B2Gold Reports Strong Q1 2021 Results; Quarterly Total Gold Production of 220,644 oz, 9% Above Budget; Cash Operating Costs and All-In Sustaining Costs Lower than Budget
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News Release
B2Gold Reports Strong Q1 2021 Results;
Quarterly Total Gold Production of 220,644 oz, 9% Above Budget;
Cash Operating Costs and All-In Sustaining Costs Lower than Budget
Vancouver, May 4, 2021 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold”
or the “Company”) is pleased to announce its operational and financial results for the first quarter of 2021.
The Company previously released its gold production and gold revenue results for the first quarter of 2021.
All dollar figures are in United States dollars unless otherwise indicated.
2021 First Quarter Highlights
• Total gold production of 2 20,644 ounces (including 1 5,001 ounces of attributable production from
Calibre Mining Corp. (“Calibre”)), 9% (18,542 ounces) above budget, and consolidated gold
production of 205,643 ounces from the Company’s three operating mines, 9% (17,291 ounces) above
budget
• Consolidated gold revenue was $362 million on sales of 202,330 ounces at an average price of $1,791
per ounce
• Consolidated cash flow provided by operating activities from the Company’s three operating mines of
$146 million; B2Gold maintains a strong financial position and liquidity with cash and cash equivalents
of $513 million as at March 31, 2021
• Total consolidated cash operating costs (see “Non-IFRS Measures”) of $609 per ounce produced, well-
below budget by $54 per ounce produced (8%), and total consolidated all-in sustaining costs (“AISC”)
(see “Non-IFRS Measures”) of $932 per ounce sold, significantly below budget by $146 per ounce
sold (14%) (including estimated attributable results for Calibre)
• Net income attributable to the shareholders of the Company of $92 million ($0.09 per share); adjusted
net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company of $97 million
($0.09 per share)
• No Lost-Time-Injury (“LTI”) incidents at the Company’s operating mines in the first quarter of 2021,
extending the number of days without a n LTI to 437 days for Fekola, 866 days for Masbate and 154
days for Otjikoto as at March 31, 2021
• Following the successful comp letion of the Fekola mill expansion to 7.5 million tonnes per annum
(“Mtpa”) in September 2020, Fekola’s mill throughput was a quarterly record of 2.07 million tonnes in
the first quarter of 2021, 9% above budget and 19% higher than the first quarter of 2020
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• For full-year 2021, B2Gold remains well positioned for continued strong operational and financial
performance with total gold production guidance of between 970,000 - 1,030,000 ounces (including
50,000 – 60,000 attributable ounces projected from Calibr e) with total consolidated forecast cash
operating costs of between $500 - $540 per ounce and total consolidated AISC of between $870 - $910
per ounce
• Based on current assumptions, including a gold price of $1,800 per ounce, the Company expects to
generate cashflows from operating activities of approximately $630 million for the full-year 2021
• Selected as the recipient of five additional mining industry awards in the Philippines and Mali
The Company continues to address the COVID-19 pandemic and minimize its potential impact at B2Gold's
operations. B2Gold places the safety and well -being of its workforce and all stakeholders as its highest
priority and continues to encourage input from all its stakeholders as the COVID-19 situation evolves. The
Company continues to implement measures and precautionary steps to manage and respond to the risks
associated with COVID -19 to ensure the safety of B2Gold's employees, contractors, suppliers and
surrounding communities where the Company works while continuing to operate. The Company is
continually updating these plans and response measures based on the safety and well-being of its workforce,
the severity of the pandemic in areas where it operates, global response measures, government restrictions
and extensive community consultation. The Company is working closely with national and local authorities,
including labour unions, and continues to closely monitor each site's situation, including public and
employee sentiment to ensure that stakeholders are in alignment with continued safe operation of its mines.
2021 First Quarter Operational Results
Total consolidated gold production in the first quarter of 2021 was 220,644 ounces (including 15,001
ounces of attributable production from Calibre), above budget by 9 % (18,542 ounces), with solid
performances from the Company’s three operating mines which all exceeded their budgeted production
together with lower than budgeted cash operating costs per ounce and AISC for the first quarter. The Fekola
Mine in Mali continued its strong operational performance through the first quarter of 20 21, producing
125,088 ounces of gold, 7% (8,088 ounces) above budget, as the Fekola processing facilities continued to
outperform. Following the successful completion of the Fekola mill expansion to 7.5 Mtpa (an increase of
1.5 Mtpa from an assumed base rate of 6 Mtpa) in September 2020, mill throughput was a quarterly record
of 2.07 million tonnes in the first quarter of 2021, 9% above budget and 19% higher than the first quarter
of 2020. The Masbate Mine in the Philippines also had a strong start to the year with first quarter of 2021
gold production of 57,513 ounces, well -above budget by 14 % (6,852 ounces). The Otjikoto Mine in
Namibia performed well during the first quarter of 2021, producing 23,042 ounces of gold, 11% (2,351
ounces) above budget , with processed tonnes , grade and recover ies all slightly better than budget . As
expected, compared to the first quarter of 2020, total consolidated gold production was lower by 17 %
(44,218 ounces), due to planned significant waste stripping campaigns at both the Fekola and Otjikoto
mines, scheduled for the first half of 2021 (for Phase 5 and Phase 6 of the Fekola Pit, and Phase 3 of each
of the Wolfshag and Otjikoto pits). Gold production is expected to significantly increase in the second half
of 2021, when mining at Fekola reaches the higher-grade zones of the Fekola P it and mining at Otjikoto
reaches the higher-grade zone at the base of the Wolfshag Pit.
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For the first quarter of 2021, total consolidated cash operating costs (including estimated attributable results
for Calibre) were $609 per ounce produced ($582 per ounce sold), well-below budget by $54 per ounce
produced (8%), mainly as a result of higher than budgeted gold production. As expected, total consolidated
cash operating costs were higher in the first quarter of 2021 compared to the quarterly record low total
consolidated cash operating costs of $389 per ounce produced ($405 per ounce sold) in the first quarter of
2020, mainly as a result of the planned lower gold production and higher period stripping activities, fuel
costs and import duties.
Total consolidated AISC for the first quarter of 2021 were $932 per ounce sold (Q1 2020 - $721 per ounce
sold), significantly below budget by $146 per ounce sold (14%), mainly attributable to the lower than
budgeted cash operating costs, higher than budgeted ounces sold, and lower than budgeted general and
administrative costs and sustaining capital expenditures. T he lower than budgeted sustaining capital
expenditures are mainly due to timing of expenditures and are expected to be incurred later in 2021.
For full-year 2021, the Company’s total gold production is forecast to be between 970,000 - 1,030,000
ounces (including 50,000 - 60,000 attributable ounces projected from Calibre), with total consolidated cash
operating costs forecast to be between $500 - $540 per ounce and total consolidated AISC forecast to be
between $870 - $910 per ounce. The Company’s 2021 production guidance does not include the potential
upside to increase Fekola’s gold production in 2021 from the nearby Cardinal resource and the higher than
budgeted processing capacity currently being investigated.
For full-year 2021, the Company’s consolidated gold production from its three operating mines is expected
to be significantly weighted to the second half of 2021 due to planned significant waste stripping at both
the Fekola and Otjikoto mines in the first half of 2021. For the first half of 2021, consolidated gold
production is expected to be between 365,000 – 385,000 ounces, which is expected to increase significantly
to between 555,000 – 585,000 ounces during the second half of 2021 when mining reaches the higher grade
portion of Phase 5 of the Fekola Pit and Phase 3 of the Wolfshag Pit. Based mainly on the weighting of
production and timing of stripping, consolidated cash operating costs are expected to be between $620 -
$660 per ounce in the first half of 2021, before significantly improving to between $380 - $420 per ounce
during the second half of 2021. In addition, consolidated AISC are expected to be between $1,040 - $1,080
per ounce in the first half of 2021, before significantly improving to between $745 - $785 per ounce during
the second half of 2021.
2021 First Quarter Financial Results
For the first quarter of 2021, consolidated gold revenue was $362 million on sales of 202,330 ounces at an
average price of $1,791 per ounce, compared to $380 million on sales of 239,500 ounces at an average price
of $1,588 per ounce in the first quarter of 2020. The decrease in gold revenue of $18 million (5%) was 16%
attributable to the decrease in gold ounces sold (mainly due to the lower gold production), partially offset
by an 11% impact from the increase in the average realized gold price.
For the first quarter of 2021, cash flow provided by operating activi ties was $146 million, lower, as
expected, compared to $216 million in the first quarter of 2020. The decrease of $70 million was mainly
due to lower revenues of $18 million, higher production costs of $20 million and higher working capital
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outflows in the first quarter of 2021 for value-added and other tax receivables and current income and other
taxes payable.
Net income for the first q uarter of 2021 was $99 million compared to $83 million for the first quarter of
2020. N et income attributable to the shareholders of the Company was $92 million ($0.09 per share)
compared to $72 million ($0.07 per share) for the first quarter of 2020. Adjusted net income attributable to
the shareholders of the Company (see “Non-IFRS Measures”) was $97 million ($0.09 per share) compared
to adjusted net income of $95 million ($0.09 per share) for the first quarter of 2020.
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and liquidity. At March 31, 2021, the Company
had cash and cash equivalents of $513 million (December 31, 2020 - $480 million) and working capital of
$536 million (December 31, 2020 - $465 million). In addition, the Company’s $600 million R evolving
Credit Facility remains fully undrawn and available.
Due to the Company's strong net positive cash position, strong operating results and the current higher gold
price environment, B2Gold’s quarterly divi dend rate is expected to be maintained at $0.04 per common
share (or an annualized rate of $0.16 per common share), one of the highest dividend yields in the gold
sector.
In 2021, the Company expects to generate cashflows from operating activities of app roximately $630
million, based on current assumptions including an average gold price of $1,800 per ounce. Approximately
$500 million of this total is expected to be generated in the second half of 2021, when the Company starts
mining from the higher grade areas of the Fekola Pit and mining at Otjikoto reaches the higher grade zone
at the base of the Wolfshag Pit. The Company’s operating cashflows in the second quarter of 2021 are
forecast to be impacted, as expected, by the settlement of the Company’s 2020 year-end income tax and
Fekola priority dividend obligations and other tax installment payments totaling approximately $140
million.
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Operations
Mine-by-mine gold production in the first quarter of 2021 (including the Company’s estimated 33% share
of Calibre’s production) was as follows:
Mine
Q1 2021
Gold Production
(ounces)
First-Half 2021
Forecast
Gold Production
(ounces)
Second-Half 2021
Forecast
Gold Production
(ounces)
Full-year 2021
Forecast
Gold Production
(ounces)
Fekola 125,088 220,000 - 230,000 310,000 - 330,000 530,000 - 560,000
Masbate 57,513 100,000 - 105,000 100,000 - 105,000 200,000 - 210,000
Otjikoto 23,042 45,000 - 50,000 145,000 - 150,000 190,000 - 200,000
B2Gold
Consolidated (1) 205,643 365,000 – 385,000 555,000 – 585,000 920,000 – 970,000
Equity interest in
Calibre (2) 15,001 25,000 - 30,000 25,000 - 30,000 50,000 - 60,000
Total 220,644 390,000 – 415,000 580,000 – 615,000 970,000 –
1,030,000
(1) “B2Gold Consolidated” - gold production is presented on a 100% basis, as B2Gold fully consolidates the results of its
Fekola, Masbate and Otjikoto mines in its consolidated financial statements (even though it does not own 100% of these
operations).
(2) “Equity interest in Calibre” - represents the Company’s approximate 33% indirect share of the operations of Calibre’s
El Limon and La Libertad mines. B2Gold applies the equity method of accounting for its 3 3% ownership interest in
Calibre.
Mine-by-mine cash operating costs per ounce (on a per ounce of gold produced basis) in the first quarter of
2021 were as follows (presented on a 100% basis):
Mine
Q1 2021
Cash Operating
Costs
($ per ounce
produced)
First-Half 2021
Forecast
Cash Operating
Costs
($ per ounce
produced)
Second-Half 2021
Forecast
Cash Operating
Costs
($ per ounce
produced)
Full-year 2021
Forecast
Cash Operating
Costs
($ per ounce
produced)
Fekola $503 $530 - $570 $315 - $355 $405 - $445
Masbate $608 $670 - $710 $630 - $670 $650 - $690
Otjikoto $940 $940 - $980 $330 - $370 $480 - $520
B2Gold
Consolidated $581 $620 - $660 $380 - $420 $480 - $520
Equity interest in
Calibre (1) $991 $920 - $1,020 $920 - $1,020 $920 - $1,020
Total $609 $640 - $680 $400 - $440 $500 - $540
(1) Calibre’s 2021 forecast cash operating costs are assumed to be consistent throughout 2021.
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Mine-by-mine cash operating costs per ounce (on a per ounce of gold sold basis) in the first quarter of 2021
were as follows (presented on a 100% basis):
Mine
Q1 2021
Cash Operating
Costs
($ per ounce sold)
First-Half 2021
Forecast
Cash Operating
Costs
($ per ounce sold)
Second-Half 2021
Forecast
Cash Operating
Costs
($ per ounce sold)
Full-year 2021
Forecast
Cash Operating
Costs
($ per ounce sold)
Fekola $479 $530 - $570 $315 - $355 $405 - $445
Masbate $578 $670 - $710 $630 - $670 $650 - $690
Otjikoto $823 $940 - $980 $330 - $370 $480 - $520
B2Gold
Consolidated $552 $620 - $660 $380 - $420 $480 - $520
Equity interest in
Calibre (1) $981 $920 - $1,020 $920 - $1,020 $920 - $1,020
Total $582 $640 - $680 $400 - $440 $500 - $540
(1) Calibre’s 2021 forecast cash operating costs are assumed to be consistent throughout 2021.
Mine-by-mine AISC (on a per ounce of gold sold basis) in the first quarter of 2021 were as follows
(presented on a 100% basis):
Mine
Q1 2021
Forecast
AISC
($ per ounce sold)
First-Half 2021
Forecast
AISC
($ per ounce sold)
Second-Half 2021
Forecast
AISC
($ per ounce sold)
Full-year 2021
Forecast
AISC
($ per ounce sold)
Fekola $770 $850 - $890 $670 - $710 $745 - $785
Masbate $818 $980 - $1,020 $940 - $980 $955 - $995
Otjikoto $1,475 $1,600 - $1,640 $580 - $620 $830 - $870
B2Gold
Consolidated $919 $1,040 - $1,080 $745 - $785 $860 - $900
Equity interest in
Calibre (1) $1,098 $1,040 - $1,140 $1,040 - $1,140 $1,040 - $1,140
Total $932 $1,040 - $1,080 $760 - $800 $870 - $910
(1) Calibre’s 2021 forecast AISC are assumed to be consistent throughout 2021.
Fekola Gold Mine - Mali
The Fekola Mine in Mali continued its strong operational performance through the first quarter of 2021,
producing 125,088 ounces of gold, 7% (8,088 ounces) above budget , as the Fekola processing facilities
continued to outperform. Following the successful completion of the Fekola mill expansion to 7.5 Mtpa (an
increase of 1.5 Mtpa from an assumed base rate of 6 Mtpa) in September 2020, mill throughput was a
quarterly record of 2.07 million tonnes in the first quarter of 2021, which was 9% above budget and 19%
higher than the first quarter of 2020. Fekola’s higher than budgeted mill throughput was mainly due to
favourable ore fragmentation and hardness, and optimization of the grinding circuit. As expected, compared
to the first quarter of 2020, gold production was lower by 24% (38,923 ounces), as a result of the planned
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significant waste stripping and lower mined ore grades, as Phases 5 and 6 of the Fekola Pit are developed
during the first half of 2021 . Mined ore tonnage and grade continue to reconcile well with the Fekola
resource model, and ore production is expected to significantly increase in the second half of 2021 when
mining reaches the higher -grade zones of the Fekola P it. As at March 31, 202 1, t he Fekola Mine had
achieved 437 days without a LTI.
For the first quarter of 2021, mill feed grade was 1.99 grams per tonne (“g/t”) compared to budget of 2.03
g/t and 3.11 g/t in the first quarter of 2020; mill throughput was 2.07 million tonnes compared to budget of
1.91 million tonnes and 1.75 million tonnes in the first quarter of 2020; and gold recovery averaged 94.4%
compared to budget of 94.0% and 93.8% in the first quarter of 2020. Processed grade was lower compared
to the first quarter of 2020, mainly as a result of the focus on higher mill feed grade and the stockpiling
strategy used during the mill expansion activities in the first quarter of 2020, in addition to the
aforementioned lower mined ore grades in the first quarter of 2021 as Phases 5 and 6 of the Fekola Pit are
developed.
The Fekola mill has the potential to run above the expanded annualized throughput rate of 7.5 Mtpa and
analysis is currently underway to determine the optimum throughput rate . For 2021 budgeting purposes ,
the Company has assumed a throughput rate of 7.75 Mtpa . Mill processing trials conducted in the fourth
quarter of 2020 demonstrate the potential to optimize the grind-throughput capacity of the expanded facility
and increase hard-rock throughput, and support the addition of saprolite ore tonnage in excess of the hard-
rock capacity. Based on positive results to date, Fekola’s annualized throughput rate is expected to continue
to remain above 8.0 Mtpa.
Production planning for the nearby Cardinal resource area, located within 500 metres of the current Fekola
resource pit, is currently underway (the initial Inferred Mineral Resource estimate for Cardinal is 640,000
ounces of gold in 13.0 million tonnes of ore at 1.54 g/t gold). Grade control drilling for a bulk sample at
Cardinal has been completed, and preparations for the bulk sample are underway with sampling expected
to begin in the second quarter of 2021 . An E nvironmental and S ocial Impact Assessment has been
completed and submitted to the Malian authorities. Approval of the addition of Cardinal to the Fekola
environmental permit is expected shortly and following this, an application will be made to add mining at
Cardinal to the Fekola Mine plan.
For the first quarter of 2021, Fekola’s cash operating costs were $503 per ounce produced ($479 per ounce
sold), well-below budget by $55 per ounce produced (10%), mainly as a result of higher than budgeted gold
production. Mining and processing costs were also below budget for the quarter, mainly due to lower than
budgeted maintenance costs and cyanide consumption, and earlier than planned power production from the
new Fekola solar power facility. As expected, Fekola’s cash operating costs were higher in the first quarter
of 2021 compared to Fekola’s quarterly record low cash operating costs of $251 per ounce produced ($286
per ounce sold) in the first quarter of 2020 , mainly as a result of the planned lower gold production and
higher period stripping activities in the first quarter of 2021, as well as higher fuel costs, import duties and
ongoing COVID-19 related labour and medical costs in Mali.
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Fekola’s AISC for the first q uarter of 2021 were $770 per ounce sold (Q1 2020 - $519 per ounce sold) ,
significantly below budget by $128 per ounce sold (14%), mainly attributable to the lower than budgeted
cash operating costs.
Capital expenditures for the first quarter of 2021 totaled $17 million, primarily consisting of $6 million for
the solar plant, $6 million for pre-stripping and $3 million for mine infrastructure.
For full-year 2021, the Fekola Mine is expected to produce between 530,000 - 560,000 ounces of gold at
cash operating costs of between $ 405 - $445 per ounce and AISC of between $ 745 - $785 per ounce.
Additional mining from the Cardinal resource area a nd higher than budgeted processing capacity are
currently being investigated (as discussed above) , with the potential to increase Fekola’s budgeted 2021
and longer-term gold production.
As a result of the planned waste stripping and lower mined ore grades in the first half of 2021, as Phase 5
and 6 of the Fekola P it are developed, production is expected to be significantly weighted to the second
half of 2021 (when mining reaches the higher grade portion of Phase 5 of the Fekola Pit). For the first half
of 2021, Fekola’s gold production is expected to be between 220,000 – 230,000 ounces, which is expected
to increase significantly to between 310,000 – 330,000 ounces during the second half of 2021. Based mainly
on the weighting of production and timing of waste stripping, Fekola’s cash operating costs are expected
to be between $530 - $570 per ounce in the first half of 2021, before significantly improving to between
$315 - $355 per ounce during the second half of 2021. In addition, Fekola’s AISC are expected to be
between $850 - $890 per ounce in the first half of 2021, before significantly improving to between $670 -
$710 per ounce during the second half of 2021.
Fekola Solar Plant
Following the temporary suspension of solar plant construction activities in April 2020 due to COVID-19
restrictions, site activities recommenced on October 2, 2020, and construction progress is now
approximately 95% complete. On January 5, 2021, a fire in the solar storage yard destroyed approximately
25% of the solar panels for the project. Replacement panels have been sourced and are scheduled to arrive
on site by mid-May 2021. Approximately 25% of the solar field came online on January 28, 2021 and solar
production reached 75% of full installed capacity by the end of March 2021 when the plant was turned over
to the Fekola operations team. Solar power production with only 75% installed capacity has exceeded daily
baseline targets for the full project, with several days of fuel cost savings of over $32,000 versus a goal of
$25,000 per day, and replacement of up to 20% of the t otal daily power compared to a baseline goal of
18%.
The schedule for installation of the remaining 25% is contingent on the delivery of the replacement panels,
but full construction completion is now projected by the end of the second quarter of 2021. The Company
does not anticipate any significant impact on Fekola’s 2021 budgeted cash operating costs as a result of the
delay in completion of the solar plant. The existing heavy fuel oil (“HFO”) and diesel power plant have an
installed capacity of 64 megawatts while Fekola ’s expanded mill facilities require only approximately 40
megawatts for continuous operations. The solar plant is therefore not a necessary component to sustain the
higher process plant production rate but is expected to reduce Fekola ’s operating costs and emissions by