The company's consolidated production for Q2 was 208,858oz, which took first half production to 405,331oz.
"BTO delivered above the H1/22 guidance midpoint and is well positioned on an accentuated back-end loaded year, tracking ~42% of the FY22G midpoint 975,000oz," National Bank of Canada Financial Markets analyst Don DeMarco said.
The Q2 production was roughly in line with forecasts from NBF and BMO Capital Markets, while it beat Canaccord Genuity Capital Markets' forecast by 8%.
BMO analyst Brian Quast noted that the H2 weighted production estimate should have a positive impact on operating costs.
"Cash costs are expected to decrease to $490-$530/oz in H2/22, down from $750-$800/oz in H1/22," he said.
"Also, AISCs are expected to be $820-$860/oz in H2/22 down from $1,250-$1,290/oz in H1/22," he said.
CG's Carey MacRury said, "We currently forecast 2022 production at 968,000oz at cash costs of $611/oz".
B2Gold reported production from the Masbate mine at 54,375oz, which was 2% ahead of budget, and took H2 production to 114,139oz—which is 6% ahead of budget.
Full year guidance for the mine has now been lifted to 215,000-225,000oz, up from 205,215oz.
The Otjikoto mine, meanwhile, produced 6% below budget in Q2 with 31,417oz, taking H2 production to 66,478oz, and guidance was lowered to 165,000-175,000oz from 175,000-185,000oz.
"The lower than budgeted gold production in the second quarter of 2022 was due to a slower than planned ramp-up in development of the Wolfshag Underground mine, resulting in lower than budgeted mined grade," the company said.
B2Gold's share price on July 14 was C$4.21 (US$3.21). The company has a market capitalization of C$1.06 billion.
