VANCOUVER, BC, Oct. 19, 2021
/PRNewswire/ - 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 and
first nine months of 2021. All dollar figures are in United States dollars unless otherwise
indicated.
2021 Third Quarter and First Nine Months Highlights
- Total gold production in the third quarter of 2021 of 310,261
ounces (including 14,538 ounces of attributable production from
Calibre Mining Corp. ("Calibre"), above budget by 7% (20,871
ounces), and consolidated gold production of 295,723 ounces from
the Company's three operating mines, above budget by 7% (20,083
ounces)
- Consolidated gold revenue in the third quarter of 2021 of
$511 million on sales of 286,650
ounces at an average realized price of $1,782 per ounce
- Record quarterly gold production achieved by both the Fekola
Mine of 165,557 ounces and Otjikoto Mine of 68,959 ounces in the
third quarter of 2021
- In September 2021, the Fekola
Mine produced its 2 millionth ounce of gold, 4 years from the
commencement of production
- Increased Fekola's and Masbate's production guidance; for
full-year 2021, the Fekola Mine is now forecast to produce between
560,000 to 570,000 ounces of gold (original guidance was between
530,000 to 560,000 ounces) and the Masbate Mine between 215,000 to
225,000 ounces of gold (original guidance was between 200,000 to
210,000 ounces)
- Total gold production in the first nine months of 2021 of
742,517 ounces (including 43,771 ounces of attributable production
from Calibre), above budget by 7% (49,682 ounces), and consolidated
gold production of 698,746 ounces from the Company's three
operating mines, above budget by 7% (47,161 ounces)
- Consolidated gold revenue in the first nine months of 2021 of
$1.2 billion on sales of 689,051
ounces at an average realized price of $1,794 per ounce
- For full-year 2021, B2Gold has increased its total gold
production guidance range to between 1,015,000 - 1,055,000 ounces
(including 50,000 – 60,000 attributable ounces projected from
Calibre) (original guidance was between 970,000 and 1,030,000
ounces)
- Based on current assumptions, including an average 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 (approximately $500
million of cashflows from operating activities are expected
to be generated in the second half of 2021)
Gold Production
Total gold production in the third quarter of 2021 was 310,261
ounces (including 14,538 ounces of attributable production from
Calibre), above budget by 7% (20,871 ounces) and consolidated gold
production from the Company's three operating mines was 295,723
ounces, above budget by 7% (20,083 ounces) with solid performances
from all the Company's three mines, with each mine exceeding its
budgeted production for the third quarter (see "Operations" section
below). Both the Fekola and Otjikoto mines achieved record
quarterly gold production in the third quarter of 2021. As planned,
with increased throughput at the Fekola mill together with the
completion of the significant waste stripping campaigns at both the
Fekola and Otjikoto mines in the first half of 2021 (for Phase 5
and Phase 6 of the Fekola Pit, and Phase 3 of the Wolfshag and
Otjikoto pits), consolidated gold production increased
significantly by 19% (46,990 ounces) compared to the third quarter
of 2020, as mining at Fekola reached the higher-grade zones of the
Fekola Pit and mining at Otjikoto reached the higher-grade zone at
the base of the Wolfshag Pit in the third quarter of 2021.
Consolidated gold production also increased significantly by 50%
(98,343 ounces) over the second quarter of 2021.
For the first nine months of 2021, total gold production was
742,517 ounces (including 43,771 ounces of attributable
production from Calibre), above budget by 7%
(49,682 ounces), and 4% (27,751 ounces) lower than the
first nine months of 2020 due to the focus on waste stripping at
Fekola and Otjikoto in the first half of 2021. Consolidated gold
production from the Company's three operating mines was 698,746
ounces in the first nine months of 2021, above budget by 7% (47,161
ounces).
For full-year 2021, based on strong production performance in
the first nine months of 2021, B2Gold has increased its total gold
production guidance to between 1,015,000 - 1,055,000 ounces
(including 50,000 – 60,000 attributable ounces projected from
Calibre) (original guidance was between 970,000 and 1,030,000
ounces). The Company is currently compiling its consolidated cash
operating costs (see "Non-IFRS Measures") and consolidated
all-in sustaining costs ("AISC") (see "Non-IFRS Measures")
results for the third quarter and first nine months of 2021, which
will be released along with its third quarter and first nine months
of 2021 financial results after the North American markets close on
Tuesday, November 2, 2021. For
full-year 2021, the Company's total consolidated cash operating
costs are budgeted to be between $500
- $540 per ounce and total
consolidated AISC to be between $870
- $910 per ounce.
Gold Revenue
For the third quarter of 2021, consolidated gold revenue was
$511 million on sales of 286,650
ounces at an average realized price of $1,782 per ounce, compared to $487 million on sales of 253,200 ounces at an
average price of $1,924 per ounce in
the third quarter of 2020. The increase in gold revenue of 5%
($24 million) was 13% attributable to
the increase in gold ounces sold (mainly due to the higher gold
production and timing of gold shipments), partially offset by an 8%
impact from the decrease in the average realized gold
price.
For the first nine months of 2021, consolidated gold revenue was
$1.2 billion on sales of 689,051
ounces at an average realized price of $1,794 per ounce compared to $1.3 billion on sales of 749,800 ounces at an
average price of $1,746 per ounce in
the first nine months of 2020. The decrease in gold revenue of 6%
($73 million) was mainly attributable
to the decrease in gold ounces sold (mainly due to the lower gold
production and timing of gold shipments).
Operations
Mine-by-mine gold production in the third quarter and first nine
months of 2021 (including the Company's estimated 33% share of
Calibre's production) was as follows:
Mine
|
Q3
2021 Gold
Production
(ounces)
|
First Nine
Months 2021 Gold Production (ounces)
|
Revised Full-Year 2021 Guidance Gold Production
(ounces)
|
Original Full-Year 2021 Guidance Gold Production
(ounces)
|
Fekola
|
165,557
|
404,256
|
560,000 -
570,000
|
530,000 -
560,000
|
Masbate
|
61,207
|
175,598
|
215,000 -
225,000
|
200,000 -
210,000
|
Otjikoto
|
68,959
|
118,892
|
190,000 -
200,000
|
190,000 -
200,000
|
B2Gold
Consolidated (1)
|
295,723
|
698,746
|
965,000 -
995,000
|
920,000 -
970,000
|
|
|
|
|
|
Equity interest
in Calibre (2)
|
14,538
|
43,771
|
50,000 -
60,000
|
50,000 -
60,000
|
|
|
|
|
|
Total
|
310,261
|
742,517
|
1,015,000 -
1,055,000
|
970,000 -
1,030,000
|
|
|
(1)
|
"B2Gold
Consolidated" - gold production is presented on a 100% basis, as
B2Gold fully consolidates the results of its Fekola, Masbate and
Otjikoto mines in its consolidated financial statements (even
though it does not own 100% of these
operations).
|
|
|
(2)
|
"Equity interest
in Calibre" - 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 third
quarter of 2021, with record quarterly gold production of 165,557
ounces, 6% (9,557 ounces) above budget, and 9% (13,022 ounces)
higher compared to the third quarter of 2020. The increase was due
to higher mill throughput, partially offset by lower processed
grade, as Fekola's low-grade stockpiles were used to supplement the
additional unbudgeted mill feed required as a result of the higher
than budgeted processed tonnes. As planned, with the completion of
the waste stripping campaign relating to the development of Phases
5 and 6 of the Fekola Pit in the first half of 2021, Fekola's gold
production increased significantly by 46% (51,946 ounces) over the
second quarter of 2021, as mining reached the higher-grade zones in
Phase 5 of the Fekola Pit in the third quarter of 2021. In
September 2021, the Fekola Mine
produced its 2 millionth ounce of gold, 4 years from the
commencement of production.
For the third quarter of 2021, mill feed grade was 2.30 grams
per tonne ("g/t") compared to budget of 2.71 g/t and 3.22 g/t in
the third quarter of 2020; mill throughput was 2.36 million tonnes
compared to budget of 1.91 million tonnes and 1.56 million tonnes
in the third quarter of 2020; and gold recovery averaged 94.8%
compared to budget of 94.0% and 94.6% in the third quarter of 2020.
Fekola's processing facilities continued to outperform in the third
quarter of 2021 (following the successful completion of the Fekola
mill expansion in September 2020)
with record quarterly throughput of 2.36 million tonnes, 24% above
budget and 51% higher than the third quarter of 2020. The higher
than budgeted mill throughput was due to favourable ore
fragmentation and hardness, as well as optimization of the grinding
circuit. Based on the positive results noted to date through to the
third quarter of 2021, Fekola's annualized throughput rate is now
expected to average 8.3 million tonnes per annum ("Mtpa") for 2021
and average approximately 9.0 Mtpa (over the long-term), based on
an ore blend including fresh rock and weathered material
(saprolite).
After review of an Environmental and Social Impact Assessment by
the Malian authorities, the existing Medinandi (Fekola) permit has
been updated to include the Cardinal zone, located within 500
metres of the current Fekola resource pit (the initial 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). Exploration drilling
at Cardinal is ongoing and recent drill results have returned good
gold grades over significant widths below the current resource
which remains open at depth and along strike. Initial mining
operations at Cardinal have commenced and will continue to ramp up.
To date, 95,489 tonnes at an average grade of 1.45 g/t have been
mined at Cardinal. The Company is in the process of updating the
Fekola Mine Plan to include production from Cardinal which has the
potential to add an average of approximately 60,000 ounces per year
over the next 6 to 8 years (based on Cardinal's inferred resource
only) to Fekola's annual gold production. Grade control drilling at
Cardinal is ongoing to upgrade a portion of its mineral resource to
the indicated category for 2022 production budget purposes.
For the first nine months of 2021, the Fekola Mine produced
404,256 ounces of gold, above budget by 6% (21,256 ounces) for the
reasons outlined above. As expected, compared to the first nine
months of 2020, gold production was lower by 13% (59,714 ounces) as
a result of the higher planned waste stripping and lower mined ore
grades in the first half of 2021, as Phases 5 and 6 of the Fekola
Pit were developed.
Based on Fekola's strong year-to-date performance, the Company
has increased Fekola's production guidance range to between 560,000
to 570,000 ounces of gold (original guidance range was between
530,000 to 560,000 ounces).
Menankoto Permit
As previously disclosed, the Company has formally commenced
arbitration proceedings against the Republic of Mali with respect to the renewal of the
Menankoto exploration permit (the "Menankoto Permit") which forms
part of the Anaconda Area and is
located 20 kilometers north of the Fekola Mine licence area. The
Company strongly believes that it is entitled to a one-year renewal
of the Menankoto Permit under applicable law. Notwithstanding the
commencement of arbitration proceedings, the Company is
committed to continuing its ongoing discussions with the Malian
Government to resolve the issue and remains optimistic that
the renewal dispute can be resolved over the course of the next few
months. Since the Company commenced its investment in Mali, B2Gold has always enjoyed a positive and
mutually beneficial relationship with the Government of
Mali.
Masbate Gold Mine – the
Philippines
The Masbate Mine in the
Philippines also continued its strong operational
performance with third quarter of 2021 gold production of 61,207
ounces, well above budget by 16% (8,236 ounces), as grade and
recovery both exceeded budget, and 14% (7,600 ounces) higher
compared to the third quarter of 2020, due to higher grade.
For the third quarter of 2021, mill feed grade was 1.24 g/t
compared to budget of 1.12 g/t and 1.05 g/t in the third quarter of
2020; mill throughput was 1.84 million tonnes compared to budget of
2.05 million tonnes and 1.97 million tonnes in the third quarter of
2020; and gold recovery averaged 81.6% compared to budget of 71.9%
and 81.1% in the third quarter of 2020. In the third quarter of
2021, Masbate's mill recoveries continued to outperform the
recovery model and high-grade ore mined from both the Main Vein and
Montana pits produced higher
tonnage compared to the reserve model. In addition, high grade
zones of the Main Vein Pit, originally scheduled to be mined in the
fourth quarter of 2021, were mined and processed in the third
quarter of 2021, bringing gold production forward from the fourth
quarter of 2021. Masbate's mill throughput was below budget in
the third quarter of 2021 as the Company took the opportunity to
accelerate mill maintenance activities due to the positive
variances on mill feed grade and recoveries which benefited
Masbate's gold production in the third quarter.
For the first nine months of 2021, the Masbate Mine produced
175,598 ounces of gold, well above budget by 12% (19,478 ounces)
for the reasons outlined above, and 19% (28,465 ounces) higher than
the first nine months of 2020, mainly due to higher mined ore
grades as a result of mining through higher-grade zones of the Main
Vein and Montana pits in the first
nine months of 2021.
Based on Masbate's strong year-to-date performance, the Company
has increased Masbate's production guidance range to between
215,000 to 225,000 ounces of gold (original guidance range was
between 200,000 to 210,000 ounces). In the fourth quarter of 2021,
Masbate's gold production is expected to be approximately 45,000
ounces, reflecting the fact that a portion of its budgeted fourth
quarter production was rescheduled and mined in the third quarter
of 2021.
Otjikoto Gold Mine – Namibia
The Otjikoto Mine in Namibia
also had a strong third quarter with record quarterly gold
production of 68,959 ounces of gold, above budget by 3% (2,290
ounces), mainly due to higher than budgeted throughput. As planned,
with the completion of the waste stripping campaigns at the
Wolfshag and Otjikoto pits in the first half of 2021, Otjikoto's
gold production increased significantly by 62% (26,368 ounces)
compared to the third quarter of 2020, as mining reached the
higher-grade zone at the base of the Wolfshag Pit in the third
quarter of 2021. Otjikoto's gold production also increased
significantly by 156% (42,068 ounces) over the second quarter of
2021.
For the third quarter of 2021, mill feed grade was 2.41 g/t
compared to budget of 2.46 g/t and 1.53 g/t in the third quarter of
2020; mill throughput was 0.90 million tonnes compared to budget of
0.86 million tonnes and 0.88 million tonnes in the third quarter of
2020; and gold recovery averaged 98.7% compared to budget of 98.3%
and 98.2% in the third quarter of 2020.
For the first nine months of 2021, the Otjikoto Mine produced
118,892 ounces of gold, above budget by 6% (6,427 ounces), mainly
due to higher than budgeted throughput, and 7% (8,944 ounces) lower
than the first nine months of 2020 due to the focus on waste
stripping in the first half of 2021.
Development of the Wolfshag underground mine continues to
progress with stope ore production expected to commence in early
2022. The initial underground Mineral Reserve estimate for the
down-plunge extension of the Wolfshag deposit 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 remains on track to
produce between 190,000 - 200,000 ounces of
gold.
Outlook
The Company is pleased with its third quarter and first
nine months of 2021 gold production results as outlined in this
news release. Based on a strong first nine months of 2021, the
Company has increased its total gold production guidance to between
1,015,000 - 1,055,000 ounces (including 50,000 – 60,000
attributable ounces projected from Calibre) (original guidance was
between 970,000 and 1,030,000 ounces). The Company is currently
compiling its consolidated cash operating costs and consolidated
AISC results for the third quarter and first nine months of 2021,
which will be released along with its third quarter and first nine
months of 2021 financial results after the North American markets
close on Tuesday, November 2, 2021.
For full-year 2021, the Company's total consolidated cash operating
costs are budgeted to be between $500
- $540 per ounce and total
consolidated AISC to be between $870
- $910 per ounce.
The Company's ongoing strategy is to continue to maximize
profitable production from its mines, further advance its pipeline
of development and exploration projects, evaluate new exploration,
development and production opportunities and continue to pay
an industry leading dividend yield.
Third Quarter 2021 Financial Results – Conference
Call/Webcast Details
B2Gold will release its third quarter 2021 financial
results after the North American markets close on Tuesday, November 2, 2021.
B2Gold executives will host a conference call to discuss the
results on Wednesday, November 3,
2021, at 10:00am
PST/1:00pm EST. You may access
the call by dialing the operator at +1 (778) 383-7413 (Vancouver), +1 (416), +1 764-8659
(Toronto) or +1 (888) 664-6392
(North American toll free) 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 +1 (888) 390-0541
(North America toll free)
(passcode 733464 #).
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
|
+1
604-681-8371
|
+1
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, $500
million of which are expected to be generated in the second
half of 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 1,015,000 and 1,055,000 ounces in 2021; the
Fekola mill being expected to run at an annualized throughput rate
of 8.3 Mtpa for 2021 and average approximately 9.0 Mtpa (over the
long-term); the potential for production from the
Cardinal zone to add approximately 60,000 ounces per year over the
next 6 to 8 years to the Company's production profile; 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; 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.
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SOURCE B2Gold Corp.