B2Gold Reports Q4 and Full Year 2022 Results; Achieved 2022 Total Gold Production and Consolidated Cost Guidance; Cash and Cash Equivalents Increased $102 Million in Q4 2022; Q1 2023 Dividend of US$0.04 per Share Declared
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News Release
B2Gold Reports Q4 and Full Year 2022 Results; Achieved 2022 Total Gold Production and Consolidated Cost
Guidance; Cash and Cash Equivalents Increased $102 Million in Q4 2022; Q1 2023 Dividend of US$0.04 per
Share Declared
Vancouver, February 22, 2023 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) announces its operational and financial results for the fourth quarter and full
year 2022. The Company previously released its gold production and gold revenue results for the fourth
quarter and full year 2022. All dollar figures are in United States dollars unless otherwise indicated.
2022 Fourth Quarter and Full Year Highlights
• Total gold production of 367,870 ounces in Q4 2022, a quarterly r ecord: Total gold production in
the fourth quarter of 2022 of 367,870 ounces, including 15,101 ounces of attributable production from
Calibre Mining Corp. (“Calibre”), a quarterly production record for B2Gold.
• Total consolidated cash operating costs of $4 68 per gold ounce produced in Q4 2022 : Total
consolidated cash operating costs (see “Non-IFRS Measures”) (including estimated attributable results
for Calibre) of $468 per gold ounce produced and consolidated cash operating costs from the
Company’s three operating mines of $440 per gold ounce produced.
• Total consolidated all-in sustaining costs of $892 per gold ounce sold in Q4 2022: Total consolidated
all-in sustaining costs (see “Non-IFRS Measures”) (including estimated attributable results for Calibre)
of $892 per gold ounce sold and consolidated all -in sustaining costs from the Company’s three
operating mines of $876 per gold ounce sold.
• Achieved full-year 2022 total gold production guidance: Based on the strong gold production in the
fourth quarter of 2022, the Company achieved full year 2022 total gold production guidance. Total gold
production in 2022 was 1,027,874 ounces (including 54,871 attributable ounces from Calibre), near the
mid-point of the annual guidance range of between 990,000 and 1,050,000 ounces, the seventh
consecutive year of meeting or exceeding annual production guidance.
• Met full-year 2022 total consolidated cost guidance: Full year 2022 total consolidated cash operating
costs of $660 per gold ounce produced, at the top end of the annual guidance range of between $620
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and $660 per gold ounce. Full year 2022 total consolidated all -in sustaining costs of $1,033 per gold
ounce sold, near the mid -point of the annual guidance range of between $1,010 and $1,050 per gold
ounce.
• Attributable net income of $0.15 per share in Q4 2022; Adjusted attributable net income of $0.11
per share in Q4 2022 : Net income attributable to the shareholders of the Company of $158 million
($0.15 per share); adjusted net income (see “ Non-IFRS Measures”) attributable to the shareholders of
the Company of $121 million ($0.11 per share).
• Operating cash flow before working capital adjustments of $0.25 per share in Q4 2022: Cash flow
provided by operating activities before working capital adjustments (see “Non-IFRS Measures”) was
$270 million ($0.25 per share) in the fourth quarter of 2022.
• Robust financial position: At December 31, 2022, the Company had cash and cash equivalents of $652
million and working capital (defined as current assets less assets classified as held for sale and current
liabilities) of $802 million.
• Fekola Complex study underway to deliver low capital intensity production growth: Commencing
an engineering study of stand-alone oxide processing facilities at the Anaconda area. The study will be
based on processing at least 4 million tonnes per annum (“Mtpa”) of saprolite and transitional (oxide)
resources, with an option to add fresh rock (sulphide) capabilities in the future. Results of this study are
expected in the second quarter o f 2023. Conceptual analysis indicates that the combined Fekola and
Anaconda processing facilities could have the potential to produce more than 800,000 ounces of gold
per year commencing as early as 2026.
• Continued investment in near-mine exploration in Mali: The Company is drilling to infill and extend
the saprolite resource area and to follow up on the sulphide mineralization at the Anaconda area,
including the Mamba and Adder zones, and several other targets below the saprolite mineralization.
The good grade and width combinations at the Anaconda area continue to provide a strong indication
of the potential for south plunging bodies of sulphide mineralization, which remain open down plunge.
• Subsequent to year -end 2022, announced the acquisition of Sabina Gold & Silver Corp.
("Sabina"): On February 13, 2023, the Company entered into a definitive agreement pursuant to which
it had agreed to acquire all of the issued and outstanding common shares of Sabina (the “Transaction”).
B2Gold recognizes that respect and collaboration with the Kitikmeot Inuit Association is central to the
license to operate in the Back River Gold District and will continue to prioritize developing the project
in a manner that recognizes Indigenous input and concerns and brings long -term socio -economic
benefits to the area.
• Q1 2023 dividend of US$0.04 per share declared: On February 22, 2023, B2Gold's Board of Directors
declared a cash dividend for the first quarter of 2023 of $0.04 per common share (or an expected $0.16
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per share on an annualized basis), payable on March 17, 2023 to shareholders of record as of March 8,
2023.
Fourth Quarter and Full Year 2022 Results
Three months ended Year ended
December 31 December 31
2022 2021 2022 2021 2020
Gold revenue ($ in thousands) 592,468 526,113 1,732,590 1,762,264 1,788,928
Net income ($ in thousands) 176,468 153,140 286,723 460,825 672,413
Earnings per share – basic (1) ($/share) 0.15 0.13 0.24 0.40 0.60
Earnings per share – diluted (1) ($/share) 0.15 0.13 0.24 0.40 0.59
Cash provided by operating activities ($ in thousands) 270,491 266,292 595,798 724,113 950,645
Total assets ($ in thousands) 3,681,233 3,561,293 3,681,233 3,561,293 3,362,379
Non-current liabilities ($ in thousands) 335,828 369,097 335,828 369,097 415,696
Average realized gold price ($/ounce) 1,746 1,800 1,788 1,796 1,777
Adjusted net income(1)(2) ($ in thousands) 121,442 112,724 263,782 385,370 514,891
Adjusted earnings per share (1)(2) - basic ($) 0.11 0.11 0.25 0.37 0.49
Consolidated operations results:
Gold sold (ounces) 339,355 292,350 969,155 981,401 1,006,455
Gold produced (ounces) 352,769 288,849 973,003 987,595 995,258
Cash operating costs(2) ($/gold ounce sold) 470 406 646 503 405
Cash operating costs(2) ($/gold ounce produced) 440 460 637 511 406
Total cash costs(2) ($/gold ounce sold) 593 533 768 626 526
All-in sustaining costs(2) ($/gold ounce sold) 876 844 1,022 874 774
Operations results including equity investment in Calibre:
Gold sold (ounces) 354,496 308,395 1,024,272 1,041,381 1,051,716
Gold produced (ounces) 367,870 304,897 1,027,874 1,047,414 1,040,737
Cash operating costs(2) ($/gold ounce sold) 497 433 669 528 422
Cash operating costs(2) ($/gold ounce produced) 468 484 660 535 423
Total cash costs(2) ($/gold ounce sold) 618 556 788 648 540
All-in sustaining costs(2) ($/ounce gold sold) 892 860 1,033 888 788
(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”.
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Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and liquidity. At December 31, 2022, the Company
had cash and cash equivalents of $652 million compared to cash and cash equivalents of $673 million at
December 31, 2021. Working capital at December 31, 2022 was $802 million compared to $802 million at
December 31, 2021. At December 31, 2022, the full amount of the Company's $600 million revolving credit
facility was undrawn and available. The maximum available for drawdown under the facility rema ins at
$600 million with an accordion feature, available on the receipt of additional binding commitments, for a
further $200 million.
First Quarter 2023 Dividend
On February 22, 2023, B2Gold's Board of Directors declared a cash dividend for the first quarter of 2023
of $0.04 per common share (or an expected $0.16 per share on an annualized basis), payable on March 17,
2023 to shareholders of record as of March 8, 2023.
As part of the long-term strategy to maximize shareholder value, B2Gold expects to declare future quarterly
dividends at the same level. This dividend is designated as an "eligible dividend" for the purposes of the
Income Tax Act (Canada). Dividends paid by B2Gold to shareholders outside Canada (non -resident
investors) will be subject to Canadian non-resident withholding taxes.
The declaration and payment of future dividends and the amount of any such dividends will be subject to
the determination of the Board, in its sole and absolute discretion, taking into account, among other things,
economic conditions, business performance, financial condition, growth plans, expected capital
requirements, compliance with the B2Golds's constating documents, all applicable laws, including the rules
and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends,
including any agreements entered into with lenders to the Company, and any other factors that the Board
deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the
intended rate or at all in the future.
Sabina Gold & Silver Corp. Acquisition
On February 13, 2023, the Company entered into a definitive agreement pursuant to which the parties
agreed that B2Gold will acquire all of the issued and outstanding common shares of Sabina (the
“Transaction”), subject to receipt of all necessary regulatory, Court and shareholder approvals . The
Transaction will result in the Company acquiring Sabina's 100% owned Back River Gold District located
in Nunavut, Canada. The Back River Gold District consists of five mineral claim blocks along an 80
kilometre belt. The most advanced project in the district, Goose, is fully permitted, construction ready, and
has been de -risked with significant infrastructure currently in place. The Goose project has an estimated
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two-year construction period with first gold production expected in the first quarter of 2025. B2Gold looks
forward to working with the Sabina technical team to move the project forward.
Operations
Fekola Mine - Mali
Three months ended Year ended
December 31 December 31
2022 2021 2022 2021
Gold revenue ($ in thousands) 415,121 312,123 1,067,482 1,024,425
Gold sold (ounces) 237,800 173,700 599,600 570,450
Average realized gold price ($/ ounce) 1,746 1,797 1,780 1,796
Tonnes of ore milled 2,469,924 2,412,690 9,376,096 9,143,022
Grade (grams/ tonne) 3.31 2.24 2.14 2.05
Recovery (%) 92.8 94.2 92.9 94.2
Gold production (ounces) 244,014 163,539 598,661 567,795
Cash operating costs(1) ($/ gold ounce sold) 358 314 545 439
Cash operating costs(1) ($/ gold ounce produced) 348 379 537 449
Total cash costs(1) ($/ gold ounce sold) 495 464 684 586
All-in sustaining costs(1) ($/ gold ounce sold) 708 749 867 765
Capital expenditures ($ in thousands) 48,843 56,559 117,622 110,637
Exploration ($ in thousands) 1,366 3,691 15,214 13,014
(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 Fekola Mine in Mali (owned 80% by the Company and 20% by the State of Mali) achieved another
strong year in 2022, producing 598,661 ounces of gold, at the top end of the annual guidance range of
570,000 to 600,000 ounces. For the year ended December 31 , 2022, mill feed grade was 2.14 grams per
tonne ("g/t"); mill throughput was 9.38 million tonnes (an annual record); and gold recovery averaged
92.9%. In the fourth quarter of 2022, the Fekola Mine in Mali produced a quarterly record of 244,014
ounces of gold, largely due to processing of additional high grade ore from Fekola Phase 6 pit. Full
production from Phase 6 was made possible during the fourth quarter of 2022 by improvements made to
the pit dewatering system. During the fourth quarter of 2022, the Fekola processing facilities continued to
outperform expectations with 2.47 million tonnes processed as a result of continued favorable ore
fragmentation, availability of supplemental saprolite feed and continued optimization of the grinding
circuit. Mill feed grade was higher in the fourth quarter of 2022 due to the increased volume of high grade
ore processed from Fekola Phase 6 pit. Mined ore tonnage and grade continue to reconcile well with the
Fekola resource model. For the fourth quarter of 2022, mil l feed grade was 3.31 g/t, mill throughput was
2.47 million tonnes, and gold recovery averaged 92.8%.
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For the year ended December 31, 2022, The Fekola Mine's cash operating costs (refer to “ Non-IFRS
Measures”) of $537 per ounce produced ($545 per gold ounce sold) were within the guidance range of $510
to $550 per ounce. For the year ended December 31, 2022, Fekola's cash operating costs reflected total
mining, processing and site general costs generally in line with expectation. Total costs were largely in line
with expectation in 2022. Fekola’s cash operating costs for the fourth quarter of 2022 were $348 per gold
ounce produced ($358 per gold ounce sold).
All-in sustaining costs (refer to “ Non-IFRS Measures”) for the Fekola Mine for the year ended December
31, 2022 were $867 per gold ounce sold, within the guidance range of between $840 and $880 per ounce.
All-in sustaining costs for the Fekola Mine for the fourth quarter of 2022 were $708 per gold ounce sold.
Capital expenditures for the year ended December 31, 2022 totalled $118 million, primarily consisting of
$40 million for mobile equipment purchases and rebuilds, $21 million for tailings storage facility expansion
and equipment, $14 million for prestri pping, and $19 million for the development of the Cardinal zone,
including mobile equipment purchases. Capital expenditures in the fourth quarter of 2022 totalled $49
million and consisted of $22 million for mobile equipment purchases and rebuilds, $7 mill ion for the
development of Cardinal including mobile equipment purchases and $5 million for processing plant
equipment.
The low-cost Fekola Complex in Mali is expected to produce between 580,000 and 610,000 ounces of gold
in 2023 at cash operating costs of between $565 and $625 per ounce and all-in sustaining costs of between
$1,085 and $1,145 per ounce. At the Fekola Mine, ore will continue to be mined from the Fekola and
Cardinal pits and for Fekola Regional operations, initial saprolite production (to be processed in the Fekola
Mill) is expected to commence from the Bantako permit starting in the third quarter of 2023. Saprolite
production from the Bantako permit is expected to generate approximately 18,000 ounces of gold
production in 2023 with Fekola R egional production levels continuing to ramp -up through 2024. The
Fekola Mine is expected to process 9 million tonnes of ore during 2023 at an average grade of 2.20 g/t with
a process gold recovery of 93.4%. The expected increase in Fekola's all-in sustaining costs for 2023 reflects,
predominantly, higher sustaining capital expenditures.
Capital expenditures in 2023 at Fekola are expected to total approximately $352 million, of which
approximately $214 million is classified as sustaining capital expenditures and $138 million is classified as
non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to include, amongst
other items, $101 million for capitalized stripping, $51 million for new and replacement Fekola mining
equipment, including capitalized rebuilds, and $35 million to commence construction of a new tailings
storage facility. Non-sustaining capital expenditures are anticipated to include $63 million to develop and
equip Fekola Regional's Anaconda Area (Menankoto and Ban tako permits) and Dandoko project, $54
million for underground mine development (Fekola Mine underground ore production anticipated to
commence in the second half of 2025) and $16 million for haul road construction to Fekola Regional's
Anaconda Area and Dandoko project.
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Masbate Mine – The Philippines
Three months ended Year ended
December 31 December 31
2022 2021 2022 2021
Gold revenue ($ in thousands) 94,010 73,252 384,714 398,879
Gold sold (ounces) 53,865 40,650 214,015 222,291
Average realized gold price ($/ ounce) 1,745 1,802 1,798 1,794
Tonnes of ore milled 2,043,931 1,948,003 7,929,094 7,600,094
Grade (grams/ tonne) 1.08 0.95 1.11 1.11
Recovery (%) 68.3 78.5 74.9 81.6
Gold production (ounces) 48,687 46,629 212,728 222,227
Cash operating costs(1) ($/ gold ounce sold) 877 939 830 660
Cash operating costs(1) ($/ gold ounce produced) 872 952 817 682
Total cash costs(1) ($/ gold ounce sold) 984 1,070 937 766
All-in sustaining costs(1) ($/ gold ounce sold) 1,187 1,331 1,104 914
Capital expenditures ($ in thousands) 9,620 10,378 39,528 30,743
Exploration ($ in thousands) 1,648 1,142 4,759 5,013
(1) 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”.
The Masbate Mine in the Philippines continued its strong operational performance for 2022, producing
212,728 ounces of gold, slightly below the revised guidance range of 215,000 to 225,000 ounces (but at the
upper end of the original guidance range of 205, 000 to 215,000 ounces). Lower gold recoveries for 2022
as compared to 2021 were primarily due to processing more sulphide and transitional ore in 2022, which
has lower gold recovery as compared to ore processed in 2021 containing a higher percentage of oxide feed.
Masbate's mill throughput was higher than anticipated in 2022 due to improved ore fragmentation,
optimization of mill operations and improved blending of mill feed. Mined ore tonnage and grade continue
to reconcile well with the Masbate resource model. For the year ended December 31, 2022, mill feed grade
was 1.11 g/t, mill throughput was 7.93 million tonnes, and gold recovery averaged 74.9%. In the fourth
quarter of 2022, Masbate produced 48,687 ounces of gold. Lower gold recoveries during the qu arter were
offset by slightly higher than anticipated gold mill feed grades and mill throughput. Fourth quarter 2022
mill feed grade was 1.08 g/t, mill throughput was 2.04 million tonnes, and gold recovery averaged 68.3%.
The Masbate Mine’s cash operating costs (refer to “Non-IFRS Measures”) of $817 per ounce produced for
the year ended December 31, 2022 ($830 per gold ounce sold) were slightly below the revised guidance
range of between $820 to $860 per ounce (but above the original guidance range of $740 to $780 per ounce).
The Masbate Mine's cash operating costs for the fourth quarter of 2022 were $872 per gold ounce produced
($877 per gold ounce sold).
All-in sustaining costs (refer to “Non-IFRS Measures”) for the Masbate Mine were $1,104 per gold ounce
sold for the year ended December 31, 2022, at the upper end of its guidance range of between $1,070 and
$1,110 per ounce. All-in sustaining costs for the year ended December 31, 2022 were at the upper end of
the Masbate Mine's guidance range as a result of the higher cash operating costs, partially offset by realized
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gains on fuel derivatives. All-in sustaining costs for the Masbate Mine for the fourth quarter of 2022 were
$1,187 per gold ounce sold.
Capital expenditures totalled $40 million in 2022, including mobile equipment rebuilds and purchases of
$19 million, $8 million for an additional powerhouse generator and $4 million for tailings storage facility
projects. Capital expenditures for the fourth quarter of 2022 totalled $10 million consisting primarily of
mobile equipment rebuilds and purchases of $4 million, $3 million for an additional powerhouse generator
and $1 million for tailings storage facility projects.
The Masbate Mine in the Philippines is expected to produce between 170,000 and 190,000 ounces of gold
in 2023 at cash operating costs of between $985 and $1,045 per ounce and all-in sustaining costs of between
$1,370 and $1,430 per ounce. For 2023, Masbate is expected to process 7.8 million tonnes of ore at an
average grade of 0.96 g/t with a process gold recovery of 74.5%. Gold production is scheduled to be
relatively consistent throughout 2023. Mill feed will be a blend of mined fresh ore sourced from the Main
Vein Pit and low-grade ore stockpiles. The anticipated increase in Masbate's all-in sustaining costs for 2023
reflects, predominantly, higher sustaining capital expenditures.
Capital expenditures for 2023 at Masbate are expected to total $44 millio n, of which approximately $38
million is classified as sustaining capital expenditures and $6 million is classified as non-sustaining
expenditures. Sustaining capital expenditures are anticipated to include $9 million for deferred stripping,
$18 million for mining equipment replacement and rebuilds and $4 million for tailing storage facility
development and equipment. Non-sustaining capital expenditures are anticipated to include $5 million for
land acquisition and development.
Otjikoto Mine - Namibia
Three months ended Year ended
December 31 December 31
2022 2021 2022 2021
Gold revenue ($ in thousands) 83,337 140,738 280,394 338,960
Gold sold (ounces) 47,690 78,000 155,540 188,660
Average realized gold price ($/ ounce) 1,747 1,804 1,803 1,797
Tonnes of ore milled 839,599 885,232 3,412,960 3,541,599
Grade (grams/ tonne) 2.25 2.79 1.50 1.76
Recovery (%) 98.8 99.1 98.5 98.6
Gold production (ounces) 60,068 78,681 161,614 197,573
Cash operating costs(1) ($/ gold ounce sold) 572 334 786 511
Cash operating costs(1) ($/ gold ounce produced) 465 338 769 493
Total cash costs(1) ($/ gold ounce sold) 642 407 858 583
All-in sustaining costs(1) ($/ gold ounce sold) 965 583 1,161 908
Capital expenditures ($ in thousands) 19,521 21,599 79,096 80,936
Exploration ($ in thousands) 1,201 1,578 3,476 4,424