B2Gold Reports Total Gold Production for Q3 2022 of 227,016 oz; Re-affirms Annual Guidance of 990,000 to 1,050,000 oz of Total Gold Production
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News Release
B2Gold Reports Total Gold Production for Q3 2022 of 227,016 oz;
Re-affirms Annual Guidance of 990,000 to 1,050,000 oz of Total Gold Production
Vancouver, October 17, 2022 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G )
(“B2Gold” or the “Company”) is pleased to announce its gold production and gold revenue for the third
quarter of 2022. All dollar figures are in United States dollars unless otherwise indicated.
2022 Third Quarter Highlights
• On track to meet annual gold production guidance: Total gold production in the third quarter of
2022 of 227,016 ounces, including 12,113 ounces of attributable production from Calibre Mining Corp.
(“Calibre”), less than planned due to challenges at Fekola and Otjikoto as discussed below. Total gold
production for 2022 still anticipated to be between 990,000 to 1,050,000 ounces.
• Fekola to benefit from access to higher grade ore in Q4 2022: Gold production from the Fekola
Mine of 129,933 ounces in the third quarter of 2022. Fekola experienced a challenging rainy season
which delayed access to higher grade ore from Fekola Phase 6. The ore from Fekola Phase 6, which is
currently being mined in the fourth quarter of 2022, is anticipated to average between 3.4 to 3.5 grams
per tonne (“g/t”) gold.
• Consistent operational quarter at Masbate: Gold production from the Masbate Mine of 49,902
ounces in the third quarter of 2022. Masbate remains on target to achieve the previously revised 2022
guidance of between 215,000 and 225,000 ounces of gold.
• Wolfshag Underground development ore production commenced at Otjikoto : Gold production
from the Otjikoto Mine of 35,068 ounces in the third quarter of 2022, less than anticipated due to a
delay in bringing the Wolfshag Underground mine into production. Gold p roduction is forecast to
significantly increase in the fourth quarter of 2022 when mining reaches a higher grade zone in the
Otjikoto pit and stope ore production commences from the Wolfshag Underground mine.
• Fekola Complex feasibility study underway to deliver low capital intensity production growth:
Commencing a feasibility level engineering study of stand -alone oxide processing facilities at the
Anaconda Area. The study will be based on processing at least 4 million tonnes per annum (“ Mtpa”)
of saprolite and transitional (oxide) resources, with an option to add fresh rock (sulphide) capabilities
in the future. Results of this study are expected in the second quarter of 2023. Conceptual analysis
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indicates that the combined Fekola and Anaconda processing facilities could have the potential to
produce more than 800,000 ounces of gold per year commencing as early as 2026.
• Financial position and capital returns program remain robust: The Company remains in a strong
net positive cash position and paid a third quarter dividend of $0.04 per common share (annualized rate
of $0.16 per common share), one of the highest dividend yields in the gold sector.
Third Quarter 2022 Gold Production and Full Year 2022 Outlook
Mine-by-mine gold production in the third quarter and first nine months of 2022 (including the Company’s
approximately 25% attributable share of Calibre’s production) was as follows:
Gold Production
Mine Q3 2022 YTD 2022 FY 2022 Revised
Guidance
Fekola oz 129,933 354,647 570,000 - 600,000
Masbate oz 49,902 164,041 215,000 - 225,000
Otjikoto oz 35,068 101,546 165,000 - 175,000
B2Gold Consolidated (1) oz 214,903 620,234 950,000 – 1,000,000
Equity interest in Calibre (2) oz 12,113 39,770 40,000 - 50,000
Total oz 227,016 660,004 990,000 – 1,050,000
Notes:
(1) “B2Gold Consolidated” gold production is presented on a 100% basis, as B2Gold fully consolidates the results of its Fekola,
Masbate and Otjikoto mines in its consolidated financial statements (even though it does not own 100% of these operations).
(2) “Equity interest in Calibre” represents the Company’s approximate 25% indirect share of Calibre’s operations. B2Gold
applies the equity method of accounting for its 25% ownership interest in Calibre.
Fekola Gold Mine - Mali
Q3 2022
Total ore processed Mt 2.29
Gold mill feed grade g/t 1.90
Gold recovery % 93.1%
Gold produced oz 129,933
Gold sold oz 135,150
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The Fekola Mine in Mali produced 129,933 ounces in the third quarter of 2022, lower than planned due to
a challenging rainy season in West Mali which delayed access to higher grade ore from Fekola Phase 6 .
The Fekola processing facilities continued to outperform budget with 2.29 million tonnes processed during
the third quarter, due to favorable ore fragmentation and hardness as well as continued optimization of the
grinding circuit. Mill feed grade was impacted in the third quarter of 2022 due to the processing of low
grade ore stockpiles as a replacement for delayed volumes of higher grade ore from Fekola Phase 6. Mined
ore tonnage and grade continue to reconcile well with the Fekola resource model.
In early October 2022, ore was mined from the higher grade Fekola Phase 6 as the region exits its rainy
season (which typically runs from June to September). Ore from Fekola Phase 6 is anticipated to average
between 3.4 to 3.5 g/t gold, with fourth quarter of 2022 production expected to bring full year 2022 gold
production to within guidance of between 570,000 to 600,000 ounces.
Masbate Gold Mine – The Philippines
Q3 2022
Total ore processed Mt 1.89
Gold mill feed grade g/t 1.10
Gold recovery % 74.7%
Gold produced oz 49,902
Gold sold oz 62,600
The Masbate Mine in the Philippines remains on target to achieve its previously revised 2022 guidance and
produced 49,902 ounces in the third quarter of 2022. The ratio of sulphide and transitional ore to oxide ore
was higher than budgeted in the third quarter, which contributed to the lower-than-planned throughput and
recovery and higher-than-planned gold mill feed grade.
The Masbate Mine is expected to produce towards the lower end of guidance of between 215,000 and
225,000 ounces of gold in 2022.
Otjikoto Gold Mine - Namibia
Q3 2022
Total ore processed Mt 0.88
Gold mill feed grade g/t 1.27
Gold recovery % 98.0%
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Gold produced oz 35,068
Gold sold oz 31,650
The Otjikoto Mine in Namibia produced 35,068 ounces in the third quarter of 2022, lower than planned
mainly due to delays in bringing the Wolfshag Underground mine into production. Project delays were due
to issues achieving development rates in prior periods, which have been addressed through appointing a
new development contractor in April 2022. Development rates in the Wolfshag Underground mine have
recovered, with access to initial development ore achieved in the third quarter of 2022 and stope ore
production expected to commence in the fourth quarter of 2022. Mined ore tonnage and grade continue to
reconcile well with Otjikoto’s resource model, with production forecast to significantly increase in the
fourth quarter of 2022 when mining reaches a high er grade zone in the Otjikoto pit and with stope ore
production commencing from the Wolfshag Underground mine. The initial underground Mineral Reserve
estimate for the down -plunge extension of the Wolfshag deposit includes 210,000 ounces of gold in 1.2
million tonnes of ore at 5.57 g/t gold. Ongoing delineation drilling for the initial stope indicates very g ood
reconciliation with the resource model and stope location.
The Otjikoto Mine is expected to produce towards the lower end of guidance of between 165,000 and
175,000 ounces of gold in 2022.
Fekola Complex – Pathway to Increased Annual Gold Production
Based on the updated Anaconda Area Mineral Resource estimate and B2Gold’s preliminary planning, the
Company has demonstrated that the Anaconda Area (Bantako and Menankoto license areas) could provide
selective higher grade saprolite material (average grade of 2.2 g/t gold) to be trucked to and fed into the
Fekola mill at a rate of up to 1.5 million tonnes per annum. Trucking of selective higher grade saprolite
material to the Fekola mill will increase the ore processed and annual gold production from the Fekola mill,
with the potential to add an average of approximately 80,000 to 100,000 ounces of gold per year to the
Fekola mill's annual production.
In 2022, the Company budgeted $33 mil lion for development of saprolite mining at the Anaconda Area
including road construction, mine infrastructure, and mining equipment. The construction mobile
equipment fleet is arriving, and the Company expects to break ground on roads and mining infrastructure
construction in the fourth quarter of 2022. Engineering and procurement of the mine workshop and mobile
equipment is on schedule for saprolite production from the Bantako license area as early as the second
quarter of 2023 and from the Dandoko license area as early as the fourth quarter of 2023. Production from
Bantako and Dandoko is contingent upon receipt of all necessary permit s as well as optimizing long-term
project value from the various oxide and sulphide material sources now available including Fekola Pit,
Fekola Underground, Cardinal, Bantako, Menankoto, Dandoko, and Bakolobi.
Preliminary results of a Fekola Complex optimization study, coupled with 2022 exploration drilling results,
indicate that there is a significant opportunity to increase gold production and resource utilization with the
addition of oxide processing capacity. The Company has therefore commenced a feasibility level
engineering study of stand-alone oxide processing facilities at the Anaconda Area. The study will be based
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on processing at least 4 Mtpa of saprolite and transitional (oxide) resources, with an option to add fr esh
rock (sulphide) capabilities in the future. Results of this study are expected in the second quarter of 2023.
Conceptual analysis indicates that the combined Fekola and Anaconda processing facilities could have the
potential to produce more than 800,000 ounces of gold per year commencing as early as 2026, subject to
completion of final feasibility studies, and the receipt of all necessary regulatory approvals and permits .
Further expansion of the Mamba and Cobra sulphide zones (see September 15, 2022 pr ess release) could
sustain a production profile averaging over 800,000 ounces of gold per year over a 10-year period. Drilling
is currently ongoing at the Mamba and Cobra sulphide zones.
Gold Revenue
For the third quarter of 2022, consolidated gold revenue was $393 million on sales of 229,400 ounces at an
average realized gold price of $1,711 per ounce.
Third Quarter 2022 Financial Results - Conference Call Details
B2Gold will release its third quarter of 2022 financial results after the North American markets close on
Tuesday, November 1, 2022.
B2Gold executives will host a conference call to discuss the results on Wednesday , November 2, 2022, at
10:00 am PST / 1:00 pm EST. You may access the call by dialing the operator at +1 (778) 383-7413 / +1
(416) 764-8659 (Vancouver / Toronto) or toll free at +1 (888) 664-6392 prior to the scheduled start time or
you may listen to the call via webcast by clicking here. A playback version will be available for two weeks
after the call at +1 (416) 764-8677 (local or international) or toll free at +1 (888) 390-0541 (passcode
705653 #).
Qualified Persons
Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43-101, has
approved the scientific and technical information related to operations matters contained in this news
release.
Brian Scott, P. Geo., Vice Presiden t, Geology & Technical Services, a qualified person under NI 43 -101,
has approved the scientific and technical information related to exploration and mineral resource matters
contained in this news release.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President and Chief Executive Officer
For more information on B2Gold please visit the Company website at www.b2gold.com or contact:
Michael McDonald Cherry DeGeer
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VP, Investor Relations & Corporate Development Director, Corporate Communications
+1 604-681-8371 +1 604-681-8371
[email protected] [email protected]
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in
this news release.
Production results and production guidance presented in this news release reflect total production at the mines
B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 30, 202 2 for a
discussion of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward- looking information" and "forward- looking statements" (collectively
forward-looking statements") within the meaning of applicable Canadia n and United States securities legislation,
including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated
financial and operational performance, gold production and sales, revenues and cash flows, and c apital costs
(sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and budgets
on a consolidated and mine by mine basis; and including, without limitation: projected gold production, cash
operating costs and AISC on a consolidated and mine by mine basis in 2022, including production being weighted
heavily to the second half of 2022; total consolidated gold production of between 990,000 and 1,050,000 ounces in
2022; the potential upside to increase Fekola’s gold production in 2022 by trucking material from the Anaconda area,
including the potential to add approximately 80,000 to 100,000 per year to Fekola’ s annual production profile, and
for the Anaconda area to provide saprolite material to feed the Fekola mill starting in the second quarter of 2023; the
timing and results of a feasibility study for the Anaconda area to review the project economics of a stand-alone oxide
mill; the potential for the Fekola complex to produce 800,000 ounces of gold per year over a 10-year period starting
in 2026; stope ore production at the Wolfshag underground mine at Otjikoto commencing in the fourth quarter of
2022; the potential payment of future dividends, including the timing and amount of any such dividends, and the
expectation that quarterly dividends will be maintained at the same level; and B2Gold's attributable share of Calibre’s
production. All statements in this news release that address events or developments that we expect to occur in the
future are forward-looking statements. Forward-looking statements are statements that are not historical facts and
are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target",
"potential", "schedule", "forecast", "budget", "est imate", "intend" or "believe" and similar expressions or their
negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All
such forward -looking statements are based on the opinions and estimates of management as of the date such
statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond
B2Gold's control, including risks associated with or related to: the duration and extent of the COVID -19 pandemic,
the effectiveness of preventative measures and contingency plans put in place by the Company to respond to the
COVID-19 pandemic, including, but not limited to, social distancing, a non -essential travel ban, business continuity
plans, and efforts to mitigate supply chain disruptions; escalation of travel restrictions on people or products and
reductions in the ability of the Company to transport and refine doré; the volatility of metal prices and B2Gold's
common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the
uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production,
development plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the
ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities;
environmental regulations or hazards and compliance with complex regulations associated with mining activities;
climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition
opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new
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acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including
potential restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash
flows; operations in foreign and developing countries and the compliance with foreign laws, including those
associated with operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in
foreign laws and changing policies related to mining a nd local ownership requirements or resource nationalization
generally; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of
energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies
and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects
thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision -making
authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface
rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an
uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining
companies; community support for B2Gold's operations, including risks related to strikes and the halting of such
operations from time to time; conflicts with small scale miners; failures of information systems or information security
threats; the ability to maintain adequate internal controls over financial reporting as required by law, including
Section 404 of the Sarbanes -Oxley Act; compliance wit h anti -corruption laws, and sanctions or other similar
measures; social media and B2Gold's reputation; risks affecting Calibre having an impact on the value of the
Company's investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors
identified and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual
Information Form, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities
regulators and the U.S. Securities and Exchange Commission (the "SEC"), which may be viewed at www.sedar.com
and www.sec.gov, respectively (the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's
forward-looking statements.
B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers
reasonable as of the date hereof, based on the information available to management at such time. These assumptions
and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current
and future operations, including: the duration and effects of COVID -19 on our operations and workforce;
development and exploration activities; the timing, extent, duration and economic viability of such operations,
including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections,
forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and f orecasts; the
availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation
levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the
ability to obtain timely financing on reasonable terms when required; the current and future social, economic and
political conditions; and other assumptions and factors generally associated with the mining industry.
B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current
expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does
not assume any obligation to update forward -looking statements if circums tances or management's beliefs,
expectations or opinions should change other than as required by applicable law. There can be no assurance that
forward-looking statements will prove to be accurate, and actual results, performance or achievements could diff er
materially from those expressed in, or implied by, these forward -looking statements. Accordingly, no assurance can
be given that any events anticipated by the forward -looking statements will transpire or occur, or if any of them do,
what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not
be placed on forward-looking statements.
Cautionary Statement Regarding Mineral Reserve and Resource Estimates
The disclosure in this news release was prepared in accordance with Canadian National Instrument 43 -101, which
differs significantly from the requirements of the United States Securities and Exchange Commission ("SEC"), and
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resource and reserve information contained or referenced in this news release may not be comparable to similar
information disclosed by public companies subject to the technical disclosure requirements of the SEC. Historical
results or feasibility models presented herein are not guarantees or expectations of future performance.