Canada · Delayed Price · Currency is CAD B2Gold Earnings Call Transcripts
Fiscal Year 2025
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Record 2025 revenue of $3B driven by strong mine performance and Goose ramp-up. 2026 guidance anticipates lower production due to Otjikoto transition, offset by Fekola Regional and Goose improvements. Robust cash flow, share buybacks, and major project milestones position for future growth.
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Q3 2025 saw strong operational and financial results, with key mines exceeding production and cost targets. Goose Mine reached commercial production but faced temporary output and cost challenges. Guidance for 2026 and beyond remains robust, supported by a strong gold price environment.
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Strong Q2 results driven by higher gold prices and lower operating costs, with major construction at Goose Mine nearly complete and production ramp-up on track for September 2025. Fekola, Masbate, and Otjikoto exceeded expectations, and full-year guidance was reiterated.
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The AGM covered board changes, 2024 financials, and strategic growth plans, including the imminent Goose Project launch and Fekola expansion. All management proposals passed, and the company highlighted strong sustainability, local engagement, and robust liquidity despite a challenging year.
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Strong Q1 results with adjusted EPS of CAD 0.09 and robust cash flow. Goose project is on track for first gold in Q2, Fekola regional permitting advances, and Gramalote feasibility study is due mid-year. Liquidity remains strong with CAD 330M cash and full credit facility available.
Fiscal Year 2024
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2024 was challenging with lower production and negative EPS, but regulatory clarity in Mali and strong progress at Goose and other assets set the stage for higher production and growth in 2025. Financial flexibility remains strong, and key projects are on track.
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Q3 2024 results showed strong cash flow and liquidity, with Masbate and Otjikoto offsetting Fekola's weaker quarter. Goose Project construction is on track for Q2 2025, and a key MOU with Mali was finalized, supporting future growth.
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Goose project costs have risen 23% with first gold now expected in Q2 2025, but construction and logistics are on track. Financial position is strong, Mali agreements are secured, and growth is focused on Goose, Fekola, and Gramalote, with robust exploration underway.
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Q2 saw strong financial results with $0.06 adjusted EPS and robust liquidity, despite a Fekola production setback that shifted 50,000 ounces to 2025. Goose construction is ahead of schedule, and key growth projects remain on track.
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The meeting confirmed all management proposals, reviewed strong 2023 financials, and outlined a robust growth pipeline, including the Goose and Gramalote projects. Key risks include permitting delays in Mali and industry cost pressures, but the company remains financially strong and committed to sustainability.