B2Gold Reports Continued Strong Gold Production for Q2 2022 with Total Gold Production of 223,623 oz, In Line with Budget; On Track to Meet Annual Guidance of 990,000 to 1,050,000 oz of Total Gold Production
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News Release
B2Gold Reports Continued Strong Gold Production for Q2 2022 with
Total Gold Production of 223,623 oz, In Line with Budget;
On Track to Meet Annual Guidance of 990,000 to 1,050,000 oz of Total Gold Production
Vancouver, July 14, 2022 – 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 second
quarter and first half of 2022. All dollar figures are in United States dollars unless otherwise indicated.
2022 Second Quarter and First Half Highlights
• Total gold production in the second quarter of 202 2 of 223,623 ounces (including 14,765 ounces of
attributable production from Calibre Mining Corp. (“Calibre”) ), slightly above budget by 1% (2,154
ounces), and consolidated gold production of 208,858 ounces from the Company’s three operating
mines, in line with budget
• Consolidated gold revenue in the second quarter of 2022 of $382 million on sales of 205,300 ounces at
an average realized gold price of $1,861 per ounce
• Fekola’s mill throughput in the second quarter of 202 2 was a quarterly record of 2. 42 million tonnes,
8% above budget and 6% higher than the second quarter of 2021
• On July 3, 2022, t he Economic Community of West African States (“ECOWAS”) removed the
economic, financial and diplomatic sanctions imposed on Mali earlier in 2022 following the interim
Malian Gov ernment’s announcement of a two -year transition to presidential elections and the
promulgation of a new electoral law. As a result, Mali’s borders with its neighbours are now open to
normal commercial traffic and ordinary supply routes are once again available
• Total gold production in the first half of 202 2 of 432, 988 ounces (including 2 7,657 ounces of
attributable production from Calibre), above budget by 3% (11,914 ounces), and consolidated gold
production of 405,331 ounces from the Company’s three operating mines, above budget by 2% (7,383
ounces)
• Consolidated gold revenue in the first half of 202 2 of $748 million on sales of 400,400 ounces at an
average realized gold price of $1,867 per ounce
• For full-year 2022, B2 Gold remains well positioned for continued strong operational and financial
performance and remains on track to achieve its total gold production guidance of between 990,000 -
1,050,000 ounces (including 40,000 - 50,000 attributable ounces projected from Calibre) with total
consolidated cash operating costs forecast to be between $620 - $660 per ounce (see “Non -IFRS
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Measures”) and total consolidated all-in sustaining costs (“AISC”) (see “Non-IFRS Measures”)
forecast to be between $1,010 - $1,050 per ounce
• The Company remains in a strong net positive cash position and paid a second quarter dividend of $0.04
per common share (annualized rate of $0.16 per common share), one of the highest dividend yields in
the gold sector
• The Company recently announced the acquisition of Oklo Resources Limited , which will provide
B2Gold with an additional landholding of 1,405 km 2 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. The transaction is expected to be completed in early
September 2022
Gold Production
Total gold production in the second quarter of 202 2 was 223,623 ounces (including 14,765 ounces of
attributable production from Calibre), slightly above budget by 1% (2,154 ounces), and consolidated gold
production from the Company’s three operating mines was 208,858 ounces, in line with budget (see
“Operations” section below). Compared to the second quarter of 2021, total consolidated gold production
was higher by 6% (12,011 ounces), mainly due to record quarterly mill throughput achieved at the Fekola
Mine in the second quarter of 2022. In addition, processed grade was higher at the Otjikoto Mine in the
second quarter of 2022, due to significant waste stripping operations at both the Wolfshag and Otjikoto pits
in the first half of 2021. Consolidated gold production from the Company’s three operating mines is
expected to be significantly weighted to the second half of 2022 primarily due to the timing of higher-grade
ore mining.
For the first half of 2022, total gold production was 432,988 ounces (including 27,657 ounces of attributable
production from Calibre), above budget by 3% (11,914 ounces), and comparable with the first half of 2021.
Consolidated gold production from the Company’s three operating mines was 405,331 ounces in the first
half of 2022, above budget by 2% (7,383 ounces) and 1% (2,308 ounces) higher compared to the second
half of 2021.
The Company is currently compiling its consolidated cash operating costs and consolidated AISC results
for the second quarter of 2022, which will be released along with its second quarter of 2022 financial results
after the North American markets close on Wednesday, August 3, 2022.
For full-year 2022, B2Gold remains well positioned for continued strong operational and financial
performance and remains on track to achieve its total gold production guidance of between 990,000 and
1,050,000 ounces (including 40,000 and 50,000 attributable ounces projected from Calibre), with total
consolidated cash operating costs forecast to be between $620 and $660 per ounce and total consolidated
AISC forecast to be between $1 ,010 and $1,050 per ounce. Due to the timing of high -grade ore mining,
consolidated gold production from the Company’s three operating mines is expected to increase
significantly to between 560,000 and 590,000 ounces during the second half of 2022. Based mainly on the
weighting of production and timing of stripping, consolidated cash operating costs are expected to be
between $760 and $800 per ounce in the first half of 2022, before significantly improving to between $490
and $530 per ounce during the secon d half of 2022. In addition, consolidated AISC are expected to be
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between $1,250 and $1,290 per ounce in the first half of 2022 before significantly improving to between
$820 and $860 per ounce during the second half of 2022.
Gold Revenue
For the second quarter of 2022, consolidated gold revenue was $382 million on sales of 205,300 ounces at
an average realized gold price of $1,861 per ounce, compared to $363 million on sales of 200,071 ounces
at an average realized gold price of $1,814 per ounce in the second quarter of 2021. The increase in gold
revenue of 5% ( $19 million) was attributable to a 2.5% increase in the average realized gold price and a
2.5% increase in gold ounces sold.
For the first half of 2022, consolidated gold revenue was $748 million on sales of 4 00,400 ounces at an
average price of $1,867 per ounce compared to $725 million on sales of 402,401 ounces at an average price
of $1, 802 per ounce in the first half of 20 21. The increase in gold revenue of 3% ( $23 million) was
attributable to a 4% increase in the average realized gold price , partially offset by a 1% decrease in gold
ounces sold.
Operations
Mine-by-mine gold production in the second quarter and first half of 2022 (including the Company’s
estimated 25% attributable share of Calibre’s production) was as follows:
Mine
Q2 2022
Gold Production
(ounces)
First-Half
2022
Gold Production
(ounces)
Revised
Full-year 2022
Forecast
Gold Production
(ounces)
Fekola 123,066 224,714 570,000 - 600,000
Masbate 54,375 114,139 215,000 - 225,000
Otjikoto 31,417 66,478 165,000 - 175,000
B2Gold Consolidated (1) 208,858 405,331 950,000 – 1,000,000
Equity interest in Calibre (2) 14,765 27,657 40,000 - 50,000
Total 223,623 432,988 990,000 – 1,050,000
(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 25 % indirect share of Calibre’s operations.
B2Gold applies the equity method of accounting for its 25% ownership interest in Calibre.
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Fekola Gold Mine - Mali
The Fekola Mine in Mali continued its strong operational performance through the second quarter of 2022,
producing 123,066 ounces of gold, in line with budget. In the second quarter of 2022, Fekola’s processing
facilities achieved record quarterly throughput of 2.42 million tonnes, 8% above budget and 6% higher than
the second quarter of 2021 , due to favourable ore characteristics and continuous optimization of the
grinding circuit. The higher than budgeted mill throughput in the second quarter of 2022 was mainly offset
by lower than budgeted mill feed grade (6%), as Fekola’s low -grade stockpiles were used to provide
additional unbudgeted mill feed required as a result of the higher than budgeted processed tonnes.
Compared to the second quarter of 2021, gold production was higher by 8% (9,455 ounces), mainly due to
higher mill throughput. Fekola’s gold production is expected to be significantly weighted to the second half
of 2022 when mining reaches the higher-grade portion of Phase 6 of the Fekola Pit.
For the second quarter of 2022, mill feed grade was 1.71 grams per tonne (“g/t”) compared to budget of
1.81 g/t and 1.65 g/t in the second quarter of 2021; mill throughput was 2.42 million tonnes compared to
budget of 2.24 million tonnes and 2.29 million tonnes in the second quarter of 2021; and gold recove ry
averaged 92.4% compared to budget of 94.4% and 93. 2% in the second quarter of 2021. In the second
quarter of 2022, as noted above, the higher than budgeted mill throughput (8%) was mainly offset by lower
than budgeted mill feed grade (6%), as Fekola’s low-grade stockpiles were used to provide additional
unbudgeted mill feed required as a result of the higher than budgeted processed tonnes. In addition, in the
second quarter of 2022, low availability of lime le d to reduced gold recoveries, however, all reagents are
now available without constraint and operations continue normally.
For the first half of 202 2, the Fekola Mine produced 224,714 ounces of gold, slightly above budget (901
ounces) and, as expected, lower by 6% (13,985 ounces) compared to the first half of 2021 mainly due to
planned significant waste stripping and lower mined ore tonnage as Phase 6 of the Fekola Pit was developed
in the first half of 2022.
The Company welcomes the recent announcement by ECOWAS of the removal on July 3, 2022 of 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 neighbour ing countries have now
re-opened to normal commercial traffic and ordinary supply routes are available. Throughout the period of
the sanctions, the Fekola Mine continued to operate normally and me et its production targets while
maintaining a good working relationship with the interim Government.
The low-cost Fekola Mine is expected to produce between 570,000 and 600,000 ounces of gold in 2022 at
cash operating costs of between $510 and $550 per ounce and AISC of between $840 and $880 per ounce.
Fekola’s gold production is expected to significantly increase to between 350,000 and 370,000 ounces
during the second half of 2022. Based mainly on the weighting of production and timing of pre -stripping,
Fekola’s cash operating costs are expected to be between $720 and $760 per ounce in the first half of 2022,
before significantly improving to between $380 and $420 per ounce during the second half of 2022. In
addition, Fekola’s AISC are expected to be between $1,140 and $1,180 per ounce in the first half of 2022,
before significantly improving to between $660 and $700 per ounce during the second half of 2022.
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Masbate Gold Mine – The Philippines
The Masbate Mine in the Philippines continued its strong operational performance with second quarter
2022 gold production of 54,375 ounces, above budget by 2% (995 ounces), as processed tonnage (6% above
budget) more than offset lower than budgeted processed grade (4%). Compared to the second quarter of
2021, gold production was lower by 4% (2,503 ounces) due to higher grade and recoveries in the second
quarter of 2021.
For the second quarter of 2022, mill feed grade was 1.09 g/t compared to budget of 1.13 g/t and 1.17 g/t in
the second quarter of 2021; mill throughput was 1.99 million tonnes compared to budget of 1.88 million
tonnes and 1.86 million tonnes in the second quarter of 2021; and gold recovery averaged 78.4% compared
to budget of 78.2% and 81.5% in the second quarter of 2021. In the second quarter of 2022, higher than
budgeted mill throughput (6%) resulted from the continuous optimization of the grinding circuit whereas
the lower than budgeted processed grade (4%) resulted from lower than budgeted mined grades at the
bottom of the Montana Pit, where mining is expected to be completed by the end of July 2022. Processed
grade was higher in the second quarter of 2021 (compared to the second quarter of 2022) due to mining of
higher-grade zones of the Main Vein and Montana pits in the second quarter of 2021 . Gold recoveries for
processed ore were also higher in the second quarter of 2021 (compared to the second quarter of 2022) as
mill recoveries outperformed Masbate’s modelled mine plan recoveries in the second quarter of 2021.
For the first half of 2022, Masbate Mine ’s gold production of 114,139 ounces was well above budget by
6% (6,706 ounces) as a result of higher than budgeted mill throughput, and comparable to the first half of
2021.
In light of the Masbate Mine’s positive production performance to date in 2022, it is now expected to
produce between 2 15,000 and 2 25,000 ounces of gold in 2022 (original guidance range was between
205,000 and 215,000 ounces of gold), with cash operating costs of between $740 and $780 per ounce and
AISC of between $1,070 and $1,110 per ounce. Masbate’s gold production is scheduled to be relatively
consistent throughout 2022.
Otjikoto Gold Mine - Namibia
The Otjikoto Mine in Namibia produced 31,417 ounces of gold in the second quarter of 2022, 2,027 ounces
(6%) below budget. The lower than budgeted gold production in the second quarter of 2022 was due to a
slower than planned ramp-up in development of the Wolfshag Underground mine, resulting in lower than
budgeted mined grade. The Company recently appointed a new underground mining contractor and
development rates in the Wolfshag Underground mine have recovered, with development ore now expected
in the third quarter of 2022 and stope ore production commencing in the fourth quarter of 2022. As a result
of this change in ore production timing, the 2022 annual production guidance range for Otjikoto has been
revised to between 165,000 and 175,000 ounces of gold (original guidance range was between 175,000 and
185,000 ounces of gold). As expected, compared to the second quarter of 2021, gold production was higher
by 17% (4,526 ounces) due to significant waste stripping operations at both the Wolfshag and Otjikoto pits
in the first half of 2021.
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For the second quarter of 2022, mill feed grade was 1.17 g/t compared to budget of 1.25 g/t and 0.99 g/t in
the second quarter of 2021; mill throughput was 0.85 million tonnes compared to budget of 0.85 million
tonnes and 0.86 million tonnes in the second quarter of 2021; and gold recovery averaged 98.4% compared
to budget of 98.0% and 97.8% in the second quarter of 2021. As noted above, processed grade was lower
than budget in the second quarter of 2022 due to delays in the development of the Wolfshag Underground
mine and higher compared to the second quarte r of 2021 due to significant waste stripping at both the
Wolfshag and Otjikoto pits in the first half of 2021.
For the first half of 2022, the Otjikoto Mine produced 66,478 ounces of gold, in line with budget and 33%
(16,545 ounces) higher than the first half of 2021.
The Otjikoto Mine is now expected to produce between 165,000 and 175,000 ounces of gold in 2022, with
cash operating costs of between $740 and $780 per ounce and AISC of between $1,120 and $1,160 per
ounce. For the second half of 2022, Otjikoto’s gold production is expected to in crease significantly to
between 100,000 and 105,000 ounces. Based mainly on the weighting of the planned production and timing
of pre-stripping, Otjikoto’s cash operating costs are expected to be between $960 and $1,000 per ounce in
the first half of 2022, before significantly improving to between $620 and $660 per ounce during the second
half of 2022. In addition, Otjikoto’s AISC are expected to be between $1,460 and $1,500 per ounce in the
first half of 2022, before significantly improving to between $930 and $970 per ounce during the second
half of 2022.
Outlook
The Company is pleased with its second quarter and first half of 2022 production results as outlined in this
news release. Based on a strong first half, the Company is on track to meet its annual gold production
guidance for 2022 of between 990,000 - 1,050,000 ounces (including 40,000 - 50,000 attributable ounces
projected from Calibre) with total consolidated cash operating costs of between $620 - $660 per ounce and
total consolidated AISC of between $1,010 - $1,050 per ounce. The Company is currently compiling its
consolidated cash operating costs and consolidated AISC results for the second quarter of 2022, which will
be released along with its second quarter of 2022 financial results after the North American markets close
on Wednesday, August 3, 2022.
The Company is continuing with a $33 million program for development of infrastructure for Phase I
saprolite mining at the Anaconda area, including road construction. Based on the updated Mineral Resource
estimate for the Anaconda area released in March 2022 and B2Gold's preliminary planning, the Company
has demonstrated that a pit situated on the Anaconda area could provide selective higher grade saprolite
material to be trucked to and fed into the Fekola mill. Subject to obtaining all necessary permits and
completion of a final developme nt plan, the trucking of selective higher grade saprolite material to the
Fekola mill would 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 per year to the Fekola mill's annual
gold production. The plan to truck the selective higher grade saprolite material is not included in the
Company’s 2022 production guidance and the Anaconda area Mineral Resources have not been included
in the current Fekola life of mine plan. Based on the updated Mineral Resource estimate and the 2022
exploration drilling results, the Company is completing a Phase II scoping study to review the project
economics of constructing a stand-alone mill near the Anaconda area. Subject to receipt of a positive Phase
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II scoping study, the Company expects that the saprolite material would continue to be trucked to and fed
into the Fekola mill during the construction period for the Anaconda area stand-alone mill.
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.
Second Quarter 2022 Financial Results - Conference Call Details
B2Gold will release its second quarter 2022 financial results after the North American markets close on
Wednesday, August 3, 2022.
B2Gold executives will host a conference call to discuss the results on Thursday, August 4, 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 652410 #).
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.
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:
Randall Chatwin Cherry De Geer
Senior Vice President, Legal & Director, Corporate Communications
Corporate Communications 604-681-8371
604-681-8371 [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, 2022 for a
discussion of our ownership interest in the mines B2Gold operates.
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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 assumptio ns, 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
$625 million in 2022 which are expected to be significantly weighted to the second half of 2022; remaining well
positioned for continued strong operational and financial performance for 2022; 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 ou nces 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 2022 by trucking material from the Anaconda
area, including the potential to add approximately 80,000 to 100,000 per year to Fekola’s annual production profile,
and for the Anaconda area to provide saprolite material to feed the Fekola mill starting in late 2022; the timing and
results of a Phase II study for the Anaconda area to review the project economics of trucking sulphide material to the
Fekola mill as compared to constructing another stand -alone mill near Anaconda; the development of the Wolfshag
underground mine at Otjikoto, inc luding the results of such development and the costs and timing thereof; 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 occ ur 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 re lated 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 B 2Gold'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 a nd 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 compli ance 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 abi lity to successfully integrate new
acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including