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B2Gold Reports Strong Q4 and Full Year 2023 Results; Achieved 2023 Total Gold Production and Consolidated Cost Guidance; Q1 2024 Dividend of US$0.04 per Share Declared

by ahnationtalk on February 22, 202432 Views

VANCOUVER, British Columbia, Feb. 21, 2024– B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announces its operational and financial results for the fourth quarter and full year 2023. The Company previously released its gold production and gold revenue results for the fourth quarter and full year 2023. All dollar figures are in United States dollars unless otherwise indicated.

2023 Fourth Quarter and Full Year Highlights

  • Total gold production of 288,665 ounces in Q4 2023 : Total gold production in the fourth quarter of 2023 was 288,665 ounces, including 18,054 ounces of attributable production from Calibre Mining Corp. (“Calibre”). The Fekola, Masbate and Otjikoto mines all exceeded their expected production in the fourth quarter, with Otjikoto achieving record quarterly production of 81,111 ounces.
  • Total consolidated cash operating costs of $633 per gold ounce produced in Q4 2023 : Total consolidated cash operating costs (see “Non-IFRS Measures” ) (including estimated attributable results for Calibre) of $633 per gold ounce produced and consolidated cash operating costs from the Company’s three operating mines of $611 per gold ounce produced.
  • Total consolidated all-in sustaining costs of $1,257 per gold ounce sold in Q4 2023 : Total consolidated all-in sustaining costs (see “ Non-IFRS Measures ”) (including estimated attributable results for Calibre) of $1,257 per gold ounce sold and consolidated all-in sustaining costs from the Company’s three operating mines of $1,264 per gold ounce sold.
  • Achieved upper half of 2023 annual gold production guidance : Record annual total gold production of 1,061,060 ounces (including 68,717 attributable ounces from Calibre) for 2023, achieving the upper half of the annual guidance range of between 1,000,000 and 1,080,000 ounces, and marking the Company’s eighth consecutive year of meeting or exceeding annual production guidance.
  • Below 2023 total consolidated cash operating cost guidance and achieved low end of 2023 all-in sustaining cost guidance range : Total consolidated cash operating costs for 2023 of $654 per gold ounce produced, well below the annual guidance range of between $670 and $730 per gold ounce primarily as a result of lower than expected fuel costs and a weaker Namibian dollar. Total consolidated all-in sustaining costs for 2023 of $1,201 per gold ounce sold, near the low end of the annual guidance range of between $1,195 and $1,255 per gold ounce.
  • Attributable net loss of $0.09 per share in Q4 2023; Adjusted attributable net income of $0.07 per share in Q4 2023 : Net loss attributable to the shareholders of the Company of $113 million ($0.09 per share); adjusted net income (see “ Non-IFRS Measures ”) attributable to the shareholders of the Company of $91 million ($0.07 per share). For 2023, net income attributable to the shareholders of the Company of $10 million ($0.01 per share) and adjusted net income (see “ Non-IFRS Measures ”) attributable to the shareholders of the Company of $347 million ($0.28 per share).
  • Operating cash flow before working capital adjustments of $221 million in Q4 2023 : Cash flow provided by operating activities before working capital adjustments was $221 million in the fourth quarter of 2023. Cash flow provided by operating activities before working capital adjustments was $834 million for the year ended December 31, 2023.
  • Strong financial position and liquidity : At December 31, 2023, the Company had cash and cash equivalents of $307 million and working capital (defined as current assets less current liabilities) of $397 million.
  • Construction at the Goose Project continues to progress on track, with the project remaining on schedule for first gold pour in the first quarter of 2025: Concrete and steel works in the mill area to date continue to progress ahead of schedule. Exterior cladding of the mill building and truck shop is complete, and cladding of the power house will start in the first quarter of 2024. Additionally, the ball mill will be set in place in the first quarter of 2024, approximately four months ahead of schedule. Following the successful completion of the 2023 sealift, construction of the 2024 winter ice road (“WIR”) is being finalized and scheduled to be fully operational by February 23, 2024, transporting all required materials from the Marine Laydown Area (“MLA”) to the Goose Project site by the end of April 2024.
  • Preliminary Economic Assessment (“PEA”) underway on the Gramalote Project with completion expected by the end of the second quarter of 2024 : In 2023, B2Gold entered into a purchase agreement with AngloGold Ashanti Limited (“AngloGold”) to acquire AngloGold’s 50% interest in the Gramalote Project located in the Department of Antioquia, Colombia. B2Gold now owns 100% of the Gramalote Project. In 2023, the Company completed a detailed review of the Gramalote Project, including the facility size and location, power supply, mining and processing options, tailings design, resettlement, potential construction sequencing, and camp design to identify potential cost savings to develop a smaller scale project. A formal study commenced in the fourth quarter of 2023, with the goal of completing a PEA by the end of the second quarter of 2024.
  • Subsequent to year-end 2023, announced positive exploration drilling results from the Antelope deposit at the Otjikoto Mine in Namibia: On January 31, 2024, the Company announced positive exploration drilling results from the Antelope deposit, located approximately 3 kilometers (“km”) south of the Otjikoto Phase 5 open pit. The Antelope deposit has the potential to be developed as an underground mining operation, which could complement the expected processing of low-grade stockpiles at the Otjikoto mill from 2026 through 2031.
  • Subsequent to year-end 2023, received an upfront payment of $500 million, to further enhance financial flexibility and provide additional cash liquidity: In January 2024, B2Gold entered into a series of prepaid gold sales (the “Gold Prepay”) with a number of existing lenders to further enhance financial flexibility and provide additional cash liquidity at attractive terms as the Company continues to fund sustaining, development, and growth projects across the operating portfolio, and increase financial capacity for potential growth projects in Namibia and Colombia. The Company received an upfront payment of $500 million, based on gold forward curve prices averaging approximately $2,191 per ounce, in exchange for equal monthly deliveries of gold from July 2025 to June 2026 totaling 264,775 ounces, representing approximately 10% of expected annual gold production in each of 2025 and 2026 (subject to finalization of production guidance for 2025 and 2026). Gold deliveries can be from production from any of the Company’s operating mines and the Gold Prepay can be settled prior to maturity through accelerated delivery of the remaining deliverable gold ounces.
  • Q1 2024 dividend of $0.04 per share declared: On February 21, 2024, B2Gold’s Board of Directors declared a cash dividend for the first quarter of 2024 of $0.04 per common share (or an expected $0.16 per share on an annualized basis), payable on March 20, 2024, to shareholders of record as of March 7, 2024.
  • B2Gold consolidated gold production expected to increase to record levels in 2025: Based on current estimates, consolidated gold production is expected to be between 1,130,000 and 1,260,000 ounces in 2025, driven by a significant increase in gold production from the Fekola Complex, relative to 2024, as a result of the scheduled mining and processing of higher-grade ore from the Fekola and Cardinal pits made accessible by the meaningful stripping campaign that will be undertake throughout 2024, a full year contribution of higher-grade ore from Fekola Regional, and commencement of mining the higher-grade Fekola underground (subject to receipt of necessary permits for Fekola Regional and Fekola underground). In addition, the Goose Project is expected to commence gold production in the first quarter of 2025 and contribute between 220,000 and 260,000 ounces of gold production in calendar year 2025.

Update on Off-Site Attack in Mali

On February 15, 2024, the Company reported three fatalities from an off-site armed attack in Mali. Traveling on the national highway under Malian gendarme escort, a bus transporting B2Gold employees from the Fekola Mine to Bamako was involved in an incident when it was attacked approximately 75 km west of Bamako. This tragic event was the result of an armed attack on the employee transport convoy, which included Malian gendarmerie vehicles in front and in the rear of the transport convoy. Unfortunately, as of February 21, 2024, B2Gold deeply regrets to report that a fourth employee has passed away as a result of injuries sustained in the attack. Three employees remain in intensive care and are being treated for their injuries in Bamako. All B2Gold employees traveling on the bus have now been accounted for. B2Gold wishes to express its deepest condolences to the families of the deceased employees and extends its best wishes for a full recovery to all those employees who were injured in the attack.

The attack occurred over 300 km northeast of the Fekola Mine site, along a transport route that has been the focus of increased security presence by the Malian armed forces. Mining and processing activities at the Fekola Mine were not impacted by this incident. The Company is actively engaged with the Malian government on a full investigation into the cause of the attack, and on further improvements to security along the national highway.

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