B2Gold's Goose Project Set for 2025 Gold Production Milestone

Author: Thomas Cooper Updated: 09-12-2024 08:45 PM

Exciting Developments at B2Gold's Goose Project

VANCOUVER, British Columbia — B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) is thrilled to announce significant progress regarding its Goose Project, a key development in Canada. The company strives to remain on track for its first gold production, anticipated in the second quarter of 2025. This update reflects B2Gold's commitment to transparency and ongoing success in its mining operations.

Current Status of the Goose Project

B2Gold is pleased to report that all construction planned for 2024 has been successfully completed. The construction and development efforts are proceeding as planned, with a focus on reaching the first gold pour at the Goose Project in a timely manner. A remarkable output of about 310,000 ounces of gold annually is expected once the mine moves into full commercial production, scheduled for the third quarter of 2025. Additionally, the implementation of a newly constructed barge ramp has greatly enhanced sealift offloading performance. As of early September, seven supply vessels have already reported ahead of schedule at the Marine Laydown Area (MLA).

Financial Update and Revised Estimates

Due to recent developments, B2Gold has revised its total construction and mine development cash expenditure estimates to approximately C$1,540 million. This marks an increase of C$290 million from earlier estimates, primarily resulting from a slight delay in production and the acceleration of capital projects that will significantly enhance operational reliability.

Construction Cash Expenditure Insights

The company estimates construction cash expenditures will total C$1,190 million, reflecting a C$140 million increase. This adjustment is mainly attributed to logistics costs related to transporting materials to the project site. The company has undertaken detailed assessments to ensure efficient allocation of resources as it approaches the project milestone.

Investing in Sustainable Practices

In aligning with its sustainable development goals, B2Gold plans to invest significantly in building working capital and stockpiling essential supplies. An investment of approximately C$330 million will ensure that the company maintains ample reserves as operations ramp up, ultimately reducing operational costs over time.

Commitment to Local Engagement

B2Gold maintains a strong commitment to collaboration with the Kitikmeot Inuit Association and local communities. Understanding their priorities is essential to operating within the Back River Gold District responsibly. This collaboration underscores the long-term socio-economic benefits that the project aims to provide to the region.

Future Exploration in the Back River Gold District

The Back River Gold District, where the Goose Project is located, spans approximately 58,734 hectares and is home to five significant deposits: Umwelt, Llama, Goose, Echo, and Nuvuyak. B2Gold believes there is considerable potential for exploration on these deposits, which remain open at depth. With a drilling budget of $28 million allocated for 2024, the company is well-positioned to expand its resource base, utilizing advanced geophysical methods.

Upcoming Conference Call

To discuss these updates in more detail, B2Gold will host a conference call, allowing investors and stakeholders to gain further insights. Participants are encouraged to register in advance to receive call details directly.

Frequently Asked Questions

What is the expected timeline for the first gold production at the Goose Project?

The first gold production is anticipated in the second quarter of 2025.

How much gold is B2Gold expecting to produce annually once operations are fully ramped up?

Upon reaching commercial production, the Goose mine is projected to produce approximately 310,000 ounces of gold per year.

What is the current status of the construction costs for the Goose Project?

Construction and mine development costs have increased to C$1,540 million, mainly due to accelerated capital expenditures and logistics costs.

How is B2Gold engaging with local communities regarding the Goose Project?

B2Gold prioritizes collaboration with the Kitikmeot Inuit Association and local communities, addressing their concerns and prioritizing socio-economic benefits.

What is the primary focus for B2Gold moving forward with the Goose Project?

Development of open-pit and underground resources remains the primary focus to ensure a robust supply for mill startup.

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