B2Gold Reports Strong Q1 2021 Results; Quarterly Total Gold Production of 220,644 oz, 9% Above Budget; Cash Operating Costs and All-In Sustaining Costs Lower than Budget

By B2 Gold Corp 8 days ago

VANCOUVER,BC, May 4, 2021 /PRNewswire/ -B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G)(B2Gold or the Company) is pleased to announce its operational and financial results for the first quarter of 2021. The Company previously released its gold production and gold revenue results for the first quarter of 2021. All dollar figures are in United States dollars unless otherwise indicated.

2021 First Quarter Highlights

  • Total gold production of 220,644 ounces (including 15,001 ounces of attributable production from Calibre Mining Corp. (Calibre)), 9% (18,542 ounces) above budget, and consolidated gold production of 205,643 ounces from the Company's three operating mines, 9% (17,291 ounces) above budget
  • Consolidated gold revenue was $362 million on sales of 202,330 ounces at an average price of $1,791 per ounce
  • Consolidated cash flow provided by operating activities from the Company's three operating mines of $146 million; B2Gold maintains a strong financial position and liquidity with cash and cash equivalents of $513 million as at March 31, 2021
  • Total consolidated cash operating costs (see Non-IFRS Measures) of $609 per ounce produced, well-below budget by $54 per ounce produced (8%), and total consolidated all-in sustaining costs (AISC) (see Non-IFRS Measures) of $932 per ounce sold, significantly below budget by $146 per ounce sold (14%) (including estimated attributable results for Calibre)
  • Net income attributable to the shareholders of the Company of $92 million ($0.09 per share); adjusted net income (see Non-IFRS Measures) attributable to the shareholders of the Company of $97 million ($0.09 per share)
  • No Lost-Time-Injury (LTI) incidents at the Company's operating mines in the first quarter of 2021, extending the number of days without an LTI to 437 days for Fekola, 866 days for Masbate and 154 days for Otjikoto as at March 31, 2021
  • Following the successful completion of the Fekola mill expansion to 7.5 million tonnes per annum (Mtpa) in September 2020, Fekola's mill throughput was a quarterly record of 2.07 million tonnes in the first quarter of 2021, 9% above budget and 19% higher than the first quarter of 2020
  • For full-year 2021, B2Gold remains well positioned for continued strong operational and financial performance with total gold production guidance of between 970,000 - 1,030,000 ounces (including 50,000 60,000 attributable ounces projected from Calibre) with total consolidated forecast cash operating costs of between $500 - $540 per ounce and total consolidated AISC of between $870 - $910 per ounce
  • Based on current assumptions, including a gold price of $1,800 per ounce, the Company expects to generate cashflows from operating activities of approximately $630 million for the full-year 2021
  • Selected as the recipient of five additional mining industry awards in the Philippines and Mali
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The Company continues to address the COVID-19 pandemic and minimize its potential impact at B2Gold's operations. B2Gold places the safety and well-being of its workforce and all stakeholders as its highest priority and continues to encourage input from all its stakeholders as the COVID-19 situation evolves. The Company continues to implement measures and precautionary steps to manage and respond to the risks associated with COVID-19 to ensure the safety of B2Gold's employees, contractors, suppliers and surrounding communities where the Company works while continuing to operate. The Company is continually updating these plans and response measures based on the safety and well-being of its workforce, the severity of the pandemic in areas where it operates, global response measures, government restrictions and extensive community consultation. The Company is working closely with national and local authorities, including labour unions, and continues to closely monitor each site's situation, including public and employee sentiment to ensure that stakeholders are in alignment with continued safe operation of its mines.

2021 First Quarter Operational Results

Total consolidated gold production in the first quarter of 2021was 220,644 ounces(including 15,001 ounces of attributable production from Calibre), above budget by 9% (18,542 ounces),with solid performances from the Company's three operating mines which all exceeded their budgeted production together with lower than budgeted cash operating costs per ounce and AISC for the first quarter. The Fekola Mine in Mali continued its strong operational performance through the first quarter of 2021, producing 125,088 ounces of gold, 7% (8,088 ounces) above budget, as the Fekola processing facilities continued to outperform. Following the successful completion of the Fekola mill expansion to 7.5 Mtpa (an increase of 1.5 Mtpa from an assumed base rate of 6 Mtpa) in September 2020, mill throughput was a quarterly record of 2.07 million tonnes in the first quarter of 2021, 9% above budget and 19% higher than the first quarter of 2020. The Masbate Mine in the Philippines also had a strong start to the year with first quarter of 2021 gold production of 57,513 ounces, well-above budget by 14% (6,852 ounces). The Otjikoto Mine in Namibia performed well during the first quarter of 2021, producing 23,042 ounces of gold, 11% (2,351 ounces) above budget, with processed tonnes, grade and recoveries all slightly better than budget. As expected, compared to the first quarter of 2020, total consolidated gold production was lower by 17% (44,218 ounces), due to planned significant waste stripping campaigns at both the Fekola and Otjikoto mines, scheduled for the first half of 2021 (for Phase 5 and Phase 6 of the Fekola Pit, and Phase 3 of each of the Wolfshag and Otjikoto pits). Gold production is expected to significantly increase in the second half of 2021, when mining at Fekola reaches the higher-grade zones of the Fekola Pit and mining at Otjikoto reaches the higher-grade zone at the base of the Wolfshag Pit.

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