development continues to progress on track for first gold pour at the Goose Project in the
second quarter of 2025 followed by a ramp up to commercial production in the third quarter of
2025. The 2024 sealift was completed successfully on September 30, 2024, with ten ships and one
barge having unloaded 123,000 cubic meters (“m3”) of dry cargo, more than 84 million liters of
arctic grade diesel fuel and 58 additional trucks for the 2025 Winter Ice Road (“WIR”) campaign
to the Marine Laydown Area (“MLA”) from global locations.
• Memorandum of Understanding with the State of Mali relating to the Fekola Complex: On
September 11, 2024, the Company announced that it had entered into a Memorandum of
Understanding (the “MOU Agreement”) with the State of Mali (the “State”) in connection with the
ongoing operation and governance of the Fekola Complex, including the development of both the
underground project at the Fekola Mine (owned 80% by B2Gold and 20% by the State of Mali)
and Fekola Regional. Under the MOU Agreement, the State agreed to expedite the issuance of
exploitation permits for Fekola Regional and the approval of the exploitation phase for Fekola
underground. Upon issuance of the exploitation permit for Fekola Regional, mining operations will
begin with initial gold production expected to commence in early 2025, with the potential to
generate approximately 80,000 to 100,000 ounces of additi onal gold production per year from
Fekola Regional sources through the trucking of open pit ore to the Fekola mill. Initial gold
production from Fekola underground is expected to commence in mid-2025.
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Third Quarter 2024 Results
Three months ended Nine months ended
September 30, September 30,
2024 2023 2024 2023
Gold revenue ($ in thousands) 448,229 477,888 1,402,242 1,422,298
Net (loss) income ($ in thousands) (631,032) (34,770) (617,328) 158,984
(Loss) earnings per share – basic(1) ($/ share) (0.48) (0.03) (0.47) 0.10
(Loss) earnings per share – diluted(1) ($/ share) (0.48) (0.03) (0.47) 0.10
Cash (used) provided by operating activities ($ thousands) (16,099) 110,204 757,060 509,010
Average realized gold price ($/ ounce) 2,483 1,920 2,285 1,929
Adjusted net income(1)(2) ($ in thousands) 29,157 64,840 189,109 256,506
Adjusted earnings per share(1)(2) – basic ($) 0.02 0.05 0.14 0.21
Consolidated operations results:
Gold sold (ounces) 180,525 248,889 613,731 737,139
Gold produced (ounces) 180,553 225,052 599,133 721,732
Production costs ($ in thousands) 192,408 171,425 500,452 451,791
Cash operating costs(2) ($/ gold ounce sold) 1,066 689 815 613
Cash operating costs(2) ($/ gold ounce produced) 1,061 741 852 638
Total cash costs(2) ($/ gold ounce sold) 1,248 827 972 752
All-in sustaining costs(2) ($/ gold ounce sold) 1,650 1,273 1,400 1,177
Operations results including equity investment in Calibre:
Gold sold (ounces) 180,525 266,616 633,375 787,805
Gold produced (ounces) 180,553 242,838 618,777 772,395
Production costs ($ in thousands) 192,408 188,216 525,578 502,162
Cash operating costs(2) ($/ gold ounce sold) 1,066 706 830 637
Cash operating costs(2) ($/ gold ounce produced) 1,061 755 865 661
Total cash costs(2) ($/ gold ounce sold) 1,248 840 984 772
All-in sustaining costs(2) ($/ gold ounce sold) 1,650 1,272 1,405 1,182
(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 September 30, 2024, the
Company had cash and cash equivalents of $431 million (December 31, 2023 - $307 million) and working
capital (defined as current assets less current liabilities) of $419 million (December 31, 2023 - $397
million). During the quarter ended September 30, 2024, the Company drew down $200 million on the
Company's $700 million revolving credit facility, leaving $500 million remaining available for future draw
downs.
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Fourth Quarter 2024 Dividend
On November 6, 2024, B2Gold’s Board of Directors declared a cash dividend for the fourth quarter of 2024
(the “Q4 2024 Dividend”) of $0.04 per common share (or upon payment $0.16 per share on an annualized
basis), payable on December 12, 2024, to shareholders of record as of December 2, 2024.
In 2023, the Company implemented a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q4
2024 Dividend, the Company is pleased to announce that a discount of 3% will be applied to calculate the
Average Market Price (as defined in the DRIP) of its common shares issued from treasury. However, the
Company may, from time to time, in its discretion, change or eliminate any applicable discount, which
would be publicly announced, all in accordance with the terms and conditions of the DRIP. Participation in
the DRIP is optional. In order to participate in the DRIP in time for the Q4 2024 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 December 5, 2024. 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 divide nds,
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.
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Operations
Fekola Complex - Mali
Three months ended Nine months ended
September 30, September 30,
2024 2023 2024 2023
Gold revenue ($ in thousands) 194,988 292,375 721,898 888,272
Gold sold (ounces) 78,889 152,239 318,005 460,139
Average realized gold price ($/ ounce) 2,472 1,921 2,270 1,930
Tonnes of ore milled 2,466,087 2,392,829 7,449,327 6,988,763
Grade (grams/ tonne) 1.07 1.82 1.40 2.17
Recovery (%) 92.7 92.1 92.7 91.9
Gold production (ounces) 78,207 128,942 308,931 447,233
Production costs ($ in thousands) 109,857 93,388 276,443 250,294
Cash operating costs(1) ($/ gold ounce sold) 1,393 613 869 544
Cash operating costs(1) ($/ gold ounce produced) 1,434 688 935 561
Total cash costs(1) ($/ gold ounce sold) 1,653 773 1,066 706
All-in sustaining costs(1) ($/ gold ounce sold) 2,287 1,261 1,583 1,125
Capital expenditures ($ in thousands) 64,464 83,166 198,205 211,112
Exploration ($ in thousands) 996 — 3,136 1,706
(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 78,207
ounces of gold in the third quarter of 2024, below expectations due to the delayed timing of mining of high-
grade ore resulting in less high-grade ore processed during the quarter. For the third quarter of 2024, mill
feed grade was 1.07 grams per tonne (“g/t”), mill throughput was 2.47 million tonnes, and gold recovery
averaged 92.7%. Lower than anticipated equipment productivity and inclement weather throughout the
quarter impacted the mined volumes of high-grade ore during the third quarter of 2024 . Damage to an
excavator and the subsequent need for replacement equipment impacted equipment availability for the first
nine months of 2024, reducing tonnes mined during the first and second quarters of 2024 , which affected
the availability of higher-grade ore of Phase 7 of the Fekola pit resulting in less high -grade ore processed
during the third quarter of 2024. The damaged machine has been replaced and the new unit operated for the
full third quarter of 2024. The reduction in mining rates experienced in the first nine months of 2024 is
expected to continue to impact the availability of higher -grade ore from Pha se 7 of the Fekola pit during
the fourth quarter of 2024 resulting in an expected decrease in Fekola production as compared to initial
production estimates. Mining and processing of these ounces is now expected in the first quarter of 2025.
Despite short term variations, overall, ore volumes and grades continue to reconcile relatively well with
modelled values.
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The Fekola Mine’s cash operating costs (see “Non-IFRS Measures”) for the third quarter of 2024 were
$1,434 per gold ounce produced ( $1,393 per gold ounce sold ). Cash operating costs per gold ounce
produced for the third quarter of 2024 were higher than expected as a result of lower than anticipated gold
production during the third quarter, partially offset by lower fuel costs, higher mill throughput, higher gold
recovery and lower mining costs due to lower than expected mined tonnage.
All-in sustaining costs (see “Non-IFRS Measures”) for the third quarter of 2024 were $2,287 per gold ounce
sold. All-in sustaining costs were higher than expected as a result of higher than anticipated production
costs per gold ounce sold, lower than expected gold ounces sold, higher than anticipated sustaining capital
expenditures due to the ti ming of expenditures and higher gold royalties resulting from a higher than
anticipated average realized gold price.
Capital expenditures in the third quarter of 2024 totalled $64 million primarily consisting of $12 million
for deferred stripping, $10 million for mobile equipment purchases and rebuilds, $7 million for the
construction of a new tailings storage facility, $20 million for Fekola undergroun d development and $11
million for solar plant expansion. All solar panels, inverters, transformers and the tracking system have
been installed for the solar plant expansion and the solar field was energized on September 29 , 2024.
Commissioning has continued with final completion of the solar plant expansion expected by the end of
November 2024.
As a result of the delay in accessing higher-grade ounces from Phase 7 of the Fekola pit, production from
the Fekola Complex is expected to be towards the low end of Fekola's revised guidance range of between
420,000 and 450,000 ounces of gold in 2024. Cash operating costs and all-in sustaining costs are expected
to be towards the upper ends of their respective revised guidance ranges of between $870 and $930 per
ounce and $1,510 and $1,570 per ounce.
Fekola Regional Development
The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal
pits and Fekola underground) and Fekola Regional (Anaconda Area (Bantako, Menankoto, and Bakolobi
permits) and the Dandoko permit).
The development of Fekola Regional is expected to demonstrate positive economics through the
enhancement of the overall production profile and the extension of mine life of the Fekola Complex. Based
on B2Gold’s preliminary planning, Fekola Regional could provide selective higher-grade saprolite material
(average annual grade of up to 2.2 g/t gold) to be trucked approximately 20 kilometers (“km”) and fed into
the Fekola mill at a rate of up to 1.5 million tonnes per annum.
On September 11, 2024, the Company announced the MOU Agreement with the State in connection with
the ongoing operation and governance of the Fekola Complex, including the development of both the
underground project at the Fekola Mine and Fekola Regional. Under the MOU Agreement, the State agreed
to expedite the issuance of e xploitation permits for Fekola Regional and the approval of the exploitation
phase of Fekola underground. Upon issuance of the exploitation permit for Fekola Regional, mining
operations will begin with initial gold production expected to commence in early 2025, with the potential
to generate approximately 80,000 to 100,000 ounces of additional gold production per year from Fekola
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Regional sources through the trucking of open pit ore to the Fekola mill. Initial gold production from Fekola
underground is expected to commence in mid-2025.
Masbate Mine – The Philippines
Three months ended Nine months ended
September 30, September 30,
2024 2023 2024 2023
Gold revenue ($ in thousands) 120,115 97,556 328,165 265,839
Gold sold (ounces) 47,960 50,950 142,260 137,300
Average realized gold price ($/ ounce) 2,504 1,915 2,307 1,936
Tonnes of ore milled 2,197,112 2,155,170 6,409,631 6,224,572
Grade (grams/ tonne) 0.98 1.01 0.97 0.99
Recovery (%) 72.4 73.0 72.4 73.6
Gold production (ounces) 50,215 51,170 144,512 147,012
Production costs ($ in thousands) 42,697 44,056 123,070 117,219
Cash operating costs(1) ($/ gold ounce sold) 890 865 865 854
Cash operating costs(1) ($/ gold ounce produced) 811 834 839 844
Total cash costs(1) ($/ gold ounce sold) 1,039 993 1,002 979
All-in sustaining costs(1) ($/ gold ounce sold) 1,167 1,124 1,174 1,152
Capital expenditures ($ in thousands) 5,192 5,896 20,229 20,947
Exploration ($ in thousands) 1,290 774 3,039 2,741
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most direc tly 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 performance with third quarter of 2024 gold
production of 50,215 ounces, above expectations due to higher mill throughput and higher than expected
mill feed grade. For the third quarter of 2024, mill feed grade was 0.98 g/t, mill throughput was 2.20 million
tonnes, and gold recovery averaged 72.4%, lower than expected. Lower gold recovery in the third quarter
was a result of mining additional lower recovery high-grade sulphide ore during the third quarter. Actual
gold recovery for the third quarter of 2024 remained in line with modeled recovery values for the ore mined.
The Masbate Mine's cash operating costs (see “Non-IFRS Measures”) for the third quarter of 2024 were
$811 per gold ounce produced ($890 per gold ounce sold). Cash operating costs per gold ounce produced
for the third quarter of 2024 were significantly lower than expected as a result of higher gold production ,
lower than anticipated mining and processing costs, higher mill productivity and lower fuel costs.
All-in sustaining costs (see “Non-IFRS Measures”) for the third quarter of 2024 were $1,167 per ounce
sold. All-in sustaining costs for the third quarter of 2024 were significantly lower than expected as a result
of lower than anticipated production costs per gold ounce sold, higher than expected gold ounces sold and
lower than expected sustaining capital expenditures.
Capital expenditures in the third quarter of 2024 totalled $5 million, primarily consisting of $2 million for
mobile equipment purchases and rebuilds and $1 million for expansion of the existing tailings storage
facility.
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The Masbate Mine is expected to produce between 175,000 and 195,000 ounces of gold in 2024 . Cash
operating costs and all -in sustaining costs are expected to be at or below the low end of their respective
revised guidance ranges of between $910 and $970 per ounce and $1,260 and $1,320 per ounce.
Otjikoto Mine - Namibia
Three months ended Nine months ended
September 30, September 30,
2024 2023 2024 2023
Gold revenue ($ in thousands) 133,126 87,957 352,179 268,187
Gold sold (ounces) 53,676 45,700 153,466 139,700
Average realized gold price ($/ ounce) 2,480 1,925 2,295 1,920
Tonnes of ore milled 872,722 855,740 2,549,847 2,554,747
Grade (grams/ tonne) 1.88 1.66 1.80 1.57
Recovery (%) 98.8 98.4 98.6 98.6
Gold production (ounces) 52,131 44,940 145,690 127,487
Production costs ($ in thousands) 39,854 33,981 100,939 84,278
Cash operating costs(1) ($/ gold ounce sold) 742 744 658 603
Cash operating costs(1) ($/ gold ounce produced) 740 785 687 671
Total cash costs(1) ($/ gold ounce sold) 841 820 749 680
All-in sustaining costs(1) ($/ gold ounce sold) 896 1,178 963 1,074
Capital expenditures ($ in thousands) 609 13,290 26,128 46,266
Exploration ($ in thousands) 1,888 963 5,191 2,453
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measu res
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, continued to outperform during
the third quarter of 2024, producing 52,131 ounces of gold, above expectations as a result of higher than
anticipated mill feed grade and higher than expected mill throughput. For the third quarter of 2024, mill
feed grade was 1.88 g/t, mill throughput was 0.87 million tonnes, and gold recovery ave raged 98.8%. Ore
production from the Wolfshag underground mine for the third quarter of 2024 averaged over 1,800 tonnes
per day at an average grade of 3.64 g/t gold.
The Otjikoto Mine's cash operating costs (see “Non-IFRS Measures”) for the third quarter of 2024 were
$740 per gold ounce produced ($742 per ounce gold sold). Cash operating costs per gold ounce produced
for the third quarter of 2024 were lower than anticipated due to higher than expected gold production in the
third quarter of 2024.
All-in sustaining costs (see “Non-IFRS Measures”) for the third quarter of 2024 were $896 per gold ounce
sold. All-in sustaining costs for the third quarter of 2024 were lower than expected as a result of lower than
expected cash operating costs and higher gold ounces sold, partially offset by higher gold royalties due to
a higher than anticipated average realized gold price.