Reported Late Tuesday, B2Gold's Q4 Total Gold Production Of 288,665 Oz With Revenue $512M, And For 2023 Of 1,061,060 Oz With Revenue $1.93B; Expects Total Gold Production To Be 860,000 Oz To 940,000 Oz In 2024

Author: Benzinga Newsdesk | January 24, 2024 03:10am

• Strong quarterly gold revenue to finish 2023: Consolidated gold revenue in the fourth quarter of 2023 of $512 million on sales of 256,921 ounces at an average realized gold price of $1,993 per gold ounce. For the full year 2023, consolidated gold revenue was $1,934 million on sales of 994,060 ounces at an average realized gold price of $1,946 per gold ounce.
• Re-affirm full year 2023 total consolidated cost guidance: Total consolidated cash operating costs (see "Non-IFRS Measures") for the year (including attributable results for Calibre) are still expected to be slightly below the guidance range of $670 and $730 per ounce and total consolidated all-in sustaining costs ("AISC") (see "Non-IFRS Measures") for the year (including attributable results for Calibre) are still forecast to be at the low end of the guidance range of between $1,195 and $1,255 per ounce.

• Total gold production is anticipated to be 860,000 to 940,000 ounces in 2024: Total gold production guidance for 2024 of 860,000 to 940,000 ounces, including 40,000 to 50,000 ounces of attributable production from Calibre. The expected decrease in gold production relative to 2023 is predominantly due to lower production at the Fekola Complex as a result of the delay in receiving an exploitation license for Fekola Regional from the Government of Mali, delaying the 80,000 to 100,000 ounces that were scheduled in the life of mine plan to be trucked to the Fekola mill and processed in 2024. The contribution of this gold production from Fekola Regional is now assumed to start at the beginning of 2025.
• Total consolidated cash operating costs and all-in sustaining costs reflect a transition year at the Company in 2024: Total consolidated cash operating cost guidance of $835 to $895 per gold ounce, higher than the 2023 guidance range due to the processing of lower-grade ore at Fekola in 2024. Total AISC guidance of $1,360 to $1,420 per gold ounce, reflecting the final full year of spending on both the new Fekola Tailings Storage Facility ("TSF") and the Fekola solar plant expansion, in addition to the ongoing substantial capitalized stripping campaign planned at Fekola for 2024.
   
• B2Gold consolidated gold production expected to increase to record levels in 2025: Based on current estimates, consolidated gold production in 2025 is expected to be between 1,130,000 and 1,260,000 ounces, driven by a significant increase in gold production from the Fekola Complex, 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 will be undertaken throughout 2024, a full year contribution of higher-grade ore from Fekola Regional, and commencement of mining the higher-grade Fekola underground (subject to receipt of necessary permits for Fekola Regional and Fekola underground). 

Posted In: BTG