B2Gold's 2025 Q1 Earnings Call: Unpacking Key Contradictions in Production Timelines and Mining Expectations

Gramalote production timeline, Fekola regional mining production, Anaconda mill commissioning and ore processing, Gramalote project timeline, and Anaconda mine development timeline are the key contradictions discussed in B2Gold's latest 2025Q1 earnings call.



Operational Recovery and Production Growth:
- B2Gold achieved record gold production in Q1 2025, with Fekola's issues resolved and strong performance from other mines.
- This improvement was driven by the company's strategy to push better-grade production into 2025 and resolve operational issues that affected production in 2024.

Goose Project Update:
- Construction of the Goose project is nearing completion, with an expected first gold pour in Q3.
- The project is on track to commence commercial production, contributing an estimated 300,000 ounces per year to B2Gold's annual output.

Gramalote Feasibility Study and Exploration:
- B2Gold is awaiting completion of the Gramalote feasibility study in June, expected to show positive results for development.
- Exploration will focus on Back River, with $32 million allocated for further drilling and expanding mine life.

Strong Financial Performance:
- The company reported adjusted earnings of $0.09 per share and operating cash flow of $244 million in Q1.
- This was supported by strong gold sales prices and efficient operational cash flow generation from ongoing assets.

Regulatory Developments in Mali:
- B2Gold received a positive response from the Malian government, with an exploitation permit application for the Fekola project expected within the week.
- This progress allows for continued investment in the regional area and potential addition of another 180,000 ounces per year in production.