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3/16/16

B2Gold (BTG) (BTO.to) files its 2015 year-end financials

On SEDAR now, as of about 20 minutes ago (filed at 18:31 Toronto time). First pass bits and pieces:

BTO took a $108m impairment, basically adjusting down its assets as they've gone for e U$1,250/oz gold price assumption (was U$,1300/oz last year). An impairment was expected, around $100m is an easy swallow, though other companies have adjusted to U$1,200/oz for this year, BTO is kinda dragging its heels on this and that number would have been heavier if they'd followed suit. $32m of the write down was on Gramalote...long overdue.

From that, the 4q15 net loss was U$115.1m. But back out the one-time stuff and the adjusted net profit for 4q15 was $1.64m. Basically break-even and an okay result without being wowsers

AISC was U$807/oz. Reasonable. Inside that, Otjikoto AISC was a kick-ass $509/oz for 4q15, that's a sparkling result.

Working cap $104.7m. Right on the button with my estimate (I'm happy about that).

Fekola confirmed fully funded (by the deal announced early this week).