B2Gold Corp. Reports Continued Strong Total Gold Production for Q3 2021 of 310,261 oz, 7% Above Budget and 18% Higher than Q3 2020; Annual Production Guidance Range Increased to 1,015,000 to 1,055,000 oz
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News Release
B2Gold Corp. Reports Continued Strong Total Gold Production for Q3 2021 of 310,261 oz,
7% Above Budget and 18% Higher than Q3 2020;
Annual Production Guidance Range Increased to 1,015,000 to 1,055,000 oz
Vancouver, BC, October 19, 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 third
quarter and first nine months of 2021. All dollar figures are in United States dollars unless otherwise
indicated.
2021 Third Quarter and First Nine Months Highlights
• Total gold production in the third quarter of 2021 of 310,261 ounces (including 14,538 ounces of
attributable production from Calibre Mining Corp. (“Calibre”), above budget by 7% (20,871 ounces),
and consolidated gold production of 295,723 ounces from the Company’s three operating mines,
above budget by 7% (20,083 ounces)
• Consolidated gold revenue in the third quarter of 2021 of $511 million on sales of 286,650 ounces at
an average realized price of $1,782 per ounce
• Record quarterly gold production achieved by both the Fekola Mine of 165,557 ounces and Otjikoto
Mine of 68,959 ounces in the third quarter of 2021
• In September 2021, the Fekola Mine produced its 2 millionth ounce of gold, 4 years from the
commencement of production
• Increased Fekola’s and Masbate’s production guidance; for full-year 2021, the Fekola Mine is now
forecast to produce between 560,000 to 570,000 ounces of gold (original guidance was between
530,000 to 560,000 ounces) and the Masbate Mine between 215,000 to 225,000 ounces of gold
(original guidance was between 200,000 to 210,000 ounces)
• Total gold production in the first nine months of 2021 of 742,517 ounces (including 43,771 ounces of
attributable production from Calibre), above budget by 7% (49,682 ounces), and consolidated gold
production of 698,746 ounces from the Company’s three operating mines, above budget by 7%
(47,161 ounces)
• Consolidated gold revenue in the first nine months of 2021 of $1.2 billion on sales of 689,051 ounces
at an average realized price of $1,794 per ounce
• For full-year 2021, B2Gold has increased its total gold production guidance range to between
1,015,000 - 1,055,000 ounces (including 50,000 – 60,000 attributable ounces projected from Calibre)
(original guidance was between 970,000 and 1,030,000 ounces)
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• Based on current assumptions, including an average 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 (approximately $500 million of cashflows from operating activities are expected to be
generated in the second half of 2021)
Gold Production
Total gold production in the third quarter of 2021 was 310,261 ounces (including 14,538 ounces of
attributable production from Calibre), above budget by 7% (20,871 ounces) and consolidated gold
production from the Company’s three operating mines was 295,723 ounces, above budget by 7% (20,083
ounces) with solid performances from all the Company’s three mines, with each mine e xceeding its
budgeted production for the third quarter (see “Operations” section below). Both the Fekola and Otjikoto
mines achieved record quarterly gold production in the third quarter of 2021. As planned, with increased
throughput at the Fekola mill together with the completion of the significant waste stripping campaigns at
both the Fekola and Otjikoto mines in the first half of 2021 (for Phase 5 and Phase 6 of the Fekola Pit, and
Phase 3 of the Wolfshag and Otjikoto pits) , consolidated gold production increased significantly by 19%
(46,990 ounces) compared to the third quarter of 2020, as mining at Fekola reached the higher-grade zones
of the Fekola Pit and mining at Otjikoto reache d the higher-grade zone at the base of the Wolfshag Pit in
the third quarter of 2021. Consolidated gold production also increased significantly by 50% (98,343 ounces)
over the second quarter of 2021.
For the first nine months of 2021, total gold production was 742,517 ounces (including 43,771 ounces of
attributable production from Calibre), above budget by 7% (49,682 ounces), and 4% (27,751 ounces) lower
than the first nine months of 2020 due to the focus on waste stripping at Fekola and Otjikoto in the first half
of 2021. Consolidated gold production from the Company’s three operating mines was 698,746 ounces in
the first nine months of 2021, above budget by 7% (47,161 ounces).
For full-year 2021, based on strong production performance in the first nine months of 2021, B2Gold has
increased its total gold production guidance to between 1,015,000 - 1,055,000 ounces (including 50,000 –
60,000 attributable ounces projected from Calibre) (original guidance was between 970,000 and 1,030,000
ounces). The Company is currently compiling its consolidated cash operating costs (see “Non -IFRS
Measures”) and consolidated all-in sustaining costs (“AISC”) (see “Non-IFRS Measures”) results for the
third quarter and first nine months of 2021, which will be released along with its third quarter and first nine
months of 2021 financial results after the North Ame rican markets close on Tuesday, November 2, 2021.
For full-year 2021, the Company’s total consolidated cash operating costs are budgeted to be between $500
- $540 per ounce and total consolidated AISC to be between $870 - $910 per ounce.
Gold Revenue
For the third quarter of 2021, consolidated gold revenue was $511 million on sales of 286,650 ounces at an
average realized price of $1, 782 per ounce, compared to $ 487 million on sales of 253,200 ounces at an
average price of $1, 924 per ounce in the third quarter of 2020. The increase in gold revenue of 5% ($24
million) was 13% attributable to the increase in gold ounces sold (mainly due to the higher gold production
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and timing of gold shipments), partially offset by an 8% impact from the decrease in the average realized
gold price.
For the first nine months of 2021, consolidated gold revenue was $1.2 billion on sales of 689,051 ounces
at an average realized price of $1,794 per ounce compared to $1.3 billion on sales of 749,800 ounces at an
average price of $1, 746 per ounce in the first nine months of 2020. The decrease in gold revenue of 6%
($73 million) was mainly attributable to the decrease in gold ounces sold (mainly due to the lower gold
production and timing of gold shipments).
Operations
Mine-by-mine gold production in the third quarter and first nine months of 2021 (including the Company’s
estimated 33% share of Calibre’s production) was as follows:
Mine
Q3 2021
Gold Production
(ounces)
First Nine Months
2021
Gold Production
(ounces)
Revised
Full-Year
2021 Guidance
Gold Production
(ounces)
Original
Full-Year
2021 Guidance
Gold Production
(ounces)
Fekola 165,557 404,256 560,000 - 570,000 530,000 - 560,000
Masbate 61,207 175,598 215,000 - 225,000 200,000 - 210,000
Otjikoto 68,959 118,892 190,000 - 200,000 190,000 - 200,000
B2Gold
Consolidated (1) 295,723 698,746 965,000 - 995,000 920,000 - 970,000
Equity interest
in Calibre (2) 14,538 43,771 50,000 - 60,000 50,000 - 60,000
Total 310,261 742,517 1,015,000 -
1,055,000
970,000 -
1,030,000
(1) “B2Gold Consolidated” - gold production is presented on a 100% basis, as B2Gold fully consolidates the results of its
Fekola, Masbate and Otjikoto mines in its consolidated financial statements (even though it does not own 100% of these
operations).
(2) “Equity interest in Calibre” - represents the Company’s approximate 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 third quarter of 2021,
with record quarterly gold production of 165,557 ounces, 6% (9,557 ounces) above budget, and 9% (13,022
ounces) higher compared to the third quarter of 2020. The increase was due to higher mill throughput ,
partially offset by lower processed grade , as Fekola’s low-grade stockpiles were used to supplement the
additional unbudgeted mill feed required as a result of the higher than budgeted processed tonnes. As
planned, with the completion of the waste stripping campaign relating to the development of Phases 5 and
6 of the Fekola Pit in the first half of 2021, Fekola’s gold production increased significantly by 46% (51,946
ounces) over the second quarter of 2021, as mining reached the higher-grade zones in Phase 5 of the Fekola
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Pit in the third quarter of 2021. In September 2021, the Fekola Mine produced its 2 millionth ounce of gold,
4 years from the commencement of production.
For the third quarter of 2021, mill feed grade was 2.30 grams per tonne (“g/t”) compared to budget of 2.71
g/t and 3.22 g/t in the third quarter of 2020; mill throughput was 2.36 million tonnes compared to budget
of 1.91 million tonnes and 1.56 million tonnes in the third quarter of 2020; and gold recovery averaged
94.8% compared to budget of 94.0% and 94.6% in the third quarter of 2020. Fekola’s processing facilities
continued to outperform in the third quarter of 2021 (following the successful completion of the Fekola
mill expansion in September 2020) with record quart erly throughput of 2.36 million tonnes, 24% above
budget and 51% higher than the third quarter of 2020. The higher than budgeted mill throughput was due
to favourable ore fragmentation and hardness, as well as optimization of the grinding circuit. Based on the
positive results noted to date through to the third quarter of 2021, Fekola's annualized throughput rate is
now expected to average 8.3 million tonnes per annum (“Mtpa”) for 2021 and average approximately 9.0
Mtpa (over the long-term), based on an ore blend including fresh rock and weathered material (saprolite).
After review of an Environmental and Social Impact Assessment by the Malian authorities , the existing
Medinandi (Fekola) permit has been updated to include the Cardinal zone, located within 500 metres of the
current Fekola resource pit (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). Exploration drilling at Cardinal is ongoing and recent
drill results have returned good gold grades over significant widths below the current resource which
remains open at depth and along strike. Initial mining operations at Cardinal have commenced and will
continue to ramp up. To date, 95,489 tonnes at an average grade of 1.45 g/t have been mined at Cardinal.
The Company is in the process of updating the Fekola Mine Plan to include production from Cardinal which
has the potential to add an average of approximately 60,000 ounces per year over the next 6 to 8 years
(based on Cardinal’s inferred resource only) to Fekola’s annual gold production. Grade control drilling at
Cardinal is ongoing to upgrade a portion of its mineral resource to the indicated category for 2022
production budget purposes.
For the first nine months of 2021, the Fekola Mine produced 404,256 ounces of gold, above budget by 6%
(21,256 ounces) for the reasons outlined above. As expected, compared to the first nine months of 2020,
gold production was lower by 13% (59,714 ounces) as a result of the higher planned waste stripping and
lower mined ore grades in the first half of 2021, as Phases 5 and 6 of the Fekola Pit were developed.
Based on Fekola’s strong year -to-date performance, the Company has increased Fekola’s production
guidance range to between 5 60,000 to 570,000 ounces of gold (original guidance range was between
530,000 to 560,000 ounces).
Menankoto Permit
As previously disclosed, the Company has formally commenced arbitration proceedings against the
Republic of Mali with respect to the renewal of the Menankoto exploration permit (the “Menankoto
Permit”) which forms part of the Anaconda Area and is located 20 kilometers north of the Fekola Mine
licence area. The Company strongly believes that it is entitled to a one -year renewal of the Menankoto
Permit under applicable law. Notwithstanding the commencement of arbitration proceedings, the Company
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is committed to continuing its ongoing discussions with the Malian Government to resolve the issue and
remains optimistic that the renewal dispute can be resolved over the course of the next few months. Since
the Company commenced its investment in Mali, B2Gold has always enjoyed a positive an d mutually
beneficial relationship with the Government of Mali.
Masbate Gold Mine – the Philippines
The Masbate Mine in the Philippines also continued its strong operational performance with third quarter
of 2021 gold production of 61,207 ounces, well above budget by 16% (8,236 ounces), as grade and recovery
both exceeded budget, and 14% (7,600 ounces) higher compared to the third quarter of 2020, due to higher
grade.
For the third quarter of 2021, mill feed grade was 1.2 4 g/t compared to budget of 1.12 g/t and 1.05 g/t in
the third quarter of 2020; mill throughput was 1.84 million tonnes compared to budget of 2.05 million
tonnes and 1.97 million tonnes in the third quarter of 2020; and gold recovery averaged 8 1.6% compared
to budget of 71. 9% and 81.1% in the third quarter of 2020. In the third quarter of 2021, Masbate’s mill
recoveries continued to outperform the recovery model and high-grade ore mined from both the Main Vein
and Montana pits produced higher tonnage compare d to the reserve model. In addition, high grade zones
of the Main Vein Pit, originally scheduled to be mined in the fourth quarter of 2021, were mined and
processed in the third quarter of 2021, bringing gold production forward from the fourth quarter of
2021. Masbate’s mill throughput was below budget in the third quarter of 2021 as the Company took the
opportunity to accelerate mill maintenance activities due to the positive variances on mill feed grade and
recoveries which benefited Masbate’s gold production in the third quarter.
For the first nine months of 2021, the Masbate Mine produced 175,598 ounces of gold, well above budget
by 12% (19,478 ounces) for the reasons outlined above, and 19% (28,465 ounces) higher than the first nine
months of 2020, mainly due to higher mined ore grades as a result of mining through higher-grade zones
of the Main Vein and Montana pits in the first nine months of 2021.
Based on Masbate’s strong year -to-date performance, the Company has increased Masbate’s production
guidance range to between 21 5,000 to 22 5,000 ounces of gold (original guidance range was between
200,000 to 210,000 ounces) . In the fourth quarter of 2021, M asbate’s gold production is expected to be
approximately 45,000 ounces, reflecting the fact that a portion of its budgeted fourth quarter production
was rescheduled and mined in the third quarter of 2021.
Otjikoto Gold Mine – Namibia
The Otjikoto Mine i n Namibia also had a strong third quarter with record quarterly gold production of
68,959 ounces of gold, above budget by 3% (2,290 ounces), mainly due to higher than budgeted throughput.
As planned, with the completion of the waste stripping campaigns at the Wolfshag and Otjikoto pits in the
first half of 2021, Otjikoto’s gold production increased significantly by 62% (26,368 ounces) compared to
the third quarter of 2020, as mining reached the higher -grade zone at the base of the Wolfshag Pit in the
third quarter of 2021. Otjikoto’s gold production also increased significantly by 156% (42,068 ounces) over
the second quarter of 2021.
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For the third quarter of 2021, mill feed grade was 2.41 g/t compared to budget of 2.46 g/t and 1.53 g/t in
the third quarter of 2020; mill throughput was 0. 90 million tonnes compared to budget of 0.8 6 million
tonnes and 0.88 million tonnes in the third quarter of 2020; and gold recovery averaged 9 8.7% compared
to budget of 98.3% and 98.2% in the third quarter of 2020.
For the first nine months of 2021, the Otjikoto Mine produced 118,892 ounces of gold, above budget by
6% (6,427 ounces), mainly due to higher than budgeted throughput, and 7% (8,944 ounces) lower than the
first nine months of 2020 due to the focus on waste stripping in the first half of 2021.
Development of the Wolfshag underground mine continues to progress with stope ore production expected
to commence in early 2022 . The initial underground Mineral Reserve estimate for the down -plunge
extension of the Wolfshag deposit 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 remains on track to produce between 190,000 - 200,000 ounces of
gold.
Outlook
The Company is pleased with its third quarter and first nine months of 2021 gold production results as
outlined in this news release. Based on a strong first nine months of 2021, the Company has increased its
total gold production guidance to between 1,015,000 - 1,055,000 ounces (including 50,000 – 60,000
attributable ounces projected from Calibre) (original guidance was between 970,000 and 1,030,000 ounces).
The Company is currently compiling its consolidated cash operating costs and consolidated AISC results
for the third quarter and first nine months of 2021, which will be released a long with its third quarter and
first nine months of 2021 financial results after the North American markets close on Tuesday, November
2, 2021. For full-year 2021, the Company’s total consolidated cash operating costs are budgeted to be
between $500 - $540 per ounce and total consolidated AISC to be between $870 - $910 per ounce.
The Company's ongoing strategy is to continue to maximize profitable production from its mines, further
advance its pipeline of development and exploration projects, evaluate new exploration, development and
production opportunities and continue to pay an industry leading dividend yield.
Third Quarter 2021 Financial Results – Conference Call/Webcast Details
B2Gold will release its third quarter 2021 financial results after the North American markets close on
Tuesday, November 2, 2021.
B2Gold executives will host a conference call to discuss the results on Wednesday, November 3, 2021, at
10:00am PST/1:00pm EST. You may access the call by dialing the operator at +1 (778) 383 -7413
(Vancouver), +1 (416), +1 764 -8659 (Toronto) or +1 (888) 664 -6392 (North American toll free) prior to
the scheduled start time or you may listen to the call via webcast by clicking here. A playback version will
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be available for two weeks after the call at +1 (416) 764-8677 (local or international) or +1 (888) 390-0541
(North America toll free) (passcode 733464 #).
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
+1 604-681-8371 +1 604-681-8371
[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 30, 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 Compa ny to successfully maintain our operations if they
are temporarily suspended, and to restart or ramp -up these operations efficiently and economically, the impact of
COVID-19 on the Company's workforce, suppliers and other essential resources and what effect those impacts, if they
occur, would have on our business, our planned capital and exploration expenditures; future or estimated mine life,
metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing;
statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or
achievements of B2Gold; and including, without limitation: B2Gold generating operating cashflows of approximately
$630 million in 2021, $500 million of which are expected to be generated in the second half of 2021; remaining well
positioned for continued strong operational and financial performance for 2021; projected gold production, cash
operating costs and AISC on a consolidated and mine by mine basis in 2021, including production being weighted
heavily to the second half of 2021; total consolidated gold production of between 1,015,000 and 1,055,000 ounces in
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2021; the Fekola mill being expected to run at an annualized throughput rate of 8.3 Mtpa for 2021 and average
approximately 9.0 Mtpa (over the long -term); the potential for production from the Cardinal zone to add
approximately 60,000 ounces per year over the next 6 to 8 years to the Company’s production profile; the development
of the Wolfshag underground mine at Otjikoto, including the results of such development and the costs and timing
thereof; stope ore production at the Wolfshag underground mine at Otjikoto commencing in early 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 at El Limon and La Libertad. 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" oc cur. 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 no t 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 lia bilities 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, Colombia and Burkina Faso 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 minin g 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