B2Gold Corp. Reports Continued Strong Gold Production for Q1 2021; Quarterly Total Gold Production of 220,644 oz, 9% Above Budget; On Track to Meet Annual Guidance of 970,000 to 1,030,000 oz of Total Gold Production
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News Release
B2Gold Corp. Reports Continued Strong Gold Production for Q1 2021;
Quarterly Total Gold Production of 220,644 oz, 9% Above Budget;
On Track to Meet Annual Guidance of 970,000 to 1,030,000 oz of Total Gold Production
Vancouver, April 15, 2021 – 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 first
quarter of 2021. All dollar figures are in United States dollars unless otherwise indicated.
2021 First Quarter Highlights
• Total gold production of 2 20,644 ounces (including 1 5,001 ounces of attributable production from
Calibre Mining Corp. (“Calibre”)), 9% (18,542 ounces) above budget, and consolidated gold
production of 205,643 ounces from the Company’s three operating mines, 9% (17,291 ounces) above
budget
• Consolidated gold revenue was $362 million on sales of 202,330 ounces at an average price of $1,791
per ounce
• No Lost-Time-Injury (“LTI”) incidents at the Company’s operating mines in the first quarter of 2021,
extending the number of days without a n LTI to 437 days for Fekola, 866 days for Masbate and 154
days for Otjikoto as at March 31, 2021
• Following the successful completion of the Fekola mill expansion to 7.5 million tonnes per annum
(“Mtpa”) in September 2020, Fekola’s mill throughput was a quarterly record of 2.07 million tonnes in
the first quarter of 2021, 9% above budget and 19% higher than the first quarter of 2020
• For full-year 2021, B2Gold remains well positioned for continued strong operational and financial
performance with total gold production guidance of between 970,000 - 1,030,000 ounces (including
50,000 – 60,000 attributable ounces projected from Calibre) with total consolidated forecast cash
operating costs of between $500 - $540 per ounce (see “Non-IFRS Measures”) and total consolidated
all-in sustaining costs (“AISC”) (see “Non-IFRS Measures”) of between $870 - $910 per ounce
• Based on current assumptions, including a gold price of $1,800 per ounce, the Company expects to
generate cashflows from operating activities of approximately $630 million for the full-year 2021
• Selected as the recipient of five additional mining industry awards in the Philippines and Mali
The Company continues to address the COVID-19 pandemic and minimize its potential impact at B2Gold's
operations. B2Gold places the safety and well -being of its workforce and all stakeholders as its highest
priority and continues to encourage input from all its stakeholders as the COVID-19 situation evolves. The
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Company continues to implement measures and precautionary steps to manage and respond to the risks
associated with COVID -19 to ensure the safety of B2Gold's employees, contractors, suppliers and
surrounding communities where the Company works while continuing to operate. The Company is
continually updating these plans and response measures based on the safety and well-being of its workforce,
the severity of the pandemic in areas where it operates, global response measures, government restrictions
and extensive community consultation. The Company is working closely with national and local authorities,
including labour unions, and continues to closely monitor each site's situation, including public and
employee sentiment to ensure that stakeholders are in alignment with continued safe operation of its mines.
Gold Production
Total consolidated gold production in the first quarter of 2021 was 220,644 ounces (including 15,001
ounces of attributable production from Calibre), above budget by 9 % (18,542 ounces), with solid
performances from the Company’s three operating mines which all exceeded their budgeted production for
the quarter. The Fekola Mine in Mali continued its strong operational performance through the first quarter
of 2021, producing 125,088 ounces of gold, 7 % (8,088 ounces) above budget , as the Fekola processing
facilities continued to outperform. Following the successful completion of the Fekola mill expansion to 7.5
Mtpa (an increase of 1.5 Mtpa from an assumed base rate of 6 Mtpa ) in September 2020, mill throughput
was a quarterly record of 2.07 million tonnes in the first quarter of 2021, 9% above budget and 19% higher
than the first quarter of 2020. The Masbate Mine in the Philippines also had a strong start to the year with
first quarter gold production of 57,513 ounces, well-above budget by 14 % (6,852 ounces). The Otjikoto
Mine in Namibia performed well during the first quarter of 2021, producing 23,042 ounces of gold, 11%
(2,351 ounces) above budget, with processed tonnes, grade and recoveries all slightly better than budget.
As expected, compared to the first quarter of 2020, total consolidated gold production was lower by 17%
(44,218 ounces), due to planned significant waste stripping campaigns at both the Fekola and Otjikoto
mines, scheduled for the first half of 2021 (for Phase 5 and Phase 6 of the Fekola Pit, and Phase 3 of the
Wolfshag and Otjikoto pits) . Gold production is expected to significantly increase in the second half of
2021, when mining at Fekola reaches the higher -grade zones of the Fekola Pit and mining at Otjikoto
reaches the higher-grade zone at the base of the Wolfshag Pit.
The Company was recently selected as the recipient of five mining industry awards in the Philippines and
Mali, including:
- In the Philippines, the two companies that comprise the Masbate Gold Project, Filminera Resources
Corporation and Phil. Gold Processing & Refining Corp., received four awards in the recently-
concluded 2020 Presidential Mineral Industry Environmental Awards (“PMIEA”), in the “Best Mining
Forest and Safest Mine ” categories. The PMIEAs are given to mining companies that exhibit best
practices in safety and health management, environmental protection and community development.
- In Mali, a subsidiary of the Company, B2Gold Mali SARL, was recognized by Le Baromètre, a citizen
watch organization that monitors the performance of public and private sector organizations, as Mali’s
“Best Mining Company of 2020”.
For full-year 2021, the Company’s total gold production is forecast to be between 970,000 - 1,030,000
ounces (including 50,000 - 60,000 attributable ounces projected from Calibre), with total consolidated cash
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operating costs forecast to be between $500 - $540 per ounce and total consolidated AISC forecast to be
between $870 - $910 per ounce. The Company’s 2021 production guidance does not include the potential
upside to increase Fekola’s gold production in 2021 from the nearby Cardinal re source and processing
capacity currently being investigated.
For full-year 2021, the Company’s consolidated gold production from its three operating mines is expected
to be significantly weighted to the second half of 2021 due to planned significant waste stripping at both
the Fekola and Otjikoto mines in the first half of 2021. For the first half of 2021, consolidated gold
production is expected to be between 365,000 – 385,000 ounces, which is expected to increase significantly
to between 555,000 – 585,000 ounces during the second half of 2021 when mining reaches the higher grade
portion of Phase 5 of the Fekola Pit and Phase 3 of the Wolfshag Pit. Based mainly on the weighting of
production and timing of stripping, consolidated cash operating costs are expected to be between $620 -
$660 per ounce in the first half of 2021, before significantly improving to between $380 - $420 per ounce
during the second half of 2021. In addition, consolidated AISC are expected to be between $1,040 - $1,080
per ounce in the first half of 2021, before significantly improving to between $745 - $785 per ounce during
the second half of 2021.
Gold Revenue
For the first quarter of 2021, consolidated gold revenue was $362 million on sales of 202,330 ounces at an
average price of $1,791 per ounce, compared to $380 million on sales of 239,500 ounces at an average price
of $1,588 per ounce in the first quarter of 2020. The decrease in gold revenue of 5% ($18 million) was 16%
attributable to the decrease in gold ounces sold (mainly due to the lower gold production), partially offset
by an 11% impact from the increase in the average realized gold price.
Operations
Mine-by-mine gold production in the first quarter of 2021 (including the Company’s estimated 33% share
of Calibre’s production) was as follows:
Mine
Q1 2021
Gold Production
(ounces)
First-Half 2021
Forecast
Gold Production
(ounces)
Second-Half 2021
Forecast
Gold Production
(ounces)
Full-year 2021
Forecast
Gold Production
(ounces)
Fekola 125,088 220,000 - 230,000 310,000 - 330,000 530,000 - 560,000
Masbate 57,513 100,000 - 105,000 100,000 - 105,000 200,000 - 210,000
Otjikoto 23,042 45,000 - 50,000 145,000 - 150,000 190,000 - 200,000
B2Gold
Consolidated (1) 205,643 365,000 – 385,000 555,000 – 585,000 920,000 – 970,000
Equity interest in
Calibre (2) 15,001 25,000 - 30,000 25,000 - 30,000 50,000 - 60,000
Total 220,644 390,000 – 415,000 580,000 – 615,000 970,000 –
1,030,000
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(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 33% indirect share of the operations of Calibre’s
El Limon and La Libertad mines . B2Gold applies the equity method of accounting for its 3 3% ownership interest in
Calibre.
Fekola Gold Mine - Mali
The Fekola Mine in Mali continued its strong operational performance through the first quarter of 2021,
producing 125,088 ounces of gold, 7% (8,088 ounces) above budget , as the Fekola processing facilities
continued to outperform. Following the successful completion of the Fekola mill expansion to 7.5 Mtpa (an
increase of 1.5 Mtpa from an assumed base rate of 6 Mtpa) in September 2020, mill throughput was a
quarterly record of 2.07 million tonnes in the first quarter of 2021, which was 9% above budget and 19%
higher than the first quarter of 2020. Fekola’s higher-than-budgeted mill throughput was mainly due to
favourable ore fragmentation and hardness, and optimization of the grinding circuit. As expected, compared
to the first quarter of 2020, gold production was lower by 24% (38,923 ounces), as a result of the planned
significant waste stripping and lower mined ore grades, as Phases 5 and 6 of the Fekola Pit are developed
during the first half of 2021 . Mined ore tonnage and grade continue to reconcile well with the Fekola
resource model, and ore production is expected to significantly increase in the second hal f of 2021 when
mining reaches the higher -grade zones of the Fekola P it. As at March 31, 202 1, the Fekola Mine had
achieved 437 days without a LTI.
For the first quarter of 2021, mill feed grade was 1.99 grams per tonne (“g/t”) compared to budget of 2.03
g/t and 3.11 g/t in the first quarter of 2020; mill throughput was 2.07 million tonnes compared to budget of
1.91 million tonnes and 1.75 million tonnes in the first quarter of 2020; and gold recovery averaged 94.4%
compared to budget of 94.0% and 93.8% in the first quarter of 2020. Processed grade was lower compared
to the first quarter of 2020, mainly as a result of the focus on higher mill feed grade and the stockpiling
strategy used during the mill expansion activities in the first quarter of 2020, in addition to the
aforementioned lower mined ore grades in the first quarter of 2021as Phases 5 and 6 of the Fekola Pit are
developed.
The Fekola mill has the potential to run above the expanded annualized throughput rate of 7.5 Mtpa and
analysis is currently underway to determine the optimum throughput rate . For 2021 budgeting purposes ,
the Company has assumed a throughput rate of 7.75 Mtpa . Mill processing trials conducted in the fourth
quarter of 2020 demonstrate the potential to optimize the grind-throughput capacity of the expanded facility
and increase hard-rock throughput, and support the addition of saprolite ore tonnage in excess of the hard-
rock capacity. Based on positive results to date, Fekola’s annualized throughput rate is expected to continue
to remain above 8.0 Mtpa.
Production planning for the nearby Cardinal resource, located within 500 metres of the current Fekola
resource pit, is currently underway (the initial Inferred Mineral Resource estimate for Cardinal is 640,000
ounces of gold in 13.0 million tonnes of ore at 1.54 g/t gold). Grade control drilling at Cardinal has been
completed, and preparations for a bulk sample are underway with sampling expected to begin in the second
quarter of 2021. An Environmental and Social Impact Assessment has been completed and submitted to the
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Malian authorities. Approval of the addition of Cardinal to the Fekola environmental permit is expect ed
shortly and following this, an application will be made to add mining at Cardinal to the Fekola Mine plan.
For full-year 2021, the Fekola Mine is expected to produce between 530,000 - 560,000 ounces of gold at
cash operating costs of between $ 405 - $445 per ounce and AISC of between $ 745 - $785 per ounce.
Additional mining from Cardinal a nd processing capacity are currently being investigated (as discussed
above), with the potential to increase Fekola’s budgeted 2021 and longer-term gold production.
As a result of the planned waste stripping and lower mined ore grades in the first half of 2021, as Phase 5
and 6 of the Fekola P it are developed, production is expected to be significantly weighted to the second
half of 2021 (when mining reaches the higher grade portion of Phase 5 of the Fekola Pit). For the first half
of 2021, Fekola’s gold production is expected to be between 220,000 – 230,000 ounces, which is expected
to increase significantly to between 310,000 – 330,000 ounces during the second half of 2021. Based mainly
on the weighting of production and timing of waste stripping, Fekola’s cash operating costs are expected
to be between $530 - $570 per ounce in the first half of 2021, before significantly improving to between
$315 - $355 per ounce during the second half of 2021. In addition, Fekola’s AISC are expected to be
between $850 - $890 per ounce in the first half of 2021, before significantly improving to between $670 -
$710 per ounce during the second half of 2021.
Fekola Solar Plant
Following the temporary suspension of solar plant construction activities in April 2020 due to COVID-19
restrictions, site activities recommenced on October 2, 2020, and construction progress is now
approximately 95% complete. On January 5, 2021, a fire in the solar storage yard destroyed approximately
25% of the solar panels for the project. Replacement panels have been sourced and are scheduled to arrive
on site by mid-May 2021. Approximately 25% of the solar field came online on January 28, 2021 and solar
production reached 75% of full installed capacity by the end of March 2021 when the plant was turned over
to the Fekola operations team. Solar power production with only 75% installed capacity has exceeded daily
baseline targets for the full project, with several days of fuel cost savings of over $32,000 versus a goal of
$25,000 per day, and replacement of up to 20% of the total daily power versus a baseline goal of 18%.
The schedule for installation of the remaining 25% is contingent on the delivery of the replacement panels,
but full construction completion is now projected by the end of the second quarter of 2021. The Company
does not anticipate any significant impact on Fekola’s 2021 budgeted cash operating costs as a result of the
delay in completion of the solar plant. The existing heavy fuel oil (“HFO”) and diesel power plant have an
installed capacity of 64 megawatts while Fekola's expanded mill facilities require only approximately 40
megawatts for continuous operations. The solar plant is therefore not a necessary component to sustain the
higher process plant production rate but is expected to reduce Fekola's operating costs and emissions by
decreasing power plant fuel consumption and maintenance costs. When the plant is fully commissioned, it
is expected to reduce HFO consumption by over 13 million litres per year and lower carbon dioxide
emissions by an estimated 39,000 tonnes per year.
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Masbate Gold Mine – the Philippines
The Masbate Mine in the Philippines also had a strong start to the year with first quarter gold production of
57,513 ounces, well -above budget by 14% (6,852 ounces). Gold production improved against budget
mainly due to higher-than-budgeted mill recoveries (10% above budget) and included processed ore from
two main sources . In the first quarter of 2021, recoveries relating to m ill feed sourced from high- grade
sulfide ore mined from Main Vein Pit Phases 4 and 5 in the quarter were 8% above budget, while recoveries
relating to processed low-grade stockpile tonnage, originally mined from the Colorado Pit, were 7% above
budget. In addition, oxide ore processed during the quarter was 4% higher-than-budget which also
contributed to the higher recoveries. C ompared to the first quarter of 2020, gold production in the first
quarter of 2021 was higher by 28% (12,641 ounces), mainly due to higher mined ore grades in the quarter,
as a result of mining through a higher -grade zone of the Main Vein Pit . The Masbate Mine continued its
remarkable safety performance, extending the number of days without an LTI to 866 days as at March 31,
2021.
For the first quarter of 2021, mill feed grade was 1.10 g/t compared to budget of 1.06 g/t and 0.90 g/t in the
first quarter of 2020; mill throughput was 1.95 million tonnes compared to budget of 1.95 million tonnes
and 1.87 million tonnes in the first quarter of 2020; and gold recovery averaged 83.6% compared to budget
of 75.7% and 83.2% in the first quarter of 2020.
For full-year 2021, the Masbate Mine is expected to produce between 200,000 - 210,000 ounces of gold at
cash operating costs of between $6 50 - $690 per ounce and AISC of between $ 955 - $995 per ounce.
Masbate’s gold production is scheduled to be relatively consistent throughout 2021.
Otjikoto Gold Mine - Namibia
The Otjikoto Mine in Namibia performed well during the first quarter of 2021, producing 23,042 ounces of
gold, 11% (2,351 ounces) above budget, with processed tonnes, grade and recoveries all slightly better than
budget. As expected, compared to the first quarter of 2020, gold production was significantly lower by 45%
(18,707 ounces), as processed ore is primarily being sourced from existing stockpiles while significant
waste stripping operations continue at both the Wolfshag and Otjikoto pits. Mined ore tonnage and grade
continue to reconcile well with Otjikoto’s resource model, and ore production is forecast to significantly
increase in the second half of 2021 when mining reaches the higher-grade zone at the base of the Wolfshag
Pit. The Otjikoto Mine has a remarkable safety record, with no LTI’s for the period from March 27, 2018
until October 29, 2020, when an LTI for a frac tured ankle occurred. As a t March 31, 2021, the Otjikoto
Mine had achieved 154 days without an LTI.
For the first quarter of 2021, mill feed grade was 0.82 g/t compared to budget of 0.79 g/t and 1.54 g/t in the
first quarter of 2020; mill throughput was 0.89 million tonnes compared to budget of 0.84 million tonnes
and 0.86 million tonnes in the first quarter of 2020; and gold recovery averaged 97.6% compared to budget
of 97.3% and 98.4% in the first quarter of 2020.
Development of the Wolfshag underground mine continues to progress on schedule. In the fourth quarter
of 2020, development of the portal was completed, and development of the primary underground ramp
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commenced. Development continued during the first quarter of 2021, and stope ore production is expected
to commence in early 2022, in- line with original estimates. The initial underground Mineral Reserve
estimate for the down-plunge extension of the Wolfshag orebody included 210,000 ounces of gold in 1.2
million tonnes of ore at 5.57 g/t gold.
For full-year 2021, the Otjikoto Mine in Namibia is expected to produce between 190,000 - 200,000 ounces
of gold, as high-grade ore is scheduled to be sourced from Phase 3 of the Wolfshag Pit in the second half
of 2021. Otjikoto’s cash operating costs are forecast to be between $480 - $520 per ounce and AISC to be
between $830 - $870 per ounce.
Approximately 70% of the gold produced in 2021 is expected to be mined from Phase 3 of the Wolfshag
Pit, with material ore production starting early in the third quarter of 2021 following the waste stripping
campaign. As a result of the timing of this high- grade ore mining, Otjikoto’s production is expected to be
significantly weighted to the second half of 2021. For the first half of 2021, Otjikoto’s gold production is
expected to be between 45,000 – 50,000 ounces, before increasing significantly to between 145,000 –
150,000 ounces during the second half of 2021. Based mainly on the weighting of the planned production
and timing of higher waste stripping, Otjikoto’s cash operating costs are expected to be between $940 -
$980 per ounce in the first half of 2021, before significantly improving to between $330 - $370 per ounce
during the second half of 2021. In addition, Otjikoto’s AISC are expected to be between $1,600 - $1,640
per ounce in the first half of 2021, before significantly improving to between $580 - $620 per ounce during
the second half of 2021. In the first quarter of 2021, gold production at O tjikoto was forecast to be lower
and costs forecast to be higher than the second quarter of 2021, due to the significant amount of waste
stripping and lower stockpile grades processed early in the year.
Otjikoto’s higher 2021 gold production level of between 190,000 – 200,000 ounces is expected to continue
through to 2024, with production from Wolfshag underground expected to commence in early 2022 to
supplement ore from the Otjikoto Pit as well as existing medium and low -grade stockpiles for
approximately three years based on current estimates.
Outlook
The Company is pleased with its first quarter 2021 production results as outlined in this news release. Based
on a strong first quarter, the Company is on track to meet its annual gold production guidance for 2021 of
between 970,000 - 1,030,000 ounces (including 50,000 - 60,000 attributable ounces projected from Calibre)
with total consolidated cash operating costs of between $500 - $540 per ounce and total consolidated AISC
of between $870 - $910 per ounce.
First Quarter 2021 Financial Results - Conference Call Details
B2Gold will release its first quarter 202 1 financial results after the North American markets close on
Tuesday, May 4, 2021.
B2Gold executives will host a conference call to discuss the results on Wednesday, May 5, 2021, at 10:00
am PST/1:00 pm EST. You m ay access the call by dialing the operator at +1 (778) -371-9827 / +1 (647)-
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427-7450 (Vancouver/Toronto) or toll free at +1 (888) -231-8191 prior to the scheduled start time or you
may listen to the call via webcast by clicking: https://www.webcaster4.com/Webcast/Page/1493/40852. A
playback version will be available for two weeks after the call at +1 (416)-849-0833 (local or international)
or toll free at +1 (855)-859-2056 (passcode 5695701).
About B2Gold Corp.
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in
2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines and numerous
exploration and development projects in various countries including Mali and Colombia. B2Gold continues
to forecast total consolidated gold production of between 970,000 and 1,030,000 ounces in 2021.
Qualified Persons
Bill Lytle, Senior Vice President of Operations, a qualified person under NI 43-101, has approved the
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:
Ian MacLean Katie Bromley
Vice President, Investor Relations Manager, Investor Relations & Public Relations
604-681-8371 604-681-8371
[email protected] [email protected]
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 operat es on a 100% project basis. Please see our Annual Information Form dated March 3 0, 2021 for a
discussion of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward -looking information" and "forward- looking statemen ts" (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