NEWS

Mr. Clive Johnson reports:

VANCOUVER, British Columbia, Aug. 08, 2024 (GLOBE NEWSWIRE) — B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announces its operational and financial results for the second quarter of 2024. All dollar figures are in United States dollars unless otherwise indicated.

2024 Second Quarter Highlights

• Total gold production of 212,508 ounces: Total gold production in the second quarter of 2024 was 212,508 ounces, including 8,267 ounces of attributable production from Calibre Mining Corp. (“Calibre”). Production at the Fekola Mine in the second quarter of 2024 was below expectations as a result of damage to an excavator and the delay in receiving replacement equipment which impacted equipment availability for the second quarter of 2024, reducing tonnes mined. These equipment availability issues are being addressed and mining rates are expected to improve by the end of the third quarter of 2024.
• Total consolidated cash operating costs of $839 per gold ounce produced, at the low end of the annual guidance range: Total consolidated cash operating costs (see “Non-IFRS Measures”) (including estimated attributable results for Calibre) of $839 per gold ounce produced during the second quarter of 2024 with consolidated cash operating costs from the Company’s three operating mines of $808 per gold ounce produced.
• Total consolidated all-in sustaining costs of $1,267 per gold ounce sold, below the annual guidance range: Total consolidated all-in sustaining costs (see “Non-IFRS Measures”) (including estimated attributable results for Calibre) of $1,267 per gold ounce sold for the second quarter of 2024 with consolidated all-in sustaining costs from the Company’s three operating mines of $1,244 per gold ounce sold.
• Total gold production for 2024 now expected to be between 800,000 and 870,000 ounces (including 20,000 ounces of attributable production from Calibre): Total gold production for 2024 is expected to be impacted by the delay in mining higher-grade ore from Phase 7 of the Fekola pit due to equipment availability issues, resulting in an expected decrease of approximately 50,000 ounces in Fekola production for full year 2024. Mining and processing of these ounces is now expected in the first half of 2025. Lower anticipated Fekola production is partially offset by increased gold production guidance at Masbate and Otjikoto, by 10,000 ounces combined. In addition, following the sale of a portion of the Company’s equity interest in Calibre in June 2024, the Company will stop reporting its share of attributable Calibre production going forward. In 2024, B2Gold now expects total gold production to be between 800,000 and 870,000 ounces (including 20,000 ounces of attributable production from Calibre). The previous 2024 total gold production range of between 860,000 and 940,000 ounces included 40,000 to 50,000 ounces of attributable production from Calibre.
• Total consolidated all-in sustaining costs (including attributable results for Calibre) for 2024 now expected to be between $1,420 and $1,480 per ounce: Total consolidated all-in sustaining costs (including attributable results for Calibre) for 2024 are now forecast to be between $1,420 and $1,480 per ounce (original guidance range of between $1,360 and $1,420 per ounce).
• Attributable net loss of $0.02 per share; adjusted attributable net income of $0.06 per share: Net loss attributable to the shareholders of the Company in the second quarter of 2024 of $24 million ($0.02 per share), primarily the result of a non-cash impairment of the Fekola Complex; adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company of $78 million ($0.06 per share).
• Operating cash flow before working capital adjustments of $192 million: Cash flow provided by operating activities before working capital adjustments was $192 million in the second quarter of 2024.
• Strong financial position and liquidity: At June 30, 2024, the Company had cash and cash equivalents of $467 million and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $600 million.
• Q3 2024 dividend of $0.04 per share declared: On August 8, 2024, B2Gold’s Board of Directors declared a cash dividend for the third quarter of 2024 of $0.04 per common share (or an expected $0.16 per share on an annualized basis), payable on September 23, 2024, to shareholders of record as of September 10, 2024.
• All planned construction for the first half of 2024 necessary to produce gold at the Goose Project by the end of Q2 2025 now complete and project development remains on schedule: B2Gold successfully completed the 2024 Winter Ice Road (“WIR”) campaign in the second quarter of 2024 and has delivered all necessary items from the Marine Laydown Area (“MLA”) to complete the construction of the Goose Project in the second quarter of 2025. The key construction items completed in the second quarter included the construction of three additional fuel storage tanks at the MLA to increase fuel storage capacity to more than 80 million liters of fuel, which are anticipated to begin to receive fuel in August 2024; the construction of three additional fuel storage tanks at the Goose Project site to increase fuel storage capacity to more than 80 million liters of fuel, of which two of the three tanks have been completed with the third tank expected to be completed in the third quarter of 2024; and the purchase of materials necessary to complete construction and the staging of those materials for shipment to the MLA during the 2024 sealift.
• Positive Preliminary Economic Assessment (“PEA”) results for the Gramalote Project; feasibility work has commenced: On June 18, 2024, the Company released the results of a positive PEA on its 100% owned Gramalote Project located in the Department of Antioquia, Colombia. Highlights of the PEA include a significant production profile with average annual gold production of 185,000 ounces over a 12.5 year project life and strong project economics with an after-tax net present value discounted at 5% (“NPV5%”) of $778 million and an after-tax internal rate of return (“IRR”) of 20.6%. B2Gold has commenced feasibility work with the goal of completing a feasibility study by mid-2025.
• Initial Inferred Mineral Resource Estimate announced for the Springbok Zone of the Antelope deposit at the Otjikoto Mine: On June 20, 2024, the Company released an initial Inferred Mineral Resource Estimate for the Springbok Zone, the southernmost shoot of the recently discovered Antelope deposit, located approximately three kilometers (“km”) south of the Otjikoto Phase 5 open pit at the Otjikoto Mine in Namibia. The Company determined that the initial Inferred Mineral Resource Estimate was sufficient to initiate a PEA on development of the deposit by underground mining methods, similar to the Wolfshag deposit. Subject to the receipt of a positive PEA and permit, mining of the Springbok Zone, coupled with the exploration potential of the greater Antelope deposit, could begin to contribute to gold production at Otjikoto in 2026.
• Partnered with Sandbox Royalties Corp. (“Sandbox”) to create Versamet Royalties Corporation (“Versamet”); B2Gold expected to receive $90 million equity interest in Versamet: On June 5, 2024, B2Gold entered into a purchase and sale agreement to sell a portfolio of 10 precious and base metals royalties to Sandbox, a private returns-focused metals royalty company, for consideration of 153.2 million common shares at a price of C$0.80 per share, representing an equity ownership interest in Versamet of 33.0% valued at approximately $90 million.

Read full report: Junior Mining Network

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