B2Gold Corp. Announces Repayment of its $259 Million Convertible Senior Subordinated Notes; New Executive Appointed
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News Release
B2Gold Corp. Announces Repayment of its $259 Million Convertible Senior Subordinated Notes;
New Executive Appointed
Vancouver, October 2, 2018 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) is pleased to announce th at, as planned, the Company has repaid in full its
$259 million aggregate principal amount of convertible senior subordinated notes (the “Notes”) (plus accrued
interest) which matured on October 1, 2018. The Notes were issued by B2Gold in August 2013 pursuant to a
note purchase agreement and an indenture, each date d as of August 23, 2013. The repayment of all
outstanding principal and accrued interest under the No tes amounted to approximately $263 million, which
B2Gold funded using existing cash on hand and a porti on of its $500 million revolving credit facility (the
“RCF”). Upon completion of repayment of the Not es, the Company had an outstanding balance of $400
million under the RCF, and a remaining undrawn capacity of $100 million. All dollar figures are in United
States dollars unless otherwise indicated.
Repayment of the convertible notes reflects the ongoing second phase of B2Gold’s strategy to fund
construction of the Fekola Mine (“Fekola”) in Mali w ithout using equity financing. The Company funded
construction of Fekola using a combination of opera ting cashflows from existing mines, debt facilities and
prepaid gold contract sales. Following the successful achievement of commercial production at Fekola in late
2017, the Company has been reducing its total de bt outstanding throughout the course of 2018. The
Company started 2018 with total debt outstanding of approximately $700 million (comprised of the drawn
portion of the RCF, convertible notes and equipment loans and leases). The Co mpany expects to have
reduced its total debt outstanding to approximately $500 million by December 31, 2018, a reduction of $200
million for the year. The company plans to continue to reduce debt in 2019.
For additional information relating to the Notes and the RCF, please see B2Gold’s press releases dated
August 23, 2013 and July 18, 2017, respectively, as well as B2Gold’s Annual Information Form dated March
23, 2018 for the year ended December 31, 2017.
B2Gold Announces Appointment of Dana Rogers as Vice President, Finance
B2Gold Corp. is pleased to announce the appointment of Dana Rogers as Vice President, Finance effective
October 1, 2018.
Ms. Rogers joined B2Gold in January 2014 as Corporate Controller and was promoted to Director of Finance
in 2017. Prior to joining the Company Ms. Rogers work ed for several other public mining companies. She
started her career as an Associate at PricewaterhouseC oopers. Over her 15-year career she has worked in
audit, finance and treasury for companies in Africa, Brazil, Mexico, Canada, USA, and the United Kingdom,
in addition to the countries where B2Gold currently has operations.
Ms. Rogers holds a Bachelor of Commerce (with Honours) from the University of British Columbia and is a
Chartered Accountant and member of the Institute of Chartered Accountants of British Columbia.
"We are very pleased to appoint Dana as Vice Preside nt of Finance," commented Clive Johnson, President &
CEO of B2Gold. "With her understanding of the mining industry and impressive experience in financial
reporting and complex accounting transactions, Dana will continue her growth as an important member of
the B2Gold family.”
Upcoming News Releases
Throughout the remainder of 2018 B2Gold plans to make several important announcements including:
The results of an expansion study for El Limon Mine based on a positive initial open-pit Inferred
Mineral Resource at the Central zone located near the El Limon mill facility (see press release dated
02/23/18)
Third quarter and year-to-date production and revenue results
A new mineral resource for the Fekola Mine deposit based on a successful drill program which has
extended and infilled the mineral resources immediately north of the Fekola reserve pit boundary
(Fekola North Extension – see press release dated 06/28/18)
Third quarter and year-to date earnings in early November 2018
B2Gold is also conducting engineering and technical studies to ascertain the potential of expanding the
Fekola Mine and mill. Internal results of the expansion study will be available by the end of 2018 followed
by a public announcement expected in the first quarter of 2019.
About B2Gold Corp.
Headquartered in Vancouver, Canada, B2Gold Corp. is the world’s new senior gold producer. Founded in
2007, today, B2Gold has five operating gold mines, a nd numerous exploration and development projects in
various countries including Nicaragua, the Philippines, Namibia, Mali, Burkina Faso, Colombia and Finland.
With the first full year of production from the large, new Fekola Mine, B2Gold is achieving transformational
growth in 2018. Consolidated gold production is forecast to be between 920,000 and 960,000 ounces,
representing an increase in annual consolidated gold production of approximate ly 300,000 ounces in 2018
versus 2017. Based on current assumpti ons, in 2018, consolidated cash ope rating costs are projected to be
between $505 and $550 per ounce, and consolidated all-in sustaining costs are projected to be between $780
and $830 per ounce.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President & Chief Executive Officer
For more information on B2Gold please visit our website at www.b2gold.com or contact:
Ian MacLean
Vice President, Investor Relations
604-681-8371
Katie Bromley
Manager, Investor Relations & Public Relations
604-681-8371
The Toronto Stock Exchange and the NYSE American LLC neither approve nor disapprove the information contained in
this news release.
Production guidance presented in this news release reflects the total production at the mines B2Gold operates on a
100% basis. Please see in conjunction our Annual Information Form, dated March 23, 2018, our Management
Discussion & Analysis dated August 7, 2018, and our news release dated August 14, 2018 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: production forecasts; and other statements regarding future or estimated financial and operational
performance events, including projected cash operating costs and all-in sustaining costs; and including, without
limitation: the amount of B2Gold's debt that is outstanding by December 31, 2018, the amount such represents in total
debt reduction, and the plan of B2Gold to continue to reduce debt in 2019; anticipated announcements of B2Gold and
the timing thereof; and engineering and technical studies of B2Gold to ascertain the potential of expanding the Fekola
Mine and mill, and the timing of results thereof. 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, cer tain of which are beyond
B2Gold’s control, including risks associated with or related to: the volatility of metal prices and B2Gold’s common
shares; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource
estimates; not achieving productio n, cost or other estimates; actual produc tion, development plans and costs differing
materially from the estimates in B2Gold’s feasibility studies; the ability to obtain and maintain any necessary permits,
consents or authorizations required for mining activities; the current ongoing instability in Nicaragua; environmental
regulations or hazards and compliance with complex regulations associated with mining activities; the ability to
replace mineral reserves and identify acquisition opport unities; the unknown liabilities of companies acquired by
B2Gold; the ability to successfully in tegrate new acquisitions; fluctuations in exchange rates; the availability of
financing; financing and debt activities, including potential restric tions 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, Nicaragua
and Burkina Faso and including risks related to changes in foreign laws and changing policies related to mining and
local ownership requirements; remote operations and the availability of adequate infrastructure; fluctuations in price
and availability of energy and other inputs necessary for mining operati ons; shortages or cost increases in necessary
equipment, supplies and labour; regulatory, political and countr y 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 Corporatio n, 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; changes in tax laws; community support for B2Gold ’s operations, including risks related to strikes and the
halting of such operations from time to time; conflicts w ith small scale miners; failures of information systems or
information security threats; the final outcome of the aud it by the Philippines Department of Environment and Natural
Resources in relation to the Masbate Project; 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; as well as
other factors identified and as described in more detail un der 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, which may be viewed at www.sedar.com and
www.sec.gov, respectively (the “Websites”). The list is not ex haustive 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 opera tions, including: developme nt and exploration activitie s; 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; the timely receipt of neces sary 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, perfor mance 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 & Analysis, available on the Websites,
under the heading “Non-IFRS Measures” for a more detailed discussion of how B2Gold calculates certain measures
and a reconciliation of certain measures to IFRS terms.