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B2Gold: Minor Margin Compression In Q1

May 05, 2021 9:22 AM ETB2Gold Corp. (BTG), BTO:CA23 Comments
Taylor Dart profile picture
Taylor Dart


  • B2Gold released its Q1 results on Tuesday, reporting gold production of ~220,600 ounces, translating to a 17% drop year-over-year.
  • The higher costs in the period of $932/oz led to a minor decrease in all-in sustaining cost margins year-over-year to $859/oz.
  • The good news is that the company remains on track to meet production and cost guidance, and has a much stronger H2 planned due to higher grades.
  • Given B2Gold's industry-leading costs among million-ounce producers and organic growth potential from Gramalote and potentially Kiaka, I would view any pullbacks below $4.60 as low-risk buying opportunities.

Stockpiles at Sundown
Photo by mabus13/iStock via Getty Images

The Q1 Earnings Season for the Gold Miners Index (GDX) is finally underway, and one of the first companies to release its results is B2Gold (NYSE:BTG). Overall, the company had a

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Taylor Dart profile picture
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Comments (23)

BTG: has issues of with Mali Government again or is this something new? June 19th partial shut down of the mine why? Didn't they resolve this issue last year with the workers union? BitCoin or Crypto assets are being used to fund terrorism/hackers/hijackers to hold huge corporations ransom over them and their paying them in BitCoin because it's easy and untraceable. Theft will be more constant with high growth in this industry unless something is done about it! Who, wants to support terrorism?
@esmajor22 My understanding is that this isn't an issue with the Govt. Rather it's the union of mineworkers which has gone on a countrywide strike in pursuit of higher pay. The company says production has not suffered major harm.
This company is so undervalued, personally I think anything under 8$ is an absolute BUY. Thanks for the article well written.
Wow! congratulations on your review who is paying you? Which companies are you backing cause this isn't it? They increased 19% year over year in gold production but nowhere did you mentioned this, why?
Taylor Dart profile picture
@esmajor22 I think you have comprehension issues. Gold production was down 17% year-over-year at ~220,600 ounces vs. ~264,800 ounces - I did mention this in the article. No need to shoot the messenger.
@Taylor Dart www.webcaster4.com/... market call did you take part in this?
Taylor Dart profile picture
Yes, where did you hear them discuss 19% production growth in Q1?
Reading61 profile picture
Thank you Taylor: Any thoughts on KL going into earnings?
Taylor Dart profile picture
Hi Reading,

Not really, I would expect a strong quarter since they already pre-reported, I discussed the results in more detail in my last article.
simsjr17 profile picture
Good article. Very curious to see the results on the Kiaka FS later this quarter. It's a buy for me anywhere under $5 USD.
Taylor Dart profile picture
Hi Sims,

Thank you - happy it was of value. I would expect at least 300,000 ounces per year at a 12-million tonne per annum run rate but will be interesting where costs and upfront capex come in given that it's been a long time since the last study and capex was already relatively high.
permanent profile picture
Thank you Taylor,

not looking for new opportunities right now but always interesting to read your analysis.
BTG is operating out of Africa, my pick for the continent is Perseus.
Like Africa better than Central/South America since a lot of countries are trying to up mining tax and that does not seem to be the case as much in Africa.
All in all I would say it is best to stay within Canada, parts of the US and of course Australia.
Taylor Dart profile picture
@permanent Thanks & thanks for reading!
Fair analysis. It's currently priced at C$6, so in line with your buy-zone of US$4.68. I'm holding.
Taylor Dart profile picture
@Diottica Thanks & thanks for reading! A nice dividend while investors wait at least for either gold price strength or upcoming catalysts.
@Taylor Dart In view of acquisition of ROGFF by FSM, what are the reasons do you believe that BTG was not interested in ROGFF? Is it BTG already has 2 new mines to build in next few years, is it because its stock temporarily depressed or is it already have sufficient West Africa exposure ?
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