B2Gold (NYSE:BTG) reported strong Q2 2025 results with gold production of 229,454 ounces, exceeding expectations across all operations. The company achieved consolidated cash operating costs of $745 per gold ounce produced and all-in sustaining costs of $1,519 per gold ounce sold.
Key financial highlights include attributable net income of $0.12 per share, operating cash flow of $301 million, and a strong liquidity position with $308 million in cash. The company declared a Q3 2025 dividend of $0.02 per share.
Notable operational achievements include the inaugural gold pour at the Goose Mine, positive Feasibility Study results for the Gramalote Project with an NPV of $941 million, approval to commence underground mining at Fekola, and Fekola Mine reaching a milestone of 4 million ounces of lifetime gold production.
B2Gold (NYSE:BTG) ha riportato risultati solidi nel secondo trimestre 2025 con una produzione d’oro di 229.454 once, superando le aspettative in tutte le operazioni. L’azienda ha raggiunto costi operativi cash consolidati di 745 $ per oncia d’oro prodotta e costi totali sostenibili di 1.519 $ per oncia d’oro venduta.
I principali dati finanziari includono un utile netto attribuibile di 0,12 $ per azione, un flusso di cassa operativo di 301 milioni di $ e una solida posizione di liquidità con 308 milioni di $ in contanti. La società ha dichiarato un dividendo per il terzo trimestre 2025 di 0,02 $ per azione.
Tra i risultati operativi più rilevanti, si segnalano la prima fusione d’oro presso la miniera Goose, risultati positivi dello Studio di Fattibilità per il Progetto Gramalote con un VAN di 941 milioni di $, l’approvazione per iniziare l’estrazione sotterranea a Fekola e il raggiungimento da parte della Miniera Fekola del traguardo di 4 milioni di once di produzione d’oro complessiva.
B2Gold (NYSE:BTG) reportó sólidos resultados en el segundo trimestre de 2025 con una producción de oro de 229,454 onzas, superando las expectativas en todas sus operaciones. La compañía logró costos operativos en efectivo consolidados de $745 por onza de oro producida y costos totales sostenibles de $1,519 por onza de oro vendida.
Los aspectos financieros clave incluyen un ingreso neto atribuible de $0.12 por acción, flujo de caja operativo de $301 millones y una sólida posición de liquidez con $308 millones en efectivo. La empresa declaró un dividendo para el tercer trimestre de 2025 de $0.02 por acción.
Entre los logros operativos destacados están el primer vertido de oro en la mina Goose, resultados positivos del Estudio de Factibilidad para el Proyecto Gramalote con un VAN de $941 millones, aprobación para iniciar la minería subterránea en Fekola y la mina Fekola alcanzó el hito de 4 millones de onzas de producción total de oro.
B2Gold (NYSE:BTG)는 2025년 2분기에 모든 작업에서 기대를 뛰어넘는 229,454 온스의 금 생산으로 강력한 실적을 보고했습니다. 회사는 생산된 금 온스당 745달러의 통합 현금 운영 비용과 판매된 금 온스당 1,519달러의 전면 지속 비용을 달성했습니다.
주요 재무 하이라이트로는 주당 0.12달러의 귀속 순이익, 3억 1천만 달러의 영업 현금 흐름, 그리고 3억 800만 달러의 현금 보유로 강력한 유동성 위치가 포함됩니다. 회사는 2025년 3분기 배당금으로 주당 0.02달러를 선언했습니다.
주목할 만한 운영 성과로는 구스 광산에서의 첫 금 주조, 9억 4,100만 달러의 순현재가치를 가진 그라마로테 프로젝트 타당성 조사 긍정 결과, 페콜라 지하 채굴 시작 승인, 그리고 페콜라 광산이 누적 금 생산량 400만 온스를 달성한 것이 있습니다.
B2Gold (NYSE:BTG) a publié de solides résultats pour le deuxième trimestre 2025 avec une production d’or de 229 454 onces, dépassant les attentes sur toutes ses opérations. La société a réalisé des coûts opérationnels en espèces consolidés de 745 $ par once d’or produite et des coûts totaux soutenables de 1 519 $ par once d’or vendue.
Les principaux points financiers incluent un bénéfice net attribuable de 0,12 $ par action, un flux de trésorerie opérationnel de 301 millions de dollars et une solide position de liquidité avec 308 millions de dollars en liquidités. La société a déclaré un dividende pour le troisième trimestre 2025 de 0,02 $ par action.
Parmi les réalisations opérationnelles notables figurent la première coulée d’or à la mine Goose, des résultats positifs de l’étude de faisabilité pour le projet Gramalote avec une VAN de 941 millions de dollars, l’approbation pour commencer l’exploitation minière souterraine à Fekola, et la mine de Fekola atteignant un jalon de 4 millions d’onces de production d’or cumulée.
B2Gold (NYSE:BTG) meldete starke Ergebnisse für das zweite Quartal 2025 mit einer Goldproduktion von 229.454 Unzen, die die Erwartungen in allen Betrieben übertraf. Das Unternehmen erreichte konsolidierte Cash-Operating-Kosten von 745 $ pro produzierte Goldunze und All-in-sustaining-Kosten von 1.519 $ pro verkaufter Goldunze.
Wesentliche finanzielle Highlights umfassen einen zurechenbaren Nettogewinn von 0,12 $ je Aktie, einen operativen Cashflow von 301 Millionen $ und eine starke Liquiditätsposition mit 308 Millionen $ in bar. Das Unternehmen erklärte eine Dividende für das dritte Quartal 2025 von 0,02 $ je Aktie.
Bemerkenswerte operative Erfolge sind der erste Goldguss in der Goose Mine, positive Ergebnisse der Machbarkeitsstudie für das Gramalote-Projekt mit einem Kapitalwert von 941 Millionen $, die Genehmigung zum Beginn des Untertageabbaus in Fekola sowie das Erreichen eines Meilensteins von 4 Millionen Unzen Gesamtgoldproduktion in der Fekola-Mine.
Positive
- Gold production of 229,454 ounces exceeded expectations across all operations
- Lower than expected cash operating costs at $745 per gold ounce produced
- Strong operating cash flow of $301 million before working capital adjustments
- Fekola Mine achieved 4 million ounces lifetime production milestone
- Positive Gramalote Project Feasibility Study with $941M NPV and 22.4% IRR
- Received approval to commence Fekola underground mining operations
- Full $800 million revolving credit facility available for future draw downs
Negative
- Working capital deficit of $19 million as of June 30, 2025
- Higher than expected all-in sustaining costs at $1,519 per gold ounce sold
- Lower than expected gold sales due to timing of shipments from Masbate and Fekola Mines
Insights
B2Gold reports strong Q2 with higher-than-expected production, EPS of $0.12, and progressing Goose Mine toward commercial production.
B2Gold’s Q2 2025 results demonstrate robust operational execution across its mining portfolio. The company produced 229,454 ounces of gold (including pre-commercial production from Goose Mine), exceeding expectations as all three existing operations outperformed forecasts. This strong production combined with favorable cost control led to cash operating costs of $745 per gold ounce produced, better than anticipated primarily due to lower fuel costs.
Financial performance was solid with $692.2 million in gold revenue and $0.12 in earnings per share, matching adjusted EPS. Operating cash flow before working capital adjustments reached $301 million, highlighting the company’s strong cash generation capability in the current gold price environment.
The company achieved several significant operational milestones this quarter. The inaugural gold pour at the Goose Mine marks a critical step toward commercial production, expected in Q3 2025. This new asset is projected to contribute 120,000-150,000 ounces in 2025 before ramping up to approximately 300,000 ounces annually from 2026-2031. Additionally, B2Gold received approval to commence underground mining at Fekola, where surface stockpiled underground exploration ore is already being processed.
The positive Feasibility Study for the Gramalote Project in Colombia reveals substantial potential with an after-tax NPV(5%) of $941 million and IRR of 22.4% at $2,500/oz gold. The project shows an initial 13-year mine life with average annual production of 227,000 ounces over the first five years.
While the company maintains a solid liquidity position with $308 million in cash and full access to its $800 million revolving credit facility, investors should note the working capital deficit of $19 million at quarter-end, reflecting the classification of gold prepayment obligations as current liabilities. Management has proactively addressed this by drawing $200 million from the credit facility post-quarter-end to manage working capital during gold deliveries over the next 12 months.
The Board declared a quarterly dividend of $0.02 per share, maintaining its $0.08 annual dividend rate, underlining confidence in ongoing cash generation despite significant capital investments in growth projects.
08/07/2025 – 06:00 PM
B2Gold (BTG) Shines with Strong Q2 and Goose Mine Breakthrough, but Working Capital Deficit Raises Eyebrows
VANCOUVER, British Columbia – B2Gold Corp. (TSX: BTO, NYSE: BTG, NSX: B2G) is riding high on a solid second quarter for 2025, exceeding expectations with a gold production of 229,454 ounces across its operations. The Canadian miner also touted impressive cash operating costs of $745 per gold ounce produced and all-in sustaining costs of $1,519 per ounce sold, further sweetening the deal for investors.
Key Takeaways from B2Gold’s Q2 Report:
- Golden Outpour: Production surged past forecasts, setting the stage for a strong year.
- Cost Discipline: Consolidated cash operating costs are impressively low, signaling operational efficiency.
- Dividend Delight: A Q3 2025 dividend of $0.02 per share will keep income investors happy.
- Goose Egg Hatches: The Goose Mine officially poured its first gold, marking a pivotal moment for B2Gold’s growth strategy.
- Fekola’s Feats: Fekola Mine celebrated a lifetime production milestone of 4 million ounces, proof of its continued significance to the company’s output.
- Gramalote Gains: The Gramalote Project’s feasibility study boasts a promising NPV of $941 million, indicating significant future value stemming from this project..
However, B2Gold’s report wasn’t entirely without blemish. While the company boasts a healthy cash balance of $308 million and access to an $800 million revolving credit facility, a working capital deficit of $19 million as of June 30, 2025, caught the eye of market watchers. The company has drawn down $200 million from its credit facility post-quarter-end to manage working capital needs.
Diving Deeper into the Details:
- Fekola Complex in Mali exceeded production guidance, producing 126,361 ounces. The State of Mali granted approval for underground operations, projected to contribute between 25,000 and 35,000 ounces in 2025. Full-year production is expected between 515,000 and 550,000 ounces. Cash cost and all-in sustaining cost guidance ranges updated, expecting savings on fuel, however all-in sustaining costs also factoring in higher gold prices and revenue-based taxes.
- Masbate Mine in the Philippines continued above-forecast performance with 50,738 ounces produced. Production is anticipated between 170,000 and 190,000 ounces for 2025 but the timing of shipments led to fewer gold ounces sold this quarter. Cash cost and all-in sustaining cost guidance optimized to account for lower fuel costs and higher realized gold prices.
- Otjikoto Mine in Namibia also exceeded expectations, yielding 51,663 ounces of gold. Open pit mining is set to conclude in Q3 2025, with the Wolfshag Mine’s underground operation, and potential Antelope underground deposits, expected to ensure production into the next decade. The company updated cash cost and all-in sustaining cost margin, to account for savings during the year, and high gold valuation, respectively.
- Goose Mine in Canada’s Nunavut poured its first gold after winter ice road campaign completed “one-month ahead of schedule”. Production for 2025 is estimated between 120,000 and 150,000 ounces and approximately 300,000 ounces of gold per year for the next six years. B2Gold notes the continued value of First Nations partnerships, and will develop the district to recognize priorities, address concerns and continue bringing long-term socio-economic benefits to the Kitikmeot Region.
Looking ahead, B2Gold is maintaining its production guidance for 2025, projecting between 970,000 and 1,075,000 ounces. As well as sustaining a dividend with a yield that puts the company at the higher end of its peer group.
The company continues to pursue optimization studies with an eye towards expanding mining operations across its existing land packages, evaluating new development and production opportunities and, ultimately, returning capital to shareholders.
The company will hold a conference call to discuss its quarterly results on Friday, August 8, 2025, at 8:00 am PT / 11:00 am ET.
08/07/2025 18:00
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