B2Gold Corp. BTG stated that its 2024 drilling campaign at the Goose Project in Nunavut has produced promising findings, highlighting the possibility of resource expansion. The positive drill results illustrate B2Gold's ability to enhance Mineral Resources  and extend mine life at the Goose Project. The exploration results demonstrate BTG's commitment to organic expansion and ability to produce value for shareholders.

B2Gold’s Drilling Highlights

The 2024 drilling campaign at the Goose Project has yielded impressive results. As of Nov. 7, 2024, B2Gold completed 25,126 meters of drilling over 68 drill holes at the Goose Project.

This includes 14,480 meters over 40 drill holes at the Umwelt deposit, 3,899 meters over 14 drill holes at the Llama deposit area, 6,610 meters over 13 exploration target drill holes, and 137 meters over one metallurgical hole at the Goose Main deposit. Notable drill intersections were recorded at the Nuvuyak deposit, the Mammoth target and the Llama deposit. 

At Nuvuyak, drilling returned 6.39 grams per ton (“g/t”) of gold over 28.80 meters, including a higher-grade interval of 23.49 g/t gold over 6.45 meters. The Mammoth target saw equally encouraging results, with 17.45 g/t gold over 10.96 meters, including a remarkable 68.61 g/t gold over 2.51 meters. Drilling at the Llama deposit intersected 14.34 g/t gold over 27.95 meters, featuring a high-grade interval of 54.17 g/t gold over 6 meters.

BTG’s Focus on Exploration

The Goose Project consists of five known deposits, with existing mineral resources occurring along eight kilometers. B2Gold believes there is an exploration upside on all known deposits open at depth, as well as many zones of interest that are  yet to be investigated within the favorable host-banded iron formation geology.

Over 13 holes have already been drilled at the Goose Project exploration targets, and drilling is ongoing at the Mammoth and Hook targets. The results for Nuvuyak, Mammoth and Wing have been gathered, and the remaining targets are awaiting. 

The company's focus on exploration and resource expansion is expected to continue driving growth and enhancing the overall value of the Goose Project.

B2Gold Q3 Earnings Dip Y/Y on Low Production

BTG reported adjusted earnings per share (EPS) of 2 cents for third-quarter 2024, missing the Zacks Consensus Estimate of 5 cents. The reported figure marked a year-over-year plunge of 60%.

B2Gold generated revenues of $448 million in third-quarter 2024 compared with the prior-year quarter’s $478 million. The 29.3% increase in average realized gold prices was partially offset by a 27.5% fall in gold ounces sold in the quarter. In the September-end quarter, B2Gold recorded a consolidated gold production of 180,553 ounces, down 19.8% year over year.

B2Gold’s Share Price Performance

In the past year, the company’s shares have lost 1.9% against the industry’s growth of 29.1%.

Image Source: Zacks Investment Research

BTG’s Zacks Rank & Stocks to Consider

B2Gold currently has a Zacks Rank #3 (Hold). 

Some better-ranked stocks from the basic materials space are CF Industries Inc. CF, Carpenter Technology Corporation CRS and IAMGOLD Corporation IAG. CF and CRS sport a Zacks Rank #1 (Strong Buy) at present, and IAG carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

CF Industries has an average trailing four-quarter earnings surprise of 10.3%. The Zacks Consensus Estimate for CF’s 2024 earnings is pegged at $6.32 per share. CF’s shares gained 15.8% in the last year.

Carpenter Technology has an average trailing four-quarter earnings surprise of 10%. The Zacks Consensus Estimate for CRS’s fiscal 2025 earnings is pegged at $6.44 per share. The consensus estimate for 2025 earnings has moved 6% north in the past 60 days. Its shares rose 164.9% in the last year.

IAMGOLD has an average trailing four-quarter earnings surprise of 203.1%. The Zacks Consensus Estimate for IAG’s 2024 earnings is pegged at 56 cents per share. The consensus estimate for 2024 earnings has moved 24% north in the past 60 days. Its shares skyrocketed 127.5% in the last year.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

CF Industries Holdings, Inc. (CF) : Free Stock Analysis Report

Carpenter Technology Corporation (CRS) : Free Stock Analysis Report

Iamgold Corporation (IAG) : Free Stock Analysis Report

B2Gold Corp (BTG) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research