B2Gold Reports Strong Q4 2020 Total Gold Production of 270,469 Oz, Record Annual Total Gold Production of 1,040,737 Oz and 2021 Total Gold Production Guidance of 970,000 - 1,030,000 Oz
1
News Release
B2Gold Reports Strong Q4 2020 Total Gold Production of 270,469 Oz,
Record Annual Total Gold Production of 1,040,737 Oz and
2021 Total Gold Production Guidance of 970,000 - 1,030,000 Oz
Vancouver, BC, January 20, 2021 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) is pleased to announce its consolidated gold production and gold revenue s
for the fourth quarter and full-year 2020, in addition to its production and budget guidance for 2021. All
dollar figures are in United States dollars unless otherwise indicated.
2020 Gold Production and Revenue Highlights
• Fourth quarter total gold production of 270,469 ounces (including 14,150 ounces of attributable
production from Calibre Mining Corp. (“Calibre”) and consolidated gold production of 256,319 ounces
from the Company’s three operating mines
• Fourth quarter consolidated gold revenues of $480 million, a significant increase of $166 million (53%)
over the fourth quarter of 2019 (excluding revenues from discontinued operations)
• Record annual total gold production of 1,040,737 ounces (including 45,479 ounces of attributable
production from Calibre)
• Record annual consolidated gold production from the Company’s three operating mines of 995,258
ounces, at the upper end of the guidance range (of between 955,000 – 1,005,000 ounces), and
significantly higher by 17% (144,142 ounces) over 2019 (excluding discontinued operations), marking
the twelfth consecutive year of record annual consolidated gold production
• Record annual consolidated gold revenues of $1.79 billion, a significant increase of $0.63 billion (55%)
over 2019 (excluding revenues from discontinued operations)
• The Company expects to be at the low end of its guidance range for total consolidated cash operating
costs (see “Non-IFRS Measures”) of between $415 - $455 per ounce and at the low end of its guidance
range for total consolidated all -in sustaining costs (“AISC”) (see “Non-IFRS Measures”) of between
$780 - $820 per ounce
• Successful commissioning of the Fekola mill expansion to 7.5 million tonnes per annum (“Mtpa”) (an
increase of 1.5 Mtpa from an assumed base rate of 6 Mtpa) on September 10, 2020, several weeks ahead
of the scheduled completion date of September 30, 2020; 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)
2
• Selected as the recipient of two prestigious mining industry awards in 2020 for B2Gold’s commitment
to sustainable mining and development: the Prospectors & Developers Association of Canada's “ 2021
Sustainability Award” and the Mining Journal's “2020 Most Sustainable Miner Award”
• In December 2020, the Gramalote Project in Colombia received the “Seal of Antioquia Award” from
the Government of Antioquia through the Ministry of Mines for large scale operations, recognizing its
commitment to community support
• B2Gold’s quarterly dividend rate was increased in the third quarter of 2020 by 100% to $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
2021 Budget Highlights
• For 2021, B2Gold remains well positioned for continued strong operational and financial performance
with total production guidance of between 970,000 - 1,030,000 ounces of gold (including attributable
ounces projected from Calibre of between 50,000 - 60,000 ounces) with total consolidated forecast cash
operating costs of between $500 - $540 per ounce and total consolidated AISC of between $870 - $910
per ounce; consolidated cash operating costs and AISC per ounce are forecast to be higher than 2020,
mainly due to the planned lower production and higher planned stripping activities at Fekola, higher
forecast fuel and labour costs in Mali, and the drawdown of ore stockpiles at Otjikoto
• Due to open pit mine sequencing, consolidated gold production is expected to be significantly weighted
to the second half of 2021; for the first half of 2021, consolidated gold production is forecasted 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
• Based on current operating plans, over a five-year outlook from 2020 to 2024, annual consolidated gold
production is forecast to average 950,000 ounces with AISC averaging $825 per ounce
• The results of the Gramal ote Feasibility Study are expected to be announced in April 2021, with a
construction decision expected to be made shortly thereafter
• The Company is re-evaluating the Kiaka Project in Burkina Faso , and expects to have an updated
economic assessment of the project for internal review completed by the end of the first quarter of 2021,
followed by an updated feasibility study by mid-year 2021
• Following a very successful year for exploration in 2020, B2Gold is planning a year of aggressive
exploration in 2021 with a budget of approximately $66 million (excluding Gramalote) , including a
record $25 million allocated to the Company’s ongoing grassroots exploration programs
• An updated mineral resource estimate for the Anaconda area (located 20 kilometres north of Fekola),
based on the completed 2020 drill program, is expected in the first quarter of 2021 and the Company
has allocated $ 8 million for drilling to expand the mineral resource estimate in 2021; in addition an
initial mineral resource estimate is expected to be completed for the Cardinal zone (located within 500
metres of the current Fekola resource pit) in the first quarter of 2021
• 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 in 2021
Despite some of the challenges that the current COVID-19 pandemic has created worldwide and in each of
the locations where the Company operates or is head-quartered, the Company continues to operate virtually
unimpeded. The B2Gold executive team is very proud of the Company’s employees' dedication and
3
resilience in these challenging times and believe it is in part due to the executive team’s and mine
employees’ years of experience in all aspects of international mining, and the Company’s culture of treating
all its stakeholders with fairness, respect and transparency. This successful approach is reflected again in
the Company’s record performance in 2020.
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
and continues to closely monitor each site's situation, including public and employee sentiment to e nsure
that stakeholders are in alignment with continued safe operation of its mines.
2020 Gold Production and Development
Despite the challenges of the COVID-19 pandemic, B2Gold had another remarkable year of strong growth
in 2020, with the achievement of B2Gold’s twelfth consecutive year of record annual gold production. The
Company’s total gold production for 2020 was an annual record of 1,040,737 ounces (including 45,479
ounces of attributable production from Calibre) , at the upper end of the guidance range (of between
1,000,000 – 1,055,000 ounces). Consolidated gold production from the Company’s three operating mines
was an annual record of 995,258 ounces of gold, at the upper end of the guidance range (of between 955,000
– 1,005,000 ounces), and significantly higher by 17% (144,142 ounces) than 2019 (excluding discontinued
operations). The significant increase in gold production over 2019 was driven by the Fekola Mine in Mali,
which produced an annual record of 622,518 ounces of gold, exceeding the upper end of its guidance range
(of between 590,000 - 620,000 ounces). Between the commencement of Fekola’s operations in September
2017 and December 31, 2020, the Fekola Mine has produced over 1.6 million ounces of gold ( which is
155,000 ounces more than originally forecast under Fekola’s Definitive Feasibility Study over this period).
The Masbate Mine in the Philippines achi eved another strong year in 2020, producing 20 4,699 ounces of
gold, at the midpoint of its guidance range (of between 200,000 - 210,000 ounces). Masbate’s strong
operational performance was achieved despite a five -day temporary suspension of mining activities in the
first quarter of 2020 due to fuel shortages relating to COVID -19 restrictions , and a magnitude 6.6
earthquake approximately 90 kilometres from the mine site on August 18, 2020 , suspending mining and
processing operations for five and six days, respectively , as inspections were conducted to confirm there
was no damage to the mine from the earthquake. The Otjikoto Mine in Namibia also had another solid year
in 2020, producing 168,041 ounces of gold, near the midpoint of its guidance range (of between 165,000 -
175,000 ounces).
The Company is currently compiling its final cash operating costs and AISC results for 2020 and will
release its fourth quarter and full -year 2020 financial results after the North American markets close on
Tuesday, February 23, 202 1. The Company expects to be at the low end of its guidance range for total
4
consolidated cash operating costs of between $415 - $455 per ounce and at the low end of i ts guidance
range for total consolidated AISC of between $780 - $820 per ounce.
The Company’s expansion and development projects also progressed well throughout 2020:
• At Fekola, successful commissioning of the Fekola mill expansion to 7.5 Mtpa (an increase of 1.5
Mtpa from an assumed base rate of 6 Mtpa), occurred on September 10, 2020, several weeks ahead
of the scheduled completion date of September 30, 2020. The Fekola mill has the potential to run
above the 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) . Remobilization of the Fekola solar plant cons truction group began in mid-
September 2020, following a temporary suspension of construction activities in April 2020 due to
COVID-19.
• At Otjikoto, development of the Wolfshag underground mine continue s to progress well and on
schedule. In the third quart er of 2020, the mining contractor was mobilized , and development of
the portal and primary underground ramp has now commenced. Stope ore production is expected
to commence in early 2022, in-line with original estimates.
• At the Gramalote P roject, feasibility work continued as planned from the recommencement of
drilling on May 11, 2020, with infill resource drilling completed on August 21, 2020. During the
fourth quarter of 2020, an updated resource model for Gramalote was completed, providing the
information necessary to advance pit design and mining engineering studies. Feasibility stage
metallurgical studies and process plant design were completed by year -end and infrastructure
design work continues. The results of the Gramalote Feasibility Study are expected to be announced
in April 2021, with a construction decision expected to be made shortly thereafter.
Looking forward to 2021, B2Gold remains well positioned for continued strong operational and financial
performance. The Company’s total gold production is forecast to be between 970,000 - 1,030,000 ounces
(including 50,000 - 60,000 ounces attributable ounces projected from Calibre) in 2021, 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 consolidated gold production from its three operating mines is forecast to be between
920,000 – 970,000 ounces in 2021, with consolidated cash operating costs forecast to be between $480 -
$520 per ounce and consolidated AISC forecast to be between $860 - $900 per ounce. The Company’s 2021
production guidance does not include the potential upside to increase Fekola’s gold production in 2021
from additional mining areas and proce ssing capacity currently being investigated (see “2021 Production
Outlook and Cost Guidance” section below).
Based on current operating plans, over a five -year outlook from 2020 to 2024, annual consolidated gold
production is forecast to average 950,000 ounces with AISC averaging $825 per ounce.
5
2020 Gold Revenue
For full-year 2020, consolidated gold revenue was a record $1.79 billion on sales of 1,006,455 ounces at
an average price of $1,777 per ounce, compared to $1.16 billion on sales of 827,800 ounces at an average
price of $1,3 96 per ounce in 2019 (excluding revenues from discontinued operations ). This significant
increase in gold revenue of 55% ($0.63 billion) was 33% attributable to the increase in the average realized
gold price and 22% attributable to the increase in gold ounces sold (mainly due to the higher gold
production).
For the fourth quarter of 2020, c onsolidated gold revenue was $480 million on sales of 256,655 ounces at
an average price of $1,868 per ounce, compared to $314 million on sales of 211,800 ounces at an average
price of $1,481 per ounce in the fourth quarter of 2019 (excluding revenues from discontinued operations).
This significant increase in gold revenue of 53% ($166 million) was 32% attributable to the increase in the
average realized gold price and 21% attributable to the increase in gold ounces sold (mainly due to the
higher gold production).
2020 Operations
Mine-by-mine gold production in the fourth quarter and f ull-year 2020 (including the Company’s
approximate 33% share of Calibre’s production) was as follows:
Mine Q4 2020
Gold Production
(ounces)
Full-Year 2020
Gold Production
(ounces)
2020
Annual Guidance
Gold Production
(ounces)
Fekola 158,548 622,518 590,000 - 620,000
Masbate 57,566 204,699 200,000 - 210,000
Otjikoto 40,205 168,041 165,000 - 175,000
B2Gold
Consolidated (1) 256,319 995,258 955,000 – 1,005,000
Equity interest in
Calibre (2) 14,150 45,479 45,000 - 50,000
Total 270,469 1,040,737 1,000,000 – 1,055,000
(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 in Nicaragua. B2Gold applies the equity method of accounting for its ownership interest
in Calibre.
6
Fekola Gold Mine - Mali
The Fekola Mine in Mali had a record year in 2020, producing an annual record of 622,518 ounces of gold,
exceeding the upper end of its guidance range (of between 590,000 - 620,000 ounces), as processed grade,
tonnes and recoveries all exceeded budget. Gold production for the year also increased significantly by 37%
(166,708 ounces) over 2019, mainly due to the expansion of the Fekola mining fleet and optimization of
the pit designs and mine plan for 2020, which provided access to higher grade portions of the Fekola deposit
earlier than anticipated in previous mine plans. Between the co mmencement of Fekola’s operations in
September 2017 to December 31, 2020, the Fekola Mine has produced over 1.6 million ounces of gold
(which is 155,000 ounces more than originally forecast under Fekola’s Definitive Feasibility Study over
this period). As at December 31, 2020, the Fekola Mine had achieved 347 days without a lost time injury
(“LTI”). In the fourth quarter of 20 20, the Fekola Mine produced 158,548 ounces of gold, significantly
higher than the fourth quarter of 2019 by 33% (39,305 ounces).
In September 2020, the commissioning of the Fekola mill expansion to 7.5 Mtpa (an increase of 1.5 Mtpa
from an assumed base rate of 6 Mtpa) was successfully completed several weeks ahead of schedule. 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) . In addition , substantially all of the Fekola mine fleet
expansion equipment planned for 2020 (including excavators, trucks, and drill rigs) have now arrived on
site and are operational, with the overall mine expansion now materially complete.
For full-year 2020, mill feed grade was 2.99 grams per tonne (“g/t”) compared to budget of 2.91 g/t and
2.16 g/t in 2019; mill throughput was 6.87 million tonnes compared to budget of 6.84 million tonnes and
6.98 million tonnes in 2019; and gold recovery averaged 94. 3% compared to budget of 9 3.8% and 94.2%
in 2019. The slightly lower mill throughput in 2020 compared to 2019 was mainly due to the planned
downtime for the Fekola mill expansion tie-ins and softer low-grade ore being processed in 2019.
For full-year 2020, Fekola’s cash operating costs are expected to be at the upper end of its guidance range
of between $285 - $325 per ounce and AISC are expected to at the upper end of its guidance range of
between $555 - $595 per ounce (due to increased royalties as a result of higher gold prices).
Fekola Solar Plant
Following the temporary suspension of solar plant construction activities in April 2020 due to COVID -19
restrictions, construction recommenced on October 2 , 2020. At December 31, 2020, overall construction
progress was approximately 70% complete. On January 5, 2021, a fire (currently under investigation) in
the solar storage yard destroyed approximately 25% of the solar panels for the project . Based on current
projections, the Company expects that 25% of the solar capacity will be come available in the first quarter
of 2021, 50% in the second quarter, with the remaining 25% by the third quarter. Overall project completion
timing is contingent on receiv ing replacements for the damaged components. 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.
7
The existing HFO and diesel power plant ha ve 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 decreasing power plant fuel consumption and
maintenance costs. When the plant is fully commissioned, it will reduce HFO consumptions by over 13
million litres per year and lower carbon dioxide emissions by an estimated 39,000 tonnes per year.
Masbate Gold Mine – the Philippines
The Masbate Mine in the Philippines achieved another strong year in 2020, producing 20 4,699 ounces of
gold, at the midpoint of its guidance range (of between 200,000 - 210,000 ounces) . Masbate’s strong
operational performance was achieved despite a five day temporary suspension of mining activities in the
first quarter of 2020 due to fuel shortages relating to COVI D-19 restrictions , and a magnitude 6.6
earthquake approximately 90 kilometres from the mine site on August 18, 2020 , suspending mining and
processing operations for five and six days, respectively , as inspections were conducted to confirm there
was no damage to the mine from the earthquake. In addition, Masbate operations continued to run normally
following a super typhoon ( Typhoon Goni), which first made landfall in the Philippines on November 1,
2020. Compared to 2019, gold production in 2020, as planned, was lower by 6% (12,641 ounces), as the
prior year had benefited from higher grade ore tonnage from the Main Vein Pit . The Masbate Mine
continued its remarkable safety performance, extending the number of days without an LTI to 776 days as
at December 31, 2020. Masbate had a strong finish to the year, producing 57,566 ounces of gold in the
fourth quarter of 2020, significantly higher than the fourth quarter of 2019 by 13% (6,825 ounces), mainly
due to higher recoveries (as a result of mining more oxide ore).
For full-year 2020, mill feed grade was 1.00 g/t compared to budget of 1.0 1 g/t and 1.16 g/t in 2019; mill
throughput was 7.76 million tonnes compared to budget of 8.2 million tonnes and 8.0 million tonnes in
2019; and gold recovery averaged 82.3% compared to budget of 76.3% and 73.2% in 2019. Average gold
recoveries were above budget due to mining more oxide ore than budgeted.
For full-year 2020, Masbate’s cash operating costs are expected to be below the low end of its guidance
range of between $665 - $705 per ounce and AISC are expected to be within its guidance range of between
$965 - $1,005 per ounce.
Otjikoto Gold Mine - Namibia
The Otjikoto Mine in Namibia also had another solid year in 2020, producing 168,041 ounces of gold, near
the midpoint of its guidance range (of between 165,000 - 175,000 ounces) . Compared to 2019, gold
production, as planned, was lower by 6% (9,925 ounces) in 2020, as the prior year had benefited from more
high-grade ore tonnes being mined from Phase 2 of the Wolfshag Pit. The Otjikoto Mine has a remarkable
safety record, with no LTI’s from March 27, 2018 until October 29, 2020, when a n LTI for a fractured
ankle occurred. As at December 31, 2020, the Otjikoto Mine had achieved 63 days without an LTI. In the
fourth quarter of 2020, the Otjikoto Mine produced 40,205 ounces of gold (fourth quarter of 2019 – 58,422
ounces).
8
For full-year 2020, mill feed grade was 1.52 g/t compared to budget of 1.55 g/t and 1.64 g/t in 2019; mill
throughput was 3.51 million tonnes compared to budget of 3.41 million tonnes and 3.42 million tonnes in
2019; and gold recovery averaged 98.4% compared to budget of 98.0% and 98.7% in 2019.
For full-year 2020, Otjikoto’s cash operating costs are expected to be below the low end of its guidance
range of between $480 - $520 per ounce and AISC are expected to be well below the low end of its guidance
range of between $1,010 - $1,050 per ounce.
2020 Development
Gramalote Project (B2Gold – 50%/AngloGold Ashanti Limited – 50%) - Colombia
B2Gold has a 50% interest in the Gramalote Project in Colombia , and on January 1, 2020 became the
operator of the Project.
Based on the positive results from Gramalote’s Updated Preliminary Economic Assessment (released on
January 21, 2020), B2Gold believes that the Gramalote Project has the potential to become a large, low-
cost open-pit gold mine, subject to the results of a final feasibility study.
During 2020, Gramalote successfully completed an extensive infill drill program of 42,500 meters in
August 2020. The purpose of the infill drilling was to confirm and upgrade the Inferred Mineral Resources
to Indicated status to provide the basis for Gramalote’s Feasibility Study. During the fourth quarter of 2020,
an updated resource model for Gramalote was completed, providing the information necessary to advance
pit design and mining engineering studies. Feasibility stage metallurgical studies and process plant design
were completed by year -end and infrastructure design work continues. The results of the Gramalote
Feasibility Study are expected to be announced in April 2021, with a construction decision expected to be
made shortly thereafter.
Key social initiatives, including resettlement work and artisanal miner formalization/relocation, continued
to advance during t he fourth quarter of 2020. Gramalote has also requested that the terms of its EIA be
modified to allow the resettlement process to occur as construction proceeds, which will assist in
accelerating the construction sequence.
2021 Production Outlook and Cost Guidance
The Company’s total gold production is forecast to be between 9 70,000 - 1,030,000 ounces (including
50,000 - 60,000 ounces attributable ounces projected from Calibre) in 2021 (compared to total production
of 1,040,737 ounces in 2020).
For 2021, t he Company’s c onsolidated gold production from its three operating mines is forecast to be
between 920,000 – 970,000 ounces , lower than 2020 consolidated production of 995,258 ounces by
approximately 5%. The decrease is attributable to lower expected production from Fekola in 2021 (as Phase
5 and 6 of the Fekola Pit are developed in the first half of 2021), partially offset by an expected overall 16%
increase in production from Otjikoto. Fekola’s 2021 production forecas t (of between 530,000 – 560,000
ounces), however, does not include the potential upside to increase Fekola’s gold production in 2021 from