VANCOUVER, BC, May 3, 2022
/CNW/ - B2Gold Corp. (TSX: BTO) (NYSE: BTG) (NSX:
B2G) ("B2Gold" or the "Company") is pleased to announce its
operational and financial results for the first quarter of 2022.
The Company previously released its gold production and gold
revenue results for the first quarter of 2022. All dollar figures
are in United States dollars
unless otherwise indicated.
2022 First Quarter Highlights
- Total gold production of 209,365 ounces (including 12,892
ounces of attributable production from Calibre Mining Corp.
("Calibre")), 5% (9,760 ounces) above budget, and consolidated gold
production of 196,473 ounces from the Company's three operating
mines, 4% (8,431 ounces) above budget, with solid performances from
all the Company's three mines, with each mine exceeding its
budgeted production for the first quarter of 2022
- Consolidated gold revenue was $366
million on sales of 195,100 ounces at an average realized
price of $1,874 per ounce
- Total consolidated cash operating costs (see "Non-IFRS
Measures") of $699 per ounce
produced, well-below budget by $94
per ounce produced (12%), and total consolidated all-in sustaining
costs ("AISC") (see "Non-IFRS Measures") of $1,036 per ounce sold, significantly below budget
by $318 per ounce sold (23%)
(including estimated attributable results for Calibre)
- Cash flow provided by operating activities before changes in
non-cash working capital was $152
million ($0.14 per share)
compared to $171 million
($0.16 per share) in the first
quarter of 2021; cash flow provided by operating activities after
changes in non-cash working capital was $107
million ($0.10 per share)
compared to $146 million
($0.14 per share) in the first
quarter of 2021
- Net income attributable to the shareholders of the Company of
$81 million ($0.08 per share); adjusted net income (see
"Non-IFRS Measures") attributable to the shareholders of the
Company of $65 million ($0.06 per share)
- For 2022, B2Gold remains well positioned for continued strong
operational and financial performance with total gold production
guidance of between 990,000 - 1,050,000 ounces (including 40,000 -
50,000 attributable ounces projected from Calibre) with total
consolidated cash operating costs forecast to be between
$620 - $660 per ounce and total consolidated AISC
forecast to be between $1,010 -
$1,050 per ounce
- The Company announced an updated and significantly increased
Mineral Resource estimate for the Anaconda area, comprised of the Menankoto
permit and the Bantako North permit, located approximately 20
kilometres from the Fekola Mine; preliminary planning has
demonstrated that a pit situated on the Anaconda area could provide saprolite
(weathered) material to be trucked to and fed into the Fekola mill
commencing as early as late 2022, subject to obtaining all
necessary permits and completion of a final mine plan, with the
potential to add an average of approximately 80,000 to 100,000
ounces per year to the Fekola mill's annual gold production
- In April 2022, the Company
acquired the Bakolobi permit in Mali from a local Malian company; covers a 100
km2 area contiguous to both the Medinandi permit (Fekola
Mine) and the Menankoto permit
- B2Gold's Namibian subsidiary was recognized by the Namibian
Revenue Agency as the highest revenue contributor among "Overall
Top Contributors" in calendar year 2021
2022 First Quarter Operational Results
Total gold production in the first quarter of 2022 was 209,365
ounces (including 12,892 ounces of attributable production from
Calibre), above budget by 5% (9,760 ounces), and consolidated gold
production from the Company's three operating mines was 196,473
ounces, above budget by 4% (8,431 ounces), with solid performances
from the Company's three mines, with each mine exceeding its
budgeted production for the first quarter of 2022 (see "Operations"
section below). Due to the timing of higher-grade ore mining,
consolidated gold production from the Company's three operating
mines is expected to be significantly weighted to the second half
of 2022. As expected, compared to the first quarter of 2021, total
consolidated gold production was lower by 5% (11,279 ounces), due
to the planned significant waste stripping campaign and lower mined
ore tonnage at the Fekola Mine in the first quarter of 2022, as
Phase 6 of the Fekola Pit continues to be developed in the first
half of 2022.
For the first quarter of 2022, total consolidated cash operating
costs (including estimated attributable results for Calibre) were
$699 per ounce produced ($656 per ounce sold), well-below budget by
$94 per ounce produced (12%), and
consolidated cash operating costs from the Company's three
operating mines were $676 per ounce
produced ($630 per ounce sold),
well-below budget by $103 per ounce
produced (13%). These favourable budget variances were attributable
to higher than budgeted gold production, lower than budgeted
stripping costs and lower than budgeted realized fuel prices at the
Fekola Mine, which were partially offset by higher than budgeted
fuel prices at the Masbate and Otjikoto mines. As expected, total
consolidated cash operating costs were higher in the first quarter
of 2022 compared to $609 per ounce
produced ($582 per ounce sold) in the
first quarter of 2021, and consolidated cash operating costs were
higher in the first quarter of 2022 compared to $581 per ounce produced ($552 per ounce sold) in the first quarter of
2021, mainly as a result of the planned lower gold production and
higher costs for fuel and other consumables.
For the first quarter of 2022, total consolidated AISC
(including estimated attributable results for Calibre) were
$1,036 per ounce sold (Q1 2021 -
$932 per ounce sold), significantly
below budget by $318 per ounce sold
(23%), and consolidated AISC from the Company's three operating
mines were $1,028 per ounce sold (Q1
2021 - $919 per ounce sold),
significantly below budget by $339
per ounce (25%). These favourable budget variances were
attributable to lower than budgeted cash operating costs, higher
than budgeted gold ounces sold and lower than budgeted sustaining
capital expenditures ($33 million),
which is expected to be incurred later in 2022.
For full-year 2022, the Company's total gold production is
forecast to be between 990,000 and 1,050,000 ounces (including
40,000 and 50,000 attributable ounces projected from Calibre), with
total consolidated cash operating costs forecast to be between
$620 and $660 per ounce and total consolidated AISC
forecast to be between $1,010 and
$1,050 per ounce. Notwithstanding the
ongoing sanctions on Mali
announced by the Economic Community of West African States
("ECOWAS") on January 9, 2022,
including closure of a number of the borders with Mali, the Fekola Mine continues to operate at
full capacity and the Company expects to meet its 2022 production
guidance for the Fekola Mine. Due to the timing of high-grade ore
mining, consolidated gold production from the Company's three
operating mines is expected to be significantly weighted to the
second half of 2022; for the first half of 2022, consolidated gold
production is forecast to be between 390,000 and 410,000 ounces,
which is expected to increase significantly to between 560,000 and
590,000 ounces during the second half of 2022. Based mainly on the
weighting of production and timing of stripping, consolidated
guidance ranges for cash operating costs are expected to be between
$760 and $800 per ounce in the first half of 2022, before
significantly improving to between $490 and $530 per
ounce during the second half of 2022. In addition, consolidated
guidance ranges for AISC are expected to be between $1,250 and $1,290
per ounce in the first half of 2022 before significantly improving
to between $820 and $860 per ounce during the second half of
2022.
As previously disclosed, the Company's operations continue to be
impacted by global cost inflation. However, despite these ongoing
cost pressures, the draw downs of existing inventories, proactive
management and the revised sequencing of some capital costs means
that consolidated cash operating costs and AISC in the first
quarter of 2022 were lower than budget. The Company will continue
to closely monitor the levels of cost inflation over the remainder
of 2022. B2Gold's projects and operations continue to target
long-term cash flow and value at industry leading costs per ounce
of gold produced.
2022 First Quarter Financial Results
For the first quarter of 2022, consolidated gold revenue was
$366 million on sales of 195,100
ounces at an average realized gold price of $1,874 per ounce, compared to $362 million on sales of 202,330 ounces at an
average realized gold price of $1,791
per ounce in the first quarter of 2021. The slight increase in gold
revenue of 1% ($4 million) was 5%
attributable to the increase in the average realized gold price,
offset by a 4% impact from the decrease in gold ounces sold (mainly
due to the lower gold production).
For the first quarter of 2022, cash flow provided by operating
activities before changes in non-cash working capital was
$152 million ($0.14 per share) compared to $171 million ($0.16
per share) in the first quarter of 2021; cash flow provided by
operating activities after changes in non-cash working capital was
$107 million ($0.10 per share) compared to $146 million ($0.14
per share) in the first quarter of 2021. Cash flow provided by
operating activities after changes in non-cash working capital
decreased by $39 million compared to
the first quarter of 2021, mainly due to higher production costs of
$11 million and higher non-cash
working capital outflows in the first quarter of 2022, most
significantly for current income taxes and the timing of
value-added tax receivables ("VAT"). Cash income tax payments in
the first quarter of 2022 totaled $59
million (Q1 2021 - $21
million), including approximately $15
million related to 2021 outstanding tax liability
obligations.
Based on current assumptions, the Company expects to generate
consolidated cashflows from operating activities of approximately
$625 million for full-year 2022,
expected to be significantly weighted to the second half of 2022.
The benefit of higher gold prices realized in the first quarter of
2022 is expected to be offset by the impacts of cost inflation and
delays in the recovery of VAT receivables. In addition, based on
current assumptions, the Company is forecasting to make total cash
income and withholding tax payments (including priority dividend
payments) for full-year 2022 of approximately $290 million.
Net income for the first quarter of 2022 was $91 million compared to $99 million for the first quarter of 2021. Net
income attributable to the shareholders of the Company was
$81 million ($0.08 per share) compared to $92 million ($0.09
per share) for the first quarter of 2021. Adjusted net income
attributable to the shareholders of the Company (see "Non-IFRS
Measures") was $65 million
($0.06 per share) compared to
adjusted net income of $97 million
($0.09 per share) for the first
quarter of 2021.
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and
liquidity. At March 31, 2022, the
Company had cash and cash equivalents of $649 million (December 31,
2021 - $673 million) and
working capital (defined as current assets less assets classified
as held for sale and current liabilities) of $843 million (December 31,
2021 - $802 million). In
addition, the Company's $600 million
Revolving Credit Facility ("RCF") remains fully undrawn and
available.
On February 22, 2022, B2Gold's
Board of Directors declared a cash dividend for the first quarter
of 2022 of $0.04 per common share (or
an expected $0.16 per share on an
annualized basis), paid on March 17,
2022 to shareholders of record as of March 9, 2022.
Due to the Company's strong net positive cash position, strong
operating results and the current higher gold price environment,
B2Gold's quarterly dividend rate is expected to be maintained at
$0.04 per common share (or an
annualized rate of $0.16 per common
share), one of the highest dividend yields in the gold sector. The
declaration and payment of future quarterly dividends remains at
the discretion of the Board and will depend on the Company's
financial results, cash requirements, future prospects and other
factors deemed relevant by the Board.
Operations
Mine-by-mine gold production in the first quarter of 2022
(including the Company's estimated 25% attributable share of
Calibre's production) was as follows:
Mine
|
Q1
2022
Gold
Production
(ounces)
|
First-Half
2022
Forecast
Gold
Production
(ounces)
|
Second-Half 2022
Forecast
Gold
Production
(ounces)
|
Full-year 2022
Forecast
Gold
Production
(ounces)
|
Fekola
|
101,648
|
220,000 -
230,000
|
350,000 -
370,000
|
570,000 -
600,000
|
Masbate
|
59,764
|
105,000 -
110,000
|
100,000 -
105,000
|
205,000 -
215,000
|
Otjikoto
|
35,061
|
65,000 -
70,000
|
110,000 -
115,000
|
175,000 -
185,000
|
B2Gold
Consolidated (1)
|
196,473
|
390,000
–410,000
|
560,000 –
590,000
|
950,000 –
1,000,000
|
|
|
|
|
|
Equity interest
in
Calibre (2)
|
12,892
|
20,000 -
25,000
|
20,000 -
25,000
|
40,000 -
50,000
|
|
|
|
|
|
Total
|
209,365
|
410,000 –
435,000
|
580,000 –
615,000
|
990,000 –
1,050,000
|
(1)
|
"B2Gold
Consolidated" - gold production is presented on a 100% basis, as
B2Gold fully consolidates the results of its Fekola, Masbate and
Otjikoto mines in its consolidated financial statements (even
though it does not own 100% of these
operations).
|
(2)
|
"Equity interest in
Calibre" - represents the Company's approximate 25% indirect share
of Calibre's operations. B2Gold applies the equity method of
accounting for its 25% ownership interest in
Calibre.
|
Mine-by-mine cash operating costs per ounce (on a per ounce of
gold produced basis) in the first quarter of 2022 were as
follows (presented on a 100% basis):
Mine
|
Q1
2022
Cash Operating
Costs
($ per ounce
produced)
|
First-Half
2022
Forecast
Cash Operating
Costs
($ per ounce
produced)
|
Second-Half
2022
Forecast
Cash Operating
Costs
($ per ounce
produced)
|
Full-year 2022
Forecast
Cash Operating
Costs
($ per ounce
produced)
|
Fekola
|
$624
|
$720 - $760
|
$380 - $420
|
$510 - $550
|
Masbate
|
$710
|
$730 - $770
|
$760 - $800
|
$740 - $780
|
Otjikoto
|
$770
|
$960 -
$1,000
|
$620 - $660
|
$740 - $780
|
B2Gold
Consolidated
|
$676
|
$760 -
$800
|
$490 -
$530
|
$600 -
$640
|
|
|
|
|
|
Equity interest
in
Calibre (1)
|
$1,054
|
$970 -
$1,070
|
$970 -
$1,070
|
$970 -
$1,070
|
|
|
|
|
|
Total
|
$699
|
$780 -
$820
|
$510 -
$550
|
$620 -
$660
|
(1) Calibre's 2022
forecast cash operating costs are assumed to be consistent
throughout 2022.
|
Mine-by-mine cash operating costs per ounce (on a per ounce of
gold sold basis) in the first quarter of 2022 were as follows
(presented on a 100% basis):
Mine
|
Q1
2022
Cash Operating
Costs
($ per ounce
sold)
|
First-Half
2022
Forecast
Cash Operating
Costs
($ per ounce
sold)
|
Second-Half
2022
Forecast
Cash Operating
Costs
($ per ounce
sold)
|
Full-year 2022
Forecast
Cash Operating
Costs
($ per ounce
sold)
|
Fekola
|
$583
|
$720 - $760
|
$380 - $420
|
$510 - $550
|
Masbate
|
$785
|
$730 - $770
|
$760 - $800
|
$740 - $780
|
Otjikoto
|
$590
|
$960 -
$1,000
|
$620 - $660
|
$740 - $780
|
B2Gold
Consolidated
|
$630
|
$760 -
$800
|
$490 -
$530
|
$600 -
$640
|
|
|
|
|
|
Equity interest
in
Calibre (1)
|
$1,047
|
$970 -
$1,070
|
$970 -
$1,070
|
$970 -
$1,070
|
|
|
|
|
|
Total
|
$656
|
$780 -
$820
|
$510 -
$550
|
$620 -
$660
|
(1) Calibre's 2022
forecast cash operating costs are assumed to be consistent
throughout 2022.
|
Mine-by-mine AISC (on a per ounce of gold sold basis) in the
first quarter of 2022 were as follows (presented on a 100%
basis):
Mine
|
Q1
2022
Forecast
AISC
($ per ounce
sold)
|
First-Half
2022
Forecast
AISC
($ per ounce
sold)
|
Second-Half
2022
Forecast
AISC
($ per ounce
sold)
|
Full-year 2022
Forecast
AISC
($ per ounce
sold)
|
Fekola
|
$987
|
$1,140 -
$1,180
|
$660 - $700
|
$840 - $880
|
Masbate
|
$1,022
|
$1,120 -
$1,160
|
$1,020 -
$1,060
|
$1,070 -
$1,110
|
Otjikoto
|
$878
|
$1,460 -
$1,500
|
$930 - $970
|
$1,120 -
$1,160
|
B2Gold
Consolidated
|
$1,028
|
$1,250 -
$1,290
|
$820 -
$860
|
$1,000 -
$1,040
|
|
|
|
|
|
Equity interest
in
Calibre (1)
|
$1,155
|
$1,100 -
$1,200
|
$1,100 -
$1,200
|
$1,100 -
$1,200
|
|
|
|
|
|
Total
|
$1,036
|
$1,240 -
$1,280
|
$830 -
$870
|
$1,010 -
$1,050
|
(1) Calibre's 2022
forecast AISC are assumed to be consistent throughout 2022.
|
Fekola Gold Mine - Mali
The Fekola Mine in Mali had a
successful start to the year with first quarter of 2022 gold
production of 101,648 ounces, slightly above budget by 1% (917
ounces), as higher than budgeted processed grade (6%) offset lower
than budgeted processed tonnes (5%) based on a reduction in
saprolite processed. As a precautionary measure to hedge against
potential supply chain problems arising from ECOWAS sanctions, the
Fekola Mine proactively prioritized the processing of high-grade
fresh ore to reduce reagent consumption and ensure that sufficient
reagents remained available to process higher-grade ore to meet
budgeted gold production (which resulted in lower than budgeted
throughput for the first quarter of 2022). Although the sanctions
continue, the situation has normalized as regular imports of
reagents were received by Fekola in February and March 2022. As a result, saprolite ore was
reintroduced back into the Fekola mill feed blend at the end of
February 2022, and the processing of
saprolite ore resumed as planned and is ongoing. Fekola's gold
production is expected to be significantly weighted to the second
half of 2022 when mining reaches the higher-grade portion of Phase
6 of the Fekola Pit and Cardinal operations are at full capacity.
As expected, compared to the first quarter of 2021, Fekola's gold
production was lower by 19% (23,440 ounces), due to planned
significant waste stripping and lower mined ore tonnage, as Phase 6
of the Fekola Pit continues to be developed in the first half of
2022.
For the first quarter of 2022, mill feed grade was 1.54 grams
per tonne ("g/t") compared to budget of 1.45 g/t and 1.99 g/t in
the first quarter of 2021; mill throughput was 2.20 million tonnes
compared to budget of 2.31 million tonnes and 2.07 million tonnes
in the first quarter of 2021; and gold recovery averaged 93.3%
compared to budget of 93.5% and 94.4% in the first quarter of 2021.
For the first quarter of 2022, as described above, processed grade
was above budget while processed tonnes were below budget mainly
due to the brief temporary suspension of processing saprolite ore,
offset by the processing of higher-grade ore, in January and
February 2022. Processed grade was
lower compared to the first quarter of 2021 due to the planned
significant waste stripping campaign in the first quarter of 2022.
For the first quarter of 2022, Fekola's cash operating costs
were $624 per ounce produced
($583 per ounce sold), significantly
below budget by $157 per ounce
produced (20%), mainly as a result of lower than budgeted mining,
processing and site general costs. These favourable cost variances
were mainly attributable to lower than budgeted fuel prices
realized in the first quarter of 2022 (as fuel prices are set in
advance by the State and therefore subject to timing delays between
market fuel price increases and those experienced at the Fekola
Mine) and below budgeted volumes of fuel and other consumables
utilized due to lower overall tonnes mined and processed compared
to budget. Mined tonnes were lower than budget due to a temporary
change in mine sequencing to accommodate the temporary change in
saprolite processing as discussed above. Over 20% of the power
generated in first quarter of 2022 was solar, resulting in over 3.5
million litres of fuel savings and a reduction of over 11,000
tonnes of carbon emissions in the first quarter of 2022. As
expected, Fekola's cash operating costs were higher in the first
quarter of 2022 compared to $503 per
ounce produced ($479 per ounce sold)
in the first quarter of 2021, mainly as a result of the planned
lower gold production, higher fuel and other consumable costs and
increased mining costs from operating deeper in the Fekola Pit.
Fekola's AISC for the first quarter of 2022 were $987 per ounce sold (Q1 2021 - $770 per ounce sold), significantly below budget
by $342 per ounce sold (26%), mainly
attributable to the lower than budgeted cash operating costs,
higher than budgeted gold ounces sold and lower sustaining capital
expenditures ($14 million, mainly due
to the timing of pre-stripping). The lower than budgeted sustaining
capital expenditures were primarily a result of timing of
pre-stripping and are expected to be incurred later in 2022.
Capital expenditures for the first quarter of 2022 totaled
$28 million, primarily consisting of
$14 million for pre-stripping,
$6 million for mobile equipment for
the Cardinal Zone, $4 million for
mobile equipment purchases and rebuilds for Fekola and $4 million for the tailings storage facility dam
raise.
On February 2, 2022, the
Company announced an updated Mineral Resource estimate for the
Cardinal Zone, adjacent to the Fekola Mine. The updated
resource included a significantly increased Mineral Resource
estimate for Cardinal Zone as at December
31, 2021 with an initial Indicated Mineral Resource estimate
of 8,000,000 tonnes at 1.67 g/t gold for 430,000 ounces of gold,
and an updated Inferred Mineral Resource estimate of 19,000,000
tonnes at 1.21 g/t gold for 740,000 ounces of gold, constrained
within a conceptual pit run at US$1,800 per ounce gold. Approximately 50,000
ounces has been budgeted to be produced from the Cardinal Zone in
2022 and included in Fekola's 2022 production guidance. Based on
engineering studies completed to date, the Cardinal Zone has the
potential to add an average of approximately 60,000 ounces per year
over the next 6 to 8 years to Fekola's annual gold production.
The low-cost Fekola Mine is expected to produce between 570,000
and 600,000 ounces of gold in 2022 at cash operating costs of
between $510 and $550 per ounce and AISC of between $840 and $880 per
ounce. For the first half of 2022, Fekola's gold production is
expected to be between 220,000 and 230,000 ounces, which is
expected to increase significantly to between 350,000 and 370,000
ounces during the second half of 2022. Based mainly on the
weighting of production and timing of pre-stripping, Fekola's cash
operating costs are expected to be between $720 and $760 per
ounce in the first half of 2022, before significantly improving to
between $380 and $420 per ounce during the second half of 2022. In
addition, Fekola's AISC are expected to be between
$1,140 and $1,180 per ounce in the first half of 2022,
before significantly improving to between $660 and $700 per
ounce during the second half of 2022.
Masbate Gold Mine – The
Philippines
The Masbate Mine in the
Philippines had a strong start to the year with first
quarter of 2022 gold production of 59,764 ounces, above budget by
11% (5,711 ounces) and 4% (2,251 ounces) higher compared
to the first quarter of 2021, mainly due to higher processed grade.
For the first quarter of 2022, mill feed grade was 1.19 g/t
compared to budget of 1.09 g/t and 1.10 g/t in the first quarter of
2021; mill throughput was 2.01 million tonnes compared to budget of
1.93 million tonnes and 1.95 million tonnes in the first quarter of
2021; and gold recovery averaged 78.0% compared to budget of 79.7%
and 83.6% in the first quarter of 2021. Processed grade was above
budget in the first quarter of 2022 due to mining additional
(unbudgeted) higher-grade areas identified within the planned
mining areas. In addition, mine haulage optimizations related to
the expansion of the tailings facility resulted in shorter than
planned hauls of waste and increased mining rates and contributed
to the above budgeted mined high-grade ore tonnage in the first
quarter of 2022. Compared to the first quarter of 2021, gold
recoveries were lower as a result of processing a higher proportion
of fresh rock ore in the first quarter of 2022.
For the first quarter of 2022, Masbate's cash operating costs
were $710 per ounce produced
($785 per ounce sold), well-below
budget by $51 per ounce produced
(7%), mainly the result of higher gold production partially offset
by higher than budgeted diesel and HFO costs. As expected,
Masbate's cash operating costs were higher in the first quarter of
2022 compared to $608 per ounce
produced ($578 per ounce sold) in the
first quarter of 2021, mainly as a result of higher fuel and other
consumable costs.
Masbate's AISC for the first quarter of 2022 were $1,022 per ounce sold (Q1 2021 - $818 per ounce sold), significantly below budget
by $212 per ounce sold (17%), mainly
as a result of lower than budgeted sustaining capital expenditures
($14 million) partially offset by
lower than budgeted gold sales. The lower than budgeted sustaining
capital expenditures were primarily a result of timing of
expenditures and are expected to be incurred later in 2022.
Capital expenditures for the first quarter of 2022 totaled
$6 million, including $2 million for mobile equipment purchases and
rebuilds and $2 million for tailings
storage facility projects and other processing related capital.
The Masbate Mine is expected to produce between 205,000 and
215,000 ounces of gold in 2022, with cash operating costs of
between $740 and $780 per ounce and AISC of between $1,070 and $1,110
per ounce. Masbate's gold production is scheduled to be relatively
consistent throughout 2022.
Otjikoto Gold Mine - Namibia
The Otjikoto Mine in Namibia
performed well during the first quarter of 2022, producing 35,061
ounces of gold, 5% (1,803 ounces) above budget, with processed
tonnes, grade and recoveries all slightly better than budget. As a
result of the timing of higher-grade ore mining, Otjikoto's gold
production is expected to be significantly weighted to the second
half of 2022 when mining is scheduled to reach the higher-grade
portions of Phase 3 of the Otjikoto Pit and ore production ramps up
at the Wolfshag underground mine. As expected, compared to the
first quarter of 2021, gold production was significantly higher by
52% (12,019 ounces), as processed ore in the first quarter of 2021
was primarily sourced from existing stockpiles while significant
waste stripping operations continued at both the Wolfshag and
Otjikoto pits.
For the first quarter of 2022, mill feed grade was 1.31 g/t
compared to budget of 1.26 g/t and 0.82 g/t in the first quarter of
2021; mill throughput was 0.85 million tonnes compared to budget of
0.84 million tonnes and 0.89 million tonnes in the first quarter of
2021; and gold recovery averaged 98.5% compared to budget of 98.0%
and 97.6% in the first quarter of 2021.
For the first quarter of 2022, Otjikoto's cash operating costs
were $770 per ounce produced
($590 per ounce sold), below budget
by $35 per ounce produced (4%),
mainly the result of higher gold production as discussed above.
Otjikoto's cash operating costs were slightly lower than budget for
the first quarter of 2022 as higher than budgeted realized fuel
prices were offset by an average weaker than budgeted Namibian
dollar in the quarter. As expected, Otjikoto's cash operating costs
were significantly lower in the first quarter of 2022 compared to
$940 per ounce produced ($823 per ounce sold) in the first quarter of
2021, mainly as a result of higher gold production.
Otjikoto's AISC for the first quarter of 2022 were $878 per ounce sold (Q1 2021 - $1,475 per ounce sold), significantly below
budget by $457 per ounce sold (34%),
mainly due to lower than budgeted cash operating costs, higher than
budgeted gold ounces sold and lower than budgeted sustaining
capital expenditures ($5 million).
The lower than budgeted sustaining capital expenditures were
primarily a result of timing and are expected to be incurred later
in 2022.
Capital expenditures for the first quarter of 2022 totaled
$16 million, primarily consisting of
$6 million for pre-stripping in the
Otjikoto Pit, $6 million for Wolfshag
underground mine development, $2
million for mobile equipment rebuilds and replacements and
$2 million for the national power
grid connection line.
Development of the Wolfshag underground mine continues to
progress with first development ore production expected to commence
in the first half of 2022. The initial underground Mineral Reserve
estimate for the down-plunge extension of the Wolfshag deposit
includes 210,000 ounces of gold in 1.2 million tonnes of ore at
5.57 g/t gold.
The Otjikoto Mine is expected to produce between 175,000 and
185,000 ounces of gold in 2022, with cash operating costs of
between $740 and $780 per ounce and AISC of between $1,120 and $1,160
per ounce. For the first half of 2022, Otjikoto's gold production
is expected to be between 65,000 and 70,000 ounces, which is
expected to increase significantly to between 110,000 and 115,000
ounces during the second half of 2022. Based mainly on the
weighting of the planned production and timing of pre-stripping,
Otjikoto's cash operating costs are expected to be between
$960 and $1,000 per ounce in the first half of 2022,
before significantly improving to between $620 and $660 per
ounce during the second half of 2022. In addition, Otjikoto's AISC
are expected to be between $1,460 and
$1,500 per ounce in the first half of
2022, before significantly improving to between $930 and $970 per
ounce during the second half of 2022.
Development
Anaconda Area (comprised of the
Menankoto and Bantako North permits) - Mali
On March 23, 2022, the Company
announced an updated and significantly increased Mineral
Resource estimate for the Anaconda area, comprised of the
Menankoto permit and the Bantako North permit, located
approximately 20 kilometres from the Fekola Mine. The updated and
significantly increased Anaconda Mineral Resource estimate (as
at January 11, 2022) constrained within a conceptual pit shell
at a gold price of $1,800 per ounce included an initial
Indicated Mineral Resource estimate of 32,400,000 tonnes at 1.08
g/t gold for a total 1,130,000 ounces of gold, and Inferred Mineral
Resource estimate of 63,700,000 tonnes at 1.12 g/t gold for
2,280,000 ounces of gold. The Mineral Resource estimate included
first time reporting of 1,130,000 ounces of Indicated Mineral
Resources and an increase of 1,510,000 ounces (196% increase) of
Inferred Mineral Resources since the initial Inferred Mineral
Resource estimate in 2017 (21,590,000 tonnes at 1.11 g/t gold, for
767,000 ounces).
In 2022, the Company has budgeted $33
million for development of infrastructure for Phase I
saprolite mining at the Anaconda
area, including road construction. Based on the updated Mineral
Resource estimate and B2Gold's preliminary planning, the Company
has demonstrated that a pit situated on the Anaconda area could provide selective higher
grade saprolite material (average grade of 2.2 g/t) to be trucked
to and fed into the Fekola mill commencing as early as late 2022 at
a rate of 1.5 million tonnes per annum. Subject to obtaining all
necessary permits and completion of a final development plan, the
trucking of selective higher grade saprolite material to the Fekola
mill would increase the ore processed and annual gold production
from the Fekola mill, with the potential to add an average of
approximately 80,000 to 100,000 ounces per year to the Fekola
mill's annual gold production. The plan to truck the selective
higher grade saprolite material is not included in the Company's
2022 production guidance and the Anaconda area Mineral Resources have not been
included in the current Fekola life of mine plan.
Based on the updated Mineral Resource estimate and the 2022
exploration drilling results, the Company has commenced a Phase II
scoping study to review the project economics of constructing a
stand-alone mill near the Anaconda
area. Subject to receipt of a positive Phase II scoping study, the
Company expects that the saprolite material would continue to be
trucked to and fed into the Fekola mill during the construction
period for the Anaconda area
stand-alone mill.
In 2022, the Company is drilling to infill and extend the
saprolite resource area and to follow up on the sulphide
mineralization at the Anaconda
area, including the Mamba and Adder zones, and several other
targets below the saprolite mineralization. The good grade and
width combinations at the Anaconda
area continue to provide a strong indication of the potential for
Fekola-style south plunging bodies of sulphide mineralization,
which remains open down plunge. Four drill rigs are currently
drilling in the Anaconda area.
In April 2022, the Company
acquired the Bakolobi permit in Mali from a local Malian company. The Bakolobi
permit is located between the Menankoto permit, to the North, and
the Fekola Mine's Medinandi permit, wrapping around the latter to
its south-west end, covering an area of 100 km2. The
acquisition of the Bakolobi permit results in the ownership by the
Company of four contiguous exploration and/or exploitation permits
covering 237 km2, extending from the northwestern end of
the Bantako North permit and the North-East of the Menankoto
permit, southwest of the Medinandi permit (Fekola Mine and Cardinal
Zone) to the southeast end of the Bakolobi permit.
Gramalote Project (B2Gold – 50%/AngloGold Ashanti Limited
("AngloGold") – 50%) - Colombia
Following a review of Gramalote's feasibility study work to
date, B2Gold believes that there is strong potential to improve the
economics of the project (economic highlights were previously
released on May 4, 2021 based on the
feasibility study work to date), which could be developed by
revisiting the original Gramalote Project design parameters
included in the existing mining permit (as applied in the Gramalote
Preliminary Economic Assessment in January
2020 and historical AngloGold studies) and further
optimizing project design. Review of the updated Gramalote Ridge
Mineral Resource also shows that further value can be created
through additional drilling of the Inferred portions of the Mineral
Resource area, both within and adjacent to the designed pit.
An updated, revised budget that has been prepared to carry the
Gramalote Project to completion of the feasibility study is
currently under review by B2Gold and AngloGold. The revised budget
will fund ongoing the Gramalote Feasibility Study optimization,
exploration, community support, continued advancement of key social
commitments and compliance with regulatory and Environmental Impact
Assessment requirements. A separate construction budget is expected
to be developed subsequently upon a positive (optimized) Gramalote
Feasibility Study and construction decision.
B2Gold expects that the results of final feasibility study will
be available by the end of the second quarter of 2022 with the full
feasibility study completed by the end of the third quarter of
2022. If the final economics of the feasibility study are positive
and B2Gold and AngloGold make the decision to develop Gramalote as
an open-pit gold mine (decision date now expected by the end of the
third quarter of 2022), B2Gold would utilize its proven internal
mine construction team to build the mine and mill facilities and
operate the mine on behalf of the Gramalote Project.
The Gramalote Project continues to benefit from strong federal
and local government support as well as continuing support from
local communities.
Summary and Outlook
The Company is pleased with its first quarter of 2022
results as outlined in this news release, particularly given the
challenges mining companies are facing around the world. Based on a
strong operational and financial first quarter of 2022, the Company
is on track to meet its annual gold production guidance for 2022
of between 990,000 - 1,050,000 ounces (including 40,000 -
50,000 attributable ounces projected from Calibre) with total
consolidated cash operating costs of between $620 - $660 per
ounce and total consolidated AISC of between $1,010 - $1,050 per
ounce.
Following the receipt of the Menankoto permit in Mali, the Company is expanding the scope of
its exploration activities on the Anaconda area (comprised of the Menankoto
permit and the Bantako North permit) to build on the successful
exploration programs already completed to date. The Company will
continue to follow up on the sulphide mineralization at the Mamba,
Adder and several other targets below the saprolite mineralization
in 2022. In April 2022, the Company
completed the acquisition of the Bakolobi permit from a local
Malian company. The Bakolobi permit is located between the
Menankoto permit, to the North, and the Fekola Mine's Medinandi
permit, wrapping around the latter to its south-west end, covering
an area of 100 km2. The acquisition of the Bakolobi
permit results in the ownership by the Company of four contiguous
exploration and/or exploitation permits covering 237
km2, extending from the northwestern end of the Bantako
North permit and the North-East of the Menankoto permit, southwest
of the Medinandi permit (Fekola Mine and Cardinal Zone) to the
southeast end of the Bakolobi permit.
B2Gold's preliminary planning has demonstrated that a pit
situated on the Anaconda area
could provide saprolite material to be trucked to and fed into the
Fekola mill commencing in late 2022, increasing the ore processed
and annual gold production from the Fekola mill, subject to
obtaining all necessary permits and completion of a final mine
plan. Based on the updated Mineral Resource estimate and the 2022
exploration drilling results, the Company has commenced a Phase II
scoping study to review the project economics of constructing a
stand-alone mill near the Anaconda
area. Subject to receipt of a positive Phase II scoping study, the
Company expects that the saprolite material would continue to be
trucked to and fed into the Fekola mill during the construction
period for the Anaconda area
stand-alone mill. The potential to truck material from the
Anaconda Area in late 2022 is
currently being developed and is not included in Fekola's 2022
production guidance or the current Fekola life of mine plan.
The Company also continues to advance its other development
project, with work continuing on the Gramalote Project and the
completion of the final Gramalote feasibility study. Results from
the Gramalote feasibility study are expected to be available by the
end of the second quarter of 2022 with the full feasibility study
completed by the end of the third quarter of 2022. If the final
economics of the feasibility study are positive and B2Gold and
AngloGold make the decision to develop Gramalote as an open-pit
gold mine (decision date now expected by the end of the third
quarter of 2022), B2Gold would utilize its proven internal mine
construction team to build the mine and mill facilities and operate
the mine on behalf of the Gramalote Project.
After a very successful year for exploration in 2021, B2Gold is
conducting an aggressive exploration campaign in 2022 with a budget
of approximately $65 million
(excluding the Gramalote Project). Exploration will focus
predominantly in Mali, other
operating mine sites in Namibia
and the Philippines, and continued
focus on grassroots targets around the world. Many years of target
generation and pursuing opportunities in prospective gold regions
has culminated in the Company allocating a record $29 million for its grassroots exploration
programs, including several new regions. Included in the grassroots
exploration program is $8 million
allocated to Finland for the
Central Lapland Joint Venture with Aurion Resources Ltd. Most
significantly, the westward extension of Rupert Resources' Ikarri
discovery trends directly onto the Joint Venture ground. This trend
(named the Helmi trend on the Joint Venture ground) coincides with
B2Gold's base-of-till drilling and the same interpreted structure
as defined by airborne geophysics. Diamond drilling in 2021 has
confirmed the presence of mineralization on this structure and is
being successfully followed up in 2022, with 11,600 metres
planned.
The Company's ongoing strategy is to continue to maximize
profitable production from its mines, further advance the
Anaconda and Gramalote development
projects, advance the Company's numerous brownfield and greenfield
exploration projects, evaluate new exploration, development and
production opportunities and continue to pay an industry leading
dividend yield.
First Quarter 2022 Financial Results - Conference Call
Details
B2Gold executives will host a conference call to discuss the
results on Wednesday, May 4, 2022, at
10:00 am PST/1:00 pm EST. You may access the call by dialing
the operator at +1 (778) 383-7413 / +1 (416)
764-8659 (Vancouver/Toronto) or toll free at +1 (888)
664-6392 prior to the scheduled start time or you may listen
to the call via webcast by clicking here. A playback version will
be available for two weeks after the call at +1 (416)
764-8677 (local or international) or toll free at +1 (888)
390-0541 (passcode 666652 #).
Qualified Persons
Bill Lytle, Senior Vice President
and Chief Operating Officer, a qualified person under NI 43-101,
has approved the scientific and technical information related to
operations matters contained in this news release.
On Behalf of B2GOLD CORP.
"Clive T. Johnson"
President and Chief
Executive
Officer
For more information on
B2Gold please visit the Company website at www.b2gold.com or
contact:
|
Randall
Chatwin
|
Katie
Bromley
|
Senior Vice President,
Legal &
|
Manager, Investor
Relations &
|
Corporate
Communications
|
Public
Relations
|
604-681-8371
|
604-681-8371
|
rchatwin@b2gold.com
|
kbromley@b2gold.com
|
The Toronto Stock Exchange and NYSE American LLC neither
approve nor disapprove the information contained in this news
release.
Production results and production guidance presented in this
news release reflect total production at the mines B2Gold operates
on a 100% project basis. Please see our Annual Information Form
dated March 30, 2022 for a discussion
of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward-looking
information" and "forward-looking statements" (collectively
forward-looking statements") within the meaning of applicable
Canadian and United States
securities legislation, including: projections; outlook; guidance;
forecasts; estimates; and other statements regarding future or
estimated financial and operational performance, gold production
and sales, revenues and cash flows, and capital costs (sustaining
and non-sustaining) and operating costs, including projected cash
operating costs and AISC, and budgets on a consolidated and mine by
mine basis; the impact of the COVID-19 pandemic on B2Gold's
operations, including any restrictions or suspensions with respect
to our operations and the effect of any such restrictions or
suspensions on our financial and operational results; the ability
of the Company to successfully maintain our operations if they are
temporarily suspended, and to restart or ramp-up these operations
efficiently and economically, the impact of COVID-19 on the
Company's workforce, suppliers and other essential resources and
what effect those impacts, if they occur, would have on our
business, our planned capital and exploration expenditures; future
or estimated mine life, metal price assumptions, ore grades or
sources, gold recovery rates, stripping ratios, throughput, ore
processing; statements regarding anticipated exploration, drilling,
development, construction, permitting and other activities or
achievements of B2Gold; and including, without limitation: B2Gold
generating operating cashflows of approximately $625 million in 2022 which are expected to be
significantly weighted to the second half of 2022; remaining well
positioned for continued strong operational and financial
performance for 2022; projected gold production, cash operating
costs and AISC on a consolidated and mine by mine basis in 2022,
including production being weighted heavily to the second half of
2022; total consolidated gold production of between 990,000 and
1,050,000 ounces in 2022 with cash operating costs of between
$620 and $660 per ounce and AISC of between $1,010 and $1,050
per ounce; the potential upside to increase Fekola's gold
production in 2022 by trucking material from the Anaconda area, including the potential to add
approximately 80,000 to 100,000 per year to Fekola's annual
production profile, and for the Anaconda area to provide saprolite material to
feed the Fekola mill starting in late 2022; the timing and results
of a Phase II study for the Anaconda area to review the project economics
of trucking sulphide material to the Fekola mill as compared to
constructing another stand-alone mill near Anaconda; the potential for production from
the Cardinal zone to add approximately 50,000 ounces in 2022 to the
Company's production profile and approximately 60,000 per year over
the next 6 to 8 years; the Fekola Mine to be well-positioned for
any potential supply disruptions caused by the border closures
following the ECOWAS sanctions; the development of the Wolfshag
underground mine at Otjikoto, including the results of such
development and the costs and timing thereof; stope ore production
at the Wolfshag underground mine at Otjikoto commencing late in the
first half of 2022; the potential payment of future dividends,
including the timing and amount of any such dividends, and the
expectation that quarterly dividends will be maintained at the same
level; and B2Gold's attributable share of Calibre's production. All
statements in this news release that address events or developments
that we expect to occur in the future are forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, although not always, identified
by words such as "expect", "plan", "anticipate", "project",
"target", "potential", "schedule", "forecast", "budget",
"estimate", "intend" or "believe" and similar expressions or their
negative connotations, or that events or conditions "will",
"would", "may", "could", "should" or "might" occur. All such
forward-looking statements are based on the opinions and estimates
of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions,
risks and uncertainties, certain of which are beyond B2Gold's
control, including risks associated with or related to: the
duration and extent of the COVID-19 pandemic, the effectiveness of
preventative measures and contingency plans put in place by the
Company to respond to the COVID-19 pandemic, including, but not
limited to, social distancing, a non-essential travel ban, business
continuity plans, and efforts to mitigate supply chain disruptions;
escalation of travel restrictions on people or products and
reductions in the ability of the Company to transport and refine
doré; the volatility of metal prices and B2Gold's common shares;
changes in tax laws; the dangers inherent in exploration,
development and mining activities; the uncertainty of reserve and
resource estimates; not achieving production, cost or other
estimates; actual production, development plans and costs differing
materially from the estimates in B2Gold's feasibility and other
studies; the ability to obtain and maintain any necessary permits,
consents or authorizations required for mining activities;
environmental regulations or hazards and compliance with complex
regulations associated with mining activities; climate change and
climate change regulations; the ability to replace mineral reserves
and identify acquisition opportunities; the unknown liabilities of
companies acquired by B2Gold; the ability to successfully integrate
new acquisitions; fluctuations in exchange rates; the availability
of financing; financing and debt activities, including potential
restrictions imposed on B2Gold's operations as a result thereof and
the ability to generate sufficient cash flows; operations in
foreign and developing countries and the compliance with foreign
laws, including those associated with operations in Mali, Namibia, the
Philippines and Colombia
and including risks related to changes in foreign laws and changing
policies related to mining and local ownership requirements or
resource nationalization generally, including in response to the
COVID-19 outbreak; remote operations and the availability of
adequate infrastructure; fluctuations in price and availability of
energy and other inputs necessary for mining operations; shortages
or cost increases in necessary equipment, supplies and labour;
regulatory, political and country risks, including local
instability or acts of terrorism and the effects thereof; the
reliance upon contractors, third parties and joint venture
partners; the lack of sole decision-making authority related to
Filminera Resources Corporation, which owns the Masbate Project;
challenges to title or surface rights; the dependence on key
personnel and the ability to attract and retain skilled personnel;
the risk of an uninsurable or uninsured loss; adverse climate and
weather conditions; litigation risk; competition with other mining
companies; community support for B2Gold's operations, including
risks related to strikes and the halting of such operations from
time to time; conflicts with small scale miners; failures of
information systems or information security threats; the ability to
maintain adequate internal controls over financial reporting as
required by law, including Section 404 of the Sarbanes-Oxley Act;
compliance with anti-corruption laws, and sanctions or other
similar measures; social media and B2Gold's reputation; risks
affecting Calibre having an impact on the value of the Company's
investment in Calibre, and potential dilution of our equity
interest in Calibre; as well as other factors identified and as
described in more detail under the heading "Risk Factors" in
B2Gold's most recent Annual Information Form, B2Gold's current Form
40-F Annual Report and B2Gold's other filings with Canadian
securities regulators and the U.S. Securities and Exchange
Commission (the "SEC"), which may be viewed at www.sedar.com and
www.sec.gov, respectively (the "Websites"). The list is not
exhaustive of the factors that may affect B2Gold's forward-looking
statements.
B2Gold's forward-looking statements are based on the
applicable assumptions and factors management considers reasonable
as of the date hereof, based on the information available to
management at such time. These assumptions and factors include, but
are not limited to, assumptions and factors related to B2Gold's
ability to carry on current and future operations, including: the
duration and effects of COVID-19 on our operations and workforce;
development and exploration activities; the timing, extent,
duration and economic viability of such operations, including any
mineral resources or reserves identified thereby; the accuracy and
reliability of estimates, projections, forecasts, studies and
assessments; B2Gold's ability to meet or achieve estimates,
projections and forecasts; the availability and cost of inputs; the
price and market for outputs, including gold; foreign exchange
rates; taxation levels; the timely receipt of necessary approvals
or permits; the ability to meet current and future obligations; the
ability to obtain timely financing on reasonable terms when
required; the current and future social, economic and political
conditions; and other assumptions and factors generally associated
with the mining industry.
B2Gold's forward-looking statements are based on the opinions
and estimates of management and reflect their current expectations
regarding future events and operating performance and speak only as
of the date hereof. B2Gold does not assume any obligation to update
forward-looking statements if circumstances or management's
beliefs, expectations or opinions should change other than as
required by applicable law. There can be no assurance that
forward-looking statements will prove to be accurate, and actual
results, performance or achievements could differ materially from
those expressed in, or implied by, these forward-looking
statements. Accordingly, no assurance can be given that any events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do, what benefits or liabilities B2Gold
will derive therefrom. For the reasons set forth above, undue
reliance should not be placed on forward-looking
statements.
Non-IFRS Measures
This news release includes certain terms or performance
measures commonly used in the mining industry that are not defined
under International Financial Reporting Standards ("IFRS"),
including "cash operating costs" and "all-in sustaining costs" (or
"AISC"). Non-IFRS measures do not have any standardized meaning
prescribed under IFRS, and therefore they may not be comparable to
similar measures employed by other companies. The data presented is
intended to provide additional information and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS and should be read in
conjunction with B2Gold's consolidated financial statements.
Readers should refer to B2Gold's Management Discussion and
Analysis, available on the Websites, under the heading "Non-IFRS
Measures" for a more detailed discussion of how B2Gold calculates
certain of such measures and a reconciliation of certain measures
to IFRS terms.
Cautionary Statement Regarding Mineral Reserve and Resource
Estimates
The disclosure in this news release was prepared in
accordance with Canadian National Instrument 43-101, which differs
significantly from the requirements of the United States Securities
and Exchange Commission ("SEC"), and resource and reserve
information contained or referenced in this news release may not be
comparable to similar information disclosed by public companies
subject to the technical disclosure requirements of the SEC.
Historical results or feasibility models presented herein are not
guarantees or expectations of future performance.
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH
31
(Expressed in thousands of United
States dollars, except per share amounts)
(Unaudited)
|
|
2022
|
|
2021
|
|
|
|
|
|
Gold
revenue
|
|
$
365,583
|
|
$
362,302
|
|
|
|
|
|
Cost of
sales
|
|
|
|
|
Production
costs
|
|
(122,960)
|
|
(111,632)
|
Depreciation and depletion
|
|
(77,263)
|
|
(66,727)
|
Royalties and
production taxes
|
|
(25,690)
|
|
(26,526)
|
Total cost of
sales
|
|
(225,913)
|
|
(204,885)
|
|
|
|
|
|
Gross
profit
|
|
139,670
|
|
157,417
|
|
|
|
|
|
General and
administrative
|
|
(10,828)
|
|
(10,098)
|
Share-based
payments
|
|
(8,404)
|
|
(1,166)
|
Community
relations
|
|
(619)
|
|
(581)
|
Foreign exchange
(losses) gains
|
|
(2,456)
|
|
3,494
|
Share of net income of
associate
|
|
2,772
|
|
5,066
|
Other
|
|
(2,032)
|
|
(3,956)
|
Operating
income
|
|
118,103
|
|
150,176
|
|
|
|
|
|
Interest and financing
expense
|
|
(2,583)
|
|
(2,896)
|
Gains on derivative
instruments
|
|
19,299
|
|
8,049
|
Other income
(expense)
|
|
7,756
|
|
(338)
|
Income from
operations before taxes
|
|
142,575
|
|
154,991
|
|
|
|
|
|
Current income tax,
withholding and other taxes
|
|
(47,654)
|
|
(41,126)
|
Deferred income tax
expense
|
|
(4,118)
|
|
(15,033)
|
Net income for the
period
|
|
$
90,803
|
|
$
98,832
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
Shareholders of the Company
|
|
$
80,723
|
|
$
91,555
|
Non-controlling interests
|
|
10,080
|
|
7,277
|
Net income for the
period
|
|
$
90,803
|
|
$
98,832
|
|
|
|
|
|
Earnings per
share (attributable to shareholders of the Company)
|
|
|
|
|
Basic
|
|
$
0.08
|
|
$
0.09
|
Diluted
|
|
$
0.08
|
|
$
0.09
|
|
|
|
|
|
Weighted average
number of common shares outstanding (in
thousands)
|
|
|
|
|
Basic
|
|
1,056,824
|
|
1,051,544
|
Diluted
|
|
1,062,492
|
|
1,062,006
|
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH
31
(Expressed in thousands of United
States dollars)
(Unaudited)
|
|
2022
|
|
2021
|
Operating
activities
|
|
|
|
|
Net income for the
period
|
|
$
90,803
|
|
$
98,832
|
Non-cash charges,
net
|
|
72,960
|
|
75,199
|
Changes in non-cash
working capital
|
|
(44,735)
|
|
(24,866)
|
Changes in long-term
value added tax receivables
|
|
(11,718)
|
|
(3,311)
|
Cash provided by
operating activities
|
|
107,310
|
|
145,854
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
Revolving credit
facility transaction costs
|
|
(2,401)
|
|
—
|
Repayment of equipment
loan facilities
|
|
(6,790)
|
|
(7,227)
|
Interest and commitment
fees paid
|
|
(1,228)
|
|
(911)
|
Cash proceeds from
stock option exercises
|
|
4,031
|
|
752
|
Dividends
paid
|
|
(42,234)
|
|
(42,072)
|
Principal payments on
lease arrangements
|
|
(1,219)
|
|
(735)
|
Distributions to
non-controlling interests
|
|
(1,022)
|
|
(2,000)
|
Changes in restricted
cash accounts
|
|
(162)
|
|
111
|
Cash used by
financing activities
|
|
(51,025)
|
|
(52,082)
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
Expenditures on mining
interests:
|
|
|
|
|
Fekola Mine
|
|
(28,228)
|
|
(17,396)
|
Masbate Mine
|
|
(5,693)
|
|
(6,564)
|
Otjikoto
Mine
|
|
(16,131)
|
|
(18,875)
|
Gramalote
Property
|
|
(4,407)
|
|
(3,467)
|
Other exploration and
development
|
|
(13,466)
|
|
(10,171)
|
Cash paid on exercise
of mineral property option
|
|
(7,737)
|
|
—
|
Funding of reclamation
accounts
|
|
(2,181)
|
|
(1,321)
|
Other
|
|
—
|
|
(1,533)
|
Cash used by
investing activities
|
|
(77,843)
|
|
(59,327)
|
|
|
|
|
|
(Decrease) increase
in cash and cash equivalents
|
|
(21,558)
|
|
34,445
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
(2,681)
|
|
(1,562)
|
Cash and cash
equivalents, beginning of period
|
|
672,999
|
|
479,685
|
Cash and cash
equivalents, end of period
|
|
$
648,760
|
|
$
512,568
|
|
|
|
|
|
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of United
States dollars)
(Unaudited)
|
|
As at March
31,
2022
|
|
As at December
31,
2021
|
Assets
|
|
|
|
|
Current
|
|
|
|
|
Cash and cash
equivalents
|
|
$
648,760
|
|
$
672,999
|
Accounts receivable,
prepaids and other
|
|
47,719
|
|
32,112
|
Deferred consideration
receivable
|
|
42,598
|
|
41,559
|
Value-added and other
tax receivables
|
|
29,889
|
|
14,393
|
Inventories
|
|
278,977
|
|
272,354
|
Assets classified as
held for sale
|
|
12,700
|
|
12,700
|
|
|
1,060,643
|
|
1,046,117
|
|
|
|
|
|
Long-term
investments
|
|
28,319
|
|
32,118
|
Value-added tax
receivables
|
|
71,698
|
|
63,165
|
Mining
interests
|
|
|
|
|
Owned by subsidiaries
and joint operations
|
|
2,225,028
|
|
2,231,831
|
Investments in
associates
|
|
112,466
|
|
104,236
|
Other
assets
|
|
86,855
|
|
82,371
|
Deferred income
taxes
|
|
—
|
|
1,455
|
|
|
$
3,585,009
|
|
$
3,561,293
|
Liabilities
|
|
|
|
|
Current
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
100,777
|
|
$
111,716
|
Current income and
other taxes payable
|
|
80,782
|
|
92,275
|
Current portion of
long-term debt
|
|
21,847
|
|
25,408
|
Current portion of mine
restoration provisions
|
|
734
|
|
734
|
Other current
liabilities
|
|
1,198
|
|
1,056
|
|
|
205,338
|
|
231,189
|
|
|
|
|
|
Long-term
debt
|
|
50,817
|
|
49,726
|
Mine restoration
provisions
|
|
105,648
|
|
116,547
|
Deferred income
taxes
|
|
190,550
|
|
187,887
|
Employee benefits
obligation
|
|
7,230
|
|
7,115
|
Other long-term
liabilities
|
|
9,783
|
|
7,822
|
|
|
569,366
|
|
600,286
|
Equity
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
Share
capital
|
|
2,429,749
|
|
2,422,184
|
Contributed
surplus
|
|
70,649
|
|
67,028
|
Accumulated other
comprehensive loss
|
|
(140,098)
|
|
(136,299)
|
Retained
earnings
|
|
546,518
|
|
507,381
|
|
|
2,906,818
|
|
2,860,294
|
Non-controlling
interests
|
|
108,825
|
|
100,713
|
|
|
3,015,643
|
|
2,961,007
|
|
|
$
3,585,009
|
|
$
3,561,293
|
|
|
|
|
|
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SOURCE B2Gold Corp.