First Quarter 2024 Outcomes
(1) Attributable to the shareholders of the Firm. (2) Non-IFRS measure. For an outline of how these measures are calculated and a reconciliation of those measures to essentially the most instantly comparable measures specified, outlined or decided below IFRS and offered within the Firm’s monetary statements, seek advice from “Non-IFRS Measures”.
Liquidity and Capital Assets
B2Gold continues to take care of a powerful monetary place and liquidity. At March 31, 2024, the Firm had money and money equivalents of $568 million (December 31, 2023 – $307 million) and dealing capital (outlined as present belongings much less belongings categorised as held on the market and present liabilities) of $629 million (December 31, 2023 – $397 million). At March 31, 2024, the complete quantity of the Firm’s $700 million revolving credit score facility was undrawn and obtainable.
Second Quarter 2024 Dividend
On Might 7, 2024, B2Gold’s Board of Administrators declared a money dividend for the second quarter of 2024 (the “Q2 2024 Dividend”) of $0.04 per widespread share (or an anticipated $0.16 per share on an annualized foundation), payable on June 24, 2024, to shareholders of report as of June 11, 2024. As of March 31, 2024, the anticipated annual dividend fee represented an approximate 6.1% yield.
In 2023, the Firm carried out a Dividend Reinvestment Plan (“DRIP”). For the needs of the Q2 2024 Dividend, the Firm is happy to announce {that a} low cost of three% will probably be utilized to calculate the Common Market Value (as outlined within the DRIP) of its widespread shares issued from treasury. Nevertheless, the Firm could, infrequently, in its discretion, change or remove any relevant low cost, which might be publicly introduced, all in accordance with the phrases and situations of the DRIP. Participation within the DRIP is non-obligatory. In an effort to take part within the DRIP in time for the Q2 2024 Dividend, registered shareholders should ship a correctly accomplished enrollment kind to Computershare Belief Firm of Canada by no later than 4:00 p.m. (Toronto time) on June 4, 2024. Helpful shareholders who want to take part within the DRIP ought to contact their monetary advisor, dealer, funding supplier, financial institution, monetary establishment, or different middleman by means of which they maintain widespread shares nicely prematurely of the above date for directions on tips on how to enroll within the DRIP.
As a part of the long-term technique to maximise shareholder worth, B2Gold expects to declare future quarterly dividends on the identical stage. This dividend is designated as an “eligible dividend” for the needs of the Revenue Tax Act (Canada). Dividends paid by B2Gold to shareholders outdoors Canada (non-resident buyers) will probably be topic to Canadian non-resident withholding taxes.
The declaration and fee of future dividends and the quantity of any such dividends will probably be topic to the willpower of the Board, in its sole and absolute discretion, bearing in mind, amongst different issues, financial situations, enterprise efficiency, monetary situation, progress plans, anticipated capital necessities, compliance with B2Gold’s constating paperwork, all relevant legal guidelines, together with the principles and insurance policies of any relevant inventory trade, in addition to any contractual restrictions on such dividends, together with any agreements entered into with lenders to the Firm, and another components that the Board deems acceptable on the related time. There may be no assurance that any dividends will probably be paid on the meant fee or in any respect sooner or later.
For extra info relating to the DRIP and enrollment within the DRIP, please seek advice from the Firm’s web site at https://www.b2gold.com/buyers/stock_info/ .
This information launch doesn’t represent a suggestion to promote or the solicitation of a suggestion to purchase securities in any jurisdiction nor will there be any sale of those securities in any province, state or jurisdiction by which such supply, solicitation or sale can be illegal previous to registration or qualification below the securities legal guidelines of any such province, state or jurisdiction.
The Firm has filed a registration assertion referring to the DRIP with the U.S. Securities and Change Fee which may be obtained below the Firm’s profile on the U.S. Securities and Change Fee’s web site at http://www.sec.gov/EDGAR or by contacting the Firm utilizing the contact info on the finish of this information launch.
Operations
Fekola Mine – Mali
(1) Non-IFRS measure. For an outline of how these measures are calculated and a reconciliation of those measures to essentially the most instantly comparable measures specified, outlined or decided below IFRS and offered within the Firm’s monetary statements, seek advice from “Non-IFRS Measures”.
The Fekola Mine in Mali (owned 80% by the Firm and 20% by the State of Mali) had a powerful begin to the yr with gold manufacturing for the primary quarter of 2024 of 119,141 ounces, in-line with expectations. For the primary quarter of 2024, mill feed grade was 1.62 grams per tonne (“g/t”), mill throughput was 2.46 million tonnes, and gold restoration averaged 92.7%.
The Fekola Mine’s money working prices (see “Non-IFRS Measures” ) for the primary quarter of 2024 had been $698 per gold ounce produced ($687 per gold ounce offered). Money working prices per gold ounce produced for the primary quarter of 2024 had been decrease than anticipated on account of decrease gasoline prices, increased mill throughput, increased gold restoration and decrease mining prices as a result of decrease than anticipated mined tonnage on account of tools availability.
All-in sustaining prices (see “Non-IFRS Measures” ) for the primary quarter of 2024 for the Fekola Mine had been $1,436 per gold ounce offered. All-in sustaining prices had been decrease than anticipated on account of decrease than anticipated manufacturing prices per gold ounce offered, increased gold ounces offered and decrease than anticipated sustaining capital expenditures, partially offset by increased gold royalties ensuing from a better than anticipated common realized gold worth. The decrease sustaining capital expenditures had been primarily as a result of timing of expenditures and are anticipated to be incurred later in 2024.
Capital expenditures within the first quarter of 2024 totalled $81 million primarily consisting of $29 million for deferred stripping, $18 million for cellular tools purchases and rebuilds, $13 million for the development of a brand new tailings storage facility, $11 million for Fekola underground improvement, $3 million for photo voltaic plant enlargement and $2 million for haul street development.
The Fekola Advanced is comprised of the Fekola Mine (Medinandi allow internet hosting the Fekola and Cardinal pits and Fekola underground) and Fekola Regional (Anaconda Space (Bantako, Menankoto, and Bakolobi permits) and the Dandoko allow). The Fekola Advanced is anticipated to provide between 470,000 and 500,000 ounces of gold in 2024 at money working prices of between $835 and $895 per ounce and all-in sustaining prices of between $1,420 and $1,480 per ounce. The Fekola Advanced’s whole 2024 gold manufacturing is anticipated to lower relative to 2023 as a result of decrease manufacturing on account of the delay in receiving an exploitation license for Fekola Regional from the Authorities of Mali pending finalization of an implementation decree for the brand new 2023 Mining Code. No manufacturing is forecast from Fekola Regional within the Firm’s 2024 steering with manufacturing now anticipated to begin in the beginning of 2025.
The Fekola Mine is anticipated to course of 9.4 million tonnes of ore throughout 2024 at a mean grade of 1.77 g/t gold with a course of gold restoration of 90.9%. Gold manufacturing is anticipated to be evenly weighted between the primary half of 2024 and the second half of 2024.
Masbate Mine – The Philippines
(1) Non-IFRS measure. For an outline of how these measures are calculated and a reconciliation of those measures to essentially the most instantly comparable measures specified, outlined or decided below IFRS and offered within the Firm’s monetary statements, seek advice from “Non-IFRS Measures”.
The Masbate Mine within the Philippines had a powerful begin to 2024 with first quarter gold manufacturing of 49,782 ounces, above expectations as a result of increased mill throughput. For the primary quarter of 2024, mill feed grade was 0.99 g/t gold, mill throughput was 2.17 million tonnes, and gold restoration averaged 72.4%.
The Masbate Mine’s money working prices (see “Non-IFRS Measures” ) for the primary quarter of 2024 had been $835 per gold ounce produced ($897 per gold ounce offered). Money working prices per gold ounce produced for the primary quarter of 2024 had been decrease than anticipated on account of increased gold manufacturing and decrease than anticipated mining and processing prices as a result of increased productiveness and decrease diesel and heavy gasoline oil prices.
All-in sustaining prices (see “Non-IFRS Measures” ) for the primary quarter of 2024 had been $1,219 per gold ounce offered. All-in sustaining prices for the primary quarter of 2024 had been decrease than anticipated on account of decrease than anticipated manufacturing prices per gold ounce offered and decrease than anticipated sustaining capital expenditures. The decrease sustaining capital expenditures had been primarily a results of timing of expenditures and are anticipated to be incurred later in 2024.
Capital expenditures within the first quarter of 2024 totalled $9 million, primarily consisting of $6 million for cellular tools purchases and rebuilds and $1 million for deferred stripping.
The Masbate Mine is anticipated to provide between 170,000 and 190,000 ounces of gold in 2024 at money working prices of between $945 and $1,005 per ounce and all-in sustaining prices of between $1,300 and $1,360 per ounce. Gold manufacturing is scheduled to be comparatively constant all through 2024. For 2024, Masbate is anticipated to course of 7.9 million tonnes of ore at a mean grade of 0.93 g/t gold with a course of gold restoration of 76.0%. Mill feed will probably be a mix of mined recent ore and low-grade ore stockpiles.
Otjikoto Mine – Namibia
(1) Non-IFRS measure. For an outline of how these measures are calculated and a reconciliation of those measures to essentially the most instantly comparable measures specified, outlined or decided below IFRS and offered within the Firm’s monetary statements, seek advice from “Non-IFRS Measures”.
The Otjikoto Mine in Namibia, by which the Firm holds a 90% curiosity, carried out nicely in the course of the first quarter of 2024, producing 45,416 ounces of gold, above expectations on account of increased than anticipated mill feed grade. For the primary quarter of 2024, mill feed grade was 1.74 g/t, mill throughput was 0.83 million tonnes, and gold restoration averaged 98.5%.
Ore manufacturing from the Wolfshag underground mine for the primary quarter of 2024 averaged over 1,500 tonnes per day at a mean grade of 4.06 g/t gold. As of the start of 2024, the Possible Mineral Reserve estimate for the Wolfshag deposit contains 100,000 ounces of gold in 0.6 million tonnes of ore at a mean grade of 5.02 g/t gold. Open pit mining operations on the Otjikoto Mine will proceed to ramp down in 2024 and conclude in 2025, whereas processing operations are anticipated to proceed till economically viable stockpiles are exhausted in 2031. Underground operations are presently projected to proceed till 2026 with potential to increase underground operations if the continuing underground exploration program is profitable in figuring out extra underground mineral deposits.
On January 31, 2024, the Firm introduced optimistic exploration drilling outcomes from the Antelope deposit on the Otjikoto Mine. The Antelope deposit, comprised of the Springbok Zone, the Oryx Zone, and a potential third construction, Impala, topic to additional confirmatory drilling, is positioned roughly three km south of the Otjikoto open pit. The Antelope deposit has the potential to be developed as an underground mining operation, which might complement the anticipated processing of low-grade stockpiles on the Otjikoto mill from 2026 by means of 2031.
Money working prices (see “Non-IFRS Measures” ) for the primary quarter of 2024 had been $642 per gold ounce produced ($561 per ounce gold offered). Money working prices per gold ounce produced for the primary quarter of 2024 had been decrease than anticipated on account of increased manufacturing and a weaker Namibian greenback. Money working prices per gold ounce offered for the primary quarter of 2024 had been decrease than the money working prices per ounce produced for the primary quarter of 2024 on account of the sale of decrease price stock produced within the fourth quarter of 2023.
All-in sustaining prices (see “Non-IFRS Measures” ) for the primary quarter of 2024 had been $958 per gold ounce offered. All-in sustaining prices for the primary quarter of 2024 had been decrease than anticipated on account of decrease than anticipated money working prices, increased than anticipated gold ounces offered and decrease than anticipated sustaining capital expenditures, partially offset by increased gold royalties ensuing from a better than anticipated common realized gold worth. The decrease sustaining capital expenditures had been primarily a results of timing of expenditures and are anticipated to be incurred later in 2024.
Capital expenditures for the primary quarter of 2024 totalled $14 million, consisting of $11 million for deferred stripping within the Otjikoto pit and $3 million for Wolfshag underground mine improvement.
The Otjikoto Mine is anticipated to provide between 180,000 and 200,000 ounces of gold in 2024 at money working prices of between $685 and $745 per ounce and all-in sustaining prices of between $960 and $1,020 per ounce. Gold manufacturing at Otjikoto is anticipated to be comparatively constant all through 2024. For 2024, Otjikoto is anticipated to course of a complete of three.4 million tonnes of ore at a mean grade of 1.77 g/t gold with a course of gold restoration of 98.0%. Processed ore will probably be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by present medium and high-grade ore stockpiles.
Goose Undertaking Improvement
The Again River Gold District consists of 5 mineral claims blocks alongside an 80 km belt. Development is underway on the most superior challenge within the district, the Goose Undertaking, and has been de-risked with vital infrastructure presently in place.
B2Gold acknowledges that respect and collaboration with the Kitikmeot Inuit Affiliation (“KIA”) is central to the license to function within the Again River Gold District and can proceed to prioritize creating the challenge in a way that acknowledges Inuit priorities, addresses considerations and brings long-term socio-economic advantages to the Kitikmeot Area. B2Gold appears ahead to persevering with to construct on its sturdy collaboration with the KIA and Kitikmeot Communities.
Following the profitable completion of the 2023 sealift, development of the 162 km WIR between the MLA and the Goose Undertaking web site started in December 2023. The 2024 WIR marketing campaign accomplished on April 30, 2024, and B2Gold is happy to report that the Firm has efficiently delivered all essential supplies required to finish development of the Goose Undertaking. Supplies trucked from the MLA to the Goose Undertaking web site in the course of the 2024 WIR marketing campaign exceeded 2,100 whole hundreds and included 400 a great deal of diesel gasoline. Below B2Gold administration, the two,100 hundreds accomplished in the course of the 2024 WIR marketing campaign is roughly double the hundreds accomplished in the course of the 2023 WIR marketing campaign. Key supplies delivered in the course of the 2024 WIR marketing campaign included all modular items essential to develop the camp to 500 individual capability; all metal and rebar essential to finish the mill and concrete work; roughly 19 million liters of gasoline that will probably be used between Might 2024 and March 2025; all cement essential to finish the development challenge; greater than 4,500m 3 of cement in a single tonne luggage; and all reagents essential to fee and function the mill beginning in 2025.
Goose Undertaking web site laydown space – April 2024
Winter ice street – March 2024
As of the tip of April 2024, all extra camp modules had been on web site and set in place. The camp will probably be expanded from 300 beds to 500 beds by means of six extra dorm wings and a small workplace advanced wing. Greater than 120 new extra beds are presently able to be occupied, with the complete lodging advanced enlargement anticipated to be full by the tip of Might 2024.
Goose Undertaking lodging advanced overview – April 2024
B2Gold is increasing the prevailing diesel storage tank farms on the MLA and on the Goose Undertaking web site from 25 million liter capability to greater than 80 million liters. This enhance requires the addition of three extra tanks at every web site. All of the metal required to finish the tank enlargement is current at every web site, and development crews have commenced assembling the tank bases. These tanks will probably be full by the tip of August 2024 to obtain the sealift cargo of gasoline that may maintain the challenge by means of the tip of development and into manufacturing in 2025.
The mill development stays on schedule (with sure gadgets forward of schedule) with work ongoing on numerous services associated to concrete, metal erection and constructing cladding. Set up of the ball mill is progressing forward of schedule with the set up of all shell sections, feed/discharge heads, trunnion, pinion and bearings having been accomplished.
The first pond will present contact water storage in addition to retailer reclaimed water in the course of the first yr of processing operations. It’s crucial for the first pond to obtain water in 2024 for mill start-up and commissioning. The power embankment features a frozen core that requires a beneath grade cut-off trench to be constructed in the course of the winter months. The cut-off trench was efficiently accomplished in April 2024. Part 2 of the embankment will probably be accomplished throughout summer season 2024.
Improvement of the open pit and underground is barely delayed as a result of tools availability (commissioning and availability of the open pit tools), adversarial climate situations and prioritization of crucial path development actions. The present schedule signifies that a further three months of mining have to be added to the schedule to make sure that the Umwelt open pit, underground improvement, and crown pillar actions align and that there’s adequate tailings storage capability within the Echo open pit. With the schedule change, the mill is now scheduled to provide first gold within the second quarter of 2025 with ramp as much as full manufacturing within the third quarter of 2025 (one quarter later than earlier estimates). This doesn’t influence the opposite aspects of the challenge and staffing tables have been adjusted to make sure that capital is conserved. With the up to date schedule, the Firm estimates that gold manufacturing in calendar yr 2025 will probably be between 120,000 ounces and 150,000 ounces (beforehand estimated to be between 220,000 ounces and 260,000 ounces). The discount in estimated gold manufacturing in 2025 is predominantly as a result of deferral of an anticipated 100,000 ounces of quarterly gold manufacturing from the fourth quarter of 2025 into the primary quarter of 2026. Importantly, the up to date mining schedule doesn’t influence the overall variety of gold ounces the Firm expects to provide over the lifetime of mine of the Goose Undertaking. The up to date manufacturing profile has resulted within the Firm now estimating that common annual gold manufacturing from 2026 to 2030 will enhance to be in extra of 310,000 ounces per yr (beforehand estimated at 300,000 ounces per yr).
After finishing an in depth design evaluate of the Goose Undertaking, B2Gold introduced in January 2024 a revised development capital estimate to C$1,050 million. As well as, earlier than first gold manufacturing the Firm estimated it is going to spend a further C$200 million on underground improvement, deferred stripping and sustaining capital, in addition to a further C$205 million for fuels, reagents, and different working capital gadgets essential to construct up web site stock ranges as a result of seasonality of the challenge logistics. As of December 31, 2023, roughly C$683 million had been spent on development and mine improvement actions and C$44 million for the build-up of provides stock. Within the first quarter of 2024, the Firm incurred $117 million (C$158 million) for the Goose Undertaking on development and mine improvement actions and $2 million (C$3 million) on provides stock. As at March 31, 2024, roughly C$841 million in money expenditures had been spent on development and mine improvement actions and C$47 million on provides stock. Given the actions accomplished by means of March 31, 2024, the incorporation of the brand new mining schedule, and the profitable completion of the 2024 WIR marketing campaign, the Firm is within the technique of finishing a brand new evaluate of the overall price to be incurred earlier than first gold manufacturing. The up to date whole price estimate is anticipated to be accomplished in June 2024. On account of development actions being on schedule (and in sure areas forward of schedule), and the up to date first gold manufacturing estimate relating solely to the mining schedule change, the Firm estimates that the overall spend to be incurred earlier than first gold manufacturing is not going to be considerably completely different than earlier estimates.
Fekola Advanced Improvement
Based mostly on B2Gold’s preliminary planning, the Anaconda Space might present selective increased grade saprolite materials (common annual grade of as much as 2.2 g/t gold) to be trucked roughly 20 km and fed into the Fekola mill at a fee of as much as 1.5 million tonnes every year. Trucking of selective increased grade saprolite materials from the Anaconda Space to the Fekola mill will enhance the ore processed and has the potential to generate roughly 80,000 to 100,000 ounces of preliminary gold manufacturing per yr from Fekola Regional sources. Receipt of a mining allow for the Fekola Regional licenses stays excellent pending finalization of an implementation decree for the brand new 2023 Mining Code by the State of Mali. Consequently, no manufacturing is forecast from Fekola Regional in 2024, with manufacturing now anticipated to begin in the beginning of 2025. In early 2024, B2Gold held conferences with the representatives of the Authorities of Mali relating to the 2023 Mining Code. The Authorities of Mali assisted the Firm in clarifying the applying of the 2023 Mining Code to present and future tasks in Mali, and likewise expressed their need for B2Gold to quickly progress the event of Fekola Regional and dedicated to helping the Firm in such improvement. Importantly, the haul street from Fekola Regional to the Fekola Mine is operational as development of the haul roads and mining infrastructure (warehouse, workshop, gasoline depot and places of work) was accomplished on schedule in 2023.
Gramalote Undertaking Improvement
B2Gold’s in-house tasks staff is progressing work on numerous smaller scale challenge improvement plans for the Gramalote Undertaking, with the objective of figuring out a higher-return challenge than the beforehand contemplated three way partnership improvement plan. Based mostly on the outcomes of the 2022 Gramalote feasibility examine, the contemplated bigger scale challenge didn’t meet the mixed funding return thresholds for improvement by each B2Gold and AngloGold Ashanti Restricted. In 2023, B2Gold accomplished an in depth evaluate of the Gramalote Undertaking, together with the power dimension and placement, energy provide, mining and processing choices, tailings design, resettlement, potential development sequencing and camp design to establish potential price financial savings to develop a smaller scale challenge. The outcomes of the evaluate allowed the Firm to find out the optimum parameters and assumptions for a proper examine, which commenced within the fourth quarter of 2023, with a PEA anticipated to be full by the tip of the second quarter of 2024.
Outlook
Based mostly on the optimistic first quarter of 2024 working and monetary outcomes, B2Gold is on observe to fulfill its annual gold manufacturing forecast of between 860,000 and 940,000 ounces (together with 40,000 to 50,000 attributable ounces from Calibre). The Firm’s whole consolidated gold manufacturing is anticipated to be comparatively constant all through 2024, with third quarter manufacturing anticipated to be barely decrease. The anticipated lower in gold manufacturing relative to 2023 is predominantly as a result of decrease manufacturing on the Fekola Advanced on account of the delay in receiving an exploitation license for Fekola Regional from the Authorities of Mali, delaying the 80,000 to 100,000 ounces that had been scheduled within the lifetime of mine plan to be trucked to the Fekola mill and processed in 2024. The contribution of this gold manufacturing from Fekola Regional is now anticipated to begin in the beginning of 2025. The Firm’s whole consolidated money working prices for the yr (together with estimated attributable outcomes for Calibre) are forecast to be between $835 and $895 per ounce and whole consolidated all-in sustaining prices (together with estimated attributable outcomes for Calibre) are forecast to be between $1,360 and 1,420 per ounce. The anticipated enhance within the Firm’s consolidated money working prices per ounce for 2024 displays the processing of lower-grade ore at Fekola in 2024. The whole all-in sustaining prices per ounce for 2024 mirror the ultimate full yr of spending on each the brand new Fekola tailings storage facility and the Fekola photo voltaic plant enlargement, along with the continuing substantial capitalized stripping marketing campaign deliberate at Fekola for 2024.
B2Gold has efficiently accomplished the 2024 WIR marketing campaign and has delivered all essential materials from the MLA to finish the development of the Goose Undertaking within the first quarter of 2025. The mill development stays on schedule (and in some circumstances forward of schedule) with work ongoing on numerous services associated to concrete, metal erection and constructing cladding. Moreover, set up of the ball mill is progressing forward of schedule with set up of all shell sections, feed/discharge heads, trunnion, pinion and bearings having been accomplished. Improvement of the open pit and underground is barely delayed as a result of tools availability (commissioning and availability of the open pit tools), adversarial climate situations and prioritization of crucial path development actions. The present schedule signifies that a further three months of mining will probably be added to the schedule to make sure that the Umwelt open pit, underground improvement, and crown pillar actions align and that there’s adequate tailings storage capability within the Echo open pit. With the schedule change, the mill is now scheduled to provide first gold within the second quarter of 2025 with ramp as much as full manufacturing within the third quarter of 2025 (one quarter later than earlier estimates). Importantly, the up to date mining schedule doesn’t influence the overall variety of gold ounces the Firm expects to provide over the lifetime of mine of the Goose Undertaking. The up to date manufacturing profile has resulted within the Firm now estimating that common annual gold manufacturing from 2026 to 2030 will enhance to be in extra of 310,000 ounces per yr (beforehand estimated at 300,000 ounces per yr).
The Firm has accomplished an in depth evaluate of the Gramalote Undertaking, together with facility dimension and placement, energy provide, mining and processing choices, tailings design, resettlement, potential development sequencing and camp design to establish potential price financial savings to develop a smaller scale challenge. A proper examine commenced within the fourth quarter of 2023, with a PEA anticipated to be accomplished by the tip of the second quarter of 2024.
B2Gold expects to declare future quarterly dividends in 2024 on the identical fee of $0.04 per widespread share (or an annualized fee of $0.16 per widespread share), which represents one of many highest dividend yields within the gold sector. As of March 31, 2024, the anticipated annual dividend fee represented an approximate 6.1% yield.
The Firm’s ongoing technique is to proceed to maximise worthwhile manufacturing from its mines, additional advance its pipeline of remaining improvement and exploration tasks, consider new exploration, improvement and manufacturing alternatives and proceed to pay an business main dividend yield.
First Quarter 2024 Monetary Outcomes – Convention Name Particulars
B2Gold executives will host a convention name to debate the outcomes on Wednesday, Might 8, 2024, at 8:00 am PT / 11:00 am ET.
Contributors could register for the convention name right here: registration hyperlink . Upon registering, contributors will obtain a calendar invitation by electronic mail with dial in particulars and a novel PIN. This can enable contributors to bypass the operator queue and join on to the convention. Registration will stay open till the tip of the convention name. Contributors may dial in utilizing the numbers beneath:
Toll-free in U.S. and Canada: +1 (844) 763-8274 All different callers: +1 (647) 484-8814
The convention name will probably be obtainable for playback for 2 weeks by dialing toll-free within the U.S. and Canada: +1 (855) 669-9658, replay entry code 0771. All different callers: +1 (604) 674-8052, replay entry code 0771.
About B2Gold
B2Gold is a low-cost worldwide senior gold producer headquartered in Vancouver, Canada. Based in 2007, immediately, B2Gold has working gold mines in Mali, Namibia and the Philippines, a mine below development in northern Canada and quite a few improvement and exploration tasks in numerous nations together with Mali, Colombia and Finland. B2Gold forecasts whole consolidated gold manufacturing of between 860,000 and 940,000 ounces in 2024.
Certified Individuals
Invoice Lytle, Senior Vice President and Chief Working Officer, a certified individual below NI 43-101, has authorised the scientific and technical info associated to operations issues contained on this information launch.
Andrew Brown, P. Geo., Vice President, Exploration, a certified individual below NI 43-101, has authorised the scientific and technical info associated to exploration and mineral useful resource issues contained on this information launch.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson” President and Chief Govt Officer
The Toronto Inventory Change and NYSE American LLC neither approve nor disapprove the data contained on this information launch.
Manufacturing outcomes and manufacturing steering offered on this information launch mirror whole manufacturing on the mines B2Gold operates on a 100% challenge foundation. Please see our Annual Data Type dated March 14, 2024, for a dialogue of our possession curiosity within the mines B2Gold operates.
This information launch contains sure “forward-looking info” and “forward-looking statements” (collectively “forward-looking statements”) throughout the that means of relevant Canadian and United States securities laws, together with: projections; outlook; steering; forecasts; estimates; and different statements relating to future or estimated monetary and operational efficiency, gold manufacturing and gross sales, revenues and money flows, and capital prices (sustaining and non-sustaining) and working prices, together with projected money working prices and AISC, and budgets on a consolidated and mine by mine foundation; future or estimated mine life, metallic worth assumptions, ore grades or sources, gold restoration charges, stripping ratios, throughput, ore processing; statements relating to anticipated exploration, drilling, improvement, development, allowing and different actions or achievements of B2Gold; and together with, with out limitation: remaining nicely positioned for continued sturdy operational and monetary efficiency in 2024; projected gold manufacturing, money working prices and AISC on a consolidated and mine by mine foundation in 2024; whole consolidated gold manufacturing of between 860,000 and 940,000 ounces (together with 40,000 to 50,000 attributable ounces from Calibre) in 2024, with money working prices of between $835 and $895 per ounce and AISC of between $1,360 and $1,420 per ounce; B2Gold’s continued prioritization of creating the Goose Undertaking in a way that acknowledges Indigenous enter and considerations and brings long-term socio-economic advantages to the world; the Goose Undertaking capital price being roughly C$1,050 million and the web price of open pit and underground improvement, deferred stripping, and sustaining capital expenditures to be incurred previous to first gold manufacturing being roughly C$200 million and the associated fee for reagents and different working capital gadgets being C$205 million; the Goose Undertaking producing roughly 310,000 ounces of gold per yr for the primary 5 years; the potential for completion of the mill development within the first quarter of 2025 and first gold manufacturing within the second quarter of 2025 from the Goose Undertaking; the Firm’s consolidated gold manufacturing to be comparatively constant all through 2024; Fekola Regional manufacturing now anticipated to begin in the beginning of 2025; the potential receipt of a mining allow for Fekola Regional licenses later in 2024; the influence of the 2023 Mining Code in Mali; the potential for the Antelope deposit to be developed as an underground operation and contribute gold in the course of the low-grade stockpile processing in 2026 by means of 2031; the timing and outcomes of a PEA for the Gramalote Undertaking; and B2Gold’s attributable share of Calibre’s manufacturing. All statements on this information launch that tackle occasions or developments that we anticipate to happen sooner or later are forward-looking statements. Ahead-looking statements are statements that aren’t historic details and are usually, though not all the time, recognized by phrases comparable to “anticipate”, “plan”, “anticipate”, “challenge”, “goal”, “potential”, “schedule”, “forecast”, “funds”, “estimate”, “intend” or “imagine” and comparable expressions or their unfavorable connotations, or that occasions or situations “will”, “would”, “could”, “might”, “ought to” or “may” happen. All such forward-looking statements are based mostly on the opinions and estimates of administration as of the date such statements are made.
Ahead-looking statements essentially contain assumptions, dangers and uncertainties, sure of that are past B2Gold’s management, together with dangers related to or associated to: the volatility of metallic costs and B2Gold’s widespread shares; adjustments in tax legal guidelines; the hazards inherent in exploration, improvement and mining actions; the uncertainty of reserve and useful resource estimates; not attaining manufacturing, price or different estimates; precise manufacturing, improvement plans and prices differing materially from the estimates in B2Gold’s feasibility and different research; the power to acquire and preserve any essential permits, consents or authorizations required for mining actions; environmental laws or hazards and compliance with advanced laws related to mining actions; local weather change and local weather change laws; the power to switch mineral reserves and establish acquisition alternatives; the unknown liabilities of firms acquired by B2Gold; the power to efficiently combine new acquisitions; fluctuations in trade charges; the supply of financing; financing and debt actions, together with potential restrictions imposed on B2Gold’s operations because of this thereof and the power to generate adequate money flows; operations in international and creating nations and the compliance with international legal guidelines, together with these related to operations in Mali, Namibia, the Philippines and Colombia and together with dangers associated to adjustments in international legal guidelines and altering insurance policies associated to mining and native possession necessities or useful resource nationalization usually; distant operations and the supply of ample infrastructure; fluctuations in worth and availability of vitality and different inputs essential for mining operations; shortages or price will increase in essential tools, provides and labour; regulatory, political and nation dangers, together with native instability or acts of terrorism and the results thereof; the reliance upon contractors, third events and three way partnership companions; the shortage of sole decision-making authority associated to Filminera Assets Company, which owns the Masbate Undertaking; challenges to title or floor rights; the dependence on key personnel and the power to draw and retain expert personnel; the danger of an uninsurable or uninsured loss; adversarial local weather and climate situations; litigation danger; competitors with different mining firms; neighborhood assist for B2Gold’s operations, together with dangers associated to strikes and the halting of such operations infrequently; conflicts with small scale miners; failures of knowledge programs or info safety threats; the power to take care of ample inside controls over monetary reporting as required by legislation, together with Part 404 of the Sarbanes-Oxley Act; compliance with anti-corruption legal guidelines, and sanctions or different comparable measures; social media and B2Gold’s popularity; dangers affecting Calibre having an influence on the worth of the Firm’s funding in Calibre, and potential dilution of our fairness curiosity in Calibre; in addition to different components recognized and as described in additional element below the heading “Danger Components” in B2Gold’s most up-to-date Annual Data Type, B2Gold’s present Type 40-F Annual Report and B2Gold’s different filings with Canadian securities regulators and the U.S. Securities and Change Fee (the “SEC”), which can be seen at www.sedar.com and www.sec.gov, respectively (the “Web sites”). The record is just not exhaustive of the components which will have an effect on B2Gold’s forward-looking statements.
B2Gold’s forward-looking statements are based mostly on the relevant assumptions and components administration considers cheap as of the date hereof, based mostly on the data obtainable to administration at such time. These assumptions and components embody, however usually are not restricted to, assumptions and components associated to B2Gold’s means to hold on present and future operations, together with: improvement and exploration actions; the timing, extent, length and financial viability of such operations, together with any mineral sources or reserves recognized thereby; the accuracy and reliability of estimates, projections, forecasts, research and assessments; B2Gold’s means to fulfill or obtain estimates, projections and forecasts; the supply and price of inputs; the value and marketplace for outputs, together with gold; international trade charges; taxation ranges; the well timed receipt of essential approvals or permits; the power to fulfill present and future obligations; the power to acquire well timed financing on cheap phrases when required; the present and future social, financial and political situations; and different assumptions and components usually related to the mining business.
B2Gold’s forward-looking statements are based mostly on the opinions and estimates of administration and mirror their present expectations relating to future occasions and working efficiency and communicate solely as of the date hereof. B2Gold doesn’t assume any obligation to replace forward-looking statements if circumstances or administration’s beliefs, expectations or opinions ought to change aside from as required by relevant legislation. There may be no assurance that forward-looking statements will show to be correct, and precise outcomes, efficiency or achievements might differ materially from these expressed in, or implied by, these forward-looking statements. Accordingly, no assurance may be on condition that any occasions anticipated by the forward-looking statements will transpire or happen, or if any of them do, what advantages or liabilities B2Gold will derive therefrom. For the explanations set forth above, undue reliance shouldn’t be positioned on forward-looking statements.
Non-IFRS Measures This information launch contains sure phrases or efficiency measures generally used within the mining business that aren’t outlined below Worldwide Monetary Reporting Requirements (“IFRS”), together with “money working prices” and “all-in sustaining prices” (or “AISC”). Non-IFRS measures should not have any standardized that means prescribed below IFRS, and subsequently they is probably not similar to comparable measures employed by different firms. The information offered is meant to supply extra info and shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS and ought to be learn along side B2Gold’s consolidated monetary statements. Readers ought to seek advice from B2Gold’s Administration Dialogue and Evaluation, obtainable on the Web sites, below the heading “Non-IFRS Measures” for a extra detailed dialogue of how B2Gold calculates sure of such measures and a reconciliation of sure measures to IFRS phrases.
Cautionary Assertion Relating to Mineral Reserve and Useful resource Estimates The disclosure on this information launch was ready in accordance with Canadian Nationwide Instrument 43-101, which differs considerably from the necessities of america Securities and Change Fee (“SEC”), and useful resource and reserve info contained or referenced on this information launch is probably not similar to comparable info disclosed by public firms topic to the technical disclosure necessities of the SEC. Historic outcomes or feasibility fashions offered herein usually are not ensures or expectations of future efficiency.
B2GOLD CORP. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31 (Expressed in 1000’s of United States {dollars}, besides per share quantities) (Unaudited)
B2GOLD CORP. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31 (Expressed in 1000’s of United States {dollars}) (Unaudited)
B2GOLD CORP. CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (Expressed in 1000’s of United States {dollars}) (Unaudited)
NON-IFRS MEASURES
Money working prices per gold ounce offered and whole money prices per gold ounce offered
‘‘Money working prices per gold ounce” and “whole money prices per gold ounce” are widespread monetary efficiency measures within the gold mining business however, as non-IFRS measures, they don’t have a standardized that means below IFRS and subsequently is probably not similar to comparable measures offered by different issuers. Administration believes that, along with standard measures ready in accordance with IFRS, sure buyers use this info to judge our efficiency and talent to generate money move. Accordingly, these measures are meant to supply extra info and shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. The measures, together with gross sales, are thought-about to be a key indicator of the Firm’s means to generate earnings and money move from its mining operations.
Money price figures are calculated on a gross sales foundation in accordance with a typical developed by The Gold Institute, which was a worldwide affiliation of suppliers of gold and gold merchandise and included main North American gold producers. The Gold Institute ceased operations in 2002, however the usual is the accepted normal of reporting money price of manufacturing in North America. Adoption of the usual is voluntary and the associated fee measures offered is probably not similar to different equally titled measures of different firms. Different firms could calculate these measures in a different way. Money working prices and whole money prices per gold ounce offered are derived from quantities included within the assertion of operations and embody mine web site working prices comparable to mining, processing, smelting, refining, transportation prices, royalties and manufacturing taxes, much less silver by-product credit. The tables beneath present a reconciliation of money working prices per gold ounce offered and whole money prices per gold ounce offered to manufacturing prices as extracted from the unaudited condensed interim consolidated monetary statements on a consolidated and a mine-by-mine foundation ({dollars} in 1000’s):
Money working prices per gold ounce produced
Along with money working prices on a per gold ounce offered foundation, the Firm additionally presents money working prices on a per gold ounce produced foundation. Money working prices per gold ounce produced is derived from quantities included within the assertion of operations and embody mine web site working prices comparable to mining, processing, smelting, refining, transportation prices, much less silver by-product credit. The tables beneath present a reconciliation of money working prices per gold ounce produced to manufacturing prices as extracted from the unaudited condensed interim consolidated monetary statements on a consolidated and a mine-by-mine foundation ({dollars} in 1000’s):
All-in sustaining prices per gold ounce
In June 2013, the World Gold Council, a non-regulatory affiliation of the world’s main gold mining firms established to advertise the usage of gold to business, customers and buyers, offered steering for the calculation of the measure “all-in sustaining prices per gold ounce”, however as a non-IFRS measure, it doesn’t have a standardized that means below IFRS and subsequently is probably not similar to comparable measures offered by different issuers. The unique World Gold Council normal turned efficient January 1, 2014 with additional updates introduced on November 16, 2018 which had been efficient beginning January 1, 2019.
Administration believes that the all-in sustaining prices per gold ounce measure offers extra perception into the prices of manufacturing gold by capturing the entire expenditures required for the invention, improvement and sustaining of gold manufacturing and permits the Firm to evaluate its means to assist capital expenditures to maintain future manufacturing from the technology of working money flows. Administration believes that, along with standard measures ready in accordance with IFRS, sure buyers use this info to judge the Firm’s efficiency and talent to generate money move. Accordingly, it’s meant to supply extra info and shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. Adoption of the usual is voluntary and the associated fee measures offered is probably not similar to different equally titled measures of different firms. The Firm has utilized the ideas of the World Gold Council suggestions and has reported all-in sustaining prices on a gross sales foundation. Different firms could calculate these measures in a different way.
B2Gold defines all-in sustaining prices per ounce because the sum of money working prices, royalties and manufacturing taxes, capital expenditures and exploration prices which are sustaining in nature, sustaining lease expenditures, company normal and administrative prices, share-based fee bills associated to restricted share items/deferred share items/efficiency share items/restricted phantom items (“RSUs/DSUs/PSUs/RPUs”), neighborhood relations expenditures, reclamation legal responsibility accretion and realized (positive aspects) losses on gasoline spinoff contracts, all divided by the overall gold ounces offered to reach at a per ounce determine.
The tables beneath present a reconciliation of all-in sustaining prices per ounce to manufacturing prices as extracted from the unaudited condensed interim consolidated monetary statements on a consolidated and a mine-by-mine foundation for the three months ended March 31, 2024 ({dollars} in 1000’s):
(1) Included as a part of Share-based funds on the Assertion of operations. (2) Seek advice from Sustaining capital expenditures and Sustaining mine exploration reconciliations beneath.
The desk beneath exhibits a reconciliation of sustaining capital expenditures to working mine capital expenditures as extracted from the unaudited condensed interim consolidated monetary statements for the three months ended March 31, 2024 ({dollars} in 1000’s):
The desk beneath exhibits a reconciliation of sustaining mine exploration to working mine exploration as extracted from the unaudited condensed interim consolidated monetary statements for the three months ended March 31, 2024 ({dollars} in 1000’s):
The tables beneath present a reconciliation of all-in sustaining prices per ounce to manufacturing prices as extracted from the unaudited condensed interim consolidated monetary statements on a consolidated and a mine-by-mine foundation for the three months ended March 31, 2023 ({dollars} in 1000’s):
(1) Included as a part of Share-based funds on the Assertion of operations. (2) Seek advice from Sustaining capital expenditures and Sustaining mine exploration reconciliations beneath
The desk beneath exhibits a reconciliation of sustaining capital expenditures to working mine capital expenditures as extracted from the unaudited condensed interim consolidated monetary statements for the three months ended March 31, 2023 ({dollars} in 1000’s):
The desk beneath exhibits a reconciliation of sustaining mine exploration to working mine exploration as extracted from the unaudited condensed interim consolidated monetary statements for the three months ended March 31, 2023 ({dollars} in 1000’s):
Adjusted internet earnings and adjusted earnings per share – fundamental
Adjusted internet earnings and adjusted earnings per share – fundamental are non-IFRS measures that should not have a standardized that means prescribed by IFRS and subsequently is probably not similar to comparable measures offered by different issuers. The Firm defines adjusted internet earnings as internet earnings attributable to shareholders of the Firm adjusted for non-recurring gadgets and likewise vital recurring non-cash gadgets. The Firm defines adjusted earnings per share – fundamental as adjusted internet earnings divided by the essential weighted variety of widespread shares excellent.
Administration believes that the presentation of adjusted internet earnings and adjusted earnings per share – fundamental is acceptable to supply extra info to buyers relating to gadgets that we don’t anticipate to proceed on the identical stage sooner or later or that administration doesn’t imagine to be a mirrored image of the Firm’s ongoing working efficiency. Administration additional believes that its presentation of those non-IFRS monetary measures present info that’s helpful to buyers as a result of they’re essential indicators of the energy of our operations and the efficiency of our core enterprise. Accordingly, it’s meant to supply extra info and shouldn’t be thought-about in isolation as an alternative choice to measures of efficiency ready in accordance with IFRS. Different firms could calculate this measure in a different way.
A reconciliation of internet earnings to adjusted internet earnings as extracted from the unaudited condensed interim consolidated monetary statements is ready out within the desk beneath:
Photographs accompanying this announcement can be found at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ce2da3cf-7d1b-4493-8014-083e63a0db04
https://www.globenewswire.com/NewsRoom/AttachmentNg/0a263180-53cb-42f0-a4ca-73432b9c6f8b
https://www.globenewswire.com/NewsRoom/AttachmentNg/0b1d46f9-559e-4326-a165-5a977ebef483
https://www.globenewswire.com/NewsRoom/AttachmentNg/3bd762a8-0cb0-4ce1-95a1-7526aee96ff2
For extra info on B2Gold please go to the Firm web site at www.b2gold.com or contact: Michael McDonald VP, Investor Relations & Company Improvement +1 604-681-8371 investor@b2gold.com Cherry De Geer Director, Company Communications +1 604-681-8371 investor@b2gold.com