B2Gold Reports Strong Q4 2021 Total Gold Production of 304,897 Oz, Record Annual Total Gold Production of 1,047,414 Oz and 2022 Total Gold Production Guidance of 990,000 - 1,050,000 Oz
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News Release
B2Gold Reports Strong Q4 2021 Total Gold Production of 304,897 Oz,
Record Annual Total Gold Production of 1,047,414 Oz and
2022 Total Gold Production Guidance of 990,000 - 1,050,000 Oz
Vancouver, BC, January 19, 2022 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) is pleased to announce its total gold production and consolidated gold
revenues for the fourth quarter and full -year 2021, in addition to its production and budget guidance for
2022. All dollar figures are in United States dollars unless otherwise indicated.
2021 Gold Production and Revenue Highlights
• Fourth quarter total gold production of 304,897 ounces (including 1 6,048 ounces of attributable
production from Calibre Mining Corp. (“Calibre”)) and consolidated gold production of 288,849
ounces from the Company’s three operating mines
• Fourth quarter consolidated gold revenue s of $526 million on sal es of 292,350 ounces at an average
realized gold price of $1,800 per ounce
• Record quarterly gold production achieved by the Otjikoto Mine of 78,681 ounces in the fourth quarter
• Record annual t otal gold production of 1,047,414 ounces (including 59,819 ounces of attributable
production from Calibre) , marking the thirteenth consecutive year of record annual total gold
production
• Consolidated 2021 gold production from the Company’s three operating mines of 987,595 ounces, near
the top end of its revised guidance range (of between 965,000 – 995,000 ounces) and exceeding the
upper end of its original guidance range (of between 920,000 – 970,000 ounces)
• Annual consolidated gold revenues of $1.76 billion on sales of 981,401 ounces at an average realized
gold price of $1,796 per ounce
• Record annual gold production achieved by both the Masbate Mine of 222,227 ounces and Otjikoto
Mine of 197,573 ounces
• The Company’s expects total consolidated cash operating costs (see “Non -IFRS Measures”) to be
within its guidance range of between $500 and $540 per ounce and total consolidated all-in sustaining
costs (“AISC”) (see “Non-IFRS Measures”) to be at t he upper end of its guidance range of between
$870 and $910 per ounce
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2022 Budget Highlights
• 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 consoli dated forecast cash operating costs of
between $620 - $660 per ounce and total consolidated AISC of between $1,010 - $1,050 per ounce ;
consolidated cash operating costs per ounce and AISC per ounce are forecast to be higher than 202 1
mainly due to higher budgeted prices for fuel , labour and other key consumables (attributable to the
current inflationary environment), and a stronger budgeted Namibian dollar while the increase in AISC
per ounce is also impacted by moderately higher planned sustaining capital expenditures
• Due to the timing of high -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; 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
• Following a very successful year for exploration in 202 1, B2Gold is planning a year of aggressive
exploration in 202 2 with a budget of approximately $6 5 million (excluding Gramalote), including a
record $29 million allocated to the Company’s ongoing grassroots exploration programs
• An updated 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 2022
• Based on current assumptions, including a gold price of $1,800 per ounce, the Company expects to
generate cashflows from operating activities of approximately $6 25 million in 202 2, expected to be
significantly weighted to the second half of 2022
Gold Production
Despite the continuing challenges of the COVID -19 pandemic, B2Gold had another remarkable year of
strong operational performance in 2021, with the achievement of B2Gold’s thirteenth consecutive year of
record annual total gold production. The Company’s total gold production for 202 1 was an annual record
of 1,047,414 ounces (including 59,819 ounces of attributable production from Calibre) (2020 – 1,040,737
ounces), near the top end of its revised guidance range (of between 1,015,000 – 1,055,000 ounces) and
exceeding the upper end of its original guidance range (of between 970,000 – 1,030,000 ounces).
Consolidated gold production from the Company’s three operating mines was 987,595 ounce s (2020 -
995,258 ounces), near the top end of the revised guidance range (of between 965,000 – 995,000 ounces)
and exceeding the upper end of the original guidance range (of between 9 20,000 – 970,000 ounces), with
solid performances from the Company’s three mines (see “Operations” section below), including both the
Masbate and Otjikoto mines achieving record annual gold production in 2021. In addition, the Fekola Mine
achieved another strong year in 2021, producing 567,795 ounces of gold, near the top end of its revised
guidance range (of between 560,000 and 570,000 ounces) and exceeding the upper end of its original
guidance range (of between 530,000 and 560,000 ounces).
The Company is currently compiling its final cash operating costs and AI SC results for 2021 and will
release its fourth quarter and full -year 2021 financial results after the North American markets close on
Tuesday, February 22, 2022. For full-year 2021, the Company’s total consolidated cash operating costs are
expected to be within its guidance range of between $500 and $540 per ounce and total consolidated AISC
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are expected to be at the upper end of its guidance range of between $870 and $910 per ounce. The Company
is still forecasting to meet its total consolidated cost per ounce guidance ranges even in the current
inflationary cost environment, reflecting how well the Company's operating mines and their management
teams performed in 2021.
For 2022, B2Gold remains well positioned for continued strong operational and financial performance. 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) in 2022, 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.
While the Company’s 2022 production guidance does include estimated producti on from Cardinal, it does
not include the potential upside to increase Fekola’s gold production in 202 2 from trucking material from
the Anaconda area (comprised of the Menankoto Permit 1 and the Bantako North Permit) (see “2022
Production Outlook and Cost Guidance” section below).
The Company is monitoring the impact of sanctions on Mali announced by the Economic Community of
West African States ( “ECOWAS”) on January 9, 2022, including closure of borders with Mali. Th ese
sanctions were in response to Mali's interim authorities' proposal of delaying elections to December 2025
instead of the previously agreed timeline of February 2022. Currently, the Fekola Mine continues to operate
unimpeded and the Company expects to meet its 2022 production guidance for Fekola. The Fekola Mine
appears well-positioned for any potential supply disruptions that might be caused by the border closures.
The Company is in the search of alternative routings to bring in some critical supplies, if necessary. Fuel
supplies are not affected by the sanctions and continue passing through the border with Senegal. Gold sales
from the Fekola Mine are expected to continue on an ordinary course basis.
Sustainability
Safety
The Company’s excellent safety performance reflects the Company’s longstanding commitment to
continuous safety improvement and goal of sending everyone HOME-SAFE after every shift/work rotation.
The Company’s LTIFR and Severity rates (lost time and restricted work) are in-line with best in class (top
5%) of the safest performing mining companies globally. While the Company’s TRIFR rate remained
unchanged from 2020, it remains 54% lower than the International Council on Mining and Metals group
average (32 companies) and rests within the top 5% of the safest performing companies within that group.
For a sixth consecutive year , the Company maintained a fatality free workplace and once again either
reduced or maintained its low injury frequency rates as follows:
1 Subject to the receipt of the new Menankoto Permit which the Company expects to be issued by the Mali
Ministry of Mines and Petroleum in the near future.
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o Lost time injury (“LTIFR”): 0.05 (16% reduction from 2020)
o Total recordable injury frequency rate (“TRIFR”): 0.27 (0% neutral from 2020)
o Severity: 3.46 (2% reduction from 2020)
Other notable safety performance highlights from 2021 include:
o Masbate operations surpassing 3 years and +20 million LTI free hours worked
o Otjikoto operations reducing TRIFR by 25%
o Exploration/Projects reducing LTIFR by 52%, TRIFR by 85% and Severity by 88%
o Continued successful management of COVID-19 through screening/testing and vaccination
o Zero occupational hygiene claims (illness/diseases) for a third consecutive year
o No fines or orders for non -compliance/violations of health and safety regulations for a fifth
consecutive year
o Third-party OHS Performance Standards Audits conducted at both Fekola and Otjikoto
operations, with improvements reported
In 2022, the Company will continue to focus attention on key prevention initiatives to further reduce injury
to align with its goal of sending every B2Gold employee or contractor HOME-SAFE after each and every
shift/work rotation.
Environmental, Social and Governance Commitment
B2Gold is committed to delivering positive impacts in environmental, social and governance (“ESG”) with
its many stakeholders. In 2021, as a result of the Company’s culture of health and safety and support for
the communities where it operates, B2Gold was able to successfully respond to the challenges posed by
COVID-19, contributing to community resilience and sustained positive economic impacts in the countries
where it operates. As vaccines became available, B2Gold worked with authorities to implement vaccination
clinics all operations. Vaccinations, combined with ongoing workforce monitoring and testing measures,
and continued modified work protocols including revised workplace schedules and arrangements, social
distancing, and mask and hygie ne policies, ensured the ongoing health and safety of our workforce and
communities.
In addition to community investment and development initiatives that B2Gold supports across its global
operations, the Company also supports social initiatives at home, in Canada. This is managed through the
B2Gold Canadian CSR Fund established in 2019. This fund supports registered charities in the Metro
Vancouver area that address social issues related to health, children, and vulnerable populations. In 2021,
the Compan y donated C AD$1 million to organizations that align with these priorities, including
CAD$100,000 to the Red Cross to support those affected by the British Columbia floods.
In 2021, B2Gold joined the World Gold Council ( “WGC”), the global authority on the gold market
comprised of the world’s leading gold mining companies. B2Gold is in the first year of implementation of
the WGC’s Responsible Gold Mining Principles, a comprehensive framework that addresses key
environmental, social and governance issues for the gold mining sector.
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More information on B2Gold's ESG management and performance, as well as its safety performance and
economic contributions across its operations can be found on the Company’s website and in its annual
responsible mining report, “Raising the Bar”.
Gold Revenue
For full-year 2021, consolidated gold revenue was $1.76 billion on sales of 981,401 ounces at an average
realized gold price of $1, 796 per ounce, compared to $ 1.79 billion on sales of 1,006,455 ounces at an
average realized gold price of $1,777 per ounce in 2020. The slight decrease in gold revenue of 1% ($0.03
billion) was 2% attributable to the decrease in gold ounces sold , partially offset by a 1 % impact from the
increase in the average realized gold price.
For the fourth quarter of 2021, consolidated gold revenue was $526 million on sales of 292,350 ounces at
an average realized gold price of $1,800 per ounce, compared to $480 million on sales of 256,655 ounces
at an average realized gold price of $1,868 per ounce in the fourth quarter of 2020. The increase in gold
revenue of 10% ($46 million) was 14% attributable to the increase in gold ounces sold (mainly due to the
higher gold production), partially offset by a 4% impact from the decrease in the average realized gold
price.
Operations
Mine-by-mine gold production in the fourth quarter and full-year 2021 (including the Company’s estimated
33% share of Calibre’s production) was as follows:
Mine
Q4 2021
Gold
Production
(ounces)
Full-Year 2021
Gold
Production
(ounces)
Revised
Full-Year
2021 Guidance
Gold Production
(ounces)
Original
Full-Year
2021 Guidance
Gold Production
(ounces)
Fekola 163,539 567,795 560,000 - 570,000 530,000 - 560,000
Masbate 46,629 222,227 215,000 - 225,000 200,000 - 210,000
Otjikoto 78,681 197,573 190,000 - 200,000 190,000 - 200,000
B2Gold
Consolidated (1) 288,849 987,595 965,000 - 995,000 920,000 - 970,000
Equity interest
in Calibre (2) 16,048 59,819 50,000 - 60,000 50,000 - 60,000
Total 304,897 1,047,414 1,015,000 - 1,055,000 970,000 - 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” – For 2021, represents the Company’s approximate 33% indirect share of the operations of
Calibre’s El Limon and La Libertad mines in Nicaragua. On January 12, 2022, the Company’s ownership interest in
Calibre was diluted to 25% from 33%, as a result of Calibre’s acquisition of Fiore Gold Ltd. B2Gold applies the equity
method of accounting for its ownership interest in Calibre.
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Fekola Gold Mine – Mali
The Fekola Mine in Mali achieved another strong year in 2021, producing 567,795 ounces of gold, near the
top end of its revised guidance range (of between 560,000 and 570,000 ounces) and exceeding the upper
end of its original guidance range (of between 530,000 and 560,000 ounces), due to significantly higher
than budgeted mill throughput, partially offset by lower processed grade, as Fekola’s low-grade stockpiles
were used to supplement the additional unbudgeted mill feed required as a result of the significantly higher
than budgeted processed tonnes. As expected, compared to the previous year of 2020, gold production was
lower by 9% (54,723 ounces) as a result of the higher planned pre-stripping and lower mined ore grades in
the first half of 2021, as Phases 5 and 6 of the Fekola Pit were developed. In the fourth quarter of 2021, the
Fekola Mine produced 163,539 ounces of gold, 2% above budget (3,539 ounces), and 3% (4,991 ounces)
higher compared to the fourth quarter of 2020, mainly due to the higher mill throughput. In September
2021, the Fekola Mine produced its 2 millionth ounce of gold, 4 years from the commencement of
production.
For full-year 2021, mill feed grade was 2.05 grams per tonne (“g/t”) compared to budget of 2.32 g/t and
2.99 g/t in 2020; mill throughput was 9.14 million tonnes c ompared to budget of 7.75 million tonnes and
6.87 million tonnes in 2020; and gold recovery averaged 94. 2% compared to budget of 94.0% and 94.3%
in 2020. Throughout 2021, Fekola’s processing facilities continued to significantly outperform (following
the s uccessful completion of the Fekola mill expansion in September 2020) resulting in record annual
throughput of 9.14 million tonnes for 2021, 18% above budget and 33% higher than 2020 , and record
quarterly throughput of 2.41 million tonnes in the fourth quarter of 2021, 23% above budget and 20% higher
than the fourth quarter of 2020. The higher than budgeted mill throughput for 2021 was due to favourable
ore fragmentation and hardness, as well as optimization of the grinding circuit. Based on the positive results
noted throughout 2021, Fekola's annualized throughput rate is now expected to average approximately 9.0
million tonnes per annum (“Mtpa”) (over the long -term), based on an ore blend including fresh rock and
weathered material (saprolite).
With the Fekola solar plant now 100% online (following the successful completion of the solar plant
construction early in the second quarter of 2021), it is expected to reduce Fekola’s Heavy Fuel Oil (“HFO”)
consumption by over 13 million litres per year and lower carbon dioxide emissions by an estimated 39,000
tonnes per year. Fekola’s solar power production to date indicates that the plant has the capacity to exceed
initial power production estimates.
After review of an Environmental and Social Impact Assessment by the Malian authorities, the existing
Medinandi (Fekola) permit has been updated to include the Cardinal zone, located within 500 metres of the
current Fekola resource pit (the initial Inferre d Mineral Resource estimate for Cardinal is 640,000 ounces
of gold in 13.0 million tonnes of ore at 1.54 g/t gold). Exploration drilling at Cardinal is ongoing and recent
drill results have returned good gold grades over significant widths below the curren t resource which
remains open at depth and along strike. Initial mining operations at Cardinal have commenced and will
continue to ramp up. To December 31, 2021, 1 64,340 tonnes at an average grade of 1.6 6 g/t have been
mined at Cardinal. The Company is in the process of updating the Fekola Mine Plan to include production
from Cardinal which has the potential to add an average of approximately 60,000 ounces per year over the
next 6 to 8 years (based on Cardinal’s inferred resource only) to Fekola’s annual go ld production .
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Approximately 50,000 ounces is budgeted to be produced from the Cardinal zone in 2022 (these ounces are
in the indicated mineral resource category and have been included in Fekola’s 2022 annual production
guidance). An updated mineral resource estimate is expected to be completed for the Cardinal zone in the
first quarter of 2022.
For full-year 2021, Fekola’s cash operating costs are expected to be at the upper end of the guidance range
of between $405 and $445 per ounce and AISC are e xpected to be at the upper end of the guidance range
of between $745 and $785 per ounce.
Menankoto Permit
B2Gold has reached an agreement in principle with the State of Mali in connection with the issuance of the
Menankoto exploration permit (the “Menankoto Permit”). The Government of Mali has recently announced
that it will grant a new exploration permit covering the same perimeter as the Menankoto Permit to a new
Malian subsidiary of B2Gold. On December 28, 2021, the Government of Mali entered into a new mining
convention with B2Gold’s Malian subsidiary in respect of a new exploration permit covering the same
perimeter as the Menankoto Permit. In addition, B2Gold has initiated the withdrawal of the arbitration
proceedings that its Malian subsidiary, Menankoto SARL (“Menankoto”), commenced in June 2021 against
the Republic of Mali under the Convention on the Settlement of Investment Disputes Between States and
Nationals of Other States.
B2Gold expects that the new Menankoto Permit will be issued to its new Malian subsidiary shortly in
compliance with the procedures and requirements set out under the Malian 2019 Mining Code (previous
permit had been issued under the Malian 2012 Mining Code), which provides for an initial term of three
years and renewable for 2 additional three year periods. The Company and the State of Mali are both pleased
with this outcome and the process to reach this agreement, which was conducted in a fair and transparent
manner and restores the Company’s interest in the Menankoto Permit that it believes Menankoto was
entitled to under its original extension application. Upon issuance of the new Menankoto Permit, the
Company intends to resume its aggressive exploration drilling program on the Menankoto Permit area.
Masbate Gold Mine – the Philippines
The Masbate Mine in the Philippines had a record year in 2021, producing an annual record of 222,227
ounces of gold, near the top end of its revised guidance range (of between 215,000 and 225,000 ounces)
and exceeding the upper end of its original guidance range (of between 200,000 and 210,000 ounces), due
to higher than budgeted mill recoveries (11% above budget), partially offset by lower than budgeted mill
throughput ( 5% below budget). In addition, Masbate’s 2021 annual gold production was 9% (17,528
ounces) higher compared to 2020, mainly due to higher mined ore grades as a result of mining through
higher-grade zones of the Main Vein and Montana pits in 2021. In the fourth quarter of 2021, the Masbate
Mine produced 46,629 ounces of gold (Q4 2020 – 57,566 ounces), below budget by 10% (4,918 ounces),
reflecting the fact that a portion of its budgeted fourth quarter production had been rescheduled and mined
in the third quarter of 2021, as previously disclosed.
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For full-year 2021, mill feed grade was 1.11 g/t compared to budget of 1.10 g/t and 1.00 g/t in 2020; mill
throughput was 7.60 million tonnes compared to budget of 8.00 million tonnes and 7.76 million tonnes in
2020; and gold recovery averaged 81.6% compar ed to budget of 73.4% and 82.3% in 2020. Average gold
recoveries were above budget in 2021 due to higher metallurgical recoveries than modelled and to mining
a higher proportion of oxide ore than budgeted. Masbate’s mill throughput was below budget in 2021 due
to unplanned maintenance and repairs occurring mostly in the third quarter of 2021.
For full-year 2021, Masbate’s cash operating costs are expected to be within the guidance range of between
$650 and $690 per ounce and AISC are expected to be at or below the low end of the guidance range of
between $955 and $995 per ounce.
Otjikoto Gold Mine – Namibia
The Otjikoto Mine in Namibia had a strong second half in 2021 and finish to the year, resulting in new
quarterly and annual gold production records . For full-year 2021, t he Otjikoto Mine produced an annual
record of 197,573 ounces of gold, near the top end of its guidance range (of between 190,000 and 200,000
ounces), and 18% (29,532 ounces) higher compared to 2020. In the fourth quarter of 2021, the Otjikoto
Mine produced a quarterly record of 78,681 ounces of gold, in-line with budget, and significantly higher
by 96% (38,476 ounces) over the fourth quarter of 2020. As planned, with the completion of the pre-
stripping campaigns at the Wolfshag and Otjikoto pits in the first half of 2021, Otjikoto’s gold production
increased significantly in the second half of 2021 , as mining reached the higher -grade zone at the base o f
the Wolfshag Pit in the third quarter of 2021.
For full-year 2021, mill feed grade was 1.76 g/t compared to budget of 1.77 g/t and 1.5 2 g/t in 2020; mill
throughput was 3.54 million tonnes compared to budget of 3.40 million tonnes and 3.51 million tonn es in
2020; and gold recovery averaged 98.6% compared to budget of 98.1% and 98.4% in 2020.
Development of the Wolfshag underground mine continues to progress with ore production expected to
begin 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 t onnes of ore at 5.57 g/t
gold.
For full-year 2021, Otjikoto’s cash operating costs are expected to be within the guidance range of between
$480 and $520 per ounce and AISC are expected to be at or above the upper end of the guidance range of
$830 to $870 per ounce.
2022 Production Outlook and Cost Guidance
For 2022, B2Gold remains well positioned for continued strong operational and financial performance with
total gold production forecast to be between 990,000 - 1,050,000 ounces ( including 40,000 - 50,000
attributable ounces projected from Calibre) and consolidated gold production from the Company’s three
operating mines forecast to be between 950,000 - 1,000,000 ounces, both comparable to 2021 production
results (of total gold production of 1,047,414 ounces and consolidated gold production of 987,595 ounces
in 2021). Fekola’s 2022 gold production forecast (of between 570,000 – 600,000 ounces) does not include