B2Gold (TSX: BTO) delivered mixed Q1 2025 financial results, continuing the trend of rising revenue due to higher gold prices but seeing declines in volume. The quarterly report is toplined by revenue of $532.1 million for the quarter, up 15.3% from $461.4 million in Q1 2024, benefiting from a steep rise in the average realized gold price to $2,892 per ounce from $2,069 per ounce.
Despite this price tailwind, gold sold fell 18% year-over-year to 184,000 ounces, driven by lower output across all sites.
Net income rose 45% to $57.6 million (or $0.04 per share), compared to $39.8 million (or $0.03 per share) last year. However, when adjusted for one-off items including a $30.6 million fair value loss on a gold stream and $50.9 million in unrealized derivative losses, adjusted net income rose to $121.9 million or $0.09 per share, up 50% from $81.5 million or $0.06 per share in Q1 2024.
Cash provided by operating activities collapsed to $178.8 million from $710.7 million in Q1 2024, a 75% drop primarily attributable to the absence of $500 million in prepaid gold sales recognized in the prior-year quarter.
B2Gold saw substantial cost inflation across its operations. Cash operating costs per ounce sold ballooned to $880 from $703 year-over-year, while AISC per ounce jumped to $1,533 from $1,346—a 14% rise—largely due to elevated sustaining capital at Fekola and increased royalties and corporate costs.
The firm ended Q1 2025 with cash of $330 million, slightly down from $337 million at year-end 2024. Working capital halved to $174 million from $321 million. While the company repaid $400 million in revolving credit, it also issued $460 million in 2.75% convertible notes, offsetting the deleveraging.
Q1 gold production dropped 10% year-over-year to 192,752 ounces, with declines across all sites including Calibre. Despite the lower start, B2Gold reaffirmed full-year guidance of 970,000 to 1,075,000 ounces.
The Goose Project remains a key near-term catalyst. First gold is expected in Q2 2025, with 2025 output guided to be between 120,000 and 150,000 ounces. Long-term, the mine is projected to deliver 300,000 ounces annually through 2031.
Feasibility work at Gramalote in Colombia is on schedule for mid-2025 completion. The Antelope deposit at Otjikoto, with a 327,000-ounce potential over five years, is expected to see a development decision in Q3 2025.
The company declared a Q2 dividend of $0.02 per share, consistent with previous payouts.
B2Gold last traded at $4.28 on the TSX.
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