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 and 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 per share). Adjusted net
income attributable to the 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 additional 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.
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.
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 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 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 Phase 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.
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 timing 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 underground 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 $1,570 per ounce.
Fekola Regional Development
The Fekola Complex is comprised of the Fekola
Mine (Medinandi permit hosting the Fekola and Cardinal pits and
Fekola underground) and Fekola Regional (Anaconda Area (Bantako,
Menankoto, and Bakolobi permits) and the Dandoko permit).
The development of Fekola Regional is expected
to demonstrate positive economics through the enhancement of the
overall production profile and the extension of mine life of the
Fekola Complex. Based on B2Gold’s preliminary planning, Fekola
Regional could provide selective higher-grade saprolite material
(average annual grade of up to 2.2 g/t gold) to be trucked
approximately 20 kilometers (“km”) and fed into the Fekola mill at
a rate of up to 1.5 million tonnes per annum.
On September 11, 2024, the Company announced the
MOU Agreement with the State in connection with the ongoing
operation and governance of the Fekola Complex, including the
development of both the underground project at the Fekola Mine and
Fekola Regional. Under the MOU Agreement, the State agreed to
expedite the issuance of exploitation permits for Fekola Regional
and the approval of the exploitation phase of Fekola underground.
Upon issuance of the exploitation permit for Fekola Regional,
mining operations will begin with initial gold production expected
to commence in early 2025, with the potential to generate
approximately 80,000 to 100,000 ounces of additional gold
production per year from Fekola Regional sources through the
trucking of open pit ore to the Fekola mill. Initial gold
production from Fekola underground is expected to commence in
mid-2025.
Masbate Mine – The Philippines
| |
Three months ended |
Nine months ended |
| |
September 30, |
September 30, |
|
|
2024 |
2023 |
2024 |
2023 |
| |
|
|
|
|
| Gold revenue ($ 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 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 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.
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 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, 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 averaged 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.
Capital expenditures for the third quarter of
2024 totalled $1 million for Wolfshag underground mine
development.
The Otjikoto Mine is expected to produce between
185,000 and 205,000 ounces of gold in 2024 at cash operating costs
of between $685 and $745 per ounce and all-in sustaining costs at
or below the lower end of its guidance range of between $960 and
$1,020 per ounce.
Goose Project Development
The Back River Gold District consists of five
mineral claims blocks along an 80 km belt. Construction is underway
at the most advanced project in the district, the Goose Project,
and has been de-risked with significant infrastructure currently in
place.
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 socio-economic benefits to the Kitikmeot Region. B2Gold
looks forward to continuing to build on its strong collaboration
with the KIA and Kitikmeot Communities.
As announced in May 2024, development of the
open pit and underground was slightly behind schedule due to
equipment availability (commissioning and availability of the open
pit equipment), adverse weather conditions and the prioritization
of critical path construction activities. An additional three
months of mining was added to the schedule to ensure that the
Umwelt open pit, underground development, and crown pillar
activities align and that there is sufficient tailings storage
capacity in the Echo open pit. With the schedule change, the mill
is expected to start wet commissioning in the second quarter of
2025 with ramp up to full production in the third quarter of 2025.
The Company continues to estimate that gold production in calendar
year 2025 will be between 120,000 ounces and 150,000 ounces. The
updated production profile has resulted in the Company now
estimating that average annual gold production for the six year
period from 2026 to 2031 will increase to be in excess of 310,000
ounces per year. The Company remains on track to complete an
updated Goose Project life of mine plan by the end of the first
quarter of 2025.
B2Gold successfully completed the 2024 WIR
campaign in the second quarter of 2024 and delivered all necessary
materials from the MLA to complete the construction of the Goose
Project. 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 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 m3 of dry cargo, more than 84 million
liters of arctic grade diesel fuel and 58 additional trucks for the
2025 WIR campaign to the MLA from global locations. Sealift
offloading performance significantly increased throughout the 2024
sealift due to a newly constructed barge ramp. Current activities
at the MLA now include continued maintenance and preparation of the
WIR construction and haulage fleet and staging all materials for
shipment on the 2025 WIR to the Goose Project site.
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. Mining of the Echo pit is meeting
production targets and is anticipated to be ready to receive
tailings when the mill starts. The underground mine remains on
schedule for commencement of production by the end of the second
quarter of 2025.
In the third quarter and first nine months of
2024, the Company incurred cash expenditures of $121 million (C$165
million) and $366 million (C$498 million), respectively, for the
Goose Project on construction and mine development activities and
$110 million (C$150 million) and $155 million (C$211 million),
respectively, on supplies inventory.
As announced on September 12, 2024, the total
Goose Project construction, mine development, and sustaining
capital cash expenditures estimate (the “Total Goose Project
Construction and Mine Development Cost”) before first gold
production estimate is C$1,540 million, a C$290 million (or 23%)
increase from the previous estimate from January 2024.
Approximately 52% (or C$150 million) of the increase can be
attributed to the one quarter delay in first gold production
previously disclosed, combined with the acceleration of capital
items that were previously anticipated to occur after first gold
production. The acceleration of certain capital items is expected
to make the Goose Project a more reliable and de-risked operation
upon mill startup. The accelerated capital items include
accelerated purchases of mining equipment versus the previous
estimate to ensure continued growth in mining rates through 2025,
the building of an accommodation complex at the MLA which will
reduce ongoing annual costs associated with running the WIR, the
construction of critical infrastructure at the Goose Project site,
inclusive of warehousing, maintenance, mine dry facility, camp
facility expansion, and the design acceleration of a reverse
osmosis plant to optimize water management and lower ongoing
operating costs. Approximately 24% (or C$70 million) of the
increase in the Total Goose Project Construction and Mine
Development Cost can be attributed to the increased cost of the
logistics of shipping materials to the Goose Project site.
As a result of the previously announced
increases to the Total Goose Project Construction and Mine
Development Cost before first gold production estimate, the Company
incurred a non-cash impairment of $661 million on the Goose Project
carrying value in the third quarter of 2024.
Gramalote Project
Development
On June 18, 2024, the Company announced the
results of a positive Preliminary Economic Assessment (“PEA”) on
its 100% owned Gramalote Project located in the Department of
Antioquia, Colombia. The PEA outlines a significant production
profile with average annual gold production of 185,000 ounces over
a 12.5 year project life with a low-cost structure and favorable
metallurgical characteristics. Additionally, the PEA outlines
strong project economics with an after-tax NPV5% of $778 million
and an after-tax internal rate of return of 20.6%, with a project
payback on pre-production capital of 3.1 years.
The estimated pre-production capital cost for
the project is $807 million (including approximately $93 million
for mining equipment and $63 million for contingency). A robust
amount of historical drilling and engineering studies have been
completed on the Gramalote Project, which significantly de-risks
future project development. Based on the positive results from the
PEA, B2Gold believes that the Gramalote Project has the potential
to become a medium-scale, low-cost open pit gold mine.
B2Gold has commenced feasibility work with the
goal of completing a feasibility study by mid-2025 and a $10
million budget has been approved by the Board. Due to the work
completed for previous studies, the work remaining to finalize a
feasibility study for the updated medium-scale project is not
expected to be extensive. The main work programs for the
feasibility study include geotechnical and environmental site
investigations for the processing plant and waste dump footprints,
as well as capital and operating cost estimates.
The Gramalote Project will continue to advance
resettlement programs, establish coexistence programs for small
miners, work on health, safety and environmental projects and
continue to work with the government and local communities on
social programs.
Due to the desired modifications to the
processing plant and infrastructure locations, a Modified
Environment Impact Study is required. B2Gold has commenced work on
the modifications to the Environment Impact Study and expect it to
be completed and submitted shortly following the completion of the
feasibility study. If the final economics of the feasibility study
are positive and B2Gold makes the decision to develop the Gramalote
Project as an open pit gold mine, B2Gold would utilize its proven
internal mine construction team to build the mine and mill
facilities.
Outlook
Total gold production for 2024 is forecast to be
towards the low end of the Company's guidance range of between
800,000 and 870,000 ounces, including 20,000 ounces of attributable
production from Calibre Mining Corp (“Calibre”).
Gold production in 2025 is expected to increase
significantly relative to 2024 as a result of the scheduled mining
and processing of higher-grade ore from the Fekola and Cardinal
pits made accessible by the meaningful stripping campaign that has
been undertaken throughout 2024, the expected full year of
contribution from Fekola Regional, which is anticipated to
contribute between 80,000 and 100,000 ounces of additional
production, and commencement of mining the higher-grade Fekola
underground (subject to receipt of necessary permits for Fekola
Regional and Fekola underground).
Upon completion of construction activities at
the Goose Project, the mine is expected to commence gold production
in the second quarter of 2025 and contribute between 120,000 and
150,000 ounces of gold in calendar year 2025. Over the first six
full calendar years of operation from 2026 to 2031, the average
annual gold production for the Goose Project is estimated to be in
excess of 310,000 ounces of gold per year.
The positive PEA results on the Company’s 100%
owned Gramalote Project, located in the Department of Antioquia,
Colombia, outlines 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 has commenced feasibility
work with the goal of completing a feasibility study by mid-2025
and a $10 million budget has been approved by the Board.
Following the release of an initial Inferred
Mineral Resource Estimate for the Springbok Zone, the southernmost
shoot of the recently discovered Antelope deposit, located
approximately three km south of the Otjikoto Phase 5 open pit at
the Otjikoto Mine in Namibia, in the second quarter of 2024, the
Company has commenced a PEA which is expected to be completed in
the first half of 2025. Subject to receipt of a positive PEA and
permit, mining of the Springbok Zone, coupled with the exploration
potential of the greater Antelope deposit, could begin to
contribute to gold production at Otjikoto in 2026. The Antelope
deposit has the potential to supplement the processing of low-grade
stockpiles at the Otjikoto Mine through 2031, with the goal of
increasing gold production levels to over 100,000 ounces per year
from 2026 through 2031.
The Company’s ongoing strategy is to continue to
maximize profitable production from its existing mines, maintain a
strong financial position, realize the significant potential
increase in gold production from the Company's existing development
projects, continue exploration programs across the Company's robust
land packages, evaluate new exploration, development and production
opportunities and continue to return capital to shareholders.
Third Quarter 2024 Financial Results -
Conference Call Details
B2Gold executives will host a conference call to
discuss the results on Thursday, November 7, 2024, at 8:00 am PT /
11:00 am ET.
Participants may register for the conference call here:
registration link. Upon registering, participants will receive a
calendar invitation by email with dial in details and a unique PIN.
This will allow participants to bypass the operator queue and
connect directly to the conference. Registration will remain open
until the end of the conference call. Participants may also dial in
using the numbers below:
- Toll-free in U.S. and Canada: +1
(844) 763-8274
- All other callers: +1 (647)
484-8814
The conference call will be available for
playback for two weeks by dialing toll-free in the U.S. and Canada:
+1 (855) 669-9658, replay access code 4078435. All other callers:
+1 (412) 317-0088, replay access code 4078435.
About B2Gold
B2Gold is a low-cost international senior gold
producer headquartered in Vancouver, Canada. Founded in 2007,
today, B2Gold has operating gold mines in Mali, Namibia and the
Philippines, the Goose Project under construction in northern
Canada and numerous development and exploration projects in various
countries including Mali, Colombia and Finland. B2Gold forecasts
total consolidated gold production of between 800,000 and 870,000
ounces in 2024.
Qualified Persons
Bill Lytle, Senior Vice President and Chief
Operating Officer, a qualified person under NI 43-101, has approved
the scientific and technical information related to operations
matters contained in this news release.
Andrew Brown, P. Geo., Vice President,
Exploration, a qualified person under NI 43-101, has approved the
scientific and technical information related to exploration and
mineral resource matters contained in this news release.
ON BEHALF OF B2GOLD CORP.
“Clive T.
Johnson”President and Chief Executive
Officer
Source: B2Gold Corp.
The Toronto Stock Exchange and NYSE American LLC
neither approve nor disapprove the information contained in this
news release.
Production results and production guidance
presented in this news release reflect total production at the
mines B2Gold operates on a 100% project basis. Please see our
Annual Information Form dated March 14, 2024 for a discussion of
our ownership interest in the mines B2Gold operates.
This news release includes certain
"forward-looking information" and "forward-looking statements"
(collectively forward-looking statements") within the meaning of
applicable Canadian and United States securities legislation,
including: projections; outlook; guidance; forecasts; estimates;
and other statements regarding future or estimated financial and
operational performance, gold production and sales, revenues and
cash flows, and capital costs (sustaining and non-sustaining) and
operating costs, including projected cash operating costs and AISC,
and budgets on a consolidated and mine by mine basis; future or
estimated mine life, metal price assumptions, ore grades or
sources, gold recovery rates, stripping ratios, throughput, ore
processing; statements regarding anticipated exploration, drilling,
development, construction, permitting and other activities or
achievements of B2Gold; and including, without limitation:
remaining well positioned for continued strong operational and
financial performance in 2024; projected gold production, cash
operating costs and AISC on a consolidated and mine by mine basis
in 2024; total consolidated gold production of between 800,000 and
870,000 ounces (including 20,000 attributable ounces from Calibre)
in 2024, with cash operating costs of between $835 and $895 per
ounce and AISC of between $1,420 and $1,480 per ounce; B2Gold's
continued prioritization of developing the Goose Project in a
manner that recognizes Indigenous input and concerns and brings
long-term socio-economic benefits to the area; the Goose Project
capital cost being approximately C$1,190 million and the net cost
of open pit and underground development, deferred stripping, and
sustaining capital expenditures to be incurred prior to first gold
production being approximately C$350 million and the cost for
reagents and other working capital items being C$330 million; the
Goose Project producing approximately 310,000 ounces of gold per
year for the first six years; the potential for first gold
production in the second quarter of 2025 from the Goose Project and
the estimates of such production; trucking of selective
higher-grade saprolite material from the Anaconda Area to the
Fekola mill having the potential to generate approximately 80,000
to 100,000 ounces of additional gold production per year from
Fekola Regional sources; the receipt of the exploitation permit for
Fekola Regional and Fekola Regional production expected to commence
at the beginning of 2025; the receipt of a permit for Fekola
underground and Fekola underground commencing operation in
mid-2025; the potential for the Antelope deposit to be developed as
an underground operation and contribute gold during the low-grade
stockpile processing in 2026 through 2031; the results and
estimates in the Gramalote PEA, including the project life, average
annual gold production, processing rate, capital cost, net present
value, after-tax net cash flow, after-tax internal rate of return
and payback; the timing and results of a feasibility study on the
Gramalote Project; and the potential to develop the Gramalote
Project as an open pit gold mine. All statements in this news
release that address events or developments that we expect to occur
in the future are forward-looking statements. Forward-looking
statements are statements that are not historical facts and are
generally, although not always, identified by words such as
"expect", "plan", "anticipate", "project", "target", "potential",
"schedule", "forecast", "budget", "estimate", "intend" or "believe"
and similar expressions or their negative connotations, or that
events or conditions "will", "would", "may", "could", "should" or
"might" occur. All such forward-looking statements are based on the
opinions and estimates of management as of the date such statements
are made.
Forward-looking statements necessarily involve
assumptions, risks and uncertainties, certain of which are beyond
B2Gold's control, including risks associated with or related to:
the volatility of metal prices and B2Gold's common shares; changes
in tax laws; the dangers inherent in exploration, development and
mining activities; the uncertainty of reserve and resource
estimates; not achieving production, cost or other estimates;
actual production, development plans and costs differing materially
from the estimates in B2Gold's feasibility and other studies; the
ability to obtain and maintain any necessary permits, consents or
authorizations required for mining activities; environmental
regulations or hazards and compliance with complex regulations
associated with mining activities; climate change and climate
change regulations; the ability to replace mineral reserves and
identify acquisition opportunities; the unknown liabilities of
companies acquired by B2Gold; the ability to successfully integrate
new acquisitions; fluctuations in exchange rates; the availability
of financing; financing and debt activities, including potential
restrictions imposed on B2Gold's operations as a result thereof and
the ability to generate sufficient cash flows; operations in
foreign and developing countries and the compliance with foreign
laws, including those associated with operations in Mali, Namibia,
the Philippines and Colombia and including risks related to changes
in foreign laws and changing policies related to mining and local
ownership requirements or resource nationalization generally;
remote operations and the availability of adequate infrastructure;
fluctuations in price and availability of energy and other inputs
necessary for mining operations; shortages or cost increases in
necessary equipment, supplies and labour; regulatory, political and
country risks, including local instability or acts of terrorism and
the effects thereof; the reliance upon contractors, third parties
and joint venture partners; the lack of sole decision-making
authority related to Filminera Resources Corporation, which owns
the Masbate Project; challenges to title or surface rights; the
dependence on key personnel and the ability to attract and retain
skilled personnel; the risk of an uninsurable or uninsured loss;
adverse climate and weather conditions; litigation risk;
competition with other mining companies; community support for
B2Gold's operations, including risks related to strikes and the
halting of such operations from time to time; conflicts with small
scale miners; failures of information systems or information
security threats; the ability to maintain adequate internal
controls over financial reporting as required by law, including
Section 404 of the Sarbanes-Oxley Act; compliance with
anti-corruption laws, and sanctions or other similar measures;
social media and B2Gold's reputation; risks affecting Calibre
having an impact on the value of the Company's investment in
Calibre, and potential dilution of our equity interest in Calibre;
as well as other factors identified and as described in more detail
under the heading "Risk Factors" in B2Gold's most recent Annual
Information Form, B2Gold's current Form 40-F Annual Report and
B2Gold's other filings with Canadian securities regulators and the
U.S. Securities and Exchange Commission (the "SEC"), which may be
viewed at www.sedar.com and www.sec.gov, respectively (the
"Websites"). The list is not exhaustive of the factors that may
affect B2Gold's forward-looking statements.
B2Gold's forward-looking statements are based on
the applicable assumptions and factors management considers
reasonable as of the date hereof, based on the information
available to management at such time. These assumptions and factors
include, but are not limited to, assumptions and factors related to
B2Gold's ability to carry on current and future operations,
including: development and exploration activities; the timing,
extent, duration and economic viability of such operations,
including any mineral resources or reserves identified thereby; the
accuracy and reliability of estimates, projections, forecasts,
studies and assessments; B2Gold's ability to meet or achieve
estimates, projections and forecasts; the availability and cost of
inputs; the price and market for outputs, including gold; foreign
exchange rates; taxation levels; the timely receipt of necessary
approvals or permits; the ability to meet current and future
obligations; the ability to obtain timely financing on reasonable
terms when required; the current and future social, economic and
political conditions; and other assumptions and factors generally
associated with the mining industry.
B2Gold's forward-looking statements are based on
the opinions and estimates of management and reflect their current
expectations regarding future events and operating performance and
speak only as of the date hereof. B2Gold does not assume any
obligation to update forward-looking statements if circumstances or
management's beliefs, expectations or opinions should change other
than as required by applicable law. There can be no assurance that
forward-looking statements will prove to be accurate, and actual
results, performance or achievements could differ materially from
those expressed in, or implied by, these forward-looking
statements. Accordingly, no assurance can be given that any events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do, what benefits or liabilities B2Gold
will derive therefrom. For the reasons set forth above, undue
reliance should not be placed on forward-looking statements.
Non-IFRS MeasuresThis news release includes
certain terms or performance measures commonly used in the mining
industry that are not defined under International Financial
Reporting Standards ("IFRS"), including "cash operating costs" and
"all-in sustaining costs" (or "AISC"). Non-IFRS measures do not
have any standardized meaning prescribed under IFRS, and therefore
they may not be comparable to similar measures employed by other
companies. The data presented is intended to provide additional
information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS and should be read in conjunction with B2Gold's consolidated
financial statements. Readers should refer to B2Gold's Management
Discussion and Analysis, available on the Websites, under the
heading "Non-IFRS Measures" for a more detailed discussion of how
B2Gold calculates certain of such measures and a reconciliation of
certain measures to IFRS terms.
Cautionary Statement Regarding Mineral Reserve
and Resource EstimatesThe disclosure in this news release was
prepared in accordance with Canadian National Instrument 43-101,
which differs significantly from the requirements of the United
States Securities and Exchange Commission ("SEC"), and resource and
reserve information contained or referenced in this news release
may not be comparable to similar information disclosed by public
companies subject to the technical disclosure requirements of the
SEC. Historical results or feasibility models presented herein are
not guarantees or expectations of future performance.
|
B2GOLD CORP.CONDENSED INTERIM CONSOLIDATED
STATEMENTS OF OPERATIONSFOR THE THREE AND NINE
MONTHS ENDED SEPTEMBER 30(Expressed in thousands of United
States dollars, except per share amounts)(Unaudited) |
| |
| |
|
For the threemonths
endedSept. 30, 2024 |
|
For the threemonths endedSept. 30, 2023 |
|
For the ninemonths
endedSept. 30, 2024 |
|
For the ninemonths endedSept. 30, 2023 |
| |
|
|
|
|
|
|
|
|
|
Gold revenue |
|
$ |
448,229 |
|
|
$ |
477,888 |
|
|
$ |
1,402,242 |
|
|
$ |
1,422,298 |
|
| |
|
|
|
|
|
|
|
|
| Cost of
sales |
|
|
|
|
|
|
|
|
|
Production costs |
|
|
(192,408 |
) |
|
|
(171,425 |
) |
|
|
(500,452 |
) |
|
|
(451,791 |
) |
|
Depreciation and depletion |
|
|
(88,051 |
) |
|
|
(101,568 |
) |
|
|
(273,505 |
) |
|
|
(293,388 |
) |
|
Royalties and production taxes |
|
|
(32,929 |
) |
|
|
(34,389 |
) |
|
|
(96,045 |
) |
|
|
(102,661 |
) |
| Total cost of
sales |
|
|
(313,388 |
) |
|
|
(307,382 |
) |
|
|
(870,002 |
) |
|
|
(847,840 |
) |
| |
|
|
|
|
|
|
|
|
| Gross
profit |
|
|
134,841 |
|
|
|
170,506 |
|
|
|
532,240 |
|
|
|
574,458 |
|
| |
|
|
|
|
|
|
|
|
| General and
administrative |
|
|
(13,283 |
) |
|
|
(13,064 |
) |
|
|
(40,389 |
) |
|
|
(41,170 |
) |
| Share-based payments |
|
|
(5,069 |
) |
|
|
(4,289 |
) |
|
|
(14,815 |
) |
|
|
(15,734 |
) |
| Impairment of long-lived
assets |
|
|
(661,160 |
) |
|
|
(111,597 |
) |
|
|
(876,376 |
) |
|
|
(116,482 |
) |
| Gain on sale of mining
interests |
|
|
7,453 |
|
|
|
— |
|
|
|
56,115 |
|
|
|
— |
|
| Gain on sale of shares in
associate |
|
|
— |
|
|
|
— |
|
|
|
16,822 |
|
|
|
— |
|
| Non-recoverable input
taxes |
|
|
(3,353 |
) |
|
|
(1,191 |
) |
|
|
(10,352 |
) |
|
|
(4,237 |
) |
| Share of net (loss) income of
associates |
|
|
(98 |
) |
|
|
5,561 |
|
|
|
4,581 |
|
|
|
17,549 |
|
| Foreign exchange gains
(losses) |
|
|
5,893 |
|
|
|
(11,739 |
) |
|
|
(7,842 |
) |
|
|
(14,588 |
) |
| Community relations |
|
|
(855 |
) |
|
|
(1,158 |
) |
|
|
(1,786 |
) |
|
|
(3,883 |
) |
| Write-down of mining
interests |
|
|
— |
|
|
|
(565 |
) |
|
|
(636 |
) |
|
|
(17,022 |
) |
| Restructuring charges |
|
|
— |
|
|
|
(5,071 |
) |
|
|
— |
|
|
|
(12,151 |
) |
| Other (expense) income |
|
|
(26,550 |
) |
|
|
130 |
|
|
|
(34,304 |
) |
|
|
(4,159 |
) |
| Operating (loss)
income |
|
|
(562,181 |
) |
|
|
27,523 |
|
|
|
(376,742 |
) |
|
|
362,581 |
|
| |
|
|
|
|
|
|
|
|
| Interest and financing
expense |
|
|
(6,966 |
) |
|
|
(3,190 |
) |
|
|
(24,002 |
) |
|
|
(9,032 |
) |
| Interest income |
|
|
4,011 |
|
|
|
3,887 |
|
|
|
17,137 |
|
|
|
15,741 |
|
| Change in fair value of gold
stream |
|
|
(1,957 |
) |
|
|
7,600 |
|
|
|
(21,196 |
) |
|
|
6,500 |
|
| Losses on dilution on
associate |
|
|
— |
|
|
|
— |
|
|
|
(8,984 |
) |
|
|
— |
|
| (Losses) gains on derivative
instruments |
|
|
(6,378 |
) |
|
|
5,667 |
|
|
|
(5,674 |
) |
|
|
6,092 |
|
| Other income (expense) |
|
|
1,777 |
|
|
|
(951 |
) |
|
|
1,932 |
|
|
|
(5,069 |
) |
| (Loss) income from
operations before taxes |
|
|
(571,694 |
) |
|
|
40,536 |
|
|
|
(417,529 |
) |
|
|
376,813 |
|
| |
|
|
|
|
|
|
|
|
| Current income tax,
withholding and other taxes |
|
|
(74,804 |
) |
|
|
(68,210 |
) |
|
|
(233,085 |
) |
|
|
(216,155 |
) |
| Deferred income tax recovery
(expense) |
|
|
15,466 |
|
|
|
(7,096 |
) |
|
|
33,286 |
|
|
|
(1,674 |
) |
| Net (loss) income for
the period |
|
$ |
(631,032 |
) |
|
$ |
(34,770 |
) |
|
$ |
(617,328 |
) |
|
$ |
158,984 |
|
| |
|
|
|
|
|
|
|
|
| Attributable
to: |
|
|
|
|
|
|
|
|
|
Shareholders of the Company |
|
$ |
(633,757 |
) |
|
$ |
(43,070 |
) |
|
$ |
(618,010 |
) |
|
$ |
123,321 |
|
|
Non-controlling interests |
|
|
2,725 |
|
|
|
8,300 |
|
|
|
682 |
|
|
|
35,663 |
|
| Net (loss) income for
the period |
|
$ |
(631,032 |
) |
|
$ |
(34,770 |
) |
|
$ |
(617,328 |
) |
|
$ |
158,984 |
|
| |
|
|
|
|
|
|
|
|
| (Loss) earnings per
share (attributable to shareholders of the Company) |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.48 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.47 |
) |
|
$ |
0.10 |
|
|
Diluted |
|
$ |
(0.48 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.47 |
) |
|
$ |
0.10 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average
number of common shares outstanding (in
thousands) |
|
|
|
|
|
|
|
|
|
Basic |
|
|
1,310,994 |
|
|
|
1,297,175 |
|
|
|
1,307,134 |
|
|
|
1,208,942 |
|
|
Diluted |
|
|
1,310,994 |
|
|
|
1,297,175 |
|
|
|
1,307,134 |
|
|
|
1,213,349 |
|
|
B2GOLD CORP.CONDENSED INTERIM CONSOLIDATED
STATEMENTS OF CASH FLOWSFOR THE THREE AND NINE
MONTHS ENDED SEPTEMBER 30(Expressed in thousands of United
States dollars)(Unaudited) |
| |
| |
|
For the threemonths
endedSept. 30, 2024 |
|
For the threemonths endedSept. 30, 2023 |
|
For the ninemonths
endedSept. 30, 2024 |
|
For the ninemonths endedSept. 30, 2023 |
| Operating
activities |
|
|
|
|
|
|
|
|
|
Net (loss) income for the period |
|
$ |
(631,032 |
) |
|
$ |
(34,770 |
) |
|
$ |
(617,328 |
) |
|
$ |
158,984 |
|
|
Mine restoration provisions settled |
|
|
(527 |
) |
|
|
(344 |
) |
|
|
(1,468 |
) |
|
|
(923 |
) |
|
Non-cash charges, net |
|
|
749,620 |
|
|
|
228,448 |
|
|
|
1,134,534 |
|
|
|
462,088 |
|
|
Proceeds from prepaid sales |
|
|
— |
|
|
|
— |
|
|
|
500,023 |
|
|
|
— |
|
|
Changes in non-cash working capital |
|
|
3,576 |
|
|
|
(28,339 |
) |
|
|
(54,148 |
) |
|
|
(7,061 |
) |
|
Changes in long-term inventory |
|
|
(101,769 |
) |
|
|
(32,296 |
) |
|
|
(117,465 |
) |
|
|
(36,995 |
) |
|
Changes in long-term value added tax receivables |
|
|
(35,967 |
) |
|
|
(22,495 |
) |
|
|
(87,088 |
) |
|
|
(67,083 |
) |
|
Cash (used) provided by operating activities |
|
|
(16,099 |
) |
|
|
110,204 |
|
|
|
757,060 |
|
|
|
509,010 |
|
| |
|
|
|
|
|
|
|
|
| Financing
activities |
|
|
|
|
|
|
|
|
|
Drawdown of revolving credit facility |
|
|
200,000 |
|
|
|
— |
|
|
|
200,000 |
|
|
|
— |
|
|
Repayment of revolving credit facility |
|
|
— |
|
|
|
— |
|
|
|
(150,000 |
) |
|
|
— |
|
|
Extinguishment of gold stream and construction financing
obligations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(111,819 |
) |
|
Repayment of equipment loan facilities |
|
|
(2,980 |
) |
|
|
(3,448 |
) |
|
|
(8,886 |
) |
|
|
(9,913 |
) |
|
Interest and commitment fees paid |
|
|
(1,075 |
) |
|
|
(1,343 |
) |
|
|
(5,744 |
) |
|
|
(3,463 |
) |
|
Cash proceeds from stock option exercises |
|
|
569 |
|
|
|
6,486 |
|
|
|
3,014 |
|
|
|
12,394 |
|
|
Dividends paid |
|
|
(46,112 |
) |
|
|
(45,378 |
) |
|
|
(137,970 |
) |
|
|
(140,084 |
) |
|
Principal payments on lease arrangements |
|
|
(2,797 |
) |
|
|
(1,135 |
) |
|
|
(5,385 |
) |
|
|
(4,624 |
) |
|
Distributions to non-controlling interests |
|
|
(5,412 |
) |
|
|
(13,601 |
) |
|
|
(12,700 |
) |
|
|
(17,881 |
) |
|
Other |
|
|
(512 |
) |
|
|
(862 |
) |
|
|
450 |
|
|
|
725 |
|
|
Cash provided (used) by financing activities |
|
|
141,681 |
|
|
|
(59,281 |
) |
|
|
(117,221 |
) |
|
|
(274,665 |
) |
| |
|
|
|
|
|
|
|
|
| Investing
activities |
|
|
|
|
|
|
|
|
|
Expenditures on mining interests: |
|
|
|
|
|
|
|
|
|
Fekola Mine |
|
|
(64,464 |
) |
|
|
(83,166 |
) |
|
|
(198,205 |
) |
|
|
(211,112 |
) |
|
Masbate Mine |
|
|
(5,192 |
) |
|
|
(5,896 |
) |
|
|
(20,229 |
) |
|
|
(20,947 |
) |
|
Otjikoto Mine |
|
|
(609 |
) |
|
|
(13,290 |
) |
|
|
(26,128 |
) |
|
|
(46,266 |
) |
|
Goose Project |
|
|
(120,974 |
) |
|
|
(88,082 |
) |
|
|
(366,129 |
) |
|
|
(156,694 |
) |
|
Fekola Regional Properties |
|
|
(3,992 |
) |
|
|
(16,535 |
) |
|
|
(13,417 |
) |
|
|
(46,345 |
) |
|
Gramalote Project |
|
|
(3,357 |
) |
|
|
(854 |
) |
|
|
(10,227 |
) |
|
|
(2,568 |
) |
|
Other exploration |
|
|
(18,752 |
) |
|
|
(17,770 |
) |
|
|
(39,164 |
) |
|
|
(58,313 |
) |
|
Cash proceeds on sale of investment in associate |
|
|
— |
|
|
|
— |
|
|
|
100,302 |
|
|
|
— |
|
|
Cash proceeds on sale of long-term investment |
|
|
58,627 |
|
|
|
— |
|
|
|
77,288 |
|
|
|
— |
|
|
Purchase of shares in associates |
|
|
(9,089 |
) |
|
|
— |
|
|
|
(9,089 |
) |
|
|
— |
|
|
Cash proceeds from sale of mining interests |
|
|
7,500 |
|
|
|
— |
|
|
|
7,500 |
|
|
|
— |
|
|
Purchase of long-term investments |
|
|
(664 |
) |
|
|
(879 |
) |
|
|
(6,916 |
) |
|
|
(32,759 |
) |
|
Funding of reclamation accounts |
|
|
(2,290 |
) |
|
|
(2,189 |
) |
|
|
(4,995 |
) |
|
|
(4,829 |
) |
|
Cash acquired on acquisition of Sabina Gold & Silver Corp. |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
38,083 |
|
|
Transaction costs paid on acquisition of Sabina Gold & Silver
Corp. |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,672 |
) |
|
Other |
|
|
(89 |
) |
|
|
(6,286 |
) |
|
|
(1,925 |
) |
|
|
(9,498 |
) |
|
Cash used by investing activities |
|
|
(163,345 |
) |
|
|
(234,947 |
) |
|
|
(511,334 |
) |
|
|
(557,920 |
) |
| |
|
|
|
|
|
|
|
|
| (Decrease) increase in
cash and cash equivalents |
|
|
(37,763 |
) |
|
|
(184,024 |
) |
|
|
128,505 |
|
|
|
(323,575 |
) |
| |
|
|
|
|
|
|
|
|
| Effect of exchange rate
changes on cash and cash equivalents |
|
|
2,036 |
|
|
|
(12,614 |
) |
|
|
(4,287 |
) |
|
|
(18,802 |
) |
| Cash and cash
equivalents, beginning of period |
|
|
466,840 |
|
|
|
506,207 |
|
|
|
306,895 |
|
|
|
651,946 |
|
| Cash and cash
equivalents, end of period |
|
$ |
431,113 |
|
|
$ |
309,569 |
|
|
$ |
431,113 |
|
|
$ |
309,569 |
|
|
B2GOLD CORP.CONDENSED INTERIM CONSOLIDATED
BALANCE SHEETS(Expressed in thousands of United States
dollars)(Unaudited) |
| |
| |
|
As at September 30,2024 |
|
As at December 31,2023 |
| Assets |
|
|
|
|
| Current |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
431,113 |
|
|
$ |
306,895 |
|
|
Accounts receivable, prepaids and other |
|
|
54,097 |
|
|
|
27,491 |
|
|
Value-added and other tax receivables |
|
|
58,157 |
|
|
|
29,848 |
|
|
Inventories |
|
|
378,121 |
|
|
|
346,495 |
|
| |
|
|
921,488 |
|
|
|
710,729 |
|
| |
|
|
|
|
| Long-term
investments |
|
|
89,045 |
|
|
|
86,007 |
|
| Value-added tax
receivables |
|
|
282,803 |
|
|
|
199,671 |
|
| Mining
interests |
|
|
3,096,562 |
|
|
|
3,563,490 |
|
| Investment in
associates |
|
|
93,368 |
|
|
|
134,092 |
|
| Long-term
inventories |
|
|
213,195 |
|
|
|
100,068 |
|
| Other
assets |
|
|
69,285 |
|
|
|
63,635 |
|
| Deferred income
taxes |
|
|
22,991 |
|
|
|
16,927 |
|
| |
|
$ |
4,788,737 |
|
|
$ |
4,874,619 |
|
|
Liabilities |
|
|
|
|
| Current |
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
174,563 |
|
|
$ |
167,117 |
|
|
Current income and other taxes payable |
|
|
156,981 |
|
|
|
120,679 |
|
|
Current portion of prepaid gold sales |
|
|
134,779 |
|
|
|
— |
|
|
Current portion of long-term debt |
|
|
17,288 |
|
|
|
16,256 |
|
|
Current portion of gold stream obligation |
|
|
3,400 |
|
|
|
— |
|
|
Current portion of mine restoration provisions |
|
|
1,713 |
|
|
|
3,050 |
|
|
Other current liabilities |
|
|
13,613 |
|
|
|
6,369 |
|
| |
|
|
502,337 |
|
|
|
313,471 |
|
| |
|
|
|
|
| Long-term
debt |
|
|
221,890 |
|
|
|
175,869 |
|
| Gold stream
obligation |
|
|
157,396 |
|
|
|
139,600 |
|
| Prepaid gold
sales |
|
|
393,138 |
|
|
|
— |
|
| Mine restoration
provisions |
|
|
116,485 |
|
|
|
104,607 |
|
| Deferred income
taxes |
|
|
161,889 |
|
|
|
188,106 |
|
| Employee benefits
obligation |
|
|
20,129 |
|
|
|
19,171 |
|
| Other long-term
liabilities |
|
|
26,393 |
|
|
|
23,820 |
|
| |
|
|
1,599,657 |
|
|
|
964,644 |
|
| Equity |
|
|
|
|
| Shareholders’
equity |
|
|
|
|
|
Share capital |
|
|
3,492,261 |
|
|
|
3,454,811 |
|
|
Contributed surplus |
|
|
83,844 |
|
|
|
84,970 |
|
|
Accumulated other comprehensive loss |
|
|
(96,208 |
) |
|
|
(125,256 |
) |
|
Retained (deficit) earnings |
|
|
(442,705 |
) |
|
|
395,854 |
|
| |
|
|
3,037,192 |
|
|
|
3,810,379 |
|
| Non-controlling
interests |
|
|
151,888 |
|
|
|
99,596 |
|
| |
|
|
3,189,080 |
|
|
|
3,909,975 |
|
| |
|
$ |
4,788,737 |
|
|
$ |
4,874,619 |
|
| |
|
|
|
|
NON-IFRS MEASURES
Cash operating costs per gold ounce sold
and total cash costs per gold ounce sold
‘‘Cash operating costs per gold ounce’’ and
“total cash costs per gold ounce” are common financial performance
measures in the gold mining industry but, as non-IFRS measures,
they do not have a standardized meaning under IFRS and therefore
may not be comparable to similar measures presented by other
issuers. Management believes that, in addition to conventional
measures prepared in accordance with IFRS, certain investors use
this information to evaluate our performance and ability to
generate cash flow. Accordingly, these measures are intended to
provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS. The measures, along with sales, are
considered to be a key indicator of the Company’s ability to
generate earnings and cash flow from its mining operations.
Cash cost figures are calculated on a sales
basis in accordance with a standard developed by The Gold
Institute, which was a worldwide association of suppliers of gold
and gold products and included leading North American gold
producers. The Gold Institute ceased operations in 2002, but the
standard is the accepted standard of reporting cash cost of
production in North America. Adoption of the standard is voluntary
and the cost measures presented may not be comparable to other
similarly titled measures of other companies. Other companies may
calculate these measures differently. Cash operating costs and
total cash costs per gold ounce sold are derived from amounts
included in the statement of operations and include mine site
operating costs such as mining, processing, smelting, refining,
transportation costs, royalties and production taxes, less silver
by-product credits. The tables below show a reconciliation of cash
operating costs per gold ounce sold and total cash costs per gold
ounce sold to production costs as extracted from the unaudited
condensed interim consolidated financial statements on a
consolidated and a mine-by-mine basis (dollars in thousands):
| |
For the three months ended September 30, 2024 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
109,857 |
42,697 |
39,854 |
192,408 |
— |
192,408 |
| Royalties and production
taxes |
20,511 |
7,120 |
5,298 |
32,929 |
— |
32,929 |
| |
|
|
|
|
|
|
| Total cash costs |
130,368 |
49,817 |
45,152 |
225,337 |
— |
225,337 |
| |
|
|
|
|
|
|
| Gold sold (ounces) |
78,889 |
47,960 |
53,676 |
180,525 |
— |
180,525 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce sold) |
1,393 |
890 |
742 |
1,066 |
— |
1,066 |
| |
|
|
|
|
|
|
| Total cash costs per ounce ($/
gold ounce sold) |
1,653 |
1,039 |
841 |
1,248 |
— |
1,248 |
| |
For the three months ended September 30, 2023 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
93,388 |
44,056 |
33,981 |
171,425 |
16,791 |
188,216 |
| Royalties and production
taxes |
24,333 |
6,556 |
3,500 |
34,389 |
1,303 |
35,692 |
| |
|
|
|
|
|
|
| Total cash costs |
117,721 |
50,612 |
37,481 |
205,814 |
18,094 |
223,908 |
| |
|
|
|
|
|
|
| Gold sold (ounces) |
152,239 |
50,950 |
45,700 |
248,889 |
17,727 |
266,616 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce sold) |
613 |
865 |
744 |
689 |
947 |
706 |
| |
|
|
|
|
|
|
| Total cash costs per ounce ($/
gold ounce sold) |
773 |
993 |
820 |
827 |
1,021 |
840 |
| |
For the nine months ended September 30, 2024 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
276,443 |
123,070 |
100,939 |
500,452 |
25,126 |
525,578 |
| Royalties and production
taxes |
62,561 |
19,420 |
14,064 |
96,045 |
1,565 |
97,610 |
| |
|
|
|
|
|
|
| Total cash costs |
339,004 |
142,490 |
115,003 |
596,497 |
26,691 |
623,188 |
| |
|
|
|
|
|
|
| Gold sold (ounces) |
318,005 |
142,260 |
153,466 |
613,731 |
19,644 |
633,375 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce sold) |
869 |
865 |
658 |
815 |
1,279 |
830 |
| |
|
|
|
|
|
|
| Total cash costs per ounce ($/
gold ounce sold) |
1,066 |
1,002 |
749 |
972 |
1,359 |
984 |
| |
For the nine months ended September 30, 2023 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
250,294 |
117,219 |
84,278 |
451,791 |
50,371 |
502,162 |
| Royalties and production
taxes |
74,685 |
17,254 |
10,722 |
102,661 |
3,635 |
106,296 |
| |
|
|
|
|
|
|
| Total cash costs |
324,979 |
134,473 |
95,000 |
554,452 |
54,006 |
608,458 |
| |
|
|
|
|
|
|
| Gold sold (ounces) |
460,139 |
137,300 |
139,700 |
737,139 |
50,666 |
787,805 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce sold) |
544 |
854 |
603 |
613 |
994 |
637 |
| |
|
|
|
|
|
|
| Total cash costs per ounce ($/
gold ounce sold) |
706 |
979 |
680 |
752 |
1,066 |
772 |
| |
|
|
|
|
|
|
Cash operating costs per gold ounce
produced
In addition to cash operating costs on a per
gold ounce sold basis, the Company also presents cash operating
costs on a per gold ounce produced basis. Cash operating costs per
gold ounce produced is derived from amounts included in the
statement of operations and include mine site operating costs such
as mining, processing, smelting, refining, transportation costs,
less silver by-product credits. The tables below show a
reconciliation of cash operating costs per gold ounce produced to
production costs as extracted from the unaudited condensed interim
consolidated financial statements on a consolidated and a
mine-by-mine basis (dollars in thousands):
| |
For the three months ended September 30, 2024 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Production costs |
109,857 |
42,697 |
|
39,854 |
|
192,408 |
|
— |
192,408 |
|
| Inventory sales
adjustment |
2,330 |
(1,955 |
) |
(1,294 |
) |
(919 |
) |
— |
(919 |
) |
| |
|
|
|
|
|
|
| Cash operating costs |
112,187 |
40,742 |
|
38,560 |
|
191,489 |
|
— |
191,489 |
|
| |
|
|
|
|
|
|
| Gold produced (ounces) |
78,207 |
50,215 |
|
52,131 |
|
180,553 |
|
— |
180,553 |
|
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce produced) |
1,434 |
811 |
|
740 |
|
1,061 |
|
— |
1,061 |
|
| |
For the three months ended September 30, 2023 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Production costs |
93,388 |
|
44,056 |
|
33,981 |
171,425 |
|
16,791 |
188,216 |
|
| Inventory sales
adjustment |
(4,673 |
) |
(1,388 |
) |
1,294 |
(4,767 |
) |
— |
(4,767 |
) |
| |
|
|
|
|
|
|
| Cash operating costs |
88,715 |
|
42,668 |
|
35,275 |
166,658 |
|
16,791 |
183,449 |
|
| |
|
|
|
|
|
|
| Gold produced (ounces) |
128,942 |
|
51,170 |
|
44,940 |
225,052 |
|
17,786 |
242,838 |
|
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce produced) |
688 |
|
834 |
|
785 |
741 |
|
944 |
755 |
|
| |
For the nine months ended September 30, 2024 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Production costs |
276,443 |
123,070 |
|
100,939 |
|
500,452 |
25,126 |
525,578 |
| Inventory sales
adjustment |
12,505 |
(1,767 |
) |
(854 |
) |
9,884 |
— |
9,884 |
| |
|
|
|
|
|
|
| Cash operating costs |
288,948 |
121,303 |
|
100,085 |
|
510,336 |
25,126 |
535,462 |
| |
|
|
|
|
|
|
| Gold produced (ounces) |
308,931 |
144,512 |
|
145,690 |
|
599,133 |
19,644 |
618,777 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce produced) |
935 |
839 |
|
687 |
|
852 |
1,279 |
865 |
| |
For the nine months ended September 30, 2023 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
250,294 |
117,219 |
84,278 |
451,791 |
50,371 |
502,162 |
| Inventory sales
adjustment |
543 |
6,792 |
1,232 |
8,567 |
— |
8,567 |
| |
|
|
|
|
|
|
| Cash operating costs |
250,837 |
124,011 |
85,510 |
460,358 |
50,371 |
510,729 |
| |
|
|
|
|
|
|
| Gold produced (ounces) |
447,233 |
147,012 |
127,487 |
721,732 |
50,663 |
772,395 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce produced) |
561 |
844 |
671 |
638 |
994 |
661 |
| |
All-in sustaining costs per gold
ounce
In June 2013, the World Gold Council, a
non-regulatory association of the world’s leading gold mining
companies established to promote the use of gold to industry,
consumers and investors, provided guidance for the calculation of
the measure “all-in sustaining costs per gold ounce”, but as a
non-IFRS measure, it does not have a standardized meaning under
IFRS and therefore may not be comparable to similar measures
presented by other issuers. The original World Gold Council
standard became effective January 1, 2014 with further updates
announced on November 16, 2018 which were effective starting
January 1, 2019.
Management believes that the all-in sustaining
costs per gold ounce measure provides additional insight into the
costs of producing gold by capturing all of the expenditures
required for the discovery, development and sustaining of gold
production and allows the Company to assess its ability to support
capital expenditures to sustain future production from the
generation of operating cash flows. Management believes that, in
addition to conventional measures prepared in accordance with IFRS,
certain investors use this information to evaluate the Company's
performance and ability to generate cash flow. Accordingly, it is
intended to provide additional information and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. Adoption of the
standard is voluntary and the cost measures presented may not be
comparable to other similarly titled measures of other companies.
The Company has applied the principles of the World Gold Council
recommendations and has reported all-in sustaining costs on a sales
basis. Other companies may calculate these measures
differently.
B2Gold defines all-in sustaining costs per ounce
as the sum of cash operating costs, royalties and production taxes,
capital expenditures and exploration costs that are sustaining in
nature, sustaining lease expenditures, corporate general and
administrative costs, share-based payment expenses related to
restricted share units/deferred share units/performance share
units/restricted phantom units ("RSUs/DSUs/PSUs/RPUs"), community
relations expenditures, reclamation liability accretion and
realized (gains) losses on fuel derivative contracts, all divided
by the total gold ounces sold to arrive at a per ounce figure.
The table below shows a reconciliation of all-in
sustaining costs per ounce to production costs as extracted from
the unaudited condensed interim consolidated financial statements
on a consolidated and a mine-by-mine basis for the three months
ended September 30, 2024 (dollars in thousands):
| |
For the three months ended September 30, 2024 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Corporate |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
| Production costs |
109,857 |
42,697 |
39,854 |
— |
192,408 |
— |
192,408 |
| Royalties and production
taxes |
20,511 |
7,120 |
5,298 |
— |
32,929 |
— |
32,929 |
| Corporate administration |
2,736 |
537 |
806 |
9,204 |
13,283 |
— |
13,283 |
| Share-based payments –
RSUs/DSUs/PSUs/RPUs(1) |
28 |
— |
— |
3,622 |
3,650 |
— |
3,650 |
| Community relations |
168 |
109 |
578 |
— |
855 |
— |
855 |
| Reclamation liability
accretion |
479 |
321 |
245 |
— |
1,045 |
— |
1,045 |
| Realized losses on derivative
contracts |
55 |
32 |
21 |
— |
108 |
— |
108 |
| Sustaining lease
expenditures |
82 |
312 |
234 |
502 |
1,130 |
— |
1,130 |
| Sustaining capital
expenditures(2) |
45,533 |
4,644 |
575 |
— |
50,752 |
— |
50,752 |
| Sustaining mine
exploration(2) |
996 |
203 |
485 |
— |
1,684 |
— |
1,684 |
| |
|
|
|
|
|
|
|
| Total all-in sustaining
costs |
180,445 |
55,975 |
48,096 |
13,328 |
297,844 |
— |
297,844 |
| |
|
|
|
|
|
|
|
| Gold sold (ounces) |
78,889 |
47,960 |
53,676 |
— |
180,525 |
— |
180,525 |
| |
|
|
|
|
|
|
|
| All-in sustaining cost per
ounce ($/ gold ounce sold) |
2,287 |
1,167 |
896 |
— |
1,650 |
— |
1,650 |
(1) Included as a component of Share-based
payments on the Statement of operations. (2) Refer to Sustaining
capital expenditures and Sustaining mine exploration
reconciliations below.
The table below shows a reconciliation of
sustaining capital expenditures to operating mine capital
expenditures as extracted from the unaudited condensed interim
consolidated financial statements for the three months ended
September 30, 2024 (dollars in thousands):
| |
For the three months ended September 30, 2024 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Operating mine capital expenditures |
64,464 |
|
5,192 |
|
609 |
|
70,265 |
|
— |
70,265 |
|
| Fekola underground |
(20,252 |
) |
— |
|
— |
|
(20,252 |
) |
— |
(20,252 |
) |
| Road construction |
1,321 |
|
— |
|
— |
|
1,321 |
|
— |
1,321 |
|
| Land acquisitions |
— |
|
(528 |
) |
— |
|
(528 |
) |
— |
(528 |
) |
| Other |
— |
|
(20 |
) |
(34 |
) |
(54 |
) |
— |
(54 |
) |
| |
|
|
|
|
|
|
| Sustaining capital
expenditures |
45,533 |
|
4,644 |
|
575 |
|
50,752 |
|
— |
50,752 |
|
| |
The table below shows a reconciliation of
sustaining mine exploration to operating mine exploration as
extracted from the unaudited condensed interim consolidated
financial statements for the three months ended September 30, 2024
(dollars in thousands):
| |
For the three months ended September 30, 2024 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Operating mine exploration |
996 |
1,290 |
|
1,888 |
|
4,174 |
|
— |
4,174 |
|
| Regional exploration |
— |
(1,087 |
) |
(1,403 |
) |
(2,490 |
) |
— |
(2,490 |
) |
| |
|
|
|
|
|
|
| Sustaining mine
exploration |
996 |
203 |
|
485 |
|
1,684 |
|
— |
1,684 |
|
| |
The table below shows a reconciliation of all-in
sustaining costs per ounce to production costs as extracted from
the unaudited condensed interim consolidated financial statements
on a consolidated and a mine-by-mine basis for the three months
ended September 30, 2023 (dollars in thousands):
| |
For the three months ended September 30, 2023 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Corporate |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
|
Production costs |
93,388 |
|
44,056 |
|
33,981 |
|
— |
171,425 |
|
16,791 |
188,216 |
|
| Royalties and production
taxes |
24,333 |
|
6,556 |
|
3,500 |
|
— |
34,389 |
|
1,303 |
35,692 |
|
| Corporate administration |
2,077 |
|
623 |
|
1,269 |
|
8,961 |
12,930 |
|
658 |
13,588 |
|
| Share-based payments –
RSUs/DSUs/PSUs/RPUs(1) |
9 |
|
— |
|
— |
|
4,325 |
4,334 |
|
— |
4,334 |
|
| Community relations |
642 |
|
24 |
|
492 |
|
— |
1,158 |
|
— |
1,158 |
|
| Reclamation liability
accretion |
381 |
|
290 |
|
286 |
|
— |
957 |
|
— |
957 |
|
| Realized gains on derivative
contracts |
(1,317 |
) |
(972 |
) |
(232 |
) |
— |
(2,521 |
) |
— |
(2,521 |
) |
| Sustaining lease
expenditures |
72 |
|
302 |
|
274 |
|
487 |
1,135 |
|
— |
1,135 |
|
| Sustaining capital
expenditures(2) |
72,454 |
|
5,617 |
|
13,290 |
|
— |
91,361 |
|
3,388 |
94,749 |
|
| Sustaining mine
exploration(2) |
— |
|
774 |
|
963 |
|
— |
1,737 |
|
19 |
1,756 |
|
| |
|
|
|
|
|
|
|
| Total all-in sustaining
costs |
192,039 |
|
57,270 |
|
53,823 |
|
13,773 |
316,905 |
|
22,159 |
339,064 |
|
| |
|
|
|
|
|
|
|
| Gold sold (ounces) |
152,239 |
|
50,950 |
|
45,700 |
|
— |
248,889 |
|
17,727 |
266,616 |
|
| |
|
|
|
|
|
|
|
| All-in sustaining cost per
ounce ($/ gold ounce sold) |
1,261 |
|
1,124 |
|
1,178 |
|
— |
1,273 |
|
1,250 |
1,272 |
|
(1) Included as a component of Share-based
payments on the Statement of operations.(2) Refer to Sustaining
capital expenditures and Sustaining mine exploration
reconciliations below.
The table below shows a reconciliation of
sustaining capital expenditures to operating mine capital
expenditures as extracted from the unaudited condensed interim
consolidated financial statements for the three months ended
September 30, 2023 (dollars in thousands):
| |
For the three months ended September 30, 2023 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Operating mine capital expenditures |
83,166 |
|
5,896 |
|
13,290 |
102,352 |
|
3,388 |
105,740 |
|
| Road construction |
(216 |
) |
— |
|
— |
(216 |
) |
— |
(216 |
) |
| Fekola underground |
(10,496 |
) |
— |
|
— |
(10,496 |
) |
— |
(10,496 |
) |
| Other |
— |
|
(279 |
) |
— |
(279 |
) |
— |
(279 |
) |
| |
|
|
|
|
|
|
| Sustaining capital
expenditures |
72,454 |
|
5,617 |
|
13,290 |
91,361 |
|
3,388 |
94,749 |
|
| |
The table below shows a reconciliation of
sustaining mine exploration to operating mine exploration as
extracted from the unaudited condensed interim consolidated
financial statements for the three months ended September 30, 2023
(dollars in thousands):
| |
For the three months ended September 30, 2023 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Operating mine
exploration |
— |
774 |
963 |
1,737 |
19 |
1,756 |
| Regional exploration |
— |
— |
— |
— |
— |
— |
| |
|
|
|
|
|
|
| Sustaining mine
exploration |
— |
774 |
963 |
1,737 |
19 |
1,756 |
| |
The table below shows a reconciliation of all-in
sustaining costs per ounce to production costs as extracted from
the unaudited condensed interim consolidated financial statements
on a consolidated and a mine-by-mine basis for the nine months
ended September 30, 2024 (dollars in thousands):
| |
For the nine months ended September 30, 2024 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Corporate |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
|
Production costs |
276,443 |
|
123,070 |
|
100,939 |
|
— |
500,452 |
|
25,126 |
525,578 |
|
| Royalties and production
taxes |
62,561 |
|
19,420 |
|
14,064 |
|
— |
96,045 |
|
1,565 |
97,610 |
|
| Corporate administration |
8,011 |
|
1,599 |
|
3,692 |
|
27,087 |
40,389 |
|
1,463 |
41,852 |
|
| Share-based payments –
RSUs/DSUs/PSUs/RPUs(1) |
95 |
|
— |
|
— |
|
12,618 |
12,713 |
|
— |
12,713 |
|
| Community relations |
419 |
|
139 |
|
1,228 |
|
— |
1,786 |
|
— |
1,786 |
|
| Reclamation liability
accretion |
1,372 |
|
935 |
|
735 |
|
— |
3,042 |
|
— |
3,042 |
|
| Realized gains on derivative
contracts |
(365 |
) |
(220 |
) |
(10 |
) |
— |
(595 |
) |
— |
(595 |
) |
| Sustaining lease
expenditures |
249 |
|
939 |
|
1,024 |
|
1,506 |
3,718 |
|
— |
3,718 |
|
| Sustaining capital
expenditures(2) |
151,468 |
|
19,321 |
|
25,078 |
|
— |
195,867 |
|
2,392 |
198,259 |
|
| Sustaining mine
exploration(2) |
3,136 |
|
1,801 |
|
1,111 |
|
— |
6,048 |
|
— |
6,048 |
|
| |
|
|
|
|
|
|
|
| Total all-in sustaining
costs |
503,389 |
|
167,004 |
|
147,861 |
|
41,211 |
859,465 |
|
30,546 |
890,011 |
|
| |
|
|
|
|
|
|
|
| Gold sold (ounces) |
318,005 |
|
142,260 |
|
153,466 |
|
— |
613,731 |
|
19,644 |
633,375 |
|
| |
|
|
|
|
|
|
|
| All-in sustaining cost per
ounce ($/ gold ounce sold) |
1,583 |
|
1,174 |
|
963 |
|
— |
1,400 |
|
1,555 |
1,405 |
|
(1) Included as a component of Share-based
payments on the Statement of operations. (2) Refer to Sustaining
capital expenditures and Sustaining mine exploration
reconciliations below.
The table below shows a reconciliation of
sustaining capital expenditures to operating mine capital
expenditures as extracted from the unaudited condensed interim
consolidated financial statements for the nine months ended
September 30, 2024 (dollars in thousands):
| |
For the nine months ended September 30, 2024 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Operating mine capital expenditures |
198,205 |
|
20,229 |
|
26,128 |
|
244,562 |
|
2,392 |
246,954 |
|
| Fekola underground |
(46,128 |
) |
— |
|
— |
|
(46,128 |
) |
— |
(46,128 |
) |
| Road construction |
(609 |
) |
— |
|
— |
|
(609 |
) |
— |
(609 |
) |
| Land acquisitions |
— |
|
(648 |
) |
— |
|
(648 |
) |
— |
(648 |
) |
| Other |
— |
|
(260 |
) |
(1,050 |
) |
(1,310 |
) |
— |
(1,310 |
) |
| |
|
|
|
|
|
|
| Sustaining capital
expenditures |
151,468 |
|
19,321 |
|
25,078 |
|
195,867 |
|
2,392 |
198,259 |
|
| |
The table below shows a reconciliation of
sustaining mine exploration to operating mine exploration as
extracted from the unaudited condensed interim consolidated
financial statements for the nine months ended September 30, 2024
(dollars in thousands):
| |
For the nine months ended September 30, 2024 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Operating mine exploration |
3,136 |
3,039 |
|
5,191 |
|
11,366 |
|
— |
11,366 |
|
| Regional exploration |
— |
(1,238 |
) |
(4,080 |
) |
(5,318 |
) |
— |
(5,318 |
) |
| |
|
|
|
|
|
|
| Sustaining mine
exploration |
3,136 |
1,801 |
|
1,111 |
|
6,048 |
|
— |
6,048 |
|
| |
The tables below show a reconciliation of all-in
sustaining costs per ounce to production costs as extracted from
the unaudited condensed interim consolidated financial statements
on a consolidated and a mine-by-mine basis for the nine months
ended September 30, 2023 (dollars in thousands):
| |
For the nine months ended September 30, 2023 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Corporate |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
|
Production costs |
250,294 |
|
117,219 |
|
84,278 |
|
— |
451,791 |
|
50,371 |
502,162 |
|
| Royalties and production
taxes |
74,685 |
|
17,254 |
|
10,722 |
|
— |
102,661 |
|
3,635 |
106,296 |
|
| Corporate administration |
7,441 |
|
1,762 |
|
4,149 |
|
27,818 |
41,170 |
|
1,981 |
43,151 |
|
| Share-based payments –
RSUs/DSUs/PSUs/RPUs(1) |
9 |
|
— |
|
— |
|
12,482 |
12,491 |
|
— |
12,491 |
|
| Community relations |
2,686 |
|
123 |
|
1,074 |
|
— |
3,883 |
|
— |
3,883 |
|
| Reclamation liability
accretion |
1,119 |
|
859 |
|
857 |
|
— |
2,835 |
|
— |
2,835 |
|
| Realized gains on derivative
contracts |
(2,776 |
) |
(2,786 |
) |
(929 |
) |
— |
(6,491 |
) |
— |
(6,491 |
) |
| Sustaining lease
expenditures |
1,117 |
|
912 |
|
1,194 |
|
1,401 |
4,624 |
|
— |
4,624 |
|
| Sustaining capital
expenditures(2) |
181,262 |
|
20,145 |
|
46,266 |
|
— |
247,673 |
|
7,327 |
255,000 |
|
| Sustaining mine
exploration(2) |
1,706 |
|
2,741 |
|
2,453 |
|
— |
6,900 |
|
19 |
6,919 |
|
| |
|
|
|
|
|
|
|
| Total all-in sustaining
costs |
517,543 |
|
158,229 |
|
150,064 |
|
41,701 |
867,537 |
|
63,333 |
930,870 |
|
| |
|
|
|
|
|
|
|
| Gold sold (ounces) |
460,139 |
|
137,300 |
|
139,700 |
|
— |
737,139 |
|
50,666 |
787,805 |
|
| |
|
|
|
|
|
|
|
| All-in sustaining cost per
ounce ($/ gold ounce sold) |
1,125 |
|
1,152 |
|
1,074 |
|
— |
1,177 |
|
1,250 |
1,182 |
|
(1) Included as a component of Share-based
payments on the Statement of operations. (2) Refer to Sustaining
capital expenditures and Sustaining mine exploration
reconciliations below
The table below shows a reconciliation of
sustaining capital expenditures to operating mine capital
expenditures as extracted from the unaudited condensed interim
consolidated financial statements for the nine months ended
September 30, 2023 (dollars in thousands):
| |
For the nine months ended September 30, 2023 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Operating mine capital expenditures |
211,112 |
|
20,947 |
|
46,266 |
278,325 |
|
7,327 |
285,652 |
|
| Road construction |
(5,283 |
) |
— |
|
— |
(5,283 |
) |
— |
(5,283 |
) |
| Fekola underground |
(24,567 |
) |
— |
|
— |
(24,567 |
) |
— |
(24,567 |
) |
| Other |
— |
|
(802 |
) |
— |
(802 |
) |
— |
(802 |
) |
| |
|
|
|
|
|
|
| Sustaining capital
expenditures |
181,262 |
|
20,145 |
|
46,266 |
247,673 |
|
7,327 |
255,000 |
|
| |
The table below shows a reconciliation of
sustaining mine exploration to operating mine exploration as
extracted from the unaudited condensed interim consolidated
financial statements for the nine months ended September 30, 2023
(dollars in thousands):
| |
For the nine months ended September 30, 2023 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Operating mine
exploration |
1,706 |
2,741 |
2,453 |
6,900 |
19 |
6,919 |
| Regional exploration |
— |
— |
— |
— |
— |
— |
| |
|
|
|
|
|
|
| Sustaining mine
exploration |
1,706 |
2,741 |
2,453 |
6,900 |
19 |
6,919 |
| |
Adjusted net income and adjusted
earnings per share - basic
Adjusted net income and adjusted earnings per
share – basic are non-IFRS measures that do not have a standardized
meaning prescribed by IFRS and therefore may not be comparable to
similar measures presented by other issuers. The Company defines
adjusted net income as net income attributable to shareholders of
the Company adjusted for non-recurring items and also significant
recurring non-cash items. The Company defines adjusted earnings per
share – basic as adjusted net income divided by the basic weighted
number of common shares outstanding.
Management believes that the presentation of
adjusted net income and adjusted earnings per share - basic is
appropriate to provide additional information to investors
regarding items that we do not expect to continue at the same level
in the future or that management does not believe to be a
reflection of the Company's ongoing operating performance.
Management further believes that its presentation of these non-IFRS
financial measures provide information that is useful to investors
because they are important indicators of the strength of our
operations and the performance of our core business. Accordingly,
it is intended to provide additional information and should not be
considered in isolation as a substitute for measures of performance
prepared in accordance with IFRS. Other companies may calculate
this measure differently.
A reconciliation of net (loss) income to adjusted net income as
extracted from the unaudited condensed interim consolidated
financial statements is set out in the table below:
| |
Three months ended |
Nine months ended |
| |
September 30, |
September 30, |
|
|
2024 |
2023 |
2024 |
2023 |
| |
$ |
$ |
$ |
$ |
| |
(000’s) |
(000’s) |
(000’s) |
(000’s) |
| |
|
|
|
|
| Net (loss) income attributable
to shareholders of the Company for the period: |
(633,757) |
(43,070) |
(618,010) |
123,321 |
| |
|
|
|
|
| Adjustments for non-recurring
and significant recurring non-cash items: |
|
|
|
|
|
Impairment of long-lived assets |
661,160 |
111,597 |
858,301 |
116,482 |
|
Write-down of mining interests |
— |
565 |
636 |
16,984 |
|
Gain on sale of shares in associate |
— |
— |
(16,822) |
— |
|
Gain on sale of mining interests |
(7,453) |
— |
(56,115) |
— |
|
Regulatory dispute settlement |
15,089 |
— |
15,089 |
— |
|
Unrealized losses (gains) on derivative instruments |
6,270 |
(3,146) |
6,269 |
399 |
|
Office lease termination costs |
— |
— |
— |
1,946 |
|
Loan receivable provision |
— |
— |
— |
2,085 |
|
Change in fair value of gold stream |
1,957 |
(7,600) |
21,196 |
(6,500) |
|
Loss on dilution of associate |
— |
— |
8,984 |
— |
|
Deferred income tax (recovery) expense |
(14,109) |
6,494 |
(30,419) |
1,789 |
| |
|
|
|
|
| Adjusted net income
attributable to shareholders of the Company for the
period |
29,157 |
64,840 |
189,109 |
256,506 |
| |
|
|
|
|
| Basic weighted average number
of common shares outstanding (in thousands) |
1,310,994 |
1,297,175 |
1,307,134 |
1,208,942 |
| |
|
|
|
|
| Adjusted net earnings
attributable to shareholders of the Company per share–basic
($/share) |
0.02 |
0.05 |
0.14 |
0.21 |
For more information on B2Gold please visit the Company website at www.b2gold.com or contact:
Michael McDonald
VP, Investor Relations & Corporate Development
+1 604-681-8371
investor@b2gold.com
Cherry DeGeer
Director, Corporate Communications
+1 604-681-8371
investor@b2gold.com
B2Gold (AMEX:BTG)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
B2Gold (AMEX:BTG)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024
