B2Gold (BTG) Reports Y/Y Rise in '23 Gold Output & Revenues
B2Gold Corp. BTG announced its total consolidated gold production for fourth-quarter 2023 at 288,665 ounces, including 18,054 ounces of attributable production from Calibre Mining Corp. Notably, the fourth-quarter 2022 total consolidated gold production was 367,870 ounces.
Consolidated gold revenues in fourth-quarter 2023 were $512 million, down 13.5% year over year. In the quarter, the company sold 256,921 ounces at an average realized gold price of $1,993 per ounce.
The Fekola Mine produced 143,010 ounces of gold in the fourth quarter of 2023 and 590,243 ounces in 2023. Full-year gold production from the mine was in line with the company's guidance of 580,000-610,000 ounces.
The Masbate Mine produced 46,490 ounces of gold in the fourth quarter. The annual gold production from the mine was 193,502 ounces. The reported figure was slightly above the company’s guidance of 170,000-190,000 ounces.
The Otjikoto Mine produced 81,111 ounces of gold in the fourth quarter and 208,598 ounces in 2023. The reported annual gold production was in line with the company’s guidance of 190,000-210,000 ounces.
B2Gold’s total gold production for 2023 was 1,061,060 ounces (including 68,717 ounces of attributable production from Calibre), up 3.2% from the 2022 level. The reported figure achieved the upper half of 2023 guidance of 1,000,000-1,080,000 ounces. This is the eighth year in a row that BTG’s annual production guidance has been met or exceeded.
Annual consolidated gold revenues for 2023 were $1,934 million. This compares to 2022 annual consolidated gold revenues of $1,733 billion. BTG sold 994,060 ounces of gold in 2023 at an average realized gold price of $1,946 per ounce. In 2022, the company sold 969,155 ounces at an average realized gold price of $1,788 per ounce.
BTG expects total consolidated cash operating costs per gold ounce produced below $670-$730 for 2023. Total consolidated all-in sustaining costs are expected to be at the low end of $1,195-$1,255 per gold ounce.
2024 Guidance
B2Gold expects total gold production for 2024 to be 860,000-940,000 ounces, including 40,000-50,000 ounces of attributable production from Calibre. The company expects total consolidated cash operating costs to be higher in 2024 and between $835 and $895 per gold ounce.
The company expects a total consolidated all-in sustaining costs of $1,360 to $1,420 per gold ounce.
In 2025, consolidated gold production is estimated between 1,130,000 and 1,260,000 ounces, driven by a rise in gold production from the Fekola Complex.
Price Performance
B2Gold’s shares have lost 25.6% in the past year compared with the industry’s fall of 11.6%.
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Zacks Rank & Stocks to Consider
B2Gold currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, Ternium S.A. TX and Osisko Gold Royalties Ltd OR. CRS and TX sport a Zacks Rank #1 (Strong Buy), and OR carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $3.96 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 71.2% in a year.
The Zacks Consensus Estimate for Ternium’s 2024 earnings is pegged at $8.00 per share. It has an average trailing four-quarter earnings surprise of 38.6%. TX’s shares have gained 36.5% in a year.
Osisko Gold has an average trailing four-quarter earnings surprise of 13.4%. The Zacks Consensus Estimate for OR’s 2024 earnings is pegged at 48 cents per share. Earnings estimates have moved 4% north in the past 60 days. OR shares rallied 13.4% last year.
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