BTO’d… Some thoughts on B2 and its 'risk profile' and planned activities:
1) 1,295,000 shares issued (a share consolidation will not change the company’s performance but does create a higher share price allowing ‘shorters’ more room to play and push the price down).
2) B2 includes Calibre’s gold production to “pump” up its reporting – this is sleight of hand and misleading.
3) 2024 total gold production is 800,000-to-890,000 gold ounces - this is a significant drop from 2023
4) Fekola represents approximately 60% of B2’s 2023 actual gold production and its 2024 gold production is falling – not a good trend! Why the delay in receiving the licence from Mali? Did someone drop the ball or will Mali consider following Panama’s example?
5) 2024 AISC is $1,360-to-$1,420 per ounce – that is more than a 12% increase from 2023 – B2 claims to be a ‘low-cost gold producer’… ha!
6) Goose Project capital cost increased from $800 to $1,050… that is more a 31% increase! What other spending surprises are coming (“underestimated labour and site operating costs” and B2’s review “identified deficiencies in project components including power generation and distribution, laboratory, piping, and controls and instrumentation”… so much for a B2’s original due diligence!!!)?
7) B2Gold completed a gold prepayment for $500 million, based on gold forward curve prices averaging approximately $2,191 per ounce, in exchange for equal monthly deliveries of gold from July 2025 to June 2026 totaling 264,775 ounces – sold gold upfront and lost some upside potential…
8) $63 million to be spent on exploration…