B2Gold Reports Q3 2023 Results; 2023 Total Gold Production Guidance Reiterated; Full-Year Cash Operating Costs Forecast to be Below Guidance Range and Full-Year All-In Sustaining Costs Forecast to be at the Low End of Guidance Range
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News Release
B2Gold Reports Q3 2023 Results; 2023 Total Gold Production Guidance Reiterated; Full-Year Cash
Operating Costs Forecast to be Below Guidance Range and Full-Year All-In Sustaining Costs Forecast to be
at the Low End of Guidance Range
Vancouver, BC, November 8, 2023 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) announces its operational and financial results for the third quarter of 2023.
All dollar figures are in United States dollars unless otherwise indicated.
2023 Third Quarter Highlights
• Total gold production of 242,838 ounces in Q3 2023, expected to increase in Q4 2023 : Total
gold production in Q3 2023 was 242,838 ounces, including 17,786 ounces of attributable
production from Calibre Mining Corp. (“Calibre”). The Masbate and Otjikoto mines exceeded their
expected production, which was offset by lower than expected production from the Fekola Mine
due to slightly lower grade recovery and lower mill feed grade stemming from ore production
delays out of Phase 6 of the Fekola pit following an intense precipitation event. Mining of the
higher grade ore in Fekola Phase 6 resumed in October 2023 and fourth quarter of 2023 Fekola
Mine production is expected to be significantly higher. All B2Gold operations are on track to meet
or exceed annual production guidance ranges.
• Total consolidated cash operating costs of $706 per gold ounce sold in Q3 2023 : Total
consolidated cash operating costs (see “Non-IFRS Measures”) (including estimated attributable
results for Calibre) of $706 per gold ounce sold during the third quarter with consolidated cash
operating costs from the Company’s three operating mines of $689 per gold ounce sold. Year-to-
date total consolidated cash operating costs of $637 per gold ounce sold remain well below the
annual guidance range.
• Total consolidated all -in sustaining costs of $1,272 per gold ounce sold in Q3 2023 : Total
consolidated all-in sustaining costs (see “Non-IFRS Measures”) (including estimated attributable
results for Calibre) o f $1,272 per gold oun ce sold during the third quarter . Year-to-date total
consolidated all-in sustaining costs of $1,182 remain below the annual guidance range.
• Tracking well to 2023 total production and cost guidance: For full-year 2023, the Company's
total gold production is forecast to be between 1,000,000 and 1,080,000 ounces (including 60,000
to 70,000 attributable ounces from Calibre). The Company's total consolidated cash operating costs
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for the year (including es timated attributable results for Cal ibre) are forecast to be slightly below
the guidance range of $670 and $730 per ounce and total consolidated all -in sustaining costs
(including estimated attributable results for Calibre) are forecast to be at the low end of the guidance
range of between $1,195 and $1,255 per ounce.
• Attributable net loss of $0.03 per share; Adjusted attributable net income of $0.05 per share
in Q3 2023: Net loss attributable to the shareholders of the Company in Q3 2023 of $43.0 million
($0.03 per share) , primarily related to the $112 million non -cash impairment on the Gramalote
Project as a result of the Company’s acquisition from AngloGold Ashanti Limited (“AngloGold”)
of the remaining 50% interest in the project ; adjusted net income (see “Non -IFRS Measures”)
attributable to the shareholders of the Company was $65 million ($0.05 per share).
• Operating cash flow before working capital adjustments of $ 191 million in Q3 2023 : Cash
flow provided by operating activities before working capital adjustments was $191 million in the
third quarter of 2023.
• Robust financial position: At September 30, 2023, the Company had cash and cash equivalents of
$310 million, working capital (defined as current assets less current liabilities) of $383 million, and
minimal debt consisting of only equipment loans and lease obligations.
• Q3 2023 dividend of $0.04 per share declared : The Company remains in a strong net positive
cash position and paid a third quarter dividend of $0.04 per common share on September 29, 2023
(annualized rate of $0.16 pe r common share). Dividends paid tota lled $45 million in the third
quarter.
• Goose Project construction on budget and on track for first gold pour in Q1 2025: In the third
quarter of 2023, the Company completed P hase 1 camp construction and the earthworks r equired
to extend the airstrip. The first concrete pour was completed in July with concrete and steel work
in the mill area progressing ahead of schedule. Erection of the structural steel for the mill area,
power house and truck shop is well underway, and cladding of the mill area is underway. The 2023
sealift was completed successfully in mid-October, unloading all planned material sealift materials
required for the successful construction, commissioning and mining of the Goose Project.
• Consolidated the G ramalote Project by acquiring AngloGold's 50% interest: On September
18, 2023, the Company announced it had entered into a purchase agreement with AngloGold to
acquire AngloGold's 50% interest in the Gramalote Project located in the Department of Antioquia,
Colombia. B2Gold now owns 100% of the Gramalote Project. B2Gold's in-house projects team has
commenced work on various smaller scale project development plans, with the goal of identifying
a higher-return project than the previously contemplated joint venture development plan.
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Third Quarter 2023 Results
Three months ended Nine months ended
September 30, September 30,
2023 2022 2023 2022
Gold revenue ($ in thousands) 477,888 392,554 1,422,298 1,140,122
Net (loss) income ($ in thousands) (34,770) (21,234) 158,984 110,255
(Loss) earnings per share – basic(1) ($/ share) (0.03) (0.02) 0.10 0.09
(Loss) earnings per share – diluted(1) ($/ share) (0.03) (0.02) 0.10 0.09
Cash provided by operating activities ($ thousands) 110,204 93,118 509,010 325,307
Average realized gold price ($/ ounce) 1,920 1,711 1,929 1,810
Adjusted net income(1)(2) ($ in thousands) 64,840 31,996 256,506 142,340
Adjusted earnings per share(1)(2) – basic ($) 0.05 0.03 0.21 0.13
Consolidated operations results:
Gold sold (ounces) 248,889 229,400 737,139 629,800
Gold produced (ounces) 225,052 214,903 721,732 620,234
Cash operating costs(2) ($/ gold ounce sold) 689 810 613 741
Cash operating costs(2) ($/ gold ounce produced) 741 798 638 749
Total cash costs(2) ($/ gold ounce sold) 827 926 752 862
All-in sustaining costs(2) ($/ gold ounce sold) 1,273 1,154 1,177 1,100
Operations results including equity investment in
Calibre:
Gold sold (ounces) 266,616 241,558 787,805 669,776
Gold produced (ounces) 242,838 227,016 772,395 660,004
Cash operating costs(2) ($/ gold ounce sold) 706 824 637 760
Cash operating costs(2) ($/ gold ounce produced) 755 815 661 767
Total cash costs(2) ($/ gold ounce sold) 840 939 772 878
All-in sustaining costs(2) ($/ gold ounce sold) 1,272 1,169 1,182 1,108
(1) Attributable to the shareholders of the Company.
(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures
specified, defined or determined under IFRS and presented in the Company’ s financial statements, refer to “Non-IFRS Measures”.
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and liquidity. At September 30, 2023, the
Company had cash and cash equivalents of $310 million (December 31, 2022 - $652 million) and working
capital (defined as current assets less current liabilities) of $383 million (December 31, 2022 - $802
million). At September 30, 2023, the full amount of the Company's $700 million revolving credit facility
(“RCF”) was undrawn and available. Subsequent to the end of the third quarter of 2023, the Company
completed a drawdown of $50 million, leaving $650 million available for draw on its $700 million RCF.
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Third Quarter 2023 Dividend
On September 5, 2023, B2Gold’s Board of Directors (the “Board”) declared a cash dividend for the third
quarter of 2023 of $0.04 per common share (or an expected $0.16 per share on an annualized basis), paid
on September 29, 2023. The declaration and payment of future quarterly dividends remains at the discretion
of the Board and will depend on the Company's financial results, cash requirements, future prospects and
other factors deemed relevant by the Board.
In the third quarter of 2023, the Company impleme nted a Dividend Reinvestment Plan (the “DRIP”). The
DRIP provides B2Gold shareholders residing in Canada and the United States with the opportunity to have
the cash dividends declared on all or some of their common shares automatically reinvested into additional
common shares of the Company (the “Reinvestment Shares ”) on an ongoing basis. Participation in the
DRIP is optional and will not affect shareholders' cash dividends unless they elect to participate in the DRIP.
Dividends are only payable as and when declared by the Company's Board of Directors. The benefits of
enrolling in the DRIP include the convenience of automatic reinvestment of dividends into Reinvestment
Shares; flexibility to enroll some or all common shares i n the DRIP; and ability to acquir e Reinvestment
Shares without paying any brokerage fees. Participants in the DRIP will acquire Reinvestment Shares from
the Company's treasury at a price equal to the volume weighted average price of the Company's common
shares on the Toronto Stock Exchang e for the five consecutive trading days immediately preceding a
dividend payment date, subject to a possible discount, in the Company's sole discretion, of up to 5%. For
the dividend declared on September 5, 2023, a discount of 3% was offered.
Operations
Fekola Mine - Mali
Three months ended Nine months ended
September 30, September 30,
2023 2022 2023 2022
Gold revenue ($ in thousands) 292,375 230,023 888,272 652,361
Gold sold (ounces) 152,239 135,150 460,139 361,800
Average realized gold price ($/ ounce) 1,921 1,702 1,930 1,803
Tonnes of ore milled 2,392,829 2,285,423 6,988,763 6,906,172
Grade (grams/ tonne) 1.82 1.90 2.17 1.72
Recovery (%) 92.1 93.1 91.9 92.9
Gold production (ounces) 128,942 129,933 447,233 354,647
Cash operating costs(1) ($/ gold ounce sold) 613 694 544 667
Cash operating costs(1) ($/ gold ounce produced) 688 728 561 667
Total cash costs(1) ($/ gold ounce sold) 773 829 706 809
All-in sustaining costs(1) ($/ gold ounce sold) 1,261 978 1,125 971
Capital expenditures ($ in thousands) 83,166 20,353 211,112 68,779
Exploration ($ in thousands) — 3,392 1,706 13,848
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(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to t he most directly comparable measures
specified, defined or determined under IFRS and presented in the Company’ s financial statements, refer to “Non-IFRS Measures”.
The Fekola Mine in Mali (owned 80% by the Company and 20% by the State of Mali) produced 128,942
ounces in the third quarter, lower than expected due to slightly lower gold recovery and lower mill feed
grade. The lower than expected mill feed grade stemmed from ore production delays out of Phase 6 of the
Fekola pit, following an intense precipit ation event that rendered high grade ore at the bottom of the pit
temporarily inaccessible with the result that mill feed was supplemented by unbudgeted low grade stockpile
material. Mining of the higher grade ore in Fe kola Phase 6 resumed in October 2023 and fourth quarter
production at the Fekola Mine is expected to be significantly higher with total production expected to be at
the lower end of the guidance range of between 580,000 and 610,000 ounces. For the third quarter of 2023,
mill feed grade was 1. 82 grams per tonne (“g/t”), mill throughput was 2.39 million tonnes, and gold
recovery averaged 92.1%.
The Fekola Mine’s cash operating costs (refer to “Non-IFRS Measures”) for the third quarter of 2023 were
$688 per ounce produced ($613 per gold ounce sold). Cash operating costs per ounce produced for the third
quarter of 2023 were slightly higher than expected as a result of the lower than anticipated gold production.
All-in sustaining costs (refer to “Non-IFRS Measures”) for the third quarter of 2023 for the Fekola Mine
were $1,261 per gold ounce sold. All -in sustaining costs were slightly higher than expected as a result of
higher than anticipated sustaining capital expenditures carried over from prior periods and new sustaining
capital expenditure projects approved in 2023. Sustaining capital expenditures for 2023 are forecast to be
approximately $50 million higher than guidance and include $11 million for solar plant expansion costs ,
and new mobile fleet and capital rebuild costs of approximately $3 5 million. The higher sustaining capital
costs have been partially offset by $35 million in lower non -sustaining capital costs for Fekola Regional
and Fekola underground development, which is now expected to be completed by the first quarter of 2025.
Capital expenditures in the third quarter of 2023 totalled $83 million primarily consisting of $26 million
for mobile equipment purchases and rebuilds, $20 million for deferred stripping, $10 million for Fekola
underground development, $10 million for the tail ings facility raise project and $7 million for solar plant
expansion.
The low-cost Fekola Complex in Mali includes both the Fekola Mine and Fekola Regional. At the Fekola
Mine, ore will continue to be mined from the Fekola and Cardinal pits including mini ng of higher grade
Fekola Phase 6 ore in the fourth quarter of 202 3. Receipt of an exploitation license for the Bantako North
permit area remains outstanding pending finalization of an implementation decree for the new 2023 Mining
Code by the State of Mali . As a result, no production is forecast from Fekola Regional in 2 023 (budgeted
production was 18,000 ounces). Production from the Fekola and Cardinal pits has been accelerated to offset
the delayed saprolite ore production from the Bantako North permit, a nd production guidance of between
580,000 and 610,000 ounces for t he Fekola Complex for 2023 remains unchanged with total production
expected to be at the lower end of the range. The new 2023 Mining Code is not expected to impact the
matters that have been stabilized for the Fekola Mine operations under the existing Feko la mining
convention entered into under the 2012 Mining Code, and the impact of a new 2023 Mining Code on the
Fekola Regional licenses is still under review by the Company, pending issuance of a final implementation
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decree by the State of Mali. Fekola Comp lex cash operating costs are expected to be within the original
guidance range of between $565 and $625 per ounce produced. As a result of the expected sustaining capital
expenditure increas es for the year, the Fekola Complex all -in sustaining cost guidanc e range is now
expected to be between $1,175 and $1,235 per ounce sold (original guidance range of between $1,085 and
$1,145 per ounce sold).
Masbate Mine – The Philippines
Three months ended Nine months ended
September 30, September 30,
2023 2022 2023 2022
Gold revenue ($ in thousands) 97,556 107,936 265,839 290,704
Gold sold (ounces) 50,950 62,600 137,300 160,150
Average realized gold price ($/ ounce) 1,915 1,724 1,936 1,815
Tonnes of ore milled 2,155,170 1,888,722 6,224,572 5,885,163
Grade (grams/ tonne) 1.01 1.10 0.99 1.12
Recovery (%) 73.0 74.7 73.6 77.1
Gold production (ounces) 51,170 49,902 147,012 164,041
Cash operating costs(1) ($/ gold ounce sold) 865 879 854 815
Cash operating costs(1) ($/ gold ounce produced) 834 867 844 801
Total cash costs(1) ($/ gold ounce sold) 993 977 979 922
All-in sustaining costs(1) ($/ gold ounce sold) 1,124 1,110 1,152 1,076
Capital expenditures ($ in thousands) 5,896 10,158 20,947 29,908
Exploration ($ in thousands) 774 696 2,741 3,111
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most direc tly comparable measures
specified, defined or determined under IFRS and presented in the Company’ s financial statements, refer to “Non-IFRS Measures”.
The Masbate Mine in the Philippines had a strong third quarter of 2023 gold production of 51,170 ounces,
above expectations, as a result of improved ore grade and h igher mill throughput. For the third quarter of
2023, mill feed grade was 1.01 g/t gold, mil l throughput was 2.16 million tonnes, and gold recovery
averaged 73.0%.
The Masbate Mine's cash operating costs (refer to “Non-IFRS Measures”) for the third quart er of 2023
were $834 per ounce produced ( $865 per gold ounce sold). Cash operating costs per ounce produced for
the third quarter of 2023 were lower than expected as a result of higher than anticipated gold production,
and lower than anticipated mining and processing costs resulting from lower than expected diesel and heavy
fuel oil costs.
All-in sustaining costs (refer to “Non-IFRS Measures”) for the third quarter of 2023 were $1,124 per ounce
sold. All-in sustaining costs for the third quarter of 2023 were lower than expected as a result of lower than
anticipated cash operating costs, lower th an anticipated sustaining capital expenditures and higher than
expected gold ounces sold. The lower than expected sustaining capital expenditures were mainly a result of
$4 million budgeted deferred stripping costs that are now expected to be a permanent saving in 2023.
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Capital expenditures in the third quarter of 2023 totalled $6 million, primarily consisting of $3 million for
mobile equipment purchases and rebuilds and $1 million for deferred stripping.
The Masbate Mine in the Philippines is expected to produce towards or above the higher end of its guidance
range of between 170,000 and 190,000 ounces of gold in 2023. For the first nine months of 2023, Masbate's
cash operating costs per ounce and all-in sustaining costs per ounce were below expectations mainly due to
lower fuel costs. Masbate's cash operating costs per ounce for 2023 are now expected to be between $855
and $915 per ounce (original guidance range of between $985 and $1,045 per ounce) and all-in sustaining
costs are now expected to be between $1,155 and $1,215 per ounce (original guidance range of between
$1,370 and $1,430 per ounce).
Otjikoto Mine - Namibia
Three months ended Nine months ended
September 30, September 30,
2023 2022 2023 2022
Gold revenue ($ in thousands) 87,957 54,595 268,187 197,057
Gold sold (ounces) 45,700 31,650 139,700 107,850
Average realized gold price ($/ ounce) 1,925 1,725 1,920 1,827
Tonnes of ore milled 855,740 877,249 2,554,747 2,573,360
Grade (grams/ tonne) 1.66 1.27 1.57 1.25
Recovery (%) 98.4 98.0 98.6 98.3
Gold production (ounces) 44,940 35,068 127,487 101,546
Cash operating costs(1) ($/ gold ounce sold) 744 1,165 603 881
Cash operating costs(1) ($/ gold ounce produced) 785 958 671 948
Total cash costs(1) ($/ gold ounce sold) 820 1,234 680 954
All-in sustaining costs(1) ($/ gold ounce sold) 1,178 1,625 1,074 1,247
Capital expenditures ($ in thousands) 13,290 20,292 46,266 59,575
Exploration ($ in thousands) 963 896 2,453 2,275
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most direc tly comparable measures
specified, defined or determined under IFRS and presented in the Company’ s financial statements, refer to “Non-IFRS Measures”.
The Otjikoto Mine in Namibia, in which the Company holds a 90% interest, performed well during the
third quarter of 2023, producing 44,940 ounces of gold, mainly due to improved processed grade as a result
of high-grade ore mined from the Wolfshag underground mine. For the third quarter of 2023, mill feed
grade was 1.66 g/t, mill throughput was 0.86 million tonnes, and gold recovery averaged 98.4%.
Production from the Wolf shag underground mine remained consistent during the third quarter of 2023,
averaging over 1,259 tonnes per day at an average grade of 5.55 g/t. Otjikoto pit Phase 5 mine production
volumes for the third quarter of 2023 were temporarily reduced due to a minor slope failure that resulted in
haulage restrictions caused by a redesign of the main haulage ramp. The ramp has been reconstructed with
no expected impact o n the full -year budgeted 2023 gold production. As of the beginning of 2023, the
Probable Mineral Reserve estimate for the Wolfshag deposit includes 203,000 ounces of gold in 1.1 million
tonnes of ore at an average grade of 5.55 g/t gold. Open pit mining operations at the Otjikoto Mine are
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scheduled to ramp down in 2024 and conclude in 2025, while pro cessing operations will continue until
2031, when economically viable stockpiles are forecast to be exhausted. Underground operations are
currently projected to continue until 2026 with potential to extend underground operations if the ongoing
underground exploration program is successful in identifying more underground mineral deposits.
Cash operating costs (refer to “Non-IFRS Measures”) for the third quarter of 2023 were $785 per gold
ounce produced ($744 per ounce gold sold). Cash operating costs per ounce produced for the third quarter
of 2023 were lower than expected as a result of higher production and a weaker Namibian dollar. Lower
diesel fuel costs also contributed to the lower than anticipated cash operating costs per ounce produced.
All-in sustaining costs for the third quarter of 2023 were $1,178 per gold ounce sold. All-in sustaining costs
for the third quarter of 2023 were lower than expected as a result of lower than anticipated cash operating
costs, higher than anticipated gold ounces sold and lower than ant icipated sustaining capital expenditures
primarily related to the timing of deferred stripping and underground development.
Capital expenditures for the third quarter of 2023 totalled $13 million, consisting of $9 million for deferred
stripping in the Otjikoto pit and $3 million for Wolfshag underground mine development.
The Otjikoto Mine in Namibia is expected to produce between 190,000 and 210,000 ounces of gold in 2023.
For the first nine months of 2023, Otjikoto's cash operating costs per ounce and a ll-in sustaining costs per
ounce were below expectations due to a weaker Namibian dollar. Otjikoto's cash operating costs per ounce
for 2023 are now expected to be between $545 and $60 5 per ounce (original guidance range of between
$590 and $650 per ounce) and all-in sustaining costs are now expected to be between $950 and $1,010 per
ounce (original guidance range of between $1,080 and $1,140 per ounce).
Goose Project Development and Exploration
On April 19, 2023, the Company completed the acquisition of Sabina Gold & Silver ("Sabina"), resulting
in the Company acquiring Sabina's 100% owned Back River Gold District located in Nu navut, Canada by
issuing approximately 216 million common shares of B2Gold as consideration. The Back River Gold
District consists of five mineral claims blocks along an 80 kilometer belt. Construction is underway at the
most advanced project in the distri ct, the Goose Project, and is on schedule for first gold pour in the first
quarter of 2025.
On June 23, 2023, the Company announced an initial capital expenditure estimate of C$800 million, which
was in line with B2Gold expectations since the Sabina acquisition announcement and reflects scope changes
to further optimize the Goose Project. B2Gold has updated the construction budget to de-risk the project
and construct a reliable and low operating cost mine for the arctic. In addition, the Company has made the
decision to accelerate underground mining development to increase annual gold production over the first
five years of the mine plan, which entails mining of the complete Umwelt crown pillar. The cost to
accelerate underground mining is estimated at an additional C$90 million for a total project expenditure of
C$890 million of which Sabina had incurred approximately C$ 340 million up to April 2023, leaving
approximately C$550 million (approximately $418 million) expected to be spent by B2Gold from the date
of acquisition and up to completion of construction in the first quarter of 2025. In the third quarter of 2023