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
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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 th e 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.
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• 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
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
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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 s tudy 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 ounce s 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 $0.08
per share on an annualized basis), payable on March 20, 2025, to shareholders of record as of March 7,
2025.
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Fourth Quarter and Full Year 2024 Results
Three months ended Year ended
December 31 December 31
2024 2023 2024 2023 2022
Gold revenue ($ 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
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
(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.
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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 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 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, defi ned
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 high -
grade ore from the Fekola Phase 7 pit result ing 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 gr ade 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%.
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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 stri pping, $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 e xpected 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 fro m 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
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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 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 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