B2Gold Swings For Annual Net Loss In 2024, Sees Decline In Revenue And Output
B2Gold (TSX: BTO) has released its final quarter and full-year 2024 financials, with annual revenue of US$1.90 billion, down from US$1.93 billion in 2023, due to lower gold sales volumes—801,524 ounces this year versus 994,060 ounces in the prior year. The decline in volume, however, is partly offset by a stronger average realized gold price of US$2,373 per ounce, higher than the US$1,946 per ounce achieved in 2023.
Fourth-quarter revenue stood at US$499.8 million compared to US$512 million in the same period last year, reflecting fewer ounces sold but also a stronger price of US$2,661 per ounce.
Consolidated cash operating costs averaged US$879 per gold ounce produced for the year, up from US$631 per gold ounce produced in 2023.
Quarterly net loss ended at US$9 million, against a net loss of US$117 million in the same quarter of 2023. The year also saw a swing to a net loss of US$627 million, contrasting with net income of US$42 million in 2023. On an adjusted basis, attributable net income for 2024 was US$207 million, compared to an adjusted figure of US$347 million in the previous year.
Cash flow from operating activities rose to US$878 million in 2024, an increase from the US$714 million reported in 2023, fueled by a US$500 million upfront payment under a Gold Prepay arrangement, under which B2Gold committed to deliver 264,768 ounces of gold between July 2025 and June 2026.
B2Gold ended 2024 with US$337 million in cash and equivalents, up from US$307 million at the end of the prior year. This leads to ending the year with a current assets balance of US$901.8 million while current liabilities came in at US$580.7 million.
Consolidated gold production for 2024 reached 804,778 ounces (inclusive of attributable ounces from its stake in Calibre Mining prior to the sale of those shares), compared with 1,061,060 ounces in 2023. The Fekola Mine in Mali recorded 392,946 ounces, down from the prior year’s 598,660 ounces, largely because of delayed access to higher-grade ore zones. Masbate Mine in the Philippines delivered 194,046 ounces, near the upper end of guidance, while Otjikoto in Namibia produced 198,142 ounces, benefiting from steady operational performance.
The firm projects total production for 2025 in the range of 970,000 to 1,075,000 ounces, banking on accessing higher-grade ore at Fekola and the start of production at the Goose Project by mid-year. The company has adjusted its quarterly dividend from US$0.04 to US$0.02 per common share, seeking to preserve additional capital.
B2Gold last traded at $3.78 on the TSX.
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