VANCOUVER, BC, July 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
second quarter and first half of 2022. All dollar figures are in
United States dollars unless
otherwise indicated.
2022 Second Quarter and First Half
Highlights
- Total gold production in the second quarter of 2022 of 223,623
ounces (including 14,765 ounces of attributable production from
Calibre Mining Corp. ("Calibre")), slightly above budget by 1%
(2,154 ounces), and consolidated gold production of 208,858 ounces
from the Company's three operating mines, in line with budget
- Consolidated gold revenue in the second quarter of 2022 of
$382 million on sales of 205,300
ounces at an average realized gold price of $1,861 per ounce
- Fekola's mill throughput in the second quarter of 2022 was a
quarterly record of 2.42 million tonnes, 8% above budget and 6%
higher than the second quarter of 2021
- On July 3, 2022, the Economic
Community of West African States ("ECOWAS") removed the economic,
financial and diplomatic sanctions imposed on Mali earlier in 2022 following the interim
Malian Government's announcement of a two-year transition to
presidential elections and the promulgation of a new electoral law.
As a result, Mali's borders with
its neighbours are now open to normal commercial traffic and
ordinary supply routes are once again available
- Total gold production in the first half of 2022 of 432,988
ounces (including 27,657 ounces of attributable production from
Calibre), above budget by 3% (11,914 ounces), and consolidated gold
production of 405,331 ounces from the Company's three operating
mines, above budget by 2% (7,383 ounces)
- Consolidated gold revenue in the first half of 2022 of
$748 million on sales of 400,400
ounces at an average realized gold price of $1,867 per ounce
- For full-year 2022, B2Gold remains well positioned for
continued strong operational and financial performance and remains
on track to achieve its 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 remains in a strong net positive cash position and
paid a second quarter dividend of $0.04 per common share (annualized rate of
$0.16 per common share), one of the
highest dividend yields in the gold sector
- The Company recently announced the acquisition of Oklo
Resources Limited, which will provide B2Gold with an additional
landholding of 1,405 km2 covering highly prospective
greenstone belts in Mali,
including Oklo's flagship Dandoko project (550 km2),
located approximately 25 kilometres from each of the Fekola Mine
and the Anaconda area. The
transaction is expected to be completed in early September 2022
Gold Production
Total gold production in the second quarter of 2022 was 223,623
ounces (including 14,765 ounces of attributable production from
Calibre), slightly above budget by 1% (2,154 ounces), and
consolidated gold production from the Company's three operating
mines was 208,858 ounces, in line with budget (see "Operations"
section below). Compared to the second quarter of 2021, total
consolidated gold production was higher by 6% (12,011 ounces),
mainly due to record quarterly mill throughput achieved at the
Fekola Mine in the second quarter of 2022. In addition, processed
grade was higher at the Otjikoto Mine in the second quarter of
2022, due to significant waste stripping operations at both the
Wolfshag and Otjikoto pits in the first half of 2021. Consolidated
gold production from the Company's three operating mines is
expected to be significantly weighted to the second half of 2022
primarily due to the timing of higher-grade ore mining.
For the first half of 2022, total gold production was 432,988
ounces (including 27,657 ounces of attributable production
from Calibre), above budget by 3% (11,914 ounces), and
comparable with the first half of 2021. Consolidated gold
production from the Company's three operating mines was 405,331
ounces in the first half of 2022, above budget by 2% (7,383 ounces)
and 1% (2,308 ounces) higher compared to the second half of
2021.
The Company is currently compiling its consolidated cash
operating costs and consolidated AISC results for the second
quarter of 2022, which will be released along with its second
quarter of 2022 financial results after the North American markets
close on Wednesday, August 3,
2022.
For full-year 2022, B2Gold remains well positioned for continued
strong operational and financial performance and remains on track
to achieve its total gold production guidance of between 990,000
and 1,050,000 ounces (including 40,000 and 50,000 attributable
ounces projected from Calibre), with total consolidated cash
operating costs forecast to be between $620 and $660 per
ounce and total consolidated AISC forecast to be between
$1,010 and $1,050 per ounce. Due to the timing of high-grade
ore mining, consolidated gold production from the Company's three
operating mines is expected to increase significantly to between
560,000 and 590,000 ounces during the second half of 2022. Based
mainly on the weighting of production and timing of stripping,
consolidated cash operating costs are expected to be between
$760 and $800 per ounce in the first half of 2022, before
significantly improving to between $490 and $530 per
ounce during the second half of 2022. In addition, consolidated
AISC are expected to be between $1,250 and $1,290
per ounce in the first half of 2022 before significantly improving
to between $820 and $860 per ounce during the second half of
2022.
Gold Revenue
For the second quarter of 2022, consolidated gold revenue was
$382 million on sales of 205,300
ounces at an average realized gold price of $1,861 per ounce, compared to $363 million on sales of 200,071 ounces at an
average realized gold price of $1,814
per ounce in the second quarter of 2021. The increase in gold
revenue of 5% ($19 million) was
attributable to a 2.5% increase in the average realized gold price
and a 2.5% increase in gold ounces sold.
For the first half of 2022, consolidated gold revenue was
$748 million on sales of 400,400
ounces at an average price of $1,867
per ounce compared to $725 million on
sales of 402,401 ounces at an average price of $1,802 per ounce in the first half of 2021. The
increase in gold revenue of 3% ($23
million) was attributable to a 4% increase in the average
realized gold price, partially offset by a 1% decrease in gold
ounces sold.
Operations
Mine-by-mine gold production in the second quarter and first
half of 2022 (including the Company's estimated 25% attributable
share of Calibre's production) was as follows:
Mine
|
Q2
2022
Gold
Production
(ounces)
|
First-Half
2022
Gold
Production
(ounces)
|
Revised
Full-year
2022
Forecast
Gold
Production
(ounces)
|
Fekola
|
123,066
|
224,714
|
570,000 -
600,000
|
Masbate
|
54,375
|
114,139
|
215,000 -
225,000
|
Otjikoto
|
31,417
|
66,478
|
165,000 -
175,000
|
B2Gold
Consolidated (1)
|
208,858
|
405,331
|
950,000 –
1,000,000
|
|
|
|
|
Equity interest
in Calibre (2)
|
14,765
|
27,657
|
40,000 -
50,000
|
|
|
|
|
Total
|
223,623
|
432,988
|
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
continued its strong operational performance through the second
quarter of 2022, producing 123,066 ounces of gold, in line with
budget. In the second quarter of 2022, Fekola's processing
facilities achieved record quarterly throughput of 2.42 million
tonnes, 8% above budget and 6% higher than the second quarter of
2021, due to favourable ore characteristics and continuous
optimization of the grinding circuit. The higher than budgeted mill
throughput in the second quarter of 2022 was mainly offset by lower
than budgeted mill feed grade (6%), as Fekola's low-grade
stockpiles were used to provide additional unbudgeted mill feed
required as a result of the higher than budgeted processed tonnes.
Compared to the second quarter of 2021, gold production was higher
by 8% (9,455 ounces), mainly due to higher mill throughput.
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.
For the second quarter of 2022, mill feed grade was 1.71 grams
per tonne ("g/t") compared to budget of 1.81 g/t and 1.65 g/t in
the second quarter of 2021; mill throughput was 2.42 million tonnes
compared to
budget of 2.24 million tonnes and 2.29 million tonnes in the
second quarter of 2021; and gold recovery averaged 92.4% compared
to budget of 94.4% and 93.2% in the second quarter of 2021. In the
second quarter of 2022, as noted above, the higher than budgeted
mill throughput (8%) was mainly offset by lower than budgeted mill
feed grade (6%), as Fekola's low-grade stockpiles were used to
provide additional unbudgeted mill feed required as a result of the
higher than budgeted processed tonnes. In addition, in the second
quarter of 2022, low availability of lime led to reduced gold
recoveries, however, all reagents are now available without
constraint and operations continue normally.
For the first half of 2022, the Fekola Mine produced 224,714
ounces of gold, slightly above budget (901 ounces) and, as
expected, lower by 6% (13,985 ounces) compared to the first half of
2021 mainly due to planned significant waste stripping and lower
mined ore tonnage as Phase 6 of the Fekola Pit was developed in the
first half of 2022.
The Company welcomes the recent announcement by ECOWAS of the
removal on July 3, 2022 of the
economic, financial and diplomatic sanctions imposed on
Mali in January 2022. The sanctions were removed by
ECOWAS after the interim Malian Government announced a two-year
transition to presidential elections and promulgated a new
electoral law. Mali's borders with
its neighbouring countries have now re-opened to normal commercial
traffic and ordinary supply routes are available. Throughout the
period of the sanctions, the Fekola Mine continued to operate
normally and meet its production targets while maintaining a good
working relationship with the interim Government.
The low-cost Fekola Mine is expected to produce between 570,000
and 600,000 ounces of gold in 2022 at cash operating costs of
between $510 and $550 per ounce and AISC of between $840 and $880 per
ounce. Fekola's gold production is expected to significantly
increase to between 350,000 and 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 and $760 per ounce in the first half of 2022, before
significantly improving to between $380 and $420 per
ounce during the second half of 2022. In addition, Fekola's AISC
are expected to be between $1,140 and
$1,180 per ounce in the first half of
2022, before significantly improving to between $660 and $700 per
ounce during the second half of 2022.
Masbate Gold Mine – The
Philippines
The Masbate Mine in the
Philippines continued its strong operational performance
with second quarter 2022 gold production of 54,375 ounces, above
budget by 2% (995 ounces), as processed tonnage (6% above budget)
more than offset lower than budgeted processed grade (4%). Compared
to the second quarter of 2021, gold production was lower by 4%
(2,503 ounces) due to higher grade and recoveries in the
second quarter of 2021.
For the second quarter of 2022, mill feed grade was 1.09 g/t
compared to budget of 1.13 g/t and 1.17 g/t in the second quarter
of 2021; mill throughput was 1.99 million tonnes compared to budget
of 1.88 million tonnes and 1.86 million tonnes in the second
quarter of 2021; and gold recovery averaged 78.4% compared to
budget of 78.2% and 81.5% in the second quarter of 2021. In the
second quarter of 2022, higher than budgeted mill throughput (6%)
resulted from the continuous optimization of the grinding circuit
whereas the lower than budgeted processed grade (4%) resulted from
lower than budgeted mined grades at the bottom of the Montana Pit,
where mining is expected to be completed by the end of July 2022. Processed grade was higher in the
second quarter of 2021 (compared to the second quarter of
2022) due to mining of higher-grade zones of the Main Vein and
Montana pits in the second quarter
of 2021. Gold recoveries for processed ore were also higher in the
second quarter of 2021 (compared to the second quarter of 2022) as
mill recoveries outperformed Masbate's modelled mine plan
recoveries in the second quarter of 2021.
For the first half of 2022, Masbate Mine's gold production of
114,139 ounces was well above budget by 6% (6,706 ounces) as a
result of higher than budgeted mill throughput, and comparable to
the first half of 2021.
In light of the Masbate Mine's positive production performance
to date in 2022, it is now expected to produce between 215,000 and
225,000 ounces of gold in 2022 (original guidance range was between
205,000 and 215,000 ounces of gold), with cash operating costs of
between $740 and $780 per ounce and AISC of between $1,070 and $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
produced 31,417 ounces of gold in the second quarter of 2022, 2,027
ounces (6%) below budget. The lower than budgeted gold production
in the second quarter of 2022 was due to a slower than planned
ramp-up in development of the Wolfshag Underground mine, resulting
in lower than budgeted mined grade. The Company recently appointed
a new underground mining contractor and development rates in the
Wolfshag Underground mine have recovered, with development ore now
expected in the third quarter of 2022 and stope ore production
commencing in the fourth quarter of 2022. As a result of this
change in ore production timing, the 2022 annual production
guidance range for Otjikoto has been revised to between 165,000 and
175,000 ounces of gold (original guidance range was between 175,000
and 185,000 ounces of gold). As expected, compared to the second
quarter of 2021, gold production was higher by 17% (4,526 ounces)
due to significant waste stripping operations at both the Wolfshag
and Otjikoto pits in the first half of 2021.
For the second quarter of 2022, mill feed grade was 1.17 g/t
compared to budget of 1.25 g/t and 0.99 g/t in the second quarter
of 2021; mill throughput was 0.85 million tonnes compared to budget
of 0.85 million tonnes and 0.86 million tonnes in the second
quarter of 2021; and gold recovery averaged 98.4% compared to
budget of 98.0% and 97.8% in the second quarter of 2021. As noted
above, processed grade was lower than budget in the second quarter
of 2022 due to delays in the development of the Wolfshag
Underground mine and higher compared to the second quarter of 2021
due to significant waste stripping at both the Wolfshag and
Otjikoto pits in the first half of 2021.
For the first half of 2022, the Otjikoto Mine produced 66,478
ounces of gold, in line with budget and 33% (16,545 ounces) higher
than the first half of 2021.
The Otjikoto Mine is now expected to produce between 165,000 and
175,000 ounces of gold in 2022, with cash operating costs of
between $740 and $780 per ounce and AISC of between $1,120 and $1,160
per ounce. For the second half of 2022, Otjikoto's gold production
is expected to increase significantly to between 100,000 and
105,000 ounces. 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
and $1,000 per ounce in the first
half of 2022, before significantly improving to between
$620 and $660 per ounce during the second half of 2022. In
addition, Otjikoto's AISC are expected to be between $1,460 and $1,500
per ounce in the first half of 2022, before significantly improving
to between $930 and $970 per ounce during the second half of
2022.
Outlook
The Company is pleased with its second quarter and first
half of 2022 production results as outlined in this news release.
Based on a strong first half, 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 second quarter of 2022, which will be released
along with its second quarter of 2022 financial results after the
North American markets close on Wednesday,
August 3, 2022.
The Company is continuing with a $33 million program
for development of infrastructure for Phase I saprolite mining at
the Anaconda area, including road
construction. Based on the updated Mineral Resource estimate for
the Anaconda area released in
March 2022 and B2Gold's preliminary
planning, the Company has demonstrated that a pit situated on the
Anaconda area could provide
selective higher grade saprolite material to be trucked to and fed
into the Fekola mill. 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 the updated Mineral Resource estimate and the 2022
exploration drilling results, the Company is completing
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.
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.
Second Quarter 2022 Financial
Results - Conference Call Details
B2Gold will release its second quarter 2022 financial
results after the North American markets close on Wednesday, August 3, 2022.
B2Gold executives will host a conference call to discuss the
results on Thursday, August 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
652410 #).
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
|
Cherry De
Geer
|
Senior Vice President,
Legal &
|
Director, Corporate
Communications
|
Corporate
Communications
|
604-681-8371
|
604-681-8371
|
cdegeer@b2gold.com
|
rchatwin@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 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 timing and results
of a Phase II study for the Anaconda area to review the project economics
of trucking sulphide material to the Fekola mill as compared to
constructing another stand-alone mill near Anaconda; 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 the
fourth quarter of 2022; the potential payment of future dividends,
including the timing and amount of any such dividends, and the
expectation that quarterly dividends will be maintained at the same
level; and B2Gold's attributable share of Calibre's production. All
statements in this news release that address events or developments
that we expect to occur in the future are forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, although not always, identified
by words such as "expect", "plan", "anticipate", "project",
"target", "potential", "schedule", "forecast", "budget",
"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.