B2Gold Reports Solid 2024 Gold Production Despite Lower Fekola Output

B2Gold Corp. (BTG) has announced its fourth-quarter 2024 gold production, totaling 186,001 ounces, a strong performance driven by higher-than-expected outputs from the Masbate and Otjikoto mines. However, production at the Fekola mine fell short of expectations, impacting overall quarterly figures.

In the same period in 2023, the company produced 270,611 ounces of gold from these three mines. Despite this drop, B2Gold achieved consolidated gold revenues of $500 million in Q4, a slight 2.3% year-over-year decline. The company sold 187,793 ounces at an average realized gold price of $2,661 per ounce during the quarter.

Mine Performance Breakdown

  • Fekola Mine: Produced 84,015 ounces of gold in Q4, with full-year production totaling 392,946 ounces, falling short of the company’s guidance of 420,000-450,000 ounces.
  • Masbate Mine: Contributed 49,534 ounces in Q4, with total 2024 production at 194,046 ounces, aligning with the guidance of 175,000-195,000 ounces.
  • Otjikoto Mine: Produced 52,452 ounces in Q4, reaching 198,142 ounces for the year, in line with the company’s forecast of 185,000-205,000 ounces.

2024 Performance Summary

For 2024, B2Gold’s total gold production stood at 804,778 ounces, including 19,644 ounces from its stake in Calibre, achieving the lower end of its guidance range of 800,000-870,000 ounces. This marks the ninth consecutive year that B2Gold has met or exceeded its production guidance.

Total consolidated gold revenues for 2024 reached $1.90 billion. B2Gold sold 801,524 ounces of gold, at an average realized price of $2,373 per ounce, compared to 994,060 ounces at $1,946 per ounce in 2023.

Cash operating costs for the year are expected to be near the upper end of the $835-$895 range, while all-in sustaining costs are projected to be at the upper end of $1,420-$1,480 per ounce.

2025 Guidance

Looking ahead, B2Gold expects gold production for 2025 to range from 970,000 to 1,075,000 ounces. The company also anticipates cash operating costs between $835 and $895 per ounce and all-in sustaining costs between $1,460 and $1,520 per ounce.

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