B2Gold Announces Total Gold Production for Q4 2023 of 288,665 oz; Total Gold Production for 2023 of 1,061,060 oz, Achieving Upper Half of 2023 Guidance; 2024 Guidance, Preliminary 2025 Production Outlook and Gold Prepay Arrangement
News Release
B2Gold Announces Total Gold Production for Q4 2023 of 288,665 oz; Total Gold Production for 2023 of
1,061,060 oz, Achieving Upper Half of 2023 Guidance; 2024 Guidance, Preliminary 2025 Production Outlook
and Gold Prepay Arrangement
Vancouver, BC, January 23, 2024 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) is pleased to announce its gold production and gold revenue for the fourth
quarter and full year 2023 , its gold production and cost guidance for 2024 , preliminary 2025 production
outlook, and a gold prepayment arrangement. All dollar figures are in United States dollars unless otherwise
indicated. Canadian dollars are converted to United States dollars at an exchange rate of 1.35 to 1.
2023 Highlights
• Strong quarterly total gold production in Q4 2023: Higher than anticipated total gold production
in the fourth quarter of 2023 of 288,665 ounces, including 18,054 ounces of attributable production
from Calibre Mining Corp. (“Calibre”).
• Achieved upper half of 2023 annual gold production guidance: Total gold production for 2023
was 1,061,060 ounces (including 68,717 ounces of attributable production from Calibre), achieving
the upper half of 2023 guidance and marking the Company’s eighth consecutive year of meeting or
exceeding annual production guidance.
• Strong quarterly gold revenue to finish 2023: Consolidated gold revenue in the fourth quarter of
2023 of $512 million on sales of 256,921 ounces at an average realized gold price of $ 1,993 per
gold ounce. For the full year 2023, consolidated gold revenue was $ 1,934 million on sales of
994,060 ounces at an average realized gold price of $1,946 per gold ounce.
• Re-affirm full year 2023 total consolidated cost guidance : Total consolidated cash operating
costs (see “Non-IFRS Measures”) for the year (including attributable results for Calibre) are still
expected to be slightly below the guidance range of $670 and $730 per ounce and total consolidated
all-in sustaining costs (“AISC”) (see “Non-IFRS Measures”) for the year (including attributable
results for Calibre) are still forecast to be at the low end of the guidance range of between $1,195
and $1,255 per ounce.
• Achieved significant safety milestone of 5 years without a Lost Time Injury at Masbate: On
November 17, 2023, the Masbate Mine, located in the Philippines, achieved a major safety
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milestone, exceeding 32 million hours, 1 ,826 days, worked without a Lost Time In jury. B2Gold
has a longstanding commitment to continuous safety improvement at all of its sites, and its goal of
sending everyone home safe at each of its operations and projects.
2024 Guidance and 2025 Preliminary Outlook Highlights
• Total gold production is anticipated to be 860,000 to 940,000 ounces in 2024 : Total gold
production guidance for 2024 of 860,000 to 940,000 ounces, including 40,000 to 50,000 ounces of
attributable production from Calibre. The expected decrease in gold production relative to 2023 is
predominantly due to lower production at the Fekola Complex as a result of the delay in receiving
an exploitation license for Fekola Regional from the Government of Mali, delaying the 80,000 to
100,000 ounces that were scheduled in the life of mine plan to be trucked to the Fekola mill and
processed in 2024. The contribution of this gold production from Fekola Regional is now assumed
to start at the beginning of 2025.
• Total consolidated cash operating costs and all-in sustaining costs reflect a transition year at
the Company in 2024: Total consolidated cash operating cost guidance of $835 to $895 per gold
ounce, higher than the 2023 guidance range due to the processing of lower-grade ore at Fekola in
2024. Total AISC guidance of $1,360 to $1,420 per gold ounce , reflecting the final full year of
spending on both the new Fekola Tailings Storage Facility (“TSF”) and the Fekola solar plant
expansion, in addition to the ongoing substantial capitalized stripping campaign planned at Fekola
for 2024.
• B2Gold consolidated gold production expected to increase to record levels in 2025: Based on
current estimates, consolidated gold production in 2025 is expected to be betw een 1,130,000 and
1,260,000 ounces, driven by a significant increase in gold production from the Fekola Complex,
relative to 2024, as a result of the scheduled mining and process ing of higher-grade ore from the
Fekola and Cardinal pits made accessible by the meaningful stripping campaign that will be
undertaken throughout 2024, a full year contribution of higher -grade ore from Fekola Regional,
and commencement of mining the higher-grade Fekola underground (subject to receipt of necessary
permits for Fekola Regional and Fekola underground) . In addition, the Goose Project is expected
to commence gold production in the first quarter of 2025 and contribute between 220,000 and
260,000 ounces of gold production in calendar year 2025 . As a result of the expected completion
of several capital projects in 2024 and early 2025, it is expected that there will be a significant
decrease in both sustaining and growth capital expenditures in 2025 as well.
• Construction at the Goose Project is progressing on track, with the project remain ing on
schedule for first gold pour in the first quarter of 2025: Construction continues ahead of
schedule within the mill and processing buildings, along with preparatory work for peak
construction activities in the second and third quarter of 2024. Mine development is well underway
at the Echo Pit and Umwelt Undergroun d mine to generate high-grade stockpiles prior to mill
commissioning. Following the successful completion of the 2023 sea lift, the construction of the
Winter Ice Road (“WIR”) is well underway and expected to be completed on schedule and fully
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operational as of the second full week of February 2024, transporting all required materials from
the Marine Laydown Area (“MLA”) to the Goose Project site by the end of April 2024.
• Goose Project construction capital estimate revised to C$1,050 million: After completing a
detailed review of the Goose Project design, materials, and construction schedule as part of the
2024 budgeting process, the Company is revising the total construction capital estimate from C$800
million to C$1 ,050 million. Most of t he increase in the construction capital estimate relates to
underestimated labour and site operating costs in the feasibility study, along with additional general
inflationary impacts on construction materials, consumables and transportation costs. In addition,
a detailed review of the project design has identified deficiencies in project components including
power generation and distribution, laboratory, piping, and controls and instrumentation, which are
being corrected to deliver a reliable operation . As of December 31, 2023 , approximately C$715
million total cash has been spent on the Goose Project (by B2Gold and Sabina Gold & Silver Corp.
(“Sabina”)). Future construction capital cost variance is expected to be minimal as over half of the
construction capital costs to be incurred in 2024 are related to labour in order to bring the project
close to commissioning by the end of the year, and all major components have been purchased or
are under contract.
• Results of the Fekola Complex optimization study outlining the trucking of ore from the
Anaconda Area (comprised of the Bantako, Menankoto and Bakolobi permits) to be released
in the first quarter of 2024: Initial results of a Fekola Complex optimization study indicate that
the trucking of both oxide and sulphide ore from the Anaconda Area to the Fekola mill is the optimal
option to maximize the value of Fekola Regional, and to extend the processing life of the Fekola
mill. The study is expected to be released in the first quarter of 2024.
• Preliminary economic assessment (“PEA”) on the Gramalote Project expected by the end of
the second quarter of 2024: The Company completed a detailed review of the Gramalote Project,
including the facility size and location, power supply, minin g and processing options, tailings
design, resettlement, potential construction sequencing and camp design to identify potential cost
savings to develop a smaller scale project. A formal study commenced in the fourth quarter of 2023,
with the goal of completing a PEA by the end of the second quarter of 2024.
• Continued focus on exploration investment across B2Gold’s highly prospective land
packages: $63 million allocated to exploration in 2024 to support organic growth by advancing the
Company’s pipeline of development, brownfield and greenfield exploration projects, with a
considerable portion allocated to continue the significant exploration campaign at the Back River
Gold District.
Gold Prepay Highlights
• Upfront payment of $500 million, used to fund sustaining, development and growth projects
across the operating portfolio, and increase financial capacity for potential growth projects
in Namibia and Colombia: On January 23, 2024, B2Gold completed a gold prepayment for $500
million, based on gold forward curve prices averaging approximately $2, 191 per ounce, in
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exchange for equal monthly deliveries of gold from July 2025 to June 2026 totaling 2 64,775
ounces, representing approximately 10% of expected annual gold production in each of 2025 and
2026 (subject to finalization of production guidance for 2025 and 2026). The gold forward sale and
prepay arrangement (the “Gold Prepay”) was executed by existing revolving credit facility
participants Bank of Montreal, Canadian Imperial Bank of Commerce, ING Capital Markets LLC,
and National Bank of Canada.
Fourth Quarter and Full Year 2023 Gold Production
Mine-by-mine production in the fourth quarter and full year 2023 was as follows:
Gold Production (ounces)
Mine Q4 2023 FY 2023 FY 2023 Guidance
Fekola Complex 143,010 590,243 580,000 - 610,000
Masbate 46,490 193,502 170,000 - 190,000
Otjikoto 81,111 208,598 190,000 - 210,000
B2Gold Consolidated (1) 270,611 992,343 940,000 – 1,010,000
Equity interest in Calibre (2) 18,054 68,717 60,000 - 70,000
Total 288,665 1,061,060 1,000,000 – 1,080,000
(1) “B2Gold Consolidated” gold production is presented on a 100% basis, as B2Gold fully consolidates the results of its Fekol a, 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 approximately 24% indirect share of Calibre’ s operations throughout 2023. B2Gold applies the equity
method of accounting for its 24% ownership interest in Calibre throughout 2023.
Fekola Mine – Mali
Q4 2023
Tonnes of ore milled (Mt) 2.42
Grade (grams/tonne) 1.99
Recovery (%) 93.4
Gold production (ounces) 143,010
Gold sold (ounces) 128,321
The Fekola Mine in Mali (owned 80% by the Company and 20% by the State of Mali) produced 143,010
ounces in the fourth quarter, higher than anticipated largely due to processing additional higher-grade ore
from Fekola Phase 6 and Cardinal pits. The Fekola p rocessing facilities continued to outperform
expectations with 2.42 million tonnes processed during the fourth quarter. Mined ore tonnage and grade
continue to reconcile well with the Fekola resource model.
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For the full year 2023, the Fekola Mine produced 590,243 ounces of gold, near the mid-point of the annual
guidance range of 580,000 to 610,000 ounces.
Masbate Mine – The Philippines
Q4 2023
Tonnes of ore milled (Mt) 2.08
Grade (grams/tonne) 0.90
Recovery (%) 77.0
Gold production (ounces) 46,490
Gold sold (ounces) 53,500
The Masbate Mine in the Philippines continued its strong performance in the fourth quarter of 2023,
producing 46,490 ounces of gold, in line with expectations, as a result of slightly higher than anticipated
mill throughput and gold recoveries, offset by slightly lower than expected ore grade processed.
For the full year 2023, the Masbate Mine produced 193,502 ounces of gold, exceeding the upper end of its
guidance range of 170,000 to 190,000 ounces.
Otjikoto Mine – Namibia
Q4 2023
Tonnes of ore milled (Mt) 0.89
Grade (grams/tonne) 2.88
Recovery (%) 98.5
Gold production (ounces) 81,111
Gold sold (ounces) 75,100
The Otjikoto Mine in Namibia, in which the Company holds a 90% interest, produced 81,111 ounces of
gold in the fourth quarter of 2023, a quarterly record, with production from the Wolfshag underground mine
remaining consistent through the quarter.
For the full year 2023, the Otjikoto Mine produced 208,598 ounces of gold, near the upper end of its
guidance range of 190,000 to 210,000 ounces.
Fourth Quarter and Full Year 2023 Gold Revenue
For the fourth quarter of 2023, consolidated gold revenue was $512 million on sales of 256,921 ounces at
an average realized gold price of $1,993 per ounce. For the full year 2023, consolidated gold revenue was
$1,934 million on sales of 994,060 ounces at an average realized gold price of $1,946 per ounce.
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2024 Production and Cost Guidance
Guidance (100% Basis) Fekola
Complex (1) Masbate Otjikoto Calibre (2) Back
River Other Total (3)
Gold Production (koz) 470 - 500 170 -190 180 - 200 40 - 50 - - 860 - 940
Cash Operating Costs
($/oz produced) 835 – 895 945 – 1,005 685 – 745 1,000 –
1,100 - - 835 - 895
Sustaining Capital Expenditures
($M) 122 27 - - 17 - 166
Capitalized Stripping /
Capitalized Development ($M) 80 6 32 - - - 118
Sustaining Mine Exploration
Expenditures ($M) 1 2 - - - - 3
General & Administrative ($M) 10 7 4 - - 49 70
All-In Sustaining Costs ($/oz
sold)
1,420 –
1,480
1,300 –
1,360
960 –
1,020
1,275 –
1,375 - - 1,360 –
1,420
Growth / Construction Capital
Expenditures ($M) 107 16 1 - 207 13 344
Non Capitalized Stripping /
Underground Development ($M) - - - - 109 - 109
Growth Exploration Expenditures
($M) 9 1 9 - 28 13 60
Total Growth / Non-Sustaining
Capital Expenditures ($M) 116 17 10 - 344 26 513
(1) The Fekola Complex is comprised of the Fekola Mine ( Medinandi permit hosting the Fekola and Cardinal pits and the Fekola underground) and Fekola Regional
(Anaconda Area (Bantako, Menankoto and Bakolobi permits) and the Dandoko per mit).
(2) “Equity interest in Calibre” represents the Company’ s expected 15% indirect share of Calibre’ s operations effective January 24, 2024. B2Gold applies the equity
method of accounting for its expected 15% ownership interest in Calibre effective January 24, 2024.
(3) Totals may not add due to rounding.
In 2024, B2Gold expects total gold production to be between 860,000 and 940,000 ounces (including
40,000 to 50,000 attributable ounces from Calibre).
The Company’s total consolidated cash operating costs for the year (including estimated attributable results
for Calibre) are forecast to be between $ 835 and $895 per ounce and total consolidated AISC (including
estimated attributable results for Calibre) are forecast to be between $1,360 and $1,420 per ounce.
The Company’s consolidated gold production is expected to be relatively consistent throughout 2024, with
third quarter production expected to be slightly lower, and fourth quarter production expected to be slightly
higher.
Fekola Complex – Mali
The Fekola Complex in Mali includes both the Fekola Mine and Fekola Regional. The Fekola Complex’s
total 2024 gold production is anticipated to decrease relative to 2023 , predominantly due to lower
production at the Fekola Complex as a result of the delay in receiving an exploitation license for Fekola
Regional, delaying the 80,000 to 100,000 ounces that were scheduled in the life of mine plan to be trucked
to the Fekola mill and processed in 2024. The contribution of this gold production from Fekola Regional is
now assumed to start at the beginning of 2025.
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At the Fekola Mine, ore will continue to be mined from the Fekola and Cardinal pits. Receipt of an
exploitation license for Fekola Regional remains outstanding pending finalization of an implementation
decree for the new 2023 Mining Code by the State of Mali. As a result, no production is forecast from
Fekola Regional in 2024. The new 2023 Mining Code is not expected to impact the matters that have been
stabilized for the Fekola Mine operations under the existing Fekola mining convention entered into under
the 2012 Mining Code, and the impact of a new 2023 Mining Code on the Fekola Regional licenses is being
clarified by the Company. B2Gold recently held meetings with the representatives of the G overnment of
Mali regarding the 2023 Mining Code . The Government of Mali assisted the Company in clarifying the
application of the 2023 Mining Code to existing and future projects in Mali, and also expressed their desire
for B2Gold to rapidly progress the development of Fekola Regional and committed to assisting the
Company in such development.
The haul road from Fekola Regional (Bantako North) to the Fekola Mine is operational and construction of
the haul roads and mining infrastructure (warehouse, workshop, fuel depot and offices) was completed on
schedule in the fourth quart er of 2023. Mining operations will commence upon receipt of an exploitation
license, with gold production approximately three months after commencement. If an exploitation license
for Fekola Regional is received in the first half of 2024, there is potentia l for 2024 Fekola Complex
production to be supplemented with up to 18,000 ounces of higher-grade ore from Fekola Regional.
In 2025, the Company expects a significant increase in gold production at the Fekola Complex as a result
of the scheduled mining and processing of higher -grade ore from the Fekola and Cardinal pits , full year
contribution of high er-grade ore from Fekola Regional and commencement of mining the high er-grade
Fekola underground (subject to receipt of necessary permits).
Fekola is expected to process 9.4 million tonnes of ore during 2024 at an average grade of 1.77 grams per
tonne (“ g/t”) gold with a process gold recovery of 90.9%. Gold production is expected to be evenly
weighted between the first half of 2024 and the second half of 2024. In the second half of 2024, gold
production is weighted approximately 40% to the third quarter and approximately 60% to the fourth quarter.
The expected increase in Fekola’s AISC for 2024 relative to 2023 reflects, predominantly, the expected
decrease in production at Fekola in 2024 due to the delay in receiving an exploitation license for Fekola
Regional, delaying the 80,000 to 100,000 ounces that were scheduled in the life of mine plan to be trucked
to the Fekola mill and processed in 2024, and higher sustaining capital expenditures. Capital expenditures
in 2024 at Fekola are expected to total approximately $ 309 million, of which approximately $202 million
is classified as sustaining capital expenditures and $107 million is classified as growth capital expenditures.
Sustaining capital expenditures are anticipated to include:
• $80 million for capitalized stripping;
• $45 million for construction of a new TSF to be completed in the second quarter of 2025;
o Construction is currently on schedule;
• $39 million for new and replacement Fekola mining equipment, including capitalized rebuilds; and
• $19 million for the expansion of the Fekola solar plant to be completed in the third quarter of 2024;
o Construction is currently on schedule.
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Growth capital expenditures are anticipated to include:
• $64 million for underground mine development;
o Fekola underground ore production anticipated to commence in the first half of 2025, ahead
of the previously announced schedule; and
• $43 million for mine development and infrastructure at Fekola Regional.
As a result of the expected completion of several capital projects in 2024 and early 2025, it is expected that
there will be a significant decrease in both sustaining and growth capital expenditures in 2025, resulting in
lower AISC.
Masbate Mine – The Philippines
Gold production at Masbate is expected to be relatively consistent throughout 2024. Masbate is expected
to process 7.9 million tonnes of ore at an average grade of 0.93 g/t gold with a process gold recovery of
76.0%. Mill feed will be a blend of mined fresh ore from the Main Vein pit and low-grade ore stockpiles.
Capital expenditures for 2024 at Masbate are expected to total $ 49 million, of which approximately $ 33
million is classified as sustaining capital expenditures and $ 16 million is classified as growth capital
expenditures. Sustaining capital expenditures are anticipated to include:
• $16 million for new and replacement Masbate mining equipment, including capitalized rebuilds;
• $6 million for capitalized stripping;
• $6 million for process plant; and
• $3 million for TSF expansion.
Growth capital expenditures are anticipated to include $16 million for land acquisition and relocation costs
for new open pits.
Otjikoto Mine – Namibia
Gold production at Otjikoto is expected to be relatively consistent throughout 2024. Otjikoto is expected to
process a total of 3.4 million tonnes of ore at an average grade of 1.77 g/t gold with a process gold recovery
of 98.0%. Processed ore will be sourced from the Otjikoto pit and the Wolfshag underground mine,
supplemented by existing medium and high-grade ore stockpiles. Open pit mining operations are scheduled
to ramp down throughout 2024 and conclude in 2025, while underground mining operations at Wolfshag
will continue through 2026. Exploration results received to date indicate the potential to extend
underground production at Wolfshag past 2026, supplementing the processing operations which will
continue until 2031 when economically viable stockpiles are forecast to be exhausted.
In addition, the Company recently received positive exploration drilling results from a new area, located
approximately 3 kilometers (“km”) south of the Otjikoto Mine Phase 5 open pit, referred to as the Antelope
deposit, which the Company will be providing a more detailed update on in a separate news release in the
near-term.