• Basic Earnings Per Share: Slightly negative due to lower-than-budgeted production at Fekola and FX impact.
• Adjusted Net Earnings: $0.01 per share for the quarter.
• Operating Cash Flow: $145 million before working capital adjustments, benefiting from higher average gold price.
• Goose Project Expenditures: CAD209 million during the quarter for construction and mine development activities.
• Cash and Cash Equivalents: $337 million at year-end.
• Revolving Credit Facility: $400 million drawn, fully paid down with proceeds from a $460 million convertible note offering.
• Gold Production Outlook: Over 650,000 ounces expected from existing assets, including Fekola, Goose, and Gramalote projects.
• All-in Sustaining Costs: Masbate operations delivered costs materially lower than guidance, generating strong free cash flow.

• Warning! GuruFocus has detected 5 Warning Signs with BTG.

Release Date: February 20, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• B2Gold Corp (BTG) met its guidance for 2024, achieving the upper end of all sustaining costs and the lower end of production.
• The company anticipates a more positive 2025 with increased production at Fekola and the start of trucking ore and Fekola underground operations.
• B2Gold Corp (BTG) has reached an important agreement with the Mali government, facilitating future operations and revenue generation.
• The Goose project is on track to produce over 300,000 ounces of gold annually starting in June 2025.
• The company maintains a strong financial position with $337 million in cash and cash equivalents and has fully paid down its revolving credit facility.

Negative Points

• B2Gold Corp (BTG) reported slightly negative basic earnings per share for Q4 2024 due to lower-than-budgeted production at Fekola and FX impacts.
• The company faced operational challenges in 2024, including an excavator loss due to operator error and illegal union activities.
• Underground mining rates at the Goose project were initially behind schedule due to inherited equipment and miner quality issues.
• The Gramalote project in Colombia remains speculative, pending a positive feasibility study and construction decision.
• Concerns about the timing and budget adherence of the Goose project have been a pressure point on the company's market value.

Q & A Highlights

Q: Is there any additional information required by regulators for the Fekola regional or Fekola underground permits, or are you just waiting for the final sign-off? A: Clive Johnson, President and CEO, explained that they are consolidating licenses for the property to the North and expect to receive the necessary permits soon. The government has already allowed infrastructure development for regional mining, indicating alignment with B2Gold's plans.

Q: Regarding Goose, you mentioned underground mining rates are behind schedule. Is this due to miner experience or other factors like rock hardness? A: William Lytle, COO, stated that the delay was due to the quality of miners and equipment inherited from the predecessor. Both issues have been addressed, with new equipment being brought in and miner performance improving, ensuring no impact on 2025 production.

Q: Can you provide an update on the financial position and cash flow? A: Michael Cinnamond, CFO, reported a strong financial position with $337 million in cash and cash equivalents. The company completed a convertible note offering, using proceeds to pay down their revolving credit facility, maintaining financial flexibility for ongoing projects.

Q: What are the expectations for production growth in 2025? A: Clive Johnson highlighted significant growth expected from Fekola and Goose, with potential production from Gramalote pending feasibility study results. The company anticipates over 650,000 ounces of gold production from existing assets.

Q: How is the relationship with the Mali government progressing? A: Clive Johnson noted that an agreement was reached with the Mali government, improving relations and allowing for continued operations and future growth in the region.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.