VANCOUVER, BC, April 14,
2022 /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
first quarter of 2022. All dollar figures are in United States dollars unless otherwise
indicated.
2022 First Quarter
Highlights
- Total gold production of 209,365 ounces (including 12,892
ounces of attributable production from Calibre Mining Corp.
("Calibre")), 5% (9,760 ounces) above budget, and consolidated gold
production of 196,473 ounces from the Company's three operating
mines, 4% (8,431 ounces) above budget, with solid performances from
all the Company's three mines, with each mine exceeding its
budgeted production for the first quarter of 2022
- Consolidated gold revenue was $366
million on sales of 195,100 ounces at an average realized
price of $1,874 per ounce
- For 2022, B2Gold remains well positioned for continued strong
operational and financial performance with total gold production
guidance of between 990,000 - 1,050,000 ounces (including 40,000 -
50,000 attributable ounces projected from Calibre) with total
consolidated cash operating costs forecast to be between
$620 - $660 per ounce (see "Non-IFRS Measures")
and total consolidated all-in sustaining costs ("AISC") (see
"Non-IFRS Measures") forecast to be between $1,010 - $1,050 per
ounce
- The Company announced an updated and significantly increased
Mineral Resource estimate for the Anaconda area, comprised of the Menankoto
permit and the Bantako North permit, located approximately 20
kilometres from the Fekola Mine; preliminary planning by the
Company has demonstrated that a pit situated on the Anaconda area could provide saprolite
(weathered) material to be trucked to and fed into the Fekola mill
commencing as early as late 2022, subject to obtaining all
necessary permits and completion of a final mine plan, with the
potential to add an average of approximately 80,000 to 100,000
ounces per year to the Fekola mill's annual gold production
- B2Gold's Namibian subsidiary was recognized by the Namibian
Revenue Agency as the highest revenue contributor among "Overall
Top Contributors" in calendar year 2021
Gold Production
Total gold production in the first quarter of 2022 was 209,365
ounces (including 12,892 ounces of attributable production from
Calibre), above budget by 5% (9,760 ounces), and consolidated gold
production from the Company's three operating mines was 196,473
ounces, above budget by 4% (8,431 ounces), with solid performances
from the Company's three mines, with each mine exceeding its
budgeted production for the first quarter of 2022 (see "Operations"
section below). Due to the timing of higher-grade ore mining,
consolidated gold production from the Company's three operating
mines is expected to be significantly weighted to the second half
of 2022. As expected, compared to the first quarter of 2021, total
consolidated gold production was lower by 5% (11,279 ounces), due
to the planned significant waste stripping campaign and lower mined
ore tonnage at the Fekola Mine in the first quarter of 2022, as
Phase 6 of the Fekola Pit continues to be developed in the first
half of 2022.
The Company is currently compiling its consolidated cash
operating costs and consolidated AISC results for the first quarter
of 2022, which will be released along with its first quarter of
2022 financial results after the North American markets close on
Tuesday, May 3, 2022.
For full-year 2022, the Company's total gold production is
forecast to be between 990,000 - 1,050,000 ounces (including 40,000
- 50,000 attributable ounces projected from Calibre) with total
consolidated cash operating costs forecast to be between
$620 - $660 per ounce and total consolidated AISC
forecast to be between $1,010 -
$1,050 per ounce. The Company's
consolidated gold production from its three operating mines is
forecast to be between 950,000 - 1,000,000 ounces in 2022, with
consolidated cash operating costs forecast to be between
$600 - $640 per ounce and consolidated AISC forecast to
be between $1,000 - $1,040 per ounce. Notwithstanding the ongoing
sanctions on Mali announced by the
Economic Community of West African States ("ECOWAS") on
January 9, 2022, including closure of
a number of the borders with Mali,
the Fekola Mine continues to operate at full capacity and the
Company expects to meet its 2022 production guidance for the Fekola
Mine.
For the first half of 2022, consolidated gold production is
forecast to be between 390,000 - 410,000 ounces, which is expected
to increase significantly to between 560,000 - 590,000 ounces
during the second half of 2022. Based mainly on the weighting of
production and timing of stripping activities, consolidated cash
operating costs are expected to be between $760 - $800 per
ounce in the first half of 2022, before significantly improving to
between $490 - $530 per ounce during the second half of 2022. In
addition, consolidated AISC are expected to be between $1,250 - $1,290 per
ounce in the first half of 2022 before significantly improving to
between $820 - $860 per ounce during the second half of
2022.
Gold Revenue
For the first quarter of 2022, consolidated gold revenue was
$366 million on sales of 195,100
ounces at an average realized price of $1,874 per ounce, compared to $362 million on sales of 202,330 ounces at an
average realized price of $1,791 per
ounce in the first quarter of 2021. The slight increase in gold
revenue of 1% ($4 million) was 5%
attributable to the increase in the average realized gold price,
offset by a 4% impact from the decrease in gold ounces sold (mainly
due to the lower gold production).
Operations
Mine-by-mine gold production in the first quarter of 2022
(including the Company's estimated 25% attributable share of
Calibre's production) was as follows:
Mine
|
Q1
2022
Gold
Production
(ounces)
|
First-Half
2022
Forecast
Gold
Production
(ounces)
|
Second-Half 2022
Forecast
Gold
Production
(ounces)
|
Full-year 2022
Forecast
Gold
Production
(ounces)
|
Fekola
|
101,648
|
220,000 -
230,000
|
350,000 -
370,000
|
570,000 -
600,000
|
Masbate
|
59,764
|
105,000 -
110,000
|
100,000 -
105,000
|
205,000 -
215,000
|
Otjikoto
|
35,061
|
65,000 -
70,000
|
110,000 -
115,000
|
175,000 -
185,000
|
B2Gold
Consolidated (1)
|
196,473
|
390,000
–410,000
|
560,000 –
590,000
|
950,000 –
1,000,000
|
|
|
|
|
|
Equity interest
in Calibre (2)
|
12,892
|
20,000 -
25,000
|
20,000 -
25,000
|
40,000 -
50,000
|
|
|
|
|
|
Total
|
209,365
|
410,000 –
435,000
|
580,000 –
615,000
|
990,000 –
1,050,000
|
(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 25% indirect share
of Calibre's operations. B2Gold applies the equity method of
accounting for its 25% ownership interest in
Calibre.
|
Fekola Gold Mine - Mali
The Fekola Mine in Mali had a
successful start to the year with first quarter of 2022 gold
production of 101,648 ounces, slightly above budget by 1% (917
ounces), as higher than budgeted processed grade (6%) offset lower
than budgeted processed tonnes (5%). Following initial difficulties
with importing reagents into Mali
as a result of economic border sanctions imposed on Mali by ECOWAS, on January 9, 2022, as a precautionary response, the
planned processing of saprolite ore at the Fekola Mine was
temporarily suspended to reduce reagent consumption and ensure that
sufficient reagents remained available to process higher-grade ore
to meet budgeted gold production (which resulted in lower than
budgeted throughput for the first quarter of 2022). Although the
sanctions continue, the situation has normalized as regular imports
of reagents were received by Fekola in February and March 2022. As a result, saprolite ore was
reintroduced back into the Fekola mill feed blend at the end of
February 2022, and the processing of
saprolite ore resumed as planned. Fekola's gold production is
expected to be significantly weighted to the second half of 2022
when mining reaches the higher-grade portion of Phase 6 of the
Fekola Pit and Cardinal operations are at full capacity. As
expected, compared to the first quarter of 2021, Fekola's gold
production was lower by 19% (23,440 ounces), due to planned
significant waste stripping and lower mined ore tonnage, as Phase 6
of the Fekola Pit continues to be developed in the first half of
2022.
For the first quarter of 2022, mill feed grade was 1.54 grams
per tonne ("g/t") compared to budget of 1.45 g/t and 1.99 g/t in
the first quarter of 2021; mill throughput was 2.20 million tonnes
compared to budget of 2.31 million tonnes and 2.07 million tonnes
in the first quarter of 2021; and gold recovery averaged 93.3%
compared to budget of 93.5% and 94.4% in the first quarter of 2021.
For the first quarter of 2022, as described above, processed grade
was above budget while processed tonnes were below budget mainly
due to the temporary suspension of processing saprolite ore, offset
by the processing of higher-grade ore, in January and February 2022. Processed grade was lower compared
to the first quarter of 2021 due to the planned significant waste
stripping campaign in the first quarter of 2022.
The Fekola Mine is expected to produce between 570,000
- 600,000 ounces of gold in 2022 at cash operating costs of
between $510 - $550 per ounce
and AISC of between $840 - $880
per ounce. For the first half of 2022, Fekola's gold production is
expected to be between 220,000 - 230,000 ounces, which is
expected to increase significantly to between 350,000
- 370,000 ounces during the second half of 2022. Based mainly
on the weighting of production and timing of pre-stripping,
Fekola's cash operating costs are expected to be between
$720 - $760 per ounce in the
first half of 2022, before significantly improving to between
$380 - $420 per ounce during the
second half of 2022. In addition, Fekola's AISC are expected to be
between $1,140 - $1,180 per
ounce in the first half of 2022, before significantly improving to
between $660 - $700 per ounce
during the second half of 2022.
Anaconda Area
On March 23, 2022, the Company
announced an updated and significantly increased Mineral
Resource estimate for the Anaconda area, comprised of the
Menankoto permit and the Bantako North permit, located
approximately 20 kilometres from the Fekola Mine. The updated and
significantly increased Anaconda Mineral Resource estimate (as
at January 11, 2022) constrained within a conceptual pit shell
at a gold price of $1,800 per ounce included an initial
Indicated Mineral Resource estimate of 32,400,000 tonnes at 1.08
g/t gold for a total 1,130,000 ounces of gold, and Inferred Mineral
Resource estimate of 63,700,000 tonnes at 1.12 g/t gold for
2,280,000 ounces of gold. The Mineral Resource estimate included
first time reporting of 1,130,000 ounces of Indicated Mineral
Resources and an increase of 1,510,000 ounces (196% increase) of
Inferred Mineral Resources since the initial Inferred Mineral
Resource estimate in 2017 (21,590,000 tonnes at 1.11 g/t gold, for
767,000 ounces).
In 2022, the Company has budgeted $33 million for
development of infrastructure for Phase I saprolite mining at
the Anaconda area, including road construction. Based on
the updated Mineral Resource estimate and B2Gold's preliminary
planning, the Company has demonstrated that a pit situated on
the Anaconda area could provide selective higher grade
saprolite material (average grade of 2.2 g/t) to be trucked to and
fed into the Fekola mill commencing as early as late 2022 at a rate
of 1.5 million tonnes per annum. Subject to obtaining all necessary
permits and completion of a final development plan, the trucking of
selective higher grade saprolite material to the Fekola mill would
increase the ore processed and annual gold production from the
Fekola mill, with the potential to add an average of approximately
80,000 to 100,000 ounces per year to the Fekola mill's annual gold
production. The plan to truck the selective higher grade saprolite
material is not included in the Company's 2022 production guidance
and the Anaconda area Mineral Resources have not been
included in the current Fekola life of mine plan.
Based on this updated Mineral Resource Estimate and the 2022
exploration drilling results, the Company has commenced a Phase II
scoping study to review the project economics of constructing a
stand-alone mill near the Anaconda area. Subject to
receipt of a positive Phase II scoping study, the Company expects
that the saprolite material would continue to be trucked to and fed
into the Fekola mill during the construction period for
the Anaconda area stand-alone mill.
In 2022, the Company will continue drilling to infill and extend
the saprolite resource area and to follow up on the sulphide
mineralization at the Anaconda
area, including the Mamba and Adder zones, and several other
targets below the saprolite mineralization. The good grade and
width combinations at the Anaconda
area continue to provide a strong indication of the potential for
Fekola-style south plunging bodies of sulphide mineralization,
which remains open down plunge. Five drill rigs are currently
drilling in the Anaconda area.
Masbate Gold Mine – The
Philippines
The Masbate Mine in the
Philippines had a strong start to the year with first
quarter of 2022 gold production of 59,764 ounces, above budget by
11% (5,711 ounces) and 4% (2,251 ounces) higher compared
to the first quarter of 2021, mainly due to higher processed grade.
For the first quarter of 2022, mill feed grade was 1.19 g/t
compared to budget of 1.09 g/t and 1.10 g/t in the first quarter of
2021; mill throughput was 2.01 million tonnes compared to budget of
1.93 million tonnes and 1.95 million tonnes in the first quarter of
2021; and gold recovery averaged 78.0% compared to budget of 79.7%
and 83.6% in the first quarter of 2021. Processed grade was above
budget in the first quarter of 2022 due to mining additional
(unbudgeted) higher-grade areas identified within the planned
mining areas. In addition, mine haulage optimizations (which
resulted in shorter than planned hauls of waste and increased
mining rates) also contributed to the above budgeted mined
high-grade ore tonnage in the first quarter of 2022. Compared to
the first quarter of 2021, gold recoveries were lower as a result
of processing a higher proportion of fresh rock ore in the first
quarter of 2022.
The Masbate Mine is expected to produce between 205,000 -
215,000 ounces of gold in 2022 at cash operating costs of between
$740 - $780 per ounce and AISC of between $1,070 - $1,110 per
ounce. Masbate's gold production is scheduled to be relatively
consistent throughout 2022.
Otjikoto Gold Mine - Namibia
The Otjikoto Mine in Namibia
performed well during the first quarter of 2022, producing 35,061
ounces of gold, 5% (1,803 ounces) above budget, with processed
tonnes, grade and recoveries all slightly better than budget. As a
result of the timing of higher-grade ore mining, Otjikoto's gold
production is expected to be significantly weighted to the second
half of 2022 when mining is scheduled to reach the higher-grade
portions of Phase 3 of the Otjikoto Pit and ore production ramps up
at the Wolfshag underground mine. As expected, compared to the
first quarter of 2021, gold production was significantly higher by
52% (12,019 ounces), as processed ore in the first quarter of 2021
was primarily sourced from existing stockpiles while significant
waste stripping operations continued at both the Wolfshag and
Otjikoto pits.
For the first quarter of 2022, mill feed grade was 1.31 g/t
compared to budget of 1.26 g/t and 0.82 g/t in the first quarter of
2021; mill throughput was 0.85 million tonnes compared to budget of
0.84 million tonnes and 0.89 million tonnes in the first quarter of
2021; and gold recovery averaged 98.5% compared to budget of 98.0%
and 97.6% in the first quarter of 2021.
Development of the Wolfshag underground mine continues to
progress with ore production expected to commence in the first half
of 2022. The initial underground Mineral Reserve estimate for the
down-plunge extension of the Wolfshag deposit includes 210,000
ounces of gold in 1.2 million tonnes of ore at 5.57 g/t gold.
The Otjikoto Mine is expected to produce between 175,000 -
185,000 ounces of gold in 2022 at cash operating costs of between
$740 - $780 per ounce and AISC of between $1,120 - $1,160 per
ounce. For the first half of 2022, Otjikoto's gold production is
expected to be between 65,000 - 70,000 ounces, which is expected to
increase significantly to between 110,000 - 115,000 ounces during
the second half of 2022. Based mainly on the weighting of the
planned production and timing of pre-stripping, Otjikoto's cash
operating costs are expected to be between $960 - $1,000 per
ounce in the first half of 2022, before significantly improving to
between $620 - $660 per ounce during the second half of 2022. In
addition, Otjikoto's AISC are expected to be between $1,460 - $1,500 per
ounce in the first half of 2022, before significantly improving to
between $930 - $970 per ounce during the second half of
2022.
Outlook
The Company is pleased with its first quarter of 2022
production results as outlined in this news release, particularly
given the challenges mining companies are facing around the world.
Based on a strong first quarter, the Company is on track to meet
its annual gold production guidance for 2022 of between
990,000 - 1,050,000 ounces (including 40,000 - 50,000 attributable
ounces projected from Calibre) with total consolidated cash
operating costs of between $620 -
$660 per ounce and total consolidated
AISC of between $1,010 - $1,050 per ounce. The Company is currently
compiling its consolidated cash operating costs and consolidated
AISC results for the first quarter of 2022, which will be released
along with its first quarter of 2022 financial results after the
North American markets close on Tuesday, May
3, 2022.
The Company's ongoing strategy is to continue to maximize
profitable production from its mines, further advance
the Anaconda and Gramalote development projects,
advance the Company's numerous brownfield and
greenfield exploration projects, evaluate new exploration,
development and production opportunities and continue to pay
an industry leading dividend yield.
First Quarter 2022 Financial
Results - Conference Call Details
B2Gold will release its first quarter of 2022 financial
results after the North American markets close on Tuesday, May 3, 2022.
B2Gold executives will host a conference call to discuss the
results on Wednesday, May 4, 2022, at
10:00 am PST/1:00 pm EST. You may access the call by dialing
the operator at +1 (778) 383-7413 / +1 (416)
764-8659 (Vancouver/Toronto) or toll free at +1 (888)
664-6392 prior to the scheduled start time or you may listen
to the call via webcast by clicking here. A playback version will
be available for two weeks after the call at +1 (416)
764-8677 (local or international) or toll free at +1 (888)
390-0541 (passcode 666652 #).
Qualified Persons
Bill Lytle, Senior Vice President
and Chief Operating Officer, a qualified person under NI 43-101,
has approved the scientific and technical information related to
operations matters contained in this news release.
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:
Randall
Chatwin
|
Katie Bromley
|
Senior Vice President,
Legal &
|
Manager, Investor
Relations &
|
Corporate
Communications
|
Public
Relations
|
604-681-8371
|
604-681-8371
|
rchatwin@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, 2022 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 $625 million in 2022 which are expected to be
significantly weighted to the second half of 2022; remaining well
positioned for continued strong operational and financial
performance for 2022; projected gold production, cash operating
costs and AISC on a consolidated and mine by mine basis in 2022,
including production being weighted heavily to the second half of
2022; total consolidated gold production of between 990,000 and
1,050,000 ounces in 2022 with cash operating costs of between
$620 and $660 per ounce and AISC of between $1,010 and $1,050
per ounce; the Fekola mill being expected to run at an annualized
throughput rate of approximately 9.0 Mtpa (over the long-term); the
completion of an updated mineral resource estimate for the
Anaconda area in the first quarter
of 2022; the potential upside to increase Fekola's gold production
in 2022 by trucking material from the Anaconda area, including the potential to add
approximately 80,000 to 100,000 per year to Fekola's annual
production profile, and for the Anaconda area to provide saprolite material to
feed the Fekola mill starting in late 2022; the commencement of a
Phase II study for the Anaconda
area upon completion of the updated mineral resource estimate on
the sulphide material becomes and based on 2022 exploration
drilling results to review the project economics of trucking
sulphide material to the Fekola mill as compared to constructing
another stand-alone mill near Anaconda; the potential for production from
the Cardinal zone to add approximately 50,000 ounces in 2022 to the
Company's production profile and approximately 60,000 per year over
the next 6 to 8 years; the Fekola Mine to be well-positioned for
any potential supply disruptions caused by the border closures
following the ECOWAS sanctions; 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 late in the
first half of 2022; the potential payment of future dividends,
including the timing and amount of any such dividends, and the
expectation that quarterly dividends will be maintained at the same
level; and B2Gold's attributable share of Calibre's production. All
statements in this news release that address events or developments
that we expect to occur in the future are forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, although not always, identified
by words such as "expect", "plan", "anticipate", "project",
"target", "potential", "schedule", "forecast", "budget",
"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 and Colombia
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.
Cautionary Statement Regarding Mineral Reserve and Resource
Estimates
The disclosure in this news release was prepared in
accordance with Canadian National Instrument 43-101, which differs
significantly from the requirements of the United States Securities
and Exchange Commission ("SEC"), and resource and reserve
information contained or referenced in this news release may not be
comparable to similar information disclosed by public companies
subject to the technical disclosure requirements of the SEC.
Historical results or feasibility models presented herein are not
guarantees or expectations of future performance.
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SOURCE B2Gold Corp.