B2Gold Reports Strong Q4 and Full Year 2023 Results; Achieved 2023 Total Gold Production and Consolidated Cost Guidance; Q1 2024 Dividend of US$0.04 per Share Declared
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News Release
B2Gold Reports Strong Q4 and Full Year 2023 Results; Achieved 2023 Total Gold Production and
Consolidated Cost Guidance; Q1 2024 Dividend of US$0.04 per Share Declared
Vancouver, BC, February 21, 2024 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) announces its operational and financial results for the fourth quarter and full
year 2023. The Company previously released its gold production and gold revenue results for th e fourth
quarter and full year 2023. All dollar figures are in United States dollars unless otherwise indicated.
2023 Fourth Quarter and Full Year Highlights
• Total gold production of 288,665 ounces in Q4 2023: Total gold production in the fourth quarter of
2023 was 288,665 ounces, including 18,054 ounces of attributable production from Calibre Mining
Corp. (“Calibre”). The Fekola, Masbate and Otjikoto mines all exceeded their expected production in
the fourth quarter, with Otjikoto achieving record quarterly production of 81,111 ounces.
• Total consolidated cash operating costs of $633 per gold ounce produced in Q4 2023 : Total
consolidated cash operating costs (see “Non-IFRS Measures”) (including estimated attributable results
for Calibre) of $633 per gold ounce produced and consolidated cash operating costs from the
Company’s three operating mines of $611 per gold ounce produced.
• Total consolidated all -in sustaining costs of $1,257 per gold ounce sold in Q4 2023 : Total
consolidated all -in sustaining costs (see “ Non-IFRS Measures ”) (including estimated attributable
results for Calibre) of $1,257 per gold ounce sold and consolidated all -in sustaining costs from the
Company’s three operating mines of $1,264 per gold ounce sold.
• Achieved upper half of 2023 annual gold production guidance: Record annual total gold production
of 1,061,060 ounces (including 68,717 attributable ounces from Calibre) for 2023, achieving the upper
half of the annual guidance range of between 1,000,000 and 1,080,000 ounces, and marking the
Company's eighth consecutive year of meeting or exceeding annual production guidance.
• Below 2023 total consolidated cash operating cost guidance and achieved low end of 2023 all -in
sustaining cost guidance range : Total consolidated cash operating costs for 2023 of $654 per gold
ounce produced, well below the annual guidance range of between $670 and $730 per gold ounce
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primarily as a result of lower than expected fuel costs and a weaker Namibian dollar. Total consolidated
all-in sustaining costs for 2023 of $1,201 per gold ounce sold, near the low end of the annual guidance
range of between $1,195 and $1,255 per gold ounce.
• Attributable net loss of $0.09 per share in Q4 2023; Adjusted attributable net income of $0.07 per
share in Q4 2023: Net loss attributable to the shareholders of the Company of $113 million ($0.09 per
share); adjusted net income (see “ Non-IFRS Measures ”) attributable to the shareholders of the
Company of $91 million ($0.07 per share). For 2023, net income attributable to the shareholders of the
Company of $10 million ($0.01 per share) and adjusted net income (see “ Non-IFRS Measures ”)
attributable to the shareholders of the Company of $347 million ($0.28 per share).
• Operating cash flow before working capital adjustments of $221 million in Q4 2023 : Cash flow
provided by operating activities before working capital adjustments was $221 million in the fourth
quarter of 2023. Cash flow provided by operating activities before working capital adjustments was
$834 million for the year ended December 31, 2023.
• Strong financial position and liquidity : At December 31, 2023, the Company had cash and cash
equivalents of $307 million and working capital (defined as current assets less current liabilities) of
$397 million.
• Construction at the Goose Project continues to progress on track, with the project remaining on
schedule for first gold pour in the first quarter of 2025: Concrete and steel works in the mill area to
date continue to progress ahead of schedule. Exterior cladding of the mill building and truck shop is
complete, and cladding of the power house will start in the first quarter of 2024. Additionally, the ball
mill will be set in place in the first quarter of 2024, approximately four months ahead of schedule.
Following the successful completion of the 2023 sealift, construction of the 2024 winter ice road
(“WIR”) is being finalized and scheduled to be fully operational by February 23, 2024, transporting all
required materials from the Marine Laydown Area (“MLA”) t o the Goose Project site by the end of
April 2024.
• Preliminary Economic Assessment (“PEA”) underway on the Gramalote Project with completion
expected by the end of the second quarter of 2024 : In 2023, B2Gold entered into a purchase
agreement with AngloGold Ashanti Limited (“AngloGold”) to acquire AngloGold's 50% interest in the
Gramalote Project located in the Department of Antioquia, Colombia. B2Gold now owns 100% of the
Gramalote Project. I n 2023, the Company completed a detailed review of the Gramalote Project,
including the facility size and location, p ower supply, mining and processing options, tailings design,
resettlement, potential construction sequencing, and camp design to identify potential cost savings to
develop a smaller scale project. A formal study commenced in the fourth quarter of 2023, with the goal
of completing a PEA by the end of the second quarter of 2024.
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• Subsequent to year-end 2023, announced positive exploration drilling results from the Antelope
deposit at the Otjikoto Mine in Namibia: On January 31, 2024, the Company announced positive
exploration drilling results from the Antelope deposit, located approximately 3 kilometers (“km”) south
of the Otjikoto Phase 5 open pit. The Antelope deposit has the potential to be developed as an
underground mining operation, which could complement the expected processing of low-grade
stockpiles at the Otjikoto mill from 2026 through 2031.
• Subsequent to year-end 2023, received an upfront payment of $500 million, to further enhance
financial flexibility and provide additional cash liquidity: In January 2024, B2Gold entered into a
series of prepaid gold sales (the “Gold Prepay”) with a number of existing lenders to further enhance
financial flexibility and provide additional cash liquidity at attractive terms as the Company continues
to fund su staining, development, and growth projects across the operating portfolio, and increase
financial capacity for potential growth projects in Namibia and Colombia. The Company received an
upfront payment of $500 million, based on gold forward curve prices averaging approximately $2,191
per ounce, in exchange for equal monthly deliveries of gold from July 2025 to June 2026 totaling
264,775 ounces, representing approximately 10% of expected annual gold production in each of 2025
and 2026 (subject to finalization of production guida nce for 2025 and 2026). Gold deliveries can be
from production from any of the Company's operating mines and the Gold Prepay can be settled prior
to maturity through accelerated delivery of the remaining deliverable gold ounces.
• Q1 2024 dividend of $0.04 per share declared: On February 21, 2024, B2Gold's Board of Directors
declared a cash dividend for the first quarter of 2024 of $0.04 per common share (or an expected $0.16
per share on an annualized basis), payable on March 20, 2024, to shareholders of record as of March 7,
2024.
• B2Gold consolidated gold production expected to increase to record levels in 2025: Based on
current estimates, consolidated gold production is expected to be between 1,130,000 and 1,260,000
ounces in 2025, driven by a significant increase in gold production from the Fekola Complex, relative
to 2024, as a result of the scheduled mining and processing of higher -grade ore from the Fekola and
Cardinal pits made accessible by the meaningful stripping campaign that will be undertake throughout
2024, a full year contribution of higher-grade ore from Fekola Regional, and commencement of mining
the higher-grade Fekola underground (subject to receipt of necessary permits for Fekola Regional and
Fekola underground). In addition, the Goose Project is expected to commenc e gold production in the
first quarter of 2025 and contribute between 220,000 and 260,000 ounces of gold production in calendar
year 2025.
Update on Off-Site Attack in Mali
On February 15, 2024, the Company reported three fatalities from an off -site armed attac k in Mali.
Traveling on the national highway under Malian gendarme escort, a bus transporting B2Gold employees
from the Fekola Mine to Bamako was involved in an incident when it was attacked approximately 75 km
west of Bamako. This tragic event was the resu lt of an armed attack on the employee transport convoy,
which included Malian gendarmerie vehicles in front and in the rear of the transport convoy. Unfortunately,
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as of February 21, 2024, B2Gold deeply regrets to report that a fourth employee has passed away as a result
of injuries sustained in the attack. Three employees remain in intensive care and are being treated for their
injuries in Bamako. All B2Gold employees traveling on the bus have now been accounted for. B2Gold
wishes to express its deepest condolences to the families of the deceased employees and extends its best
wishes for a full recovery to all those employees who were injured in the attack.
The attack occurred over 300 km northeast of the Fekola Mine site, along a transport route that has been
the focus of increased security presence by the Malian armed forces. Mining and processing activities at
the Fekola Mine were not impacted by this inci dent. The Company is actively engaged with the Malian
government on a full investigation into the cause of the attack, and on further improvements to security
along the national highway.
Fourth Quarter and Full Year 2023 Results
Three months ended Year ended
December 31 December 31
2023 2022 2023 2022 2021
Gold revenue ($ in thousands) 511,974 592,468 1,934,272 1,732,590 1,762,264
Net (loss) income ($ in thousands) (117,396) 176,468 41,588 286,723 460,825
(Loss) earnings per share – basic (1) ($/share) (0.09) 0.15 0.01 0.24 0.40
(Loss) earnings per share – diluted (1) ($/share) (0.09) 0.15 0.01 0.24 0.40
Cash provided by operating activities ($ in thousands) 205,443 270,491 714,453 595,798 724,113
Total assets ($ in thousands) 4,874,619 3,681,233 4,874,619 3,681,233 3,561,293
Non-current liabilities ($ in thousands) 651,173 335,828 651,173 335,828 369,097
Average realized gold price ($/ounce) 1,993 1,746 1,946 1,788 1,796
Adjusted net income(1)(2) ($ in thousands) 90,697 121,442 347,203 263,782 385,370
Adjusted earnings per share (1)(2) - basic ($) 0.07 0.11 0.28 0.25 0.37
Consolidated operations results:
Gold sold (ounces) 256,921 339,355 994,060 969,155 981,401
Gold produced (ounces) 270,611 352,769 992,343 973,003 987,595
Production costs ($ in thousands) 164,406 159,559 616,197 626,526 493,389
Cash operating costs(2) ($/gold ounce sold) 640 470 620 646 503
Cash operating costs(2) ($/gold ounce produced) 611 440 631 637 511
Total cash costs(2) ($/gold ounce sold) 769 593 756 768 626
All-in sustaining costs(2) ($/gold ounce sold) 1,264 876 1,199 1,022 874
Operations results including equity investment in Calibre:
Gold sold (ounces) 274,980 354,496 1,062,785 1,024,272 1,041,381
Gold produced (ounces) 288,665 367,870 1,061,060 1,027,874 1,047,414
Production costs ($ in thousands) 181,801 176,195 683,963 684,894 549,610
Cash operating costs(2) ($/gold ounce sold) 661 497 644 669 528
Cash operating costs(2) ($/gold ounce produced) 633 468 654 660 535
Total cash costs(2) ($/gold ounce sold) 786 618 776 788 648
All-in sustaining costs(2) ($/ounce gold sold) 1,257 892 1,201 1,033 888
(1) Attributable to the shareholders of the Company.
(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined
or determined under IFRS and presented in the Company’ s financial statements, refer to “Non-IFRS Measures”.
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Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and liquidity. At December 31, 2023, the Company
had cash and cash equivalents of $307 million (December 31, 2022 - $652 million). Working capital at
December 31, 2023 was $ 397 million (December 31, 2022 - $802 million ). During the year ended
December 31, 2023, the Company drew down $150 million on the Company's $700 million revolving credit
facility (“RCF”) with $550 remaining available for future draw downs. Subsequent to December 31, 2023,
the Company utilized a portion of the proceeds from the $500 million Gold Prepay completed in January
2024 to repay the $150 million balance drawn on the RCF, leaving the full amount of $700 million available
for future draw downs.
First Quarter 2024 Dividend
On February 21, 2024, B2Gold's Board of Directors declared a cash dividend for the first quarter of 2024
(the “Q1 2024 Dividend”) of $0.04 per common share (or an expected $0.16 per share on an annualized
basis), payable on March 20, 2024, to shareholders of record as of March 7, 2024.
In 2023, the Company implemented a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q1
2024 Dividend, the Company is pleased to announce that a discount of 3% will be applied to calculate the
Average Market Price (as defined in the DRIP) of its common shares issued from treasury. However, the
Company may, from time to time, in its discretion, change or eliminate any applicable discount, which
would be publicly announced, all in accordance with the terms and conditions of the DRIP. Participation in
the DRIP is optional. In order to participate in the DRIP in time for the Q1 2024 Dividend, registered
shareholders must deliver a properly completed enrollment form to Computershare Trust Company of
Canada by no later than 4:00 p.m. (Toronto time) on February 29, 2024. Beneficial shareholders who wish
to participate in the DRIP should contact their financial advisor, broker, investment dealer, bank, financial
institution, or other intermediary through which they hold common shares well in advance of the above
date for instructions on how to enroll in the DRIP.
As part of the long-term strategy to maximize shareholder value, B2Gold expects to declare future quarterly
dividends at the same level. This dividend is designated as an "eligible dividend" for the purposes of the
Income Tax Act (Canada). Dividends paid by B2Gold to shareholders outside Canada (non -resident
investors) will be subject to Canadian non-resident withholding taxes.
The declaration and payment of future dividends and the amount of any such dividends will be subject to
the determination of the Board, in its sole and absolute discretion, taking into account, among other things,
economic conditions, business performance, financial condition, growth plans, expected capital
requirements, compliance with B2Gold's constating documents, all applicable laws, including the rules and
policies of any applicable stock exchange, as well as any contractual restrictions on such divide nds,
including any agreements entered into with lenders to the Company, and any other factors that the Board
deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the
intended rate or at all in the future.
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For more information regarding the DRIP and enrollment in the DRIP, please refer to the Company's
website at https://www.b2gold.com/investors/stock_info/.
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any
jurisdiction nor will there be any sale of these securities in any province, state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws
of any such province, state or jurisdiction.
The Company has filed a registration statement relating to the DRIP with the U.S. Securities and Exchange
Commission that may be obtained under the Company's profile on the U.S. Securities and Exchange
Commission's website at http://www.sec.gov/EDGAR or by contacting the Company using the contact
information at the end of this news release.
Operations
Fekola Mine - Mali
Three months ended Year ended
December 31 December 31
2023 2022 2023 2022
Gold revenue ($ in thousands) 255,509 415,121 1,143,781 1,067,482
Gold sold (ounces) 128,321 237,800 588,460 599,600
Average realized gold price ($/ounce) 1,991 1,746 1,944 1,780
Tonnes of ore milled 2,419,637 2,469,924 9,408,400 9,376,096
Grade (grams/tonne) 1.99 3.31 2.13 2.14
Recovery (%) 93.4 92.8 92.3 92.9
Gold production (ounces) 143,010 244,014 590,243 598,661
Production costs ($ in thousands) 82,921 85,053 333,215 326,529
Cash operating costs(1) ($/gold ounce sold) 646 358 566 545
Cash operating costs(1) ($/gold ounce produced) 605 348 572 537
Total cash costs(1) ($/gold ounce sold) 809 495 729 684
All-in sustaining costs(1) ($/gold ounce sold) 1,444 708 1,194 867
Capital expenditures ($ in thousands) 87,830 48,843 298,942 117,622
Exploration ($ in thousands) 2,022 1,366 3,728 15,214
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most direc tly comparable measures specified, defined
or determined under IFRS and presented in the Company’ s financial statements, refer to “Non-IFRS Measures”.
The Fekola Mine in Mali (owned 80% by the Company and 20% by the State of Mali) was a strong
performer in 2023, producing 590,243 ounces of gold, near the mid-point of the annual guidance range of
580,000 to 610,000 ounces. For the year ended December 31, 2023, mill feed grade was 2.13 grams per
tonne (“g/t”), mill throughput was a record 9.41 million tonnes, and gold recovery averaged 92.3%. In the
fourth quarter of 2023, the Fekola Mine produced 143,010 ounces of gold. During the fourth quarter of
2023, t he Fekola processing facilities continued to outperform expectations as a result of continued
favourable ore fragmentation and continued optimization of the grinding circuit. For the fourth quarter of
2023, mill feed grade was 1.99 g/t, mill throughput was 2.42 million tonnes, and gold recovery averaged
93.4%. Mined ore tonnage and grade continue to reconcile well with the Fekola resource model.
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For the year ended December 31, 2023, the Fekola Mine's cash operating costs (see “Non-IFRS Measures”)
of $572 per gold ounce produced ( $566 per gold ounce sold) were at the low er end of Fekola's guidance
range of between $565 and $625 per gold ounce produced. Fekola’s cash operating costs for the fourth
quarter of 2023 were $605 per gold ounce produced ($646 per gold ounce sold), slightly lower than expected
due to higher than anticipated production in the fourth quarter.
All-in sustaining costs (see “ Non-IFRS Measures”) for the Fekola Mine for the year ended December 31,
2023 were $1,194 per gold ounce sold, near the low end of the revised guidance range of between $1,175
and $1,235 per gold ounce sold, but higher than the original guidance range of between $1,085 and $1,145
per gold ounce sold. All-in sustaining costs for the Fekola Mine for the fourth quarter of 2023 were $1,444
per gold ounce sold.
Capital expenditures for the year ended December 31, 2023, totalled $299 million, primarily consisting of
$80 million for deferred stripping, $84 million for mobile equipment purchases and rebuilds, $39 million
for tailings storage facility expansion and equipment, $39 million for the development of the Fekola
underground mine, $18 million for the expansion of the solar plant, $12 million for site general capital, $12
million for other mining sustaining capital, $10 million for process and power plant, and $5 million for
Bantako road construction. Capital expenditures in the fourth quarter of 2023 totalled $88 million, primarily
consisting of $24 million for deferred stripping, $18 million for mobile equipment purchases and rebuilds,
$16 million for tailings storage facility expansion and equipment, $14 million for the development of the
Fekola underground mine, $7 mil lion for the expansion of the solar plant, $ 5 million site general capital,
and $3 million for other mining sustaining capital.
The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal
pits and Fekola underground) and Fekola Regional (Anaconda Area (Bantako, Menankoto, and Bakolobi
permits) and the Dandoko permit). The Fekola Complex is expected to produce between 470,000 and
500,000 ounces of gold in 202 4 at cash operating costs of between $835 and $8 95 per ounce and all -in
sustaining costs of between $1,420 and $1,480 per ounce. The Fekola Complex's total 2024 gold production
is anticipated to decrease relative to 2023, predominantly as a result of the delay in receiving an exploitation
license for Fekola Regional from the Government of Mali, delaying the 80,000 to 100,000 ounces that were
scheduled in the life of mine plan to be trucked to the Fekola mill and processed in 2024. The contribution
of this gold production from Fekola Regional is now assumed to commence at the beginning of 2025. If an
exploitation license is received in the first half of 2024, there is potential for 2024 Fekola Complex
production to be supplemented with up to 18,000 ounces of higher-grade ore from Fekola Regional.
During the year ended December 31, 2023, the State of Mali introduced a new mining code (the “2023
Mining Code”). Receipt of an exploitation license for Fekola Regional remains outstanding pending
finalization of an implementation decree for the new 2023 M ining Code by the State of Mali. B2Gold
recently held meetings with representatives of the Government of Mali regarding the 2023 Mining Code.
The Government of Mali assisted the Company in clarifying the application of the 2023 Mining Code to
existing and future projects in Mali, and also expressed their desire for B2Gold to rapidly progress the
development of Fekola Regional and committed to assisting the Company in such development.
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The haul road from Bantako North to Fekola is complete and construction of the mining infrastructure
(warehouse, workshop, fuel depot , and offices) will be completed in the first quarter of 2024. Mining
operations will commence upon receipt of an exploitation license, with initial gold production
approximately three months after commencement.
Fekola is expected to process 9.4 million tonnes of ore during 2024 at an average grade of 1.77 g/t gold
with a process gold recovery of 90.9%. Gold production is expected to be evenly weighted between the first
half of 2024 and the second half of 2024. In the second half of 2024, gold production is expected to be
weighted approximately 40% to the third quarter and approximately 60% to the fourth quarter.
The expected increase in Fekola's all -in sustaining costs for 2024 relative to 2023 reflects the expected
decrease in production at Fekola in 2024 due to the delay in receiving an exploitation license for Fekola
Regional and higher sustaining capital expen ditures. Capital expenditures in 2024 at Fekola are expected
to total approximately $309 million, of which approximately $202 million is classified as sustaining capital
expenditures and $107 million is classified as non-sustaining expenditures. Sustaining capital expenditures
are anticipated to include $80 million for deferred stripping, $45 million for ongoing construction of the
new tailings storage facility (expected to be completed in the second quarter of 2025), $39 million for new
and replacement Fekola mining equipment, including capitalized rebuilds, and $19 million for the
expansion of the Fekola solar plant (expected to be completed in the third quarter of 2024). Non-sustaining
capital expenditures are anticipated to include $64 million for underg round mine development and $43
million for mine development and infrastructure at Fekola Regional.
Masbate Mine – The Philippines
Three months ended Year ended
December 31 December 31
2023 2022 2023 2022
Gold revenue ($ in thousands) 107,063 94,010 372,902 384,714
Gold sold (ounces) 53,500 53,865 190,800 214,015
Average realized gold price ($/ounce) 2,001 1,745 1,954 1,798
Tonnes of ore milled 2,077,503 2,043,931 8,302,075 7,929,094
Grade (grams/tonne) 0.90 1.08 0.97 1.11
Recovery (%) 77.0 68.3 74.5 74.9
Gold production (ounces) 46,490 48,687 193,502 212,728
Production costs ($ in thousands) 43,733 47,228 160,952 177,705
Cash operating costs(1) ($/gold ounce sold) 817 877 844 830
Cash operating costs(1) ($/gold ounce produced) 910 872 859 817
Total cash costs(1) ($/gold ounce sold) 933 984 966 937
All-in sustaining costs(1) ($/gold ounce sold) 1,118 1,187 1,143 1,104
Capital expenditures ($ in thousands) 9,195 9,620 30,142 39,528
Exploration ($ in thousands) 1,067 1,648 3,808 4,759
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly c omparable measures specified, defined
or determined under IFRS and presented in the Company’ s financial statements, refer to “Non-IFRS Measures”.