UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of
April 2021
Commission File Number: 001-35936
B2Gold
Corp.
(Translation of registrant’s name into English)
British Columbia, Canada
(Jurisdiction of incorporation or organization)
Suite 3100, Three Bentall
Centre
595 Burrard Street
Vancouver, British Columbia V7X 1J1
Canada
(Address of principal executive office)
Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
DOCUMENTS INCLUDED AS PART
OF THIS FORM 6-K
See the Exhibit Index hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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B2Gold Corp. |
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Date: April 15,
2021 |
By: |
/s/ Roger Richer |
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Name: |
Roger Richer |
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Title: |
Executive Vice President, General Counsel & Secretary |
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EXHIBIT INDEX
Exhibit
99.1
News Release
B2Gold Corp. Reports Continued Strong Gold Production
for Q1 2021;
Quarterly Total Gold Production of 220,644 oz, 9% Above Budget;
On Track to Meet Annual Guidance of 970,000 to 1,030,000
oz of Total Gold Production
Vancouver, April 15, 2021 – 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 first quarter of 2021. All dollar figures are in United States dollars unless otherwise indicated.
2021 First Quarter Highlights
| • | Total gold production of 220,644 ounces (including 15,001 ounces of attributable production from Calibre
Mining Corp. (“Calibre”)), 9% (18,542 ounces) above budget, and consolidated gold production of 205,643 ounces from the Company’s
three operating mines, 9% (17,291 ounces) above budget |
| • | Consolidated gold revenue was $362 million on sales of 202,330 ounces at an average price of $1,791 per
ounce |
| • | No Lost-Time-Injury (“LTI”) incidents at the Company’s operating mines in the first
quarter of 2021, extending the number of days without an LTI to 437 days for Fekola, 866 days for Masbate and 154 days for Otjikoto as
at March 31, 2021 |
| • | Following the successful completion of the Fekola mill expansion to 7.5 million tonnes per annum (“Mtpa”)
in September 2020, Fekola’s mill throughput was a quarterly record of 2.07 million tonnes in the first quarter of 2021, 9% above
budget and 19% higher than the first quarter of 2020 |
| • | For full-year 2021, B2Gold remains well positioned for continued strong operational and financial performance
with total gold production guidance of between 970,000 - 1,030,000 ounces (including 50,000 – 60,000 attributable ounces projected
from Calibre) with total consolidated forecast cash operating costs of between $500 - $540 per ounce (see “Non-IFRS Measures”)
and total consolidated all-in sustaining costs (“AISC”) (see “Non-IFRS Measures”) of between $870 -
$910 per ounce |
| • | Based on current assumptions, including a gold price of $1,800 per ounce, the Company expects to generate
cashflows from operating activities of approximately $630 million for the full-year 2021 |
| • | Selected as the recipient of five additional mining industry awards in the Philippines and Mali |
The Company continues to address the COVID-19
pandemic and minimize its potential impact at B2Gold's operations. B2Gold places the safety and well-being of its workforce and all stakeholders
as its highest priority and continues to encourage input from all its stakeholders as the COVID-19 situation evolves. The Company continues
to implement measures and precautionary steps to manage and respond to the risks associated with COVID-19 to ensure the safety of B2Gold's
employees, contractors, suppliers and surrounding communities where the Company works while continuing to operate. The Company is continually
updating these plans and response measures based on the safety and well-being of its workforce, the severity of the pandemic in areas
where it operates, global response measures, government restrictions and extensive community consultation. The Company is working closely
with national and local authorities, including labour unions, and continues to closely monitor each site's situation, including public
and employee sentiment to ensure that stakeholders are in alignment with continued safe operation of its mines.
Gold Production
Total consolidated gold production in the first
quarter of 2021 was 220,644 ounces (including 15,001 ounces of attributable production from Calibre), above budget by 9% (18,542 ounces),
with solid performances from the Company’s three operating mines which all exceeded their budgeted production for the quarter. The
Fekola Mine in Mali continued its strong operational performance through the first quarter of 2021, producing 125,088 ounces of gold,
7% (8,088 ounces) above budget, as the Fekola processing facilities continued to outperform. Following the successful completion of the
Fekola mill expansion to 7.5 Mtpa (an increase of 1.5 Mtpa from an assumed base rate of 6 Mtpa) in September 2020, mill throughput was
a quarterly record of 2.07 million tonnes in the first quarter of 2021, 9% above budget and 19% higher than the first quarter of 2020.
The Masbate Mine in the Philippines also had a strong start to the year with first quarter gold production of 57,513 ounces, well-above
budget by 14% (6,852 ounces). The Otjikoto Mine in Namibia performed well during the first quarter of 2021, producing 23,042 ounces of
gold, 11% (2,351 ounces) above budget, with processed tonnes, grade and recoveries all slightly better than budget. As expected, compared
to the first quarter of 2020, total consolidated gold production was lower by 17% (44,218 ounces), due to planned significant waste stripping
campaigns at both the Fekola and Otjikoto mines, scheduled for the first half of 2021 (for Phase 5 and Phase 6 of the Fekola Pit, and
Phase 3 of the Wolfshag and Otjikoto pits). Gold production is expected to significantly increase in the second half of 2021, when mining
at Fekola reaches the higher-grade zones of the Fekola Pit and mining at Otjikoto reaches the higher-grade zone at the base of the Wolfshag
Pit.
The Company was recently selected as the
recipient of five mining industry awards in the Philippines and Mali, including:
| - | In the Philippines, the two companies that comprise the Masbate Gold Project, Filminera Resources Corporation
and Phil. Gold Processing & Refining Corp., received four awards in the recently-concluded 2020 Presidential Mineral Industry Environmental
Awards (“PMIEA”), in the “Best Mining Forest and Safest Mine” categories. The PMIEAs are given to mining
companies that exhibit best practices in safety and health management, environmental protection and community development. |
| - | In Mali, a subsidiary of the Company, B2Gold Mali SARL, was recognized by Le Baromètre, a citizen
watch organization that monitors the performance of public and private sector organizations, as Mali’s “Best Mining Company
of 2020”. |
For full-year 2021, the Company’s total
gold production is forecast to be between 970,000 - 1,030,000 ounces (including 50,000 - 60,000 attributable ounces projected from Calibre),
with total consolidated cash operating costs forecast to be between $500 - $540 per ounce and total consolidated AISC forecast to be between
$870 - $910 per ounce. The Company’s 2021 production guidance does not include the potential upside to increase Fekola’s gold
production in 2021 from the nearby Cardinal resource and processing capacity currently being investigated.
For full-year 2021, the Company’s consolidated
gold production from its three operating mines is expected to be significantly weighted to the second half of 2021 due to planned significant
waste stripping at both the Fekola and Otjikoto mines in the first half of 2021. For the first half of 2021, consolidated gold production
is expected to be between 365,000 – 385,000 ounces, which is expected to increase significantly to between 555,000 – 585,000
ounces during the second half of 2021 when mining reaches the higher grade portion of Phase 5 of the Fekola Pit and Phase 3 of the Wolfshag
Pit. Based mainly on the weighting of production and timing of stripping, consolidated cash operating costs are expected to be between
$620 - $660 per ounce in the first half of 2021, before significantly improving to between $380 - $420 per ounce during the second half
of 2021. In addition, consolidated AISC are expected to be between $1,040 - $1,080 per ounce in the first half of 2021, before significantly
improving to between $745 - $785 per ounce during the second half of 2021.
Gold Revenue
For the first quarter of 2021, consolidated gold
revenue was $362 million on sales of 202,330 ounces at an average price of $1,791 per ounce, compared to $380 million on sales of 239,500
ounces at an average price of $1,588 per ounce in the first quarter of 2020. The decrease in gold revenue of 5% ($18 million) was 16%
attributable to the decrease in gold ounces sold (mainly due to the lower gold production), partially offset by an 11% impact from the
increase in the average realized gold price.
Operations
Mine-by-mine gold production in the first quarter
of 2021 (including the Company’s estimated 33% share of Calibre’s production) was as follows:
Mine |
Q1 2021
Gold Production
(ounces) |
First-Half 2021
Forecast
Gold Production
(ounces) |
Second-Half 2021 Forecast
Gold Production
(ounces) |
Full-year 2021 Forecast
Gold Production
(ounces) |
Fekola |
125,088 |
220,000 - 230,000 |
310,000 - 330,000 |
530,000 - 560,000 |
Masbate |
57,513 |
100,000 - 105,000 |
100,000 - 105,000 |
200,000 - 210,000 |
Otjikoto |
23,042 |
45,000 - 50,000 |
145,000 - 150,000 |
190,000 - 200,000 |
B2Gold Consolidated (1) |
205,643 |
365,000 – 385,000 |
555,000 – 585,000 |
920,000 – 970,000 |
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Equity interest in Calibre (2) |
15,001 |
25,000 - 30,000 |
25,000 - 30,000 |
50,000 - 60,000 |
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Total |
220,644 |
390,000 – 415,000 |
580,000 – 615,000 |
970,000 – 1,030,000 |
| (1) | “B2Gold Consolidated” - gold production is presented on a 100% basis, as B2Gold fully consolidates
the results of its Fekola, Masbate and Otjikoto mines in its consolidated financial statements (even though it does not own 100% of these
operations). |
| (2) | “Equity interest in Calibre” - represents the Company’s approximate 33% indirect
share of the operations of Calibre’s El Limon and La Libertad mines. B2Gold applies the equity method of accounting for its 33%
ownership interest in Calibre. |
Fekola Gold Mine - Mali
The Fekola Mine in Mali continued its strong
operational performance through the first quarter of 2021, producing 125,088 ounces of gold, 7% (8,088 ounces) above budget, as the Fekola
processing facilities continued to outperform. Following the successful completion of the Fekola mill expansion to 7.5 Mtpa (an increase
of 1.5 Mtpa from an assumed base rate of 6 Mtpa) in September 2020, mill throughput was a quarterly record of 2.07 million tonnes in the
first quarter of 2021, which was 9% above budget and 19% higher than the first quarter of 2020. Fekola’s higher-than-budgeted mill
throughput was mainly due to favourable ore fragmentation and hardness, and optimization of the grinding circuit. As expected, compared
to the first quarter of 2020, gold production was lower by 24% (38,923 ounces), as a result of the planned significant waste stripping
and lower mined ore grades, as Phases 5 and 6 of the Fekola Pit are developed during the first half of 2021. Mined ore tonnage and grade
continue to reconcile well with the Fekola resource model, and ore production is expected to significantly increase in the second half
of 2021 when mining reaches the higher-grade zones of the Fekola Pit. As at March 31, 2021, the Fekola Mine had achieved 437 days without
a LTI.
For the first quarter of 2021, mill feed grade
was 1.99 grams per tonne (“g/t”) compared to budget of 2.03 g/t and 3.11 g/t in the first quarter of 2020; mill throughput
was 2.07 million tonnes compared to budget of 1.91 million tonnes and 1.75 million tonnes in the first quarter of 2020; and gold recovery
averaged 94.4% compared to budget of 94.0% and 93.8% in the first quarter of 2020. Processed grade was lower compared to the first quarter
of 2020, mainly as a result of the focus on higher mill feed grade and the stockpiling strategy used during the mill expansion activities
in the first quarter of 2020, in addition to the aforementioned lower mined ore grades in the first quarter of 2021as Phases 5 and 6 of
the Fekola Pit are developed.
The Fekola mill has the potential to run above
the expanded annualized throughput rate of 7.5 Mtpa and analysis is currently underway to determine the optimum throughput rate. For 2021
budgeting purposes, the Company has assumed a throughput rate of 7.75 Mtpa. Mill processing trials conducted in the fourth quarter of
2020 demonstrate the potential to optimize the grind-throughput capacity of the expanded facility and increase hard-rock throughput, and
support the addition of saprolite ore tonnage in excess of the hard-rock capacity. Based on positive results to date, Fekola’s annualized
throughput rate is expected to continue to remain above 8.0 Mtpa.
Production planning for the nearby Cardinal resource,
located within 500 metres of the current Fekola resource pit, is currently underway (the initial Inferred Mineral Resource estimate for
Cardinal is 640,000 ounces of gold in 13.0 million tonnes of ore at 1.54 g/t gold). Grade control drilling at Cardinal has been completed,
and preparations for a bulk sample are underway with sampling expected to begin in the second quarter of 2021. An Environmental and Social
Impact Assessment has been completed and submitted to the Malian authorities. Approval of the addition of Cardinal to the Fekola environmental
permit is expected shortly and following this, an application will be made to add mining at Cardinal to the Fekola Mine plan.
For full-year 2021, the Fekola Mine is expected
to produce between 530,000 - 560,000 ounces of gold at cash operating costs of between $405 - $445 per ounce and AISC of between $745
- $785 per ounce. Additional mining from Cardinal and processing capacity are currently being investigated (as discussed above), with
the potential to increase Fekola’s budgeted 2021 and longer-term gold production.
As a result of the planned waste stripping and
lower mined ore grades in the first half of 2021, as Phase 5 and 6 of the Fekola Pit are developed, production is expected to be significantly
weighted to the second half of 2021 (when mining reaches the higher grade portion of Phase 5 of the Fekola Pit). For the first half of
2021, Fekola’s gold production is expected to be between 220,000 – 230,000 ounces, which is expected to increase significantly
to between 310,000 – 330,000 ounces during the second half of 2021. Based mainly on the weighting of production and timing of waste
stripping, Fekola’s cash operating costs are expected to be between $530 - $570 per ounce in the first half of 2021, before significantly
improving to between $315 - $355 per ounce during the second half of 2021. In addition, Fekola’s AISC are expected to be between
$850 - $890 per ounce in the first half of 2021, before significantly improving to between $670 - $710 per ounce during the second half
of 2021.
Fekola Solar Plant
Following the temporary suspension of solar plant
construction activities in April 2020 due to COVID-19 restrictions, site activities recommenced on October 2, 2020, and construction progress
is now approximately 95% complete. On January 5, 2021, a fire in the solar storage yard destroyed approximately 25% of the solar panels
for the project. Replacement panels have been sourced and are scheduled to arrive on site by mid-May 2021. Approximately 25% of the
solar field came online on January 28, 2021 and solar production reached 75% of full installed capacity by the end of March 2021
when the plant was turned over to the Fekola operations team. Solar power production with only 75% installed capacity has exceeded daily
baseline targets for the full project, with several days of fuel cost savings of over $32,000 versus a goal of $25,000 per day, and replacement
of up to 20% of the total daily power versus a baseline goal of 18%.
The schedule for installation of the remaining
25% is contingent on the delivery of the replacement panels, but full construction completion is now projected by the end of the second
quarter of 2021. The Company does not anticipate any significant impact on Fekola’s 2021 budgeted cash operating costs as a
result of the delay in completion of the solar plant. The existing heavy fuel oil (“HFO”) and diesel power plant have an installed
capacity of 64 megawatts while Fekola's expanded mill facilities require only approximately 40 megawatts for continuous operations. The
solar plant is therefore not a necessary component to sustain the higher process plant production rate but is expected to reduce Fekola's
operating costs and emissions by decreasing power plant fuel consumption and maintenance costs. When the plant is fully commissioned,
it is expected to reduce HFO consumption by over 13 million litres per year and lower carbon dioxide emissions by an estimated 39,000
tonnes per year.
Masbate Gold Mine – the Philippines
The Masbate Mine in the Philippines also had
a strong start to the year with first quarter gold production of 57,513 ounces, well-above budget by 14% (6,852 ounces). Gold production
improved against budget mainly due to higher-than-budgeted mill recoveries (10% above budget) and included processed ore from two main
sources. In the first quarter of 2021, recoveries relating to mill feed sourced from high-grade sulfide ore mined from Main Vein Pit Phases
4 and 5 in the quarter were 8% above budget, while recoveries relating to processed low-grade stockpile tonnage, originally mined from
the Colorado Pit, were 7% above budget. In addition, oxide ore processed during the quarter was 4% higher-than-budget which also contributed
to the higher recoveries. Compared to the first quarter of 2020, gold production in the first quarter of 2021 was higher by 28% (12,641
ounces), mainly due to higher mined ore grades in the quarter, as a result of mining through a higher-grade zone of the Main Vein Pit.
The Masbate Mine continued its remarkable safety performance, extending the number of days without an LTI to 866 days as at March 31,
2021.
For the first quarter of 2021, mill feed grade
was 1.10 g/t compared to budget of 1.06 g/t and 0.90 g/t in the first quarter of 2020; mill throughput was 1.95 million tonnes compared
to budget of 1.95 million tonnes and 1.87 million tonnes in the first quarter of 2020; and gold recovery averaged 83.6% compared to budget
of 75.7% and 83.2% in the first quarter of 2020.
For full-year 2021, the Masbate Mine is expected
to produce between 200,000 - 210,000 ounces of gold at cash operating costs of between $650 - $690 per ounce and AISC of between $955
- $995 per ounce. Masbate’s gold production is scheduled to be relatively consistent throughout 2021.
Otjikoto Gold Mine - Namibia
The Otjikoto Mine in Namibia performed well during
the first quarter of 2021, producing 23,042 ounces of gold, 11% (2,351 ounces) above budget, with processed tonnes, grade and recoveries
all slightly better than budget. As expected, compared to the first quarter of 2020, gold production was significantly lower by 45% (18,707
ounces), as processed ore is primarily being sourced from existing stockpiles while significant waste stripping operations continue at
both the Wolfshag and Otjikoto pits. Mined ore tonnage and grade continue to reconcile well with Otjikoto’s resource model, and
ore production is forecast to significantly increase in the second half of 2021 when mining reaches the higher-grade zone at the base
of the Wolfshag Pit. The Otjikoto Mine has a remarkable safety record, with no LTI’s for the period from March 27, 2018 until October
29, 2020, when an LTI for a fractured ankle occurred. As at March 31, 2021, the Otjikoto Mine had achieved 154 days without an LTI.
For the first quarter of 2021, mill feed grade
was 0.82 g/t compared to budget of 0.79 g/t and 1.54 g/t in the first quarter of 2020; mill throughput was 0.89 million tonnes compared
to budget of 0.84 million tonnes and 0.86 million tonnes in the first quarter of 2020; and gold recovery averaged 97.6% compared to budget
of 97.3% and 98.4% in the first quarter of 2020.
Development of the Wolfshag underground mine
continues to progress on schedule. In the fourth quarter of 2020, development of the portal was completed, and development of the primary
underground ramp commenced. Development continued during the first quarter of 2021, and stope ore production is expected to commence in
early 2022, in-line with original estimates. The initial underground Mineral Reserve estimate for the down-plunge extension of the Wolfshag
orebody included 210,000 ounces of gold in 1.2 million tonnes of ore at 5.57 g/t gold.
For full-year 2021, the Otjikoto Mine in Namibia
is expected to produce between 190,000 - 200,000 ounces of gold, as high-grade ore is scheduled to be sourced from Phase 3 of the Wolfshag
Pit in the second half of 2021. Otjikoto’s cash operating costs are forecast to be between $480 - $520 per ounce and AISC to be
between $830 - $870 per ounce.
Approximately 70% of the gold produced in 2021
is expected to be mined from Phase 3 of the Wolfshag Pit, with material ore production starting early in the third quarter of 2021 following
the waste stripping campaign. As a result of the timing of this high-grade ore mining, Otjikoto’s production is expected to be significantly
weighted to the second half of 2021. For the first half of 2021, Otjikoto’s gold production is expected to be between 45,000 –
50,000 ounces, before increasing significantly to between 145,000 – 150,000 ounces during the second half of 2021. Based mainly
on the weighting of the planned production and timing of higher waste stripping, Otjikoto’s cash operating costs are expected to
be between $940 - $980 per ounce in the first half of 2021, before significantly improving to between $330 - $370 per ounce during the
second half of 2021. In addition, Otjikoto’s AISC are expected to be between $1,600 - $1,640 per ounce in the first half of 2021,
before significantly improving to between $580 - $620 per ounce during the second half of 2021. In the first quarter of 2021, gold production
at Otjikoto was forecast to be lower and costs forecast to be higher than the second quarter of 2021, due to the significant amount of
waste stripping and lower stockpile grades processed early in the year.
Otjikoto’s higher 2021 gold production
level of between 190,000 – 200,000 ounces is expected to continue through to 2024, with production from Wolfshag underground expected
to commence in early 2022 to supplement ore from the Otjikoto Pit as well as existing medium and low-grade stockpiles for approximately
three years based on current estimates.
Outlook
The Company is pleased with its first quarter
2021 production results as outlined in this news release. Based on a strong first quarter, the Company is on track to meet its annual
gold production guidance for 2021 of between 970,000 - 1,030,000 ounces (including 50,000 - 60,000 attributable ounces projected from
Calibre) with total consolidated cash operating costs of between $500 - $540 per ounce and total consolidated AISC of between $870 - $910
per ounce.
First Quarter 2021 Financial Results - Conference Call Details
B2Gold will release its first quarter 2021 financial
results after the North American markets close on Tuesday, May 4, 2021.
B2Gold executives will host a conference call
to discuss the results on Wednesday, May 5, 2021, at 10:00 am PST/1:00 pm EST. You may access the call by dialing the operator at +1 (778)-371-9827
/ +1 (647)-427-7450 (Vancouver/Toronto) or toll free at +1 (888)-231-8191 prior to the scheduled start time or you may listen to the call
via webcast by clicking: https://www.webcaster4.com/Webcast/Page/1493/40852. A playback version will be available for two weeks
after the call at +1 (416)-849-0833 (local or international) or toll free at +1 (855)-859-2056 (passcode 5695701).
About B2Gold Corp.
B2Gold is a low-cost international senior gold
producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines
and numerous exploration and development projects in various countries including Mali and Colombia. B2Gold continues to forecast total
consolidated gold production of between 970,000 and 1,030,000 ounces in 2021.
Qualified Persons
Bill Lytle, Senior Vice President of Operations,
a qualified person under NI 43-101, has approved the
the scientific and technical information related
to operations 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:
Ian MacLean |
Katie Bromley |
Vice President, Investor Relations |
Manager, Investor Relations & Public Relations |
604-681-8371 |
604-681-8371 |
imaclean@b2gold.com |
kbromley@b2gold.com |
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, 2021 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
Canadian 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 capital 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; the impact of the COVID-19 pandemic on B2Gold's operations, including any restrictions or suspensions with respect
to our operations and the effect of any such restrictions or suspensions on our financial and operational results; the ability of the
Company to successfully maintain our operations if they are temporarily suspended, and to restart or ramp-up these operations efficiently
and economically, the impact of COVID-19 on the Company's workforce, suppliers and other essential resources and what effect those impacts,
if they occur, would have on our business, our planned capital and exploration expenditures; future or estimated mine life, metal price
assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated
exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation:
B2Gold generating operating cashflows of approximately $630 million in 2021; remaining well positioned for continued strong operational
and financial performance for 2021; projected gold production, cash operating costs and AISC on a consolidated and mine by mine basis
in 2021, including production being weighted heavily to the second half of 2021; total consolidated gold production of between 970,000
and 1,030,000 ounces in 2021 with cash operating costs of between $500 and $540 per ounce and AISC of between $870 and $910 per ounce;
the Fekola mill being expected to run at an annualized throughput rate of 8.0 Mtpa; the anticipated cost, timing and results for the addition
of a solar plant to the Fekola Mine, including the completion of construction by the end of the third quarter of 2021, contingent on receiving
replacements for the damaged components the Cardinal zone bulk sampling expected to begin in the second quarter of 2021 and being added
to the Fekola environmental and mining permits; the development of the Wolfshag underground mine at Otjikoto, including the results of
such development and the costs and timing thereof; stope ore production at the Wolfshag underground mine at Otjikoto commencing in early
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; the availability of the RCF for future drawdowns; and B2Gold's attributable share at El
Limon and La Libertad. 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", "estimate", "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 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, Colombia and Burkina Faso and including risks related to changes in
foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including
in response to the COVID-19 outbreak; 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
with 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 forecasts; 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 circumstances 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 differ 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.
Non-IFRS Measures
This news release includes certain terms or
performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"),
including "cash operating costs" and "all-in sustaining costs" (or "AISC"). Non-IFRS measures do not have
any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies.
The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures
of performance prepared in accordance with IFRS and should be read in conjunction with B2Gold's consolidated financial statements. Readers
should refer to B2Gold's Management Discussion and Analysis, available on the Websites, under the heading "Non-IFRS Measures"
for a more detailed discussion of how B2Gold calculates certain of such measures and a reconciliation of certain measures to IFRS terms.
9
This regulatory filing also includes additional resources:
ex991.pdf
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