Image source: Pexels.com

Highlights

• B2Gold Corp (TSX: BTO) is a low-cost gold mining company operating three open-pit gold mines in Philippines, Mali, and Namibia.
• In Q1 2023, B2Gold Corp posted total gold production of 266,000 ounces against 208,000 ounces in pcp.
• For Q2 2023, the company has paid a cash dividend of USD 0.04 per common share.

A low-cost gold mining company, B2Gold Corp (TSX: BTO) operates three open-pit gold mines in Philippines, Mali, and Namibia. Also, it is running multiple exploration projects across four continents. The company's reportable operating segments consists of its development projects and mining operations, namely Otjikoto, Fekola, Masbate, and other mineral properties.

A lens over Q1 2023 performance

B2Gold Corp posted an increase in gold production from 208,000 ounces in Q1 2022 to over 266,000 ounces in the first quarter of the year 2023. Also, there was a major growth in the company’s consolidated gold revenue. It was recorded at USD 474 million on sales of ~249,000 ounces at an average price of USD 1,901 per ounce compared to USD 366 million on sales of 195,100 ounces at an average price of USD 1,874 per ounce Q1 2022.

The consolidated cash operating costs for Q1 2023 increased to USD 576 per gold ounce produced. This was primarily because of higher production and a weaker Namibian dollar.

In terms of cash flow provided by operating activities, B2Gold secured USD 204 million in the first quarter of 2022 versus USD 107 million in the previous corresponding period, an increase of USD 97 million. This can be attributed to increased revenues and decreased working capital outflows, such as drop in cash tax payments.

The company posted a healthy dividend yield of 4.42%, as on July 12, 2023. For Q2 2023, the company has paid a cash dividend of USD 0.04 per common share. 

Top 10 Shareholders
The top ten shareholders of B2Gold Corp (TSX: BTO) constitute approximately 36.63% of the total shareholding in the company. Van Eck Associates Corporation holds the maximum stake in the company at around ­­­10.30%, while Fidelity Management & Research Company LLC holds near about 6.80% shares in BTO to become the second-largest shareholder 

Stock Price Performance

There has been a decline of around 2.34% in the BTO share price in the last one month. Over the period of past three months, the stock has witnessed a downfall of approximately 12.76%. The company’s 52-week high and low price stand at CAD 5.87 and CAD 3.835, respectively.

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is July 12, 2023. The reference data in this report has been partly sourced from EODHD/Others.