Precious metals miner B2Gold is closing in on a key milestone at its Goose project in Nunavut, with the first gold pour expected by the end of next month.

The Vancouver-based miner said on Wednesday that construction and development at Goose remained on schedule and within budget, with estimated total pre-production capital costs holding steady at C$1.54-billion. 

Following the completion of the 2025 winter ice road campaign – critical logistical undertaking completed one month ahead of schedule – B2Gold has delivered all necessary materials to support operations until next year’s winter season.

Once in production, Goose is expected to yield between 120 000 oz and 150 000 oz of gold in 2025, ramping up to commercial production in the third quarter. Average production from 2026 through 2031 is projected at about 300 000 oz/y.

The project, acquired through B2Gold’s 2023 acquisition of Sabina Gold & Silver, is a cornerstone of the company’s growth strategy. Operating cost guidance for Goose will be released in mid-2025 once production is under way.

Elsewhere, B2Gold is advancing its pipeline. A feasibility study at the Gramalote project in Colombia is under way, with completion targeted for mid-2025. The study follows a positive preliminary economic assessment (PEA) showing potential average production of 234 000 oz/y over the first five years.

In Namibia, the company is also weighing development of the Antelope deposit, a satellite orebody near the Otjikoto mine. A February PEA outlined a five-year mine life with total production of 327 000 oz, potentially extending Otjikoto’s productive life into the next decade. A development decision is expected in the third quarter of 2025.

Meanwhile, B2Gold, which operates the Fekola mine in Mali, the Masbate mine in the Philippines and the Otjikoto mine in Namibia, posted a strong first-quarter performance. The company produced 192 752 oz of gold, which was ahead of its expectations. 

All three operating mines exceeded production targets.

Cash operating costs came in at $832/oz produced, while all-in sustaining costs were $1 533/oz sold. Both were below guidance, helped by lower fuel costs and higher throughput.

The company reported net income of $58-million, or $0.04 a share, and adjusted net income of $122-million, or $0.09 a share.