UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November, 2022
Commission File Number: 001-35936
B2Gold Corp.
(Translation of registrant’s name
into English)
British Columbia, Canada
(Jurisdiction of incorporation or organization)
Suite 3400, Park Place
666 Burrard Street
Vancouver, British Columbia V6C 2X8
Canada
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F:
|
[ ] Form 20-F |
[X] Form 40-F |
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b) (1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b) (7): [ ]
DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K
See the Exhibit Index hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
| |
B2Gold
Corp. |
|
| |
|
|
|
| |
|
|
|
| Date:
November 1, 2022 |
By: |
/s/
Randall Chatwin |
|
| |
Name: |
Randall
Chatwin |
|
| |
Title: |
Senior
Vice President, Legal and Corporate Communications |
|
EXHIBIT INDEX
Exhibit
99.1
News Release
B2Gold Reports Q3 2022 Results;
Full-Year 2022 Total Consolidated Gold Production and Cost
Guidance Remains Unchanged;
Year-to-Date Operating Costs and All-In Sustaining Costs In Line
with Budget despite Lower than Expected Gold Production
Vancouver, November 1, 2022 - B2Gold Corp. (TSX: BTO, NYSE
AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announces its
operational and financial results for the third quarter of 2022.
The Company previously released its gold production and gold
revenue results for the third quarter of 2022. All dollar figures
are in United States dollars unless otherwise indicated.
2022 Third Quarter and Year-to-Date Summary
|
• |
Total gold production of 227,016
ounces in Q3 2022, expected to increase significantly in Q4
2022: Lower than expected production at the Fekola and Otjikoto
mines in the third quarter of 2022 due to temporary mining sequence
changes (see “Operations” discussion). Strong production
anticipated in the fourth quarter of 2022 at both operations. At
Fekola, ore production from Fekola open-pit Phase 6 has commenced
and is forecast to average between 3.4 to 3.5 grams per tonne
("g/t") gold. Over the full fourth quarter of 2022, gold grade
mined is anticipated to average over 3.0 g/t gold at Fekola. At
Otjikoto, gold production is anticipated to benefit as mining has
reached a higher-grade zone in the Otjikoto pit and with stope ore
production from the Wolfshag Underground mine. |
|
• |
Total consolidated cash
operating costs of $824 per gold ounce sold in Q3 2022, expected to
be significantly lower in Q4 2022: Total consolidated cash
operating costs (see “Non-IFRS Measures”) (including
estimated attributable results for Calibre Mining Corp.
(“Calibre”), which accounts for approximately 5% of B2Gold’s total
gold production in 2022) of $824 per gold ounce sold and
consolidated cash operating costs from the Company’s three
operating mines of $810 per gold ounce sold. Year-to-date total
consolidated cash operating costs of $760 per gold ounce sold in
line with expectations after a strong first half of 2022. |
|
• |
Total consolidated all-in
sustaining costs of $1,169 per gold ounce sold in Q3 2022, expected
to be significantly lower in Q4 2022: Total consolidated all-in
sustaining costs (see “Non-IFRS Measures”) (including
estimated attributable results for Calibre) of $1,169 per gold
ounce sold and consolidated all-in sustaining costs from the
Company’s three operating mines of $1,154 per gold ounce sold.
Year-to-date total consolidated all-in sustaining costs of $1,108
per gold ounce sold is slightly better than expected after a strong
first half of 2022. Total consolidated all-in sustaining costs are
anticipated to benefit in Q4 2022 from higher grade ore being
processed at Fekola and Otjikoto. |
|
• |
Maintain full-year 2022 total
gold production and total consolidated cost guidance: Based on
the year-to-date cost performance and strong anticipated gold
production in Q4 2022, the Company re-affirms full year 2022 total
gold production and total consolidated cost guidance. Total gold
production is expected to be between 990,000 and 1,050,000 ounces
(including 40,000 and 50,000 attributable ounces projected from
Calibre). Total consolidated cash operating costs are expected to
be at the upper end of the Company’s original guidance range of
between $620 and $660 per gold ounce and total consolidated all-in
sustaining costs are expected to within the Company's original
guidance range of between $1,010 and $1,050 per gold ounce. |
|
• |
Attributable net loss of $(0.02)
per share; adjusted attributable net income of $0.03 per share in
Q3 2022: Net loss attributable to the shareholders of the
Company of $(23) million ($(0.02) per share); adjusted net income
(see “Non-IFRS Measures”) attributable to the shareholders
of the Company of $32 million ($0.03 per share). |
|
• |
Operating cash flow before
working capital adjustments of $0.13 per share in Q3 2022: Cash
flow provided by operating activities before working capital
adjustments was $139 million ($0.13 per share) in the third quarter
of 2022. |
|
• |
Robust financial position:
At September 30, 2022, the Company had cash and cash
equivalents of $549 million and working capital (defined as current
assets less assets classified as held for sale and current
liabilities) of $725 million. |
|
• |
Q3 2022 dividend of $0.04 per
share declared: The Company remains in a strong net positive
cash position and paid a third quarter dividend of $0.04 per common
share (annualized rate of $0.16 per common share), representing a
5.0% yield as of September 30, 2022. |
|
• |
Completed acquisition of Oklo
Resources Limited (“Oklo”): The Company completed the
acquisition of Oklo on September 20, 2022, providing B2Gold with an
additional landholding of 1,405 km2 covering highly
prospective greenstone belts in Mali, including Oklo’s flagship
Dandoko project (550 km2), located approximately 25
kilometres from each of the Fekola Mine and the Anaconda area. |
|
• |
Fekola Complex study underway to
deliver low capital intensity production growth: Commencing a
feasibility level engineering study of stand-alone mill and oxide
processing facilities at the Anaconda area. The study will be based
on processing at least 4 million tonnes per annum (“Mtpa”) of
saprolite and transitional (oxide) resources, with an option to add
fresh rock (sulphide) capabilities in the future. Results of this
study are expected in the second quarter of 2023. Conceptual
analysis indicates that the combined Fekola and Anaconda processing
facilities could have the potential to produce more than 800,000
ounces of gold per year commencing as early as 2026. |
|
• |
Continued investment in
near-mine exploration in Mali: 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. Seven drill rigs
are currently drilling in the Anaconda area and one drill rig is
currently operating on Bakolobi. On the Mamba zone, drill results
are particularly significant as they confirm the continuity of high
grade sulphide mineralization 110 metres below the limit of the
updated Mineral Resource pit boundaries. In the main Anaconda area
Mineral Resource pit, drill results demonstrate the potential to
add sulphide Mineral Resources beneath the currently defined
saprolite resources, where the mineralization remains open at
depth. |
|
• |
B2Gold and joint venture partner
AngloGold Ashanti Limited (“AngloGold”) intend to initiate a joint
sales process for Gramalote: B2Gold and partner AngloGold have
completed a comprehensive review of the alternatives relating to
the Gramalote project and consider that the interests of all
stakeholders would be best served by finding a buyer for the
project. The partners intend to commence a joint sales process for
the Gramalote project in the fourth quarter of 2022. |
Third Quarter and Year-to-Date 2022 Results
|
|
Three months
ended |
Nine months
ended |
|
|
September
30, |
September
30, |
|
|
2022 |
2021 |
2022 |
2021 |
| |
|
|
|
|
|
Gold revenue ($
in thousands) |
392,554 |
510,859 |
1,140,122 |
1,236,151 |
|
Net (loss) income
($ in thousands) |
(21,234) |
134,871 |
110,255 |
307,685 |
|
(Loss) earnings
per share - basic(1) ($/ share) |
(0.02) |
0.12 |
0.09 |
0.27 |
|
(Loss) earnings
per share - diluted(1) ($/ share) |
(0.02) |
0.12 |
0.09 |
0.27 |
|
Cash provided by
operating activities ($ thousands) |
93,118 |
320,283 |
325,307 |
457,821 |
|
Average realized
gold price ($/ ounce) |
1,711 |
1,782 |
1,810 |
1,794 |
|
Adjusted net
income(1)(2) ($ in thousands) |
31,996 |
122,750 |
142,340 |
272,646 |
|
Adjusted earnings
per share(1)(2) - basic ($) |
0.03 |
0.12 |
0.13 |
0.26 |
|
Excluding
equity investment in Calibre: |
|
|
|
|
|
Gold sold
(ounces) |
229,400 |
286,650 |
629,800 |
689,051 |
|
Gold produced
(ounces) |
214,903 |
295,723 |
620,234 |
698,746 |
|
Cash operating
costs(2) ($/ gold ounce sold) |
810 |
456 |
741 |
544 |
|
Cash operating
costs(2) ($/ gold ounce produced) |
798 |
418 |
749 |
532 |
|
Total cash
costs(2) ($/ gold ounce sold) |
926 |
572 |
862 |
666 |
|
All-in sustaining
costs(2) ($/ gold ounce sold) |
1,154 |
777 |
1,100 |
887 |
|
Including
equity investment in Calibre: |
|
|
|
|
|
Gold sold
(ounces) |
241,558 |
301,153 |
669,776 |
732,986 |
|
Gold produced
(ounces) |
227,016 |
310,261 |
660,004 |
742,517 |
|
Cash operating
costs(2) ($/ gold ounce sold) |
824 |
482 |
760 |
568 |
|
Cash operating
costs(2) ($/ gold ounce produced) |
815 |
445 |
767 |
556 |
|
Total cash
costs(2) ($/ gold ounce sold) |
939 |
596 |
878 |
687 |
|
All-in sustaining
costs(2) ($/ gold ounce sold) |
1,169 |
795 |
1,108 |
900 |
(1) Attributable to the shareholders of the
Company.
(2) Non-IFRS measure. For a description of how these
measures are calculated and a reconciliation of these measures to
the most directly comparable measures specified, defined or
determined under IFRS and presented in the Company’s financial
statements, refer to “Non-IFRS Measures”.
Operations
Fekola Mine - Mali
|
|
Three months
ended |
Nine months
ended |
|
|
September
30, |
September
30, |
|
|
2022 |
2021 |
2022 |
2021 |
| |
|
|
|
|
|
Gold revenue ($
in thousands) |
230,023 |
288,306 |
652,361 |
712,302 |
|
Gold sold
(ounces) |
135,150 |
161,550 |
361,800 |
396,750 |
|
Average realized
gold price ($/ ounce) |
1,702 |
1,785 |
1,803 |
1,795 |
|
Tonnes of ore
milled |
2,285,423 |
2,361,042 |
6,906,172 |
6,730,332 |
|
Grade (grams/
tonne) |
1.90 |
2.30 |
1.72 |
1.98 |
|
Recovery
(%) |
93.1 |
94.8 |
92.9 |
94.2 |
|
Gold production
(ounces) |
129,933 |
165,557 |
354,647 |
404,256 |
|
Cash operating
costs(1) ($/ gold ounce sold) |
694 |
424 |
667 |
494 |
|
Cash operating
costs(1) ($/ gold ounce produced) |
728 |
363 |
667 |
478 |
|
Total cash
costs(1) ($/ gold ounce sold) |
829 |
563 |
809 |
640 |
|
All-in sustaining
costs(1) ($/ gold ounce sold) |
978 |
716 |
971 |
772 |
|
Capital
expenditures ($ in thousands) |
20,353 |
27,961 |
68,779 |
54,078 |
|
Exploration ($ in
thousands) |
3,392 |
2,096 |
13,848 |
9,323 |
(1) Non-IFRS measure. For a description of how these
measures are calculated and a reconciliation of these measures to
the most directly comparable measures specified, defined or
determined under IFRS and presented in the Company’s financial
statements, refer to “Non-IFRS Measures”.
The Fekola Mine in Mali (owned 80% by the Company and 20% by the
State of Mali) produced 129,933 ounces in the third quarter of
2022, lower than expected due to a challenging rainy season in West
Mali which temporarily delayed access to higher grade ore from
Fekola open-pit Phase 6. In early October 2022, mining commenced
from the higher grade Fekola open-pit Phase 6 as the region exited
its rainy season (which typically runs from June to September). Ore
production from Fekola open-pit Phase 6 is forecast to average
between 3.4 to 3.5 g/t gold. Over the full fourth quarter of 2022,
gold grade mined is anticipated to average over 3.0 g/t gold.
The Fekola Mine’s cash operating costs (refer to “Non-IFRS
Measures”) for the third quarter of 2022 were $728 per gold
ounce produced ($694 per gold ounce sold). Operating costs were
higher than expected in the third quarter of 2022 largely due to
fuel and explosive prices and increases in mining equipment
maintenance costs.
All-in sustaining costs (refer to “Non-IFRS Measures”) for
the third quarter of 2022 for the Fekola Mine were $978 per gold
ounce sold. All-in sustaining costs for the third quarter of 2022
were higher than expected as a result of higher cash operating
costs described above and lower gold ounces sold partially offset
by realized gains on the settlement of fuel derivatives.
Capital expenditures in the third quarter of 2022 totalled $20
million primarily consisting of $11 million for mobile equipment
purchases and rebuilds, $6 million for tailings storage facility
expansion and equipment, $2 million for process plant and other
site maintenance and $1 million for the development of the Cardinal
zone.
On July 3, 2022, ECOWAS removed the economic, financial and
diplomatic sanctions imposed on Mali in January 2022. The sanctions
were removed by ECOWAS after the interim Malian Government
announced a two-year transition to presidential elections and
promulgated a new electoral law. Mali’s borders with its
neighbouring countries are now open to normal commercial traffic
and ordinary supply routes are available. Throughout the period of
the sanctions, the Fekola Mine continued to operate normally and
meet its production targets while maintaining a good working
relationship with the interim Government.
Based on an expected strong fourth quarter of 2022 performance, as
the region exits its rainy season and with higher grade production
forecast from Fekola open-pit Phase 6, the Company re-affirms the
Fekola Mine’s annual production guidance range of between 570,000
to 600,000 ounces of gold. Cash operating costs for the year are
expected to be within Fekola's guidance range of between $510 and
$550 per gold ounce produced and all-in sustaining costs are also
expected to be within Fekola's guidance range of between $840 and
$880 per gold ounce.
Masbate Mine - The Philippines
|
|
Three months
ended |
Nine months
ended |
|
|
September
30, |
September
30, |
|
|
2022 |
2021 |
2022 |
2021 |
| |
|
|
|
|
|
Gold revenue ($
in thousands) |
107,936 |
117,795 |
290,704 |
325,627 |
|
Gold sold
(ounces) |
62,600 |
66,300 |
160,150 |
181,641 |
|
Average realized
gold price ($/ ounce) |
1,724 |
1,777 |
1,815 |
1,793 |
|
Tonnes of ore
milled |
1,888,722 |
1,840,379 |
5,885,163 |
5,652,091 |
|
Grade (grams/
tonne) |
1.10 |
1.24 |
1.12 |
1.17 |
|
Recovery
(%) |
74.7 |
81.6 |
77.1 |
82.5 |
|
Gold production
(ounces) |
49,902 |
61,207 |
164,041 |
175,598 |
|
Cash operating
costs(1) ($/ gold ounce sold) |
879 |
546 |
815 |
597 |
|
Cash operating
costs(1) ($/ gold ounce produced) |
867 |
609 |
801 |
611 |
|
Total cash
costs(1) ($/ gold ounce sold) |
977 |
643 |
922 |
698 |
|
All-in sustaining
costs(1) ($/ gold ounce sold) |
1,110 |
751 |
1,076 |
820 |
|
Capital
expenditures ($ in thousands) |
10,158 |
7,023 |
29,908 |
20,365 |
|
Exploration ($ in
thousands) |
696 |
1,446 |
3,111 |
3,871 |
(1) Non-IFRS measure. For a description of how these
measures are calculated and a reconciliation of these measures to
the most directly comparable measures specified, defined or
determined under IFRS and presented in the Company’s financial
statements, refer to “Non-IFRS Measures”.
The Masbate Mine in the Philippines produced 49,902 ounces in the
third quarter of 2022. Gold production was 4% less than expected as
the ratio of sulphide and transitional ore to oxide ore was higher
than forecasted in the third quarter of 2022, which contributed to
the lower throughput and gold recovery and higher gold mill feed
grade.
The Masbate Mine's cash operating costs (refer to “Non-IFRS
Measures”) for the third quarter of 2022 were $867 per gold
ounce produced ($879 per gold ounce sold). Cash operating costs per
ounce produced for the third quarter of 2022 were higher than
expected as a result of slightly lower gold production and higher
mining and processing costs resulting from higher than expected
diesel and heavy fuel oil cost.
All-in sustaining costs (refer to “Non-IFRS Measures”) for
the third quarter of 2022 were $1,110 per gold ounce sold. All-in
sustaining costs for the third quarter of 2022 were in line with
expectations as a result of offsetting factors. Slightly higher
cash operating costs as described above and slightly higher capital
expenditures due to timing differences were offset by realized
gains on the settlement of fuel derivatives and higher gold ounces
sold.
Capital expenditures in the third quarter of 2022 totalled $10
million, primarily consisting of $5 million for mobile equipment
purchases and rebuilds, $2 million for an additional powerhouse
generator and $1 million for tailings storage facility
construction.
For the full year 2022 the Masbate Mine is expected to produce
towards the lower end of increased guidance of between 215,000 and
225,000 ounces of gold (original guidance range was between 205,000
and 215,000 ounces of gold). For full-year 2022, with the increases
being experienced in fuel prices, Masbate's cash operating costs
are now expected to be at the lower end of Masbate's previously
revised 2022 guidance range of between $820 and $860 per gold ounce
(original guidance range was between $740 and $780 per gold ounce).
The all-in sustaining cost guidance range remains unchanged and are
expected to be at the upper end of Masbate's guidance range of
between $1,070 and $1,110 per gold ounce.
Otjikoto Mine - Namibia
|
|
Three months
ended |
Nine months
ended |
|
|
September
30, |
September
30, |
|
|
2022 |
2021 |
2022 |
2021 |
| |
|
|
|
|
|
Gold revenue ($
in thousands) |
54,595 |
104,758 |
197,057 |
198,222 |
|
Gold sold
(ounces) |
31,650 |
58,800 |
107,850 |
110,660 |
|
Average realized
gold price ($/ ounce) |
1,725 |
1,782 |
1,827 |
1,791 |
|
Tonnes of ore
milled |
877,249 |
901,216 |
2,573,360 |
2,656,367 |
|
Grade (grams/
tonne) |
1.27 |
2.41 |
1.25 |
1.42 |
|
Recovery
(%) |
98.0 |
98.7 |
98.3 |
98.3 |
|
Gold production
(ounces) |
35,068 |
68,959 |
101,546 |
118,892 |
|
Cash operating
costs(1) ($/ gold ounce sold) |
1,165 |
443 |
881 |
635 |
|
Cash operating
costs(1) ($/ gold ounce produced) |
958 |
382 |
948 |
597 |
|
Total cash
costs(1) ($/ gold ounce sold) |
1,234 |
515 |
954 |
707 |
|
All-in sustaining
costs(1) ($/ gold ounce sold) |
1,625 |
781 |
1,247 |
1,137 |
|
Capital
expenditures ($ in thousands) |
20,292 |
19,371 |
59,575 |
59,337 |
|
Exploration ($ in
thousands) |
896 |
1,257 |
2,275 |
2,846 |
(1) Non-IFRS measure. For a description of how these
measures are calculated and a reconciliation of these measures to
the most directly comparable measures specified, defined or
determined under IFRS and presented in the Company’s financial
statements, refer to “Non-IFRS Measures”.
The Otjikoto Mine in Namibia, in which the Company holds a 90%
interest, produced 35,068 ounces in the third quarter of 2022,
lower than expected due to delays in bringing the Wolfshag
Underground mine into production. Project delays were due to issues
achieving development rates in prior periods, which have been
addressed through the appointment of a new underground development
contractor in April 2022. Development rates in the Wolfshag
Underground mine have improved and are in line with budget, with
access to initial development ore achieved in the third quarter of
2022 and stope ore production having commenced in the fourth
quarter of 2022. Mined ore tonnage and grade continue to reconcile
well with Otjikoto's resource model, with production anticipated to
significantly increase in the fourth quarter of 2022 when mining
reaches a higher-grade zone in the Otjikoto pit and with stope ore
production from the Wolfshag Underground mine.
Cash operating costs (refer to “Non-IFRS Measures”) for the
third quarter of 2022 were $958 per gold ounce produced ($1,165 per
gold ounce sold). Cash operating costs per ounce produced for the
third quarter of 2022 were higher than expected as a result of
lower production due to delays in accessing Wolfshag Underground
production (which has commenced in the fourth quarter of 2022) and
higher fuel costs partially offset by a weaker than expected
Namibian dollar.
All-in sustaining costs (refer to “Non-IFRS Measures”) for
the third quarter of 2022 were $1,625 per gold ounce sold. All-in
sustaining costs for the third quarter of 2022 were higher than
expected as a result of the higher cash operating costs described
above and lower gold ounces sold, partially offset by lower
sustaining capital expenditures and realized gains on the
settlement of fuel derivatives. The lower sustaining capital
expenditures are mainly a result of delays in underground
development resulting in underground development costs being
classified as non-sustaining instead of sustaining as budgeted.
Capital expenditures for the third quarter of 2022 totalled $20
million, primarily consisting of $8 million for Wolfshag
underground mine development, $7 million for prestripping in the
Otjikoto pit, $3 million for mobile equipment purchases and
rebuilds and $1 million to complete the national power grid
connection line.
The Otjikoto Mine is expected to produce towards the lower end of
its previously revised guidance range of between 165,000 and
175,000 ounces of gold in 2022 (original guidance range of 175,000
to 185,000 ounces). Overall and after factoring in the operating
results for the first nine months of 2022, Otjikoto's costs
guidance ranges for full-year 2022 remain unchanged. For full-year
2022, cash operating costs are expected to be within the Company's
guidance range of between $740 and $780 per gold ounce and all-in
sustaining costs are expected to be within its guidance range of
between $1,120 and $1,160 per gold ounce.
Fekola Complex Regional Development and Exploration
Development
Based on the updated Anaconda area Mineral Resource estimate and
B2Gold's preliminary planning, the Company has demonstrated that
the Anaconda area (Bantako and Menankoto license areas) could
provide selective higher grade saprolite material (average grade of
2.2 g/t gold) to be trucked approximately 20 kilometers and fed
into the Fekola mill at a rate of up to 1.5 million tonnes per
annum. Trucking of selective higher grade saprolite material to the
Fekola mill will 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 of gold per year
to the Fekola mill's annual production (Fekola Complex optimization
Phase I).
In 2022, the Company budgeted $33 million for the development of
saprolite mining at the Anaconda area including road construction,
mine infrastructure, and mining equipment. The construction mobile
equipment fleet is arriving, and the Company expects to break
ground on roads and mining infrastructure construction in the
fourth quarter of 2022. Engineering and procurement of the mine
workshop and mobile equipment is on schedule for saprolite
production from the Bantako license area as early as the second
quarter of 2023 and from the Dandoko license area as early as the
fourth quarter of 2023. Production from Bantako and Dandoko is
contingent upon receipt of all necessary permits as well as
optimizing long-term project value from the various oxide and
sulphide material sources now available including Fekola Pit,
Fekola Underground, Cardinal, Bantako, Menankoto, Dandoko, and
Bakolobi.
Preliminary results of a Fekola Complex optimization study, coupled
with 2022 exploration drilling results, indicate that there is a
significant opportunity to increase gold production and resource
utilization with the addition of oxide processing capacity. The
Company has therefore commenced a feasibility level engineering
study of stand-alone mill and oxide processing facilities at the
Anaconda area (Fekola Complex optimization Phase II). The study
will be based on processing at least 4 Mtpa of saprolite and
transitional (oxide) resources, with an option to add fresh rock
(sulphide) capabilities in the future. Results of this study are
expected in the second quarter of 2023. Conceptual analysis
indicates that the combined Fekola and Anaconda processing
facilities could have the potential to produce more than 800,000
ounces of gold per year commencing as early as 2026, subject to
completion of final feasibility studies, and the receipt of all
necessary regulatory approvals and permits. Further expansion of
the Mamba and Cobra sulphide zones (see September 15, 2022 press
release) could sustain a production profile averaging over 800,000
ounces of gold per year over a 10-year period. Drilling is
currently ongoing at the Mamba and Cobra sulphide zones.
Exploration
In 2022, B2Gold is conducting an approximately 161,000 m drill
program on the Fekola Complex with a budget of approximately $35
million, including drill programs on the Fekola North deposit to
further test the underground mineralization potential, and on the
Anaconda area, including the Mamba, Adder, Anaconda, Cascabel,
Viper, and Cobra zones.
At the Mamba Main Zone in the Anaconda area, positive exploration
drilling results were received, including hole BND_108 with 5.89
grams per tonne (“g/t”) gold over 28.70 meters (“m”) from 455.45 m,
hole BND_101 with 3.76 g/t gold over 32.08 m from 299.00 m, and
hole BND_104 with 3.33 g/t gold over 14.30 m from 362.70 m, which
collectively confirm and extend the continuity of the high grade
sulphide mineralization of the sulphide shoot to over 700 m down
plunge, providing a strong indication of the potential for
Fekola-style bodies of sulphide mineralization, which remain open
at depth.
At the Cobra Zone in the Anaconda area, strong initial drilling
results were received, including hole MSD_227 with 2.02 g/t gold
over 25.30 m from 201.70 m, and 6.75 g/t gold over 13.80 m from
244.40 m, confirming the potential for economic grade and width
combinations in the sulphide mineralization. The Company believes
that the Cobra Zone may extend onto the Bakolobi permit and are
currently drilling this extension target.
Gramalote Project
The Gramalote Feasibility Study has been completed for the
Gramalote gold project in Colombia (the “Gramalote Project”), a
joint venture between B2Gold and AngloGold, and both partners have
determined that the project does not meet their investment
thresholds for development of the project. The Gramalote Project
continues to benefit from government support as well as continuing
support from local communities. B2Gold and AngloGold have completed
a comprehensive review of the alternatives relating to the
Gramalote Project and consider that the interests of all
stakeholders would be best served by finding a buyer for the
Project. The partners intend to commence a joint sales process for
the Gramalote Project in the fourth quarter of 2022.
Outlook
For the full-year 2022, total consolidated production and cost
guidance remains unchanged. Lower than expected production at the
Fekola and Otjikoto mines in the third quarter of 2022 were due to
temporary mining sequence changes (see “Operations” discussion).
Strong production is anticipated in the fourth quarter of 2022 at
both operations. As a result, the Company re-affirms its total gold
production guidance for 2022 of between 990,000 and 1,050,000
ounces of gold (including 40,000 and 50,000 attributable ounces
projected from Calibre). Overall and after factoring in the
operating results for the first nine months of 2022, the Company's
costs guidance ranges for full-year 2022 remain unchanged. The
Company’s total consolidated cash operating costs are expected to
be at the upper end of the original guidance range of between $620
and $660 per ounce and total consolidated all-in sustaining costs
are expected to within the original guidance range of between
$1,010 and $1,050 per ounce.
The Company’s operations continue to be impacted by global cost
inflation with fuel costs reflecting the most significant
increases. However, despite these ongoing cost pressures, draw
downs of existing inventories, proactive management and the revised
sequencing of certain mining and capital costs, and gains realized
from the Company's fuel hedging program, the Company's consolidated
cash operating costs and all-in sustaining costs in the first nine
months of 2022 were in line with budget. For full-year 2022, the
Company expects to be at the upper end of its original total
consolidated cash operating cost guidance range and within its
original total consolidated all-in sustaining cost guidance range.
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.
The Company's ongoing strategy is to continue to maximize
profitable production from its mines, further advance its pipeline
of remaining development and exploration projects, evaluate new
exploration, development and production opportunities and continue
to pay an industry leading dividend yield.
Third
Quarter 2022 Financial Results - Conference Call Details
B2Gold executives will host a conference call to discuss the
results on Wednesday, November 2, 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 705653 #).
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.
Brian Scott, P. Geo., Vice President, Geology & Technical
Services, a qualified person under NI 43-101, has approved the
scientific and technical information related to exploration and
mineral resource matters contained in this news release.
About B2Gold
B2Gold is a Vancouver-based international gold mining company with
three operating gold mines and numerous development and exploration
projects in various countries including Mali, the Philippines,
Namibia, Colombia, Finland and Uzbekistan. Since its founding in
2007, B2Gold has created significant shareholder value by
identifying and acquiring companies with assets that benefit from
B2Gold’s best-in-class approach to exploration, mine building and
operations. This includes the acquisition of Australian-based
Papillon Resources that brought in what is now B2Gold’s flagship
Fekola Gold Project in Mali in 2014, Australian-based CGA Mining
with its Masbate Gold Mine in the Philippines in 2013, and
Canadian-based Auryx Gold with its Otjikoto Gold Project in Namibia
in 2011. Fekola is now a tier-one gold mine expected to produce
between 570,000 and 600,000 ounces of gold in 2022, Masbate is
expected to produce between 215,000 and 225,000 ounces in 2022, and
Otjikoto is expected to produce between 165,000 and 175,000 ounces
in 2022.
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:
|
Michael
McDonald |
Cherry De
Geer |
|
VP, Investor
Relations & Corporate Development |
Director,
Corporate Communications |
|
+1
604-681-8371 |
+1
604-681-8371 |
|
investor@b2gold.com |
investor@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: 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
2023 by trucking material from the Anaconda area or the Dandoko
project, including the potential to add approximately 80,000 to
100,000 per year to Fekola’s annual production profile, and for the
Anaconda area and the Dandoko project to provide saprolite material
to feed the Fekola mill starting in the second quarter of 2023 and
the fourth quarter of 2023, respectively; the timing and results of
a feasibility study for the Anaconda area to review the project
economics of a stand-alone oxide mill; the potential for the Fekola
complex to produce 800,000 ounces of gold per year over a 10-year
period starting in 2026; stope ore production at the Wolfshag
underground mine at Otjikoto commencing in the fourth quarter 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 AND NINE
MONTHS ENDED SEPTEMBER 30
|
|
(Expressed in thousands
of United States dollars, except per share amounts)
(Unaudited)
|
|
|
|
For the three
months ended
Sept. 30, 2022
|
|
For the three
months ended
Sept. 30, 2021
|
|
For the nine
months ended
Sept. 30, 2022
|
|
For the nine
months ended
Sept. 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
Gold
revenue |
|
$ 392,554 |
|
$ 510,859 |
|
$ 1,140,122 |
|
$ 1,236,151 |
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
|
|
|
|
|
|
|
|
Production
costs |
|
(185,704) |
|
(130,770) |
|
(466,967) |
|
(374,695) |
|
Depreciation
and depletion |
|
(94,207) |
|
(111,768) |
|
(253,344) |
|
(256,304) |
|
Royalties and
production taxes |
|
(26,644) |
|
(33,154) |
|
(76,235) |
|
(84,351) |
|
Total cost
of sales |
|
(306,555) |
|
(275,692) |
|
(796,546) |
|
(715,350) |
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
85,999 |
|
235,167 |
|
343,576 |
|
520,801 |
|
|
|
|
|
|
|
|
|
|
|
General and
administrative |
|
(10,384) |
|
(10,410) |
|
(33,761) |
|
(31,026) |
|
Share-based
payments |
|
(5,808) |
|
(5,996) |
|
(18,253) |
|
(15,835) |
|
Write-down of
mineral property interests |
|
(3,927) |
|
— |
|
(7,085) |
|
(1,040) |
|
Reversal of
impairment of long-lived assets |
|
— |
|
— |
|
909 |
|
— |
|
Loss on sale of
mineral property interests |
|
(2,804) |
|
— |
|
(2,804) |
|
— |
|
Community
relations |
|
(873) |
|
(855) |
|
(1,945) |
|
(2,169) |
|
Foreign
exchange losses |
|
(7,982) |
|
(2,718) |
|
(16,439) |
|
(3,758) |
|
Share of net
income of associate |
|
2,080 |
|
3,851 |
|
8,991 |
|
13,198 |
|
Other
expense |
|
(1,776) |
|
(563) |
|
(2,746) |
|
(3,972) |
|
Operating
income |
|
54,525 |
|
218,476 |
|
270,443 |
|
476,199 |
|
|
|
|
|
|
|
|
|
|
|
Interest and
financing expense |
|
(2,709) |
|
(3,112) |
|
(7,983) |
|
(9,057) |
|
(Losses) gains
on derivative instruments |
|
(8,751) |
|
5,484 |
|
18,297 |
|
23,024 |
|
Other
income |
|
3,621 |
|
43 |
|
14,309 |
|
1,199 |
|
Income from
operations before taxes |
|
46,686 |
|
220,891 |
|
295,066 |
|
491,365 |
|
|
|
|
|
|
|
|
|
|
|
Current income
tax, withholding and other taxes |
|
(32,520) |
|
(83,024) |
|
(140,315) |
|
(174,620) |
|
Deferred income
tax expense |
|
(35,400) |
|
(2,996) |
|
(44,496) |
|
(9,060) |
|
Net (loss)
income for the period |
|
$ (21,234) |
|
$ 134,871 |
|
$ 110,255 |
|
$ 307,685 |
|
|
|
|
|
|
|
|
|
|
|
Attributable
to: |
|
|
|
|
|
|
|
|
|
Shareholders of
the Company |
|
$ (23,410) |
|
$ 123,110 |
|
$ 95,117 |
|
$ 283,122 |
|
Non-controlling interests |
|
2,176 |
|
11,761 |
|
15,138 |
|
24,563 |
|
Net (loss)
income for the period |
|
$ (21,234) |
|
$ 134,871 |
|
$ 110,255 |
|
$ 307,685 |
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per share
(attributable to shareholders of the Company)
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ (0.02) |
|
$ 0.12 |
|
$ 0.09 |
|
$ 0.27 |
|
Diluted |
|
$ (0.02) |
|
$ 0.12 |
|
$ 0.09 |
|
$ 0.27 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,064,301 |
|
1,054,747 |
|
1,060,826 |
|
1,053,127 |
|
Diluted |
|
1,064,301 |
|
1,060,687 |
|
1,067,753 |
|
1,061,756 |
|
B2GOLD CORP.
CONDENSED INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE AND NINE
MONTHS ENDED SEPTEMBER 30
|
|
(Expressed in thousands
of United States dollars)
(Unaudited)
|
|
|
|
For the three
months ended
Sept. 30, 2022
|
|
For the three
months ended
Sept. 30, 2021
|
|
For the nine
months ended
Sept. 30, 2022
|
|
For the nine
months ended
Sept. 30, 2021
|
|
Operating
activities |
|
|
|
|
|
|
|
|
|
Net (loss)
income for the period |
|
$ (21,234) |
|
$ 134,871 |
|
$ 110,255 |
|
$ 307,685 |
|
Non-cash
charges, net |
|
160,355 |
|
122,258 |
|
331,700 |
|
265,304 |
|
Changes in
non-cash working capital |
|
(34,362) |
|
57,871 |
|
(87,833) |
|
(113,107) |
|
Changes in
long-term value added tax receivables |
|
(11,641) |
|
5,283 |
|
(28,815) |
|
(2,061) |
|
Cash
provided by operating activities |
|
93,118 |
|
320,283 |
|
325,307 |
|
457,821 |
| |
|
|
|
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
|
|
|
|
Revolving
credit facility transaction costs |
|
— |
|
— |
|
(2,401) |
|
— |
|
Repayment of
equipment loan facilities |
|
(879) |
|
(7,236) |
|
(12,374) |
|
(21,806) |
|
Interest and
commitment fees paid |
|
(725) |
|
(3,967) |
|
(3,049) |
|
(5,700) |
|
Cash proceeds
from stock option exercises |
|
335 |
|
1,943 |
|
12,966 |
|
3,777 |
|
Dividends
paid |
|
(42,949) |
|
(42,186) |
|
(127,695) |
|
(126,151) |
|
Principal
payments on lease arrangements |
|
(1,732) |
|
(1,196) |
|
(5,399) |
|
(2,624) |
|
Distributions
to non-controlling interests |
|
(23,648) |
|
(23,177) |
|
(27,828) |
|
(32,411) |
|
Funding from
non-controlling interests |
|
1,656 |
|
— |
|
2,386 |
|
— |
|
Changes in
restricted cash accounts |
|
132 |
|
293 |
|
132 |
|
792 |
|
Cash used by
financing activities |
|
(67,810) |
|
(75,526) |
|
(163,262) |
|
(184,123) |
| |
|
|
|
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
|
|
|
|
Expenditures on
mining interests: |
|
|
|
|
|
|
|
|
|
Fekola
Mine |
|
(20,353) |
|
(27,961) |
|
(68,779) |
|
(54,078) |
|
Masbate
Mine |
|
(10,158) |
|
(7,023) |
|
(29,908) |
|
(20,365) |
|
Otjikoto
Mine |
|
(20,292) |
|
(19,371) |
|
(59,575) |
|
(59,337) |
|
Gramalote
Project |
|
(4,273) |
|
(9,200) |
|
(12,810) |
|
(16,669) |
|
Anaconda
Property, pre-development |
|
(5,154) |
|
— |
|
(12,083) |
|
— |
|
Other
exploration and development |
|
(16,269) |
|
(13,944) |
|
(45,505) |
|
(39,368) |
|
Cash paid for
acquisition of mineral property |
|
— |
|
— |
|
(48,258) |
|
— |
|
Deferred
consideration received |
|
45,000 |
|
— |
|
45,000 |
|
— |
|
Cash paid for
acquisition of Oklo Resources Limited |
|
(21,130) |
|
— |
|
(21,130) |
|
— |
|
Cash acquired
on acquisition of Oklo Resources Limited |
|
1,415 |
|
— |
|
1,415 |
|
— |
|
Loan to
associate |
|
(5,000) |
|
— |
|
(5,000) |
|
— |
|
Cash paid on
exercise of mineral property option |
|
— |
|
— |
|
(7,737) |
|
— |
|
Funding of
reclamation accounts |
|
(954) |
|
(1,071) |
|
(5,052) |
|
(4,570) |
|
Purchase of
common shares of associate |
|
— |
|
— |
|
— |
|
(5,945) |
|
Other |
|
1,626 |
|
2,071 |
|
1,268 |
|
(1,452) |
|
Cash used by
investing activities |
|
(55,542) |
|
(76,499) |
|
(268,154) |
|
(201,784) |
| |
|
|
|
|
|
|
|
|
|
(Decrease)
increase in cash and cash equivalents |
|
(30,234) |
|
168,258 |
|
(106,109) |
|
71,914 |
| |
|
|
|
|
|
|
|
|
|
Effect of
exchange rate changes on cash and cash equivalents |
|
(7,002) |
|
(3,892) |
|
(17,434) |
|
(5,092) |
|
Cash and
cash equivalents, beginning of period |
|
586,692 |
|
382,141 |
|
672,999 |
|
479,685 |
|
Cash and
cash equivalents, end of period |
|
$ 549,456 |
|
$ 546,507 |
|
$ 549,456 |
|
$ 546,507 |
| |
|
|
|
|
|
|
|
|
|
B2GOLD CORP.
CONDENSED INTERIM
CONSOLIDATED BALANCE SHEETS
|
|
(Expressed in thousands
of United States dollars)
(Unaudited)
|
|
|
|
As at
September 30,
2022 |
|
As at
December 31,
2021 |
|
Assets |
|
|
|
|
|
Current |
|
|
|
|
|
Cash and cash
equivalents |
|
$ 549,456 |
|
$ 672,999 |
|
Accounts
receivable, prepaids and other |
|
38,464 |
|
32,112 |
|
Deferred
consideration receivable |
|
3,850 |
|
41,559 |
|
Value-added and
other tax receivables |
|
12,000 |
|
14,393 |
|
Inventories |
|
293,793 |
|
272,354 |
|
Assets
classified as held for sale |
|
— |
|
12,700 |
|
|
|
897,563 |
|
1,046,117 |
|
|
|
|
|
|
|
Long-term
investments |
|
24,496 |
|
32,118 |
|
Value-added
tax receivables |
|
91,924 |
|
63,165 |
|
Mining
interests |
|
|
|
|
|
Owned by
subsidiaries and joint operations |
|
2,292,047 |
|
2,231,831 |
|
Investments in
associates |
|
118,685 |
|
104,236 |
|
Other
assets |
|
92,885 |
|
82,371 |
|
Deferred
income taxes |
|
— |
|
1,455 |
|
|
|
$ 3,517,600 |
|
$ 3,561,293 |
|
Liabilities |
|
|
|
|
|
Current |
|
|
|
|
|
Accounts
payable and accrued liabilities |
|
$ 108,870 |
|
$ 111,716 |
|
Current income
and other taxes payable |
|
41,817 |
|
92,275 |
|
Current portion
of long-term debt |
|
19,796 |
|
25,408 |
|
Current portion
of mine restoration provisions |
|
734 |
|
734 |
|
Other current
liabilities |
|
1,041 |
|
1,056 |
|
|
|
172,258 |
|
231,189 |
|
|
|
|
|
|
|
Long-term
debt |
|
42,732 |
|
49,726 |
|
Mine
restoration provisions |
|
85,352 |
|
116,547 |
|
Deferred
income taxes |
|
230,928 |
|
187,887 |
|
Employee
benefits obligation |
|
7,323 |
|
7,115 |
|
Other
long-term liabilities |
|
7,269 |
|
7,822 |
|
|
|
545,862 |
|
600,286 |
|
Equity |
|
|
|
|
|
Shareholders’
equity |
|
|
|
|
|
Share
capital |
|
2,484,468 |
|
2,422,184 |
|
Contributed
surplus |
|
73,756 |
|
67,028 |
|
Accumulated
other comprehensive loss |
|
(150,876) |
|
(136,299) |
|
Retained
earnings |
|
476,721 |
|
507,381 |
|
|
|
2,884,069 |
|
2,860,294 |
|
Non-controlling
interests |
|
87,669 |
|
100,713 |
|
|
|
2,971,738 |
|
2,961,007 |
|
|
|
$ 3,517,600 |
|
$ 3,561,293 |
| |
|
|
|
|
This regulatory filing also includes additional resources:
ex991.pdf
B2Gold (AMEX:BTG)
Graphique Historique de l'Action
De Déc 2022 à Jan 2023
B2Gold (AMEX:BTG)
Graphique Historique de l'Action
De Jan 2022 à Jan 2023
