BTO has struggled in the last year down nearly 32%. Forward price-to-earnings is now very cheap at 10x. Q4 gold production of 288,665 ounces and full-year 2023 gold production of 1.06M ounces came in at the upper half of the company's guidance. Q4 gold revenue came in at $512M beating estimates, and full year gold revenue was $1.93B. 2024 guidance called for decreased production from 2023 due to lower production at the Fekola complex as a result of the delay in receiving an exploitation license for Fekola Regional from the government of Mali. Total construction capital estimate for the Goose project was also revised upwards. Markets did not like either of the developments for 2024 guidance which has caused the share prices to drop. BTO will likely feel the effects of lower production and increased construction costs in 2024. It may flatline for a while, but could do better if it hits new production targets.
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