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B2Gold's (BTG) Goose Project Set to Pour First Gold in 1Q25
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B2Gold Corp. (BTG - Free Report) has announced that its Goose project in Nunavut is scheduled to pour its first gold in the first quarter of 2025.
All long lead items for the 2024 construction season have arrived at B2Gold's freight consolidation points and have been set up for ship transit. The 2023 sealift is underway, which includes the delivery of 24 million liters of diesel fuel.
The erection of structural steel has begun and the company plans to begin cladding construction soon.
The ball mill is expected to be set in place in December 2023, far ahead of its schedule.
B2Gold has also accelerated its underground mining strategy, which aims to increase average gold production to nearly 300,000 ounces per year in the first five years. Capital expenditure for construction is on track with the June 2023 budget of C$800 million (approx $593 million), plus an additional C$90 million (approx $67 million) for accelerating the underground development. So far, more than C$530 million has been spent on the project.
The company also announced that Phase 1 of the accommodation complex in July 2023, which contains 310 beds at the permanent site location, was opened in July 2023. This, along with the existing exploration camp's 160 beds, can offer the required accommodation to enable accelerated construction, mining and exploration activities.
The earthworks required for the previously planned extension of the airstrip to 5,000 feet are expected to be completed in September 2023. This will allow large-capacity, fully-loaded passenger planes to land at the Goose Project during the 2024 construction campaign.
Goose Project is in Nunavut, Canada's 100% owned Back River Gold District. B2Gold acquired the Back River Gold District in April 2023 as part of its acquisition of Sabina Gold & Silver. By combining B2Gold's stable production base with a high-grade, advanced development asset in a Tier-1 mining jurisdiction, it boosted BTG’s operational and geographic diversification.
B2Gold reported adjusted earnings per share of 6 cents for second-quarter 2023, missing the Zacks Consensus Estimate of 7 cents. The company posted an adjusted EPS of 4 cents in the prior-year quarter.
B2Gold generated revenues of $471 million in second-quarter 2022 compared with the prior-year quarter’s $382 million. The top line surpassed the Zacks Consensus Estimate of $431 million. The upside resulted from a 5.8% increase in average realized gold prices and a 16.5% rise in gold ounces sold.
Price Performance
B2Gold’s shares have lost 0.4% in the past year against the industry’s gorwth of 13.3%.
Hawkins has an average trailing four-quarter earnings surprise of 25.5%. The Zacks Consensus Estimate for HWKN’s fiscal 2024 earnings is pegged at $3.40 per share. The consensus estimate for 2024 earnings has moved 38% north in the past 60 days. Its shares gained 62.7% in the last year.
Carpenter Technology has an average trailing four-quarter earnings surprise of 10%. The Zacks Consensus Estimate for CRS’s fiscal 2024 earnings is pegged at $3.48 per share. The consensus estimate for 2023 earnings has moved 8% north in the past 60 days. Its shares gained 72.9% in the last year.
L.B. Foster has an average trailing four-quarter earnings surprise of 134.5%. The Zacks Consensus Estimate for FSTR’s 2023 earnings is pegged at 53 cents per share. Earnings estimates have been unchanged in the past 60 days. FSTR’s shares gained 50.4% in the last year.
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B2Gold's (BTG) Goose Project Set to Pour First Gold in 1Q25
B2Gold Corp. (BTG - Free Report) has announced that its Goose project in Nunavut is scheduled to pour its first gold in the first quarter of 2025.
All long lead items for the 2024 construction season have arrived at B2Gold's freight consolidation points and have been set up for ship transit. The 2023 sealift is underway, which includes the delivery of 24 million liters of diesel fuel.
The erection of structural steel has begun and the company plans to begin cladding construction soon.
The ball mill is expected to be set in place in December 2023, far ahead of its schedule.
B2Gold has also accelerated its underground mining strategy, which aims to increase average gold production to nearly 300,000 ounces per year in the first five years. Capital expenditure for construction is on track with the June 2023 budget of C$800 million (approx $593 million), plus an additional C$90 million (approx $67 million) for accelerating the underground development. So far, more than C$530 million has been spent on the project.
The company also announced that Phase 1 of the accommodation complex in July 2023, which contains 310 beds at the permanent site location, was opened in July 2023. This, along with the existing exploration camp's 160 beds, can offer the required accommodation to enable accelerated construction, mining and exploration activities.
The earthworks required for the previously planned extension of the airstrip to 5,000 feet are expected to be completed in September 2023. This will allow large-capacity, fully-loaded passenger planes to land at the Goose Project during the 2024 construction campaign.
Goose Project is in Nunavut, Canada's 100% owned Back River Gold District. B2Gold acquired the Back River Gold District in April 2023 as part of its acquisition of Sabina Gold & Silver. By combining B2Gold's stable production base with a high-grade, advanced development asset in a Tier-1 mining jurisdiction, it boosted BTG’s operational and geographic diversification.
B2Gold reported adjusted earnings per share of 6 cents for second-quarter 2023, missing the Zacks Consensus Estimate of 7 cents. The company posted an adjusted EPS of 4 cents in the prior-year quarter.
B2Gold generated revenues of $471 million in second-quarter 2022 compared with the prior-year quarter’s $382 million. The top line surpassed the Zacks Consensus Estimate of $431 million. The upside resulted from a 5.8% increase in average realized gold prices and a 16.5% rise in gold ounces sold.
Price Performance
B2Gold’s shares have lost 0.4% in the past year against the industry’s gorwth of 13.3%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
B2Gold currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Hawkins, Inc. (HWKN - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and L.B. Foster Company (FSTR - Free Report) . HWKN and CRS sport a Zacks Rank #1 (Strong Buy) at present, and FSTR carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Hawkins has an average trailing four-quarter earnings surprise of 25.5%. The Zacks Consensus Estimate for HWKN’s fiscal 2024 earnings is pegged at $3.40 per share. The consensus estimate for 2024 earnings has moved 38% north in the past 60 days. Its shares gained 62.7% in the last year.
Carpenter Technology has an average trailing four-quarter earnings surprise of 10%. The Zacks Consensus Estimate for CRS’s fiscal 2024 earnings is pegged at $3.48 per share. The consensus estimate for 2023 earnings has moved 8% north in the past 60 days. Its shares gained 72.9% in the last year.
L.B. Foster has an average trailing four-quarter earnings surprise of 134.5%. The Zacks Consensus Estimate for FSTR’s 2023 earnings is pegged at 53 cents per share. Earnings estimates have been unchanged in the past 60 days. FSTR’s shares gained 50.4% in the last year.