B2Gold Reports Q4 and Full Year 2024 Results; Achieved 2024 Total Gold Production and Consolidated Cost Guidance; Goose Project Remains On Track for First Gold in Q2 2025 and Total Capital Estimate Remains at C$1,540 Million; Q1 2025 Dividend of US$0.02 per Share Declared

2025-02-19

TSX - Toronto Stock Exchange · Gold · Canada

VANCOUVER, British Columbia, Feb. 19, 2025 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announces its operational and financial results for the fourth quarter and full year 2024. The Company previously released its gold production and gold revenue results for the fourth quarter and full year 2024. All dollar figures are in United States dollars unless otherwise indicated.

2024 Fourth Quarter and Full Year Highlights

Total gold production of 186,001 ounces in Q4 2024 : Total gold production in the fourth quarter of 2024 was 186,001 ounces. Masbate and Otjikoto both continued to outperform expectations in the fourth quarter of 2024, which partially offset lower than expected production levels at Fekola during the quarter due to the continued delays in accessing higher-grade ore from Fekola Phase 7, a result of lower realized mine production from the Fekola Phase 7 and Cardinal pits during the period. Mining and processing of these higher-grade tonnes is now expected in 2025 as equipment availability had returned to full capacity and mining rates were at expected levels at the end of 2024. All three operations are meeting or exceeding gold production expectations to start 2025.

Total consolidated cash operating costs of $968 per gold ounce produced in Q4 2024 : Total consolidated cash operating costs (see “Non-IFRS Measures” ) were $968 per gold ounce produced during the fourth quarter of 2024, higher than expected as a result of lower than anticipated production in the quarter.

Total consolidated all-in sustaining costs of $1,668 per gold ounce sold in Q4 2024 : Total consolidated all-in sustaining costs (see “ _Non-IFRS Measures _”) were $1,668 per gold ounce sold during the fourth quarter of 2024, higher than expected as a result of lower than anticipated gold ounces sold resulting from lower than anticipated production, higher than expected royalties resulting from a higher than anticipated gold price, and new royalties implemented in 2024 for Fekola.

Total annual consolidated gold production of 804,778 ounces : Total consolidated gold production for 2024 was 804,778 ounces (including 19,644 attributable ounces from Calibre Mining Corp. (“Calibre”)), at the low end of the Company's 2024 guidance range.

Total consolidated cash operating costs and all-in sustaining costs for 2024 within their guidance ranges : Total consolidated cash operating costs for 2024 were $889 per gold ounce produced, at the upper end of the annual guidance range of between $835 and $895 per gold ounce. Total consolidated all-in sustaining costs for 2024 were $1,465 per gold ounce sold, within the annual guidance range of between $1,420 and $1,480 per gold ounce.

Attributable net loss of $0.01 per share in Q4 2024; Adjusted attributable net income of $0.01 per share in Q4 2024 : Net loss attributable to the shareholders of the Company of $12 million ($0.01 per share); adjusted net income (see “ _Non-IFRS Measures _”) attributable to the shareholders of the Company of $17 million ($0.01 per share). Net loss attributable to the shareholders of the Company for the year ended December 31, 2024 was $630 million ($0.48 per share), predominantly due to non-cash impairment charges on the Goose Project and the Fekola Complex, and adjusted net income (see “ _Non-IFRS Measures _”) attributable to the shareholders of the Company was $207 million ($0.16 per share).

Operating cash flow before working capital adjustments of $145 million in Q4 2024 : Cash flow provided by operating activities before working capital adjustments was $145 million in the fourth quarter of 2024. Cash flow provided by operating activities before working capital adjustments and proceeds from the gold prepay arrangement for the year ended December 31, 2024 was $660 million.

Strong financial position and liquidity : At December 31, 2024, the Company had cash and cash equivalents of $337 million and working capital (defined as current assets less current liabilities) of $321 million.

Goose Project construction and development continues to progress on track for first gold pour in the second quarter of 2025: All planned construction activities in 2024 were completed and project construction and development continue to progress on track for first gold pour at the Goose Project in the second quarter of 2025 followed by ramp up to commercial production in the third quarter of 2025.

2025 Winter Ice Road (“WIR”) Campaign Commenced at the Goose Project: Following the successful completion of the 2024 sea lift, construction of the 163 kilometer (“km”) WIR began in December 2024 and was completed in February 2025. As of February 18, 2025, the WIR is operational with the transportation of all materials from the Marine Laydown Area (“MLA”) to the Goose Project site expected to be completed by May 15, 2025.

Total Goose Project construction and mine development cash expenditure estimate before first production remains at C$1,540 million: Based on the construction and mine development cash expenditures incurred to date, combined with the estimated expenditures to be incurred through to the first gold pour in the second quarter of 2025, the Company reiterates the total Goose Project construction and mine development cash expenditure estimate of C$1,540 million.

B2Gold's initial Goose Project life of mine plan to be released at the end of the first quarter of 2025 based on updated Mineral Reserves: The Company continues to estimate that gold production in calendar year 2025 will be between 120,000 and 150,000 ounces and that average annual gold production for the six year period from 2026 to 2031 inclusive will be approximately 310,000 ounces per year, with the latest published Mineral Reserves supporting a long mine life beyond 2031.

Feasibility Study on the Gramalote Project in Colombia underway and targeted for completion in mid-2025 : The positive Preliminary Economic Assessment (“PEA”) results on the Company’s 100% owned Gramalote Project, completed in the second quarter of 2024, outlined a significant production profile with average annual gold production of 234,000 ounces per year for the first five years of production, and strong project economics over a 12.5 year project life. As a result, B2Gold commenced work on a feasibility study with the goal of completion in mid-2025. Feasibility work including geotechnical investigation, processing design and site infrastructure design is underway and the study remains on schedule.

Subsequent to year-end 2024, positive PEA results for the Antelope deposit at the Otjikoto Mine in Namibia were announced: On February 4, 2025, the Company announced positive PEA results for the Antelope deposit, located approximately 4 km southwest of the existing Otjikoto open pit. Based on the positive results from the PEA, B2Gold believes that the Antelope deposit has the potential to become a small-scale, low-cost, underground gold mine that can supplement the low-grade stockpile production during the period of 2028 to 2032 and result in a meaningful production profile for Otjikoto into the next decade. The PEA for the Antelope deposit indicates an initial mine life of 5 years and total production of 327,000 ounces averaging approximately 65,000 ounces per year over the life of mine. In combination with the processing of existing low grade stockpiles, production from the Antelope deposit has the potential to increase Otjikoto Mine production to approximately 110,000 ounces per year for 2029 through 2032.

Subsequent to year-end 2024, issued convertible senior unsecured notes: On January 28, 2025, the Company issued 2.75% convertible senior unsecured notes due 2030 (the “Notes”) with an aggregate principal amount of $460 million. The initial conversion rate for the Notes is 315.2088 common shares of the Company (the “Shares”) per $1,000 principal amount of Notes, equivalent to an initial conversion price of approximately $3.17 per Share. The initial conversion rate represents a premium of approximately 35% relative to the closing sale price of the Shares on January 23, 2025 and is subject to adjustment in certain events. The Company intends to use the net proceeds to fund working capital requirements and for general corporate purposes.

Q1 2025 dividend of $0.02 per share declared: On February 19, 2025, B2Gold's Board of Directors declared a cash dividend for the first quarter of 2025 of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on March 20, 2025, to shareholders of record as of March 7, 2025.

Fourth Quarter and Full Year 2024 Results

| | Three months ended | Year ended | | | | | | December 31 | December 31 | | | | | | 2024 | 2023 | 2024 | 2023 | 2022 | | | | | | | | | Gold revenue ($ in thousands) | 499,788 | 511,974 | 1,902,030 | 1,934,272 | 1,732,590 | | Net (loss) income ($ in thousands) | (9,325 ) | (117,396) | (626,653 ) | 41,588 | 286,723 | | (Loss) earnings per share – basic _(1) _($/share) | (0.01 ) | (0.09) | (0.48 ) | 0.01 | 0.24 | | (Loss) earnings per share – diluted _(1) _($/share) | (0.01 ) | (0.09) | (0.48 ) | 0.01 | 0.24 | | Cash provided by operating activities ($ in thousands) | 120,544 | 205,443 | 877,604 | 714,453 | 595,798 | | Total assets ($ in thousands) | 4,813,998 | 4,874,619 | 4,813,998 | 4,874,619 | 3,681,233 | | Non-current liabilities ($ in thousands) | 1,197,614 | 651,173 | 1,197,614 | 651,173 | 335,828 | | Average realized gold price ($/ounce) | 2,661 | 1,993 | 2,373 | 1,946 | 1,788 | | Adjusted net income _(1)(2) _($ in thousands) | 17,433 | 90,697 | 206,542 | 347,203 | 263,782 | | Adjusted earnings per share _(1)(2) _- basic ($) | 0.01 | 0.07 | 0.16 | 0.28 | 0.25 | | Consolidated operations results: | | | | | | | Gold sold (ounces) | 187,793 | 256,921 | 801,524 | 994,060 | 969,155 | | Gold produced (ounces) | 186,001 | 270,611 | 785,134 | 992,343 | 973,003 | | Production costs ($ in thousands) | 181,376 | 164,406 | 681,828 | 616,197 | 626,526 | | Cash operating costs _(2) _($/gold ounce sold) | 966 | 640 | 851 | 620 | 646 | | Cash operating costs _(2) _($/gold ounce produced) | 968 | 611 | 879 | 631 | 637 | | Total cash costs _(2) _($/gold ounce sold) | 1,235 | 769 | 1,034 | 756 | 768 | | All-in sustaining costs _(2) _($/gold ounce sold) | 1,668 | 1,264 | 1,463 | 1,199 | 1,022 | | Operations results including equity investment in Calibre: | | | | | | | Gold sold (ounces) | 187,793 | 274,980 | 821,168 | 1,062,785 | 1,024,272 | | Gold produced (ounces) | 186,001 | 288,665 | 804,778 | 1,061,060 | 1,027,874 | | Production costs ($ in thousands) | 181,376 | 181,801 | 706,954 | 683,963 | 684,894 | | Cash operating costs _(2) _($/gold ounce sold) | 966 | 661 | 861 | 644 | 669 | | Cash operating costs _(2) _($/gold ounce produced) | 968 | 633 | 889 | 654 | 660 | | Total cash costs _(2) _($/gold ounce sold) | 1,235 | 786 | 1,041 | 776 | 788 | | All-in sustaining costs _(2) _($/ounce gold sold) | 1,668 | 1,257 | 1,465 | 1,201 | 1,033 |

(1) Attributable to the shareholders of the Company. (2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.

Liquidity and Capital Resources

B2Gold continues to maintain a strong financial position and liquidity. At December 31, 2024, the Company had cash and cash equivalents of $337 million (December 31, 2023 - $307 million). Working capital at December 31, 2024 was $321 million (December 31, 2023 - $397 million). At December 31, 2024, the Company had $400 million drawn on the Company's $800 million revolving credit facility (“RCF”) with $400 million remaining available for future draw downs. Subsequent to December 31, 2024, the RCF balance was repaid using funds raised from the Notes offering completed in January 2025.

First Quarter 2025 Dividend

On February 19, 2025, B2Gold's Board of Directors declared a cash dividend for the first quarter of 2025 (the “Q1 2025 Dividend”) of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on March 20, 2025, to shareholders of record as of March 7, 2025.

In 2023, the Company implemented a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q1 2025 Dividend, the Company has determined that no discount will be applied to calculate the Average Market Price (as defined in the DRIP) of its common shares issued from treasury. Participation in the DRIP is optional. In order to participate in the DRIP in time for the Q1 2025 Dividend, registered shareholders must deliver a properly completed enrollment form to Computershare Trust Company of Canada by no later than 4:00 p.m. (Toronto time) on February 28, 2025. Beneficial shareholders who wish to participate in the DRIP should contact their financial advisor, broker, investment dealer, bank, financial institution, or other intermediary through which they hold common shares well in advance of the above date for instructions on how to enroll in the DRIP.

This dividend is designated as an "eligible dividend" for the purposes of the _Income Tax Act _(Canada). Dividends paid by B2Gold to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.

The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with B2Gold's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such 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 Mine - Mali

| | Three months ended | Year ended | | | | | December 31 | December 31 | | | | | 2024 | 2023 | 2024 | 2023 | | | | | | | | Gold revenue ($ in thousands) | 229,779 | 255,509 | 951,676 | 1,143,781 | | Gold sold (ounces) | 86,453 | 128,321 | 404,458 | 588,460 | | Average realized gold price ($/ounce) | 2,658 | 1,991 | 2,353 | 1,944 | | Tonnes of ore milled | 2,442,390 | 2,419,637 | 9,891,717 | 9,408,400 | | Grade (grams/tonne) | 1.17 | 1.99 | 1.34 | 2.13 | | Recovery (%) | 91.9 | 93.4 | 92.6 | 92.3 | | Gold production (ounces) | 84,015 | 143,010 | 392,946 | 590,243 | | Production costs ($ in thousands) | 107,778 | 82,921 | 384,221 | 333,215 | | Cash operating costs _(1) _($/gold ounce sold) | 1,247 | 646 | 950 | 566 | | Cash operating costs _(1) _($/gold ounce produced) | 1,192 | 605 | 990 | 572 | | Total cash costs _(1) _($/gold ounce sold) | 1,684 | 809 | 1,198 | 729 | | All-in sustaining costs _(1) _($/gold ounce sold) | 2,237 | 1,444 | 1,723 | 1,194 | | Capital expenditures ($ in thousands) | 59,571 | 87,830 | 257,776 | 298,942 | | Exploration ($ in thousands) | 1,292 | 2,022 | 4,428 | 3,728 |

(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, 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 392,946 ounces of gold in 2024, below the low end of its annual guidance range of between 420,000 and 450,000 ounces due to the significant delay in accessing the higher-grade ore from Fekola Phase 7. Damage to an excavator earlier in 2024 and the subsequent need for replacement equipment impacted equipment availability throughout 2024, reducing tonnes mined, which continued to affect the availability of high-grade ore from the Fekola Phase 7 pit resulting in less higher-grade ore processed in 2024. Mining and processing of these higher-grade tonnes is expected in 2025 as equipment availability and utilization were at full capacity at the end of 2024, with gold production to start 2025 meeting expectations. The Fekola mine and mill are operating without limitations and gold production is being exported for refining as per its regular planned schedule. For the year ended December 31, 2024, mill feed grade was 1.34 grams per tonne (“g/t”), mill throughput was a record 9.89 million tonnes, and gold recovery averaged 92.6%.

In the fourth quarter of 2024, the Fekola Mine produced 84,015 ounces of gold, lower than expected, largely due to the delays experienced in accessing higher-grade ore from Fekola Phase 7 discussed above. During the fourth quarter of 2024, the Fekola processing facilities continued to outperform budget as a result of continued favorable ore fragmentation and continued optimization of the grinding circuit. For the fourth quarter of 2024, mill feed grade was 1.17 g/t, mill throughput was 2.44 million tonnes, and gold recovery averaged 91.9%.

For the year ended December 31, 2024, the Fekola Mine's cash operating costs (see “ _Non-IFRS Measures _”) of $990 per gold ounce produced ($950 per gold ounce sold) were above the higher end of Fekola's guidance range of between $870 and $930 per gold ounce, primarily as a result of lower than expected production and higher than anticipated production costs due to the lower than expected deferred stripping and stockpile inventory changes. Fekola’s cash operating costs for the fourth quarter of 2024 were $1,192 per gold ounce produced ($1,247 per gold ounce sold), higher than expected for the same reasons noted above.

All-in sustaining costs (see “ _Non-IFRS Measures _”) for the Fekola Mine for the year ended December 31, 2024 were $1,723 per gold ounce sold, above the upper end of the guidance range of between $1,510 and $1,570 per gold ounce due to lower than expected gold ounces sold resulting from lower than anticipated production, higher than expected royalties resulting from a higher than anticipated gold price as well as new royalties and revenue based production taxes and State funds implemented in the third quarter of 2024. All-in sustaining costs for the Fekola Mine for the fourth quarter of 2024 were $2,237 per gold ounce sold. As with the full year 2024, all-in sustaining costs per ounce for the fourth quarter of 2024 were higher than expected as a result of lower than anticipated gold ounces sold and higher than expected royalties and revenue based production taxes and State funds.

Capital expenditures for the year ended December 31, 2024, totalled $258 million, primarily consisting of $63 million for deferred stripping, $58 million for mobile equipment purchases and rebuilds, $34 million for tailings storage facility expansion and equipment, $64 million for development of the Fekola underground mine, $21 million for the expansion of the solar plant, $8 million for process and power plant and $5 million for other mining sustaining capital. Capital expenditures in the fourth quarter of 2024 totalled $60 million, primarily consisting of $9 million for deferred stripping, $21 million for mobile equipment purchases and rebuilds, $6 million for tailings storage facility expansion and equipment, $17 million for the development of the Fekola underground mine and $2 million for the expansion of the solar plant.