B2Gold Reports Strong Gold Production for Q1 2022 with Total Gold Production of 209,365 oz, 5% Above 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 Strong Gold Production for Q1 2022 with
Total Gold Production of 209,365 oz, 5% Above Budget;
On Track to Meet Annual Guidance of 990,000 to 1,050,000 oz of Total Gold Production
Vancouver, April 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 first
quarter of 2022. All dollar figures are in United States dollars unless otherwise indicated.
2022 First Quarter Highlights
• Total gold production of 209,365 ounces (including 12,892 ounces of attributable production from
Calibre Mining Corp. (“Calibre”)), 5% (9,760 ounces) above budget, and consolidated gold production
of 196,473 ounces from the Company’s three operating mines, 4% (8,431 ounces) above budget, with
solid performances from all the Company’s three mines, with each mine exceeding its budgeted
production for the first quarter of 2022
• Consolidated gold revenue was $366 million on sales of 195,100 ounces at an average realized price of
$1,874 per ounce
• For 2022, B2Gold remains well positioned for continued strong operational and financial performance
with 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 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 announced an updated and significantly increased Mineral Resource estimate for
the Anaconda area, comprised of the Menankoto permit and the Bantako North permit, located
approximately 20 kilometres from the Fekola Mine; preliminary planning by the Company has
demonstrated that a pit situated on the Anaconda area could provide saprolite (weathered) material to
be trucked to and fed into the Fekola mill commencing as early as late 2022, subject to obtaining all
necessary permits and completion of a final mine plan , 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
• B2Gold’s Namibian subsidiary was recognized by the Namibia n Revenue Agency as the highest
revenue contributor among “Overall Top Contributors” in calendar year 2021
Gold Production
Total gold production in the first quarter of 202 2 was 209,365 ounces (including 12,892 ounces of
attributable production from Calibre), above budget by 5% ( 9,760 ounces), and consolidated gold
production from the Company’s three operating mines was 196,473 ounces, above budget by 4% (8,431
ounces), with solid performances from the Company’s three mines, with each mine exceeding its budgeted
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production for the first quarter of 2022 (see “Operations” section below). Due to the timing of higher-grade
ore mining, consolidated gold production from the Company’s three operating mines is expected to be
significantly weighted to the second half of 2022. As expected, compared to the first quarter of 2021, total
consolidated gold production was lower by 5% ( 11,279 ounces), due to the planned significant waste
stripping campaign and lower mined ore tonnage at the Fekola Mine in the first quarter of 2022 , as Phase
6 of the Fekola Pit continues to be developed in the first half of 2022.
The Company is currently compiling its consolidated cash operating costs and consolidated AISC results
for the first quarter of 2022, which will be released along with its first quarter of 2022 financial results after
the North American markets close on Tuesday, May 3, 2022.
For full-year 2022, the Company’s total gold production is forecast to be 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 and total consolidated AISC forecast to be
between $1,010 - $1,050 per ounce. The Company’s consolidated gold production from its three operating
mines is forecast to be between 950,000 - 1,000,000 ounces in 2022, with consolidated cash operating costs
forecast to be between $600 - $640 per ounce and consolidated AISC forecast to be between $1,000 - $1,040
per ounce. Notwithstanding the ongoing sanctions on Mali announced by the Economic Community of
West African States (“ECOWAS”) on January 9, 2022, including closure of a number of the borders with
Mali, the Fekola Mine continues to operate at full capacity and the Company expects to meet its 2022
production guidance for the Fekola Mine.
For the first half of 2022, consolidated gold production is forecast to be between 390,000 - 410,000 ounces,
which is expected to increase significantly to between 560,000 - 590,000 ounces during the second half of
2022. Based mainly on the weighting of pro duction and timing of stripping activities, consolidated cash
operating costs are expected to be between $760 - $800 per ounce in the first half of 2022, before
significantly improving to between $490 - $530 per ounce during the second half of 2022. In add ition,
consolidated AISC are expected to be between $1,250 - $1,290 per ounce in the first half of 2022 before
significantly improving to between $820 - $860 per ounce during the second half of 2022.
Gold Revenue
For the first quarter of 2022, consolidated gold revenue was $366 million on sales of 195,100 ounces at an
average realized price of $1, 874 per ounce, compared to $ 362 million on sales of 202,330 ounces at an
average realized price of $1,791 per ounce in the first quarter of 2021. The slight increase in gold revenue
of 1% ($4 million) was 5% attributable to the increase in the average realized gold price , offset by a 4%
impact from the decrease in gold ounces sold (mainly due to the lower gold production).
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Operations
Mine-by-mine gold production in the first quarter of 202 2 (including the Company’s estimated 25%
attributable share of Calibre’s production) was as follows:
Mine
Q1 2022
Gold Production
(ounces)
First-Half 2022
Forecast
Gold Production
(ounces)
Second-Half 2022
Forecast
Gold Production
(ounces)
Full-year 2022
Forecast
Gold Production
(ounces)
Fekola 101,648 220,000 - 230,000 350,000 - 370,000 570,000 - 600,000
Masbate 59,764 105,000 - 110,000 100,000 - 105,000 205,000 - 215,000
Otjikoto 35,061 65,000 - 70,000 110,000 - 115,000 175,000 - 185,000
B2Gold
Consolidated (1) 196,473 390,000 –410,000 560,000 – 590,000 950,000 – 1,000,000
Equity interest in
Calibre (2) 12,892 20,000 - 25,000 20,000 - 25,000 40,000 - 50,000
Total 209,365 410,000 – 435,000 580,000 – 615,000 990,000 – 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.
Fekola Gold Mine - Mali
The Fekola Mine in Mali had a successful start to the year with first quarter of 2022 gold production of
101,648 ounces, slightly above budget by 1% (917 ounces), as higher than budgeted processed grade (6%)
offset lower than budgeted processed tonnes (5%). Following initial difficulties with imp orting reagents
into Mali as a result of economic border sanctions imposed on Mali by ECOWAS, on January 9, 2022, as
a precautionary response, the planned processing of saprolite ore at the Fekola Mine was temporarily
suspended to reduce reagent consumption and ensure that sufficient reagents remained available to process
higher-grade ore to meet budgeted gold production (which resulted in lower than budgeted throughput for
the first quarter of 2022). Although the sanctions continue, the situation has normalized as regular imports
of reagents were received by Fekola in February and March 2022. As a result, saprolite ore was reintroduced
back into the Fekola mill feed blend at the end of February 2022, and the processing of saprolite ore resumed
as planned. 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 and Cardinal operations are at
full capacity. As expected, compared to the first quarter of 2021, Fekola’s gold production was lower by
19% (23,440 ounces), due to planned significant waste stripping and lower mined ore tonnage, as Phase 6
of the Fekola Pit continues to be developed in the first half of 2022.
For the first quarter of 2022, mill feed grade was 1.54 grams per tonne (“g/t”) compared to budget of 1.45
g/t and 1.99 g/t in the first quarter of 2021; mill throughput was 2.20 million tonnes compared to budget of
2.31 million tonnes and 2.07 million tonnes in the first quarter of 2021; and gold recovery averaged 93.3%
compared to budget of 9 3.5% and 9 4.4% in the first quarter of 20 21. For the first quarter of 2022, as
described above, processed grade was above budget while processed tonnes were below budget mainly due
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to the temporary suspension of processing saprolite ore , offset by the processing of higher-grade ore, in
January and February 2022. Processed grade was lower compared to the first quarter of 202 1 due to the
planned significant waste stripping campaign in the first quarter of 2022.
The Fekola Mine is expected to produce between 570,000 - 600,000 ounces of gold in 2022 at cash
operating costs of between $510 - $550 per ounce and AISC of between $840 - $880 per ounce. For the
first half of 2022, Fekola’s gold production is expected to be between 220,000 - 230,000 ounces, which is
expected to increase significantly to between 350,000 - 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 - $760 per ounce in the firs t half of 2022, before significantly improving to
between $380 - $420 per ounce during the second half of 2022. In addition, Fekola’s AISC are expected to
be between $1,140 - $1,180 per ounce in the first half of 2022, before significantly improving to bet ween
$660 - $700 per ounce during the second half of 2022.
Anaconda Area
On March 23, 2022, the Company announced an updated and significantly increased Mineral Resource
estimate for the Anaconda area, comprised of the Menankoto permit and the Bantako North permit, located
approximately 20 kilometres from the Fekola Mine . The updated and significantly increased Anaconda
Mineral Resource estimate (as at January 11, 2022) constrained within a conceptual pit shell at a gold price
of $1,800 per ounce included an initial Indicated Mineral Resource estimate of 32,400,000 tonnes at 1.08
g/t gold for a total 1,130,000 ounces of gold, and Inferred Mineral Resource estimate of 63,700,000 tonnes
at 1.12 g/t gold for 2,280,000 ounces of gold. The Mineral Resource estimate included first time reporting
of 1,130,000 ounces of Indicated Mineral Resources and an increase of 1,510,000 ounces (196% increase)
of Inferred Mineral Resources since the initial Inferred Mineral Resource estimate in 2017 (21,590,000
tonnes at 1.11 g/t gold, for 767,000 ounces).
In 2022, the Company has budgeted $33 million for development of infrastructure fo r Phase I saprolite
mining at the Anaconda area, including road construction. Based on the updated Mineral Resource estimate
and B2Gold's preliminary planning, the Company has demonstrated that a pit situated on the Anaconda area
could provide selective higher grade saprolite material (average grade of 2.2 g/t) to be trucked to and fed
into the Fekola mill commencing as early as late 2022 at a rate of 1.5 million tonnes per annum. Subject to
obtaining all necessary permits and completion of a final development 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 this updated Mineral Resource Estimate and the 2022 exploration drilling results, the Company
has commenced 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 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.
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In 2022, the Company will continue 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 Fekola -style south plunging bodies of
sulphide mineralization, which remains open down plunge. Five drill rigs are currently drilling in the
Anaconda area.
Masbate Gold Mine – The Philippines
The Masbate Mine in the Philippines had a strong start to the year with first quarter of 2022 gold production
of 59,764 ounces, above budget by 11% (5,711 ounces) and 4% (2,251 ounces) higher compared to the first
quarter of 2021, mainly due to higher processed grade.
For the first quarter of 2022, mill feed grade was 1.19 g/t compared to budget of 1.09 g/t and 1.10 g/t in the
first quarter of 2021; mill throughput was 2.01 million tonnes compared to budget of 1.93 million tonnes
and 1.95 million tonnes in the first quarter of 2021; and gold recovery averaged 78.0% compared to budget
of 79.7% and 83.6% in the first quarter of 2021. Processed grade was above budget in the fir st quarter of
2022 due to mining additional (unbudgeted) higher-grade areas identified within the planned mining areas.
In addition, mine haulage optimizations ( which resulted in shorter than planned hauls of waste and
increased mining rates) also contributed to the above budgeted mined high-grade ore tonnage in the first
quarter of 2022. Compared to the first quarter of 2021, gold recoveries were lower as a result of processing
a higher proportion of fresh rock ore in the first quarter of 2022.
The Masbate Mine is expected to produce between 205,000 - 215,000 ounces of gold in 2022 at cash
operating costs of between $740 - $780 per ounce and AISC of between $1,070 - $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 performed well during the first quarter of 2022, producing 35,061 ounces of
gold, 5% (1,803 ounces) above budget, with processed tonnes, grade and recoveries all slightly better than
budget. As a result of the timing of higher-grade ore mining, Otjikoto’s gold production is expected to be
significantly weighted to the second half of 2022 when mining is scheduled to reach t he higher-grade
portions of Phase 3 of the Otjikoto Pit and ore production ramps up at the Wolfshag underground mine. As
expected, compared to the first quarter of 2021, gold production was significantly higher by 52% (12,019
ounces), as processed ore in the first quarter of 2021 was primarily sourced from existing stockpiles while
significant waste stripping operations continued at both the Wolfshag and Otjikoto pits.
For the first quarter of 2022, mill feed grade was 1.31 g/t compared to budget of 1.26 g/t and 0.82 g/t in the
first quarter of 2021; mill throughput was 0.8 5 million tonnes compared to budget of 0.84 million tonnes
and 0.89 million tonnes in the first quarter of 2021; and gold recovery averaged 98.5% compared to budget
of 98.0% and 97.6% in the first quarter of 2021.
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Development of the Wolfshag underground mine continues to progress with ore production expected to
commence in the first half of 2022. The initial underground Mineral Reserve estimate for the down-plunge
extension of the Wolfshag deposit includes 210,000 ounces of gold in 1.2 million tonnes of ore at 5.57 g/t
gold.
The Otjikoto Mine is expected to produce between 175,000 - 185,000 ounces of gold in 2022 at cash
operating costs of between $740 - $780 per ounce and AISC of between $1,120 - $1,160 per ounce. For the
first half of 2022, Otjikoto’s gold production is expected to be between 65,000 - 70,000 ounces, which is
expected to increase significantly to between 110,000 - 115,000 ounces during the second half of 2022.
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 - $1,000 per ounce in the first half of 2022, before
significantly improving to between $620 - $660 per ounce d uring the second half of 2022. In addition,
Otjikoto’s AISC are expected to be between $1,460 - $1,500 per ounce in the first half of 2022, before
significantly improving to between $930 - $970 per ounce during the second half of 2022.
Outlook
The Company is pleased with its first quarter of 2022 production results as outlined in this news release ,
particularly given the challenges mining companies are facing around the world . Based on a strong first
quarter, 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 first quarter of 2022, which will be released along with its first quarter of
2022 financial results after the North American markets close on Tuesday, May 3, 2022.
The Company's ongoing strategy is to continue to maximize profitable production from its mines, further
advance the Anaconda and Gramalote development projects, advance the Company’s numerous brownfield
and greenfield exploration projects, evaluate new exploration, development and production opportunities
and continue to pay an industry leading dividend yield.
First Quarter 2022 Financial Results - Conference Call Details
B2Gold will release its first quarter of 2022 financial results after the North American markets close on
Tuesday, May 3, 2022.
B2Gold executives will host a conference call to discuss the results on Wednesday, May 4, 2022, at 10:00
am PST/1:00 pm EST. Yo u may access the call by dialing the operator at +1 (778) 3 83-7413 / +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 666652 #).
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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 Katie Bromley
Senior Vice President, Legal & Manager, Investor Relations &
Corporate Communications Public Relations
604-681-8371 604-681-8371
[email protected] [email protected]
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in
this news release.
Production results and production guidance presented in t his news release reflect total production at the mines
B2Gold operates 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.
This news release includes certain "forward -looking information" and "forward -looking statements" (collectively
forward-looking statements") within the meaning of applicable Canadia n 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 c apital 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 re start 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 exp loration 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, perm itting 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 wel l
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 2 022; total consolidated gold production of between 990,000 and 1,050,000 ounces 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 Fekola mill being expected to run at an annualized thr oughput rate of approximately 9.0 Mtpa (over the
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long-term); the completion of an updated mineral resource estimate for the Anaconda area in the first quarter of
2022; 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 commencement
of a Phase II study for the Anaconda area upon completion of the updated mineral resource estimate on the sulphide
material becomes and based on 2022 exploration drilling results to review the project economics of trucking sulphide
material to the Fekola mil l as compared to constructing another stand -alone mill near Anaconda; the potential for
production from the Cardinal zone to add approximately 50,000 ounces in 2022 to the Company's production profile
and approximately 60,000 per year over the next 6 to 8 years; the Fekola Mine to be well-positioned for any potential
supply disruptions caused by the border closures following the ECOWAS sanctions; 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 late in the first half 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 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" 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 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 not limited to, social distancing, a non -essential travel ban, business continuity
plans, and eff orts 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; th e 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 estimat es 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 liabilities 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 an d developing countries and the compliance with foreign laws, including those
associated with operations in Mali, Namibia, the Philippines and Colombia 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 ski lled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather
conditions; litigation risk; competition with other mining 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