B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or
the “Company”) announces its operational and financial results for
the first quarter of 2023. All dollar figures are in United States
dollars unless otherwise indicated.
2023 First Quarter
Highlights
- Total gold production of
266,856 ounces in Q1 2023, exceeding expectations to start
2023: Total gold production of 266,856 ounces, including
16,137 ounces of attributable production from Calibre Mining Corp.
("Calibre"). The Fekola Mine produced 165,864 ounces in the
quarter, benefitting from a favorable mine phasing sequence to
start 2023, with Phase 6 of the Fekola pit providing high-grade ore
to the process plant. All B2Gold operations are on track to meet or
exceed annual production guidance ranges. On April 27, 2023, Fekola
produced its three millionth ounce of gold, five years and seven
months from construction completion.
- Total consolidated cash
operating costs of $600 per gold
produced in Q1 2023, well below the annual guidance range (between
$670 and $730 per ounce): Total consolidated cash
operating costs (see “Non-IFRS Measures”) (including estimated
attributable results for Calibre) of $600 per gold ounce produced
during the quarter. Consolidated cash operating costs from the
Company’s three operating mines of $576 per gold ounce
produced.
- Total consolidated all-in
sustaining costs of $1,060 per gold ounce sold in Q1 2023, well
below the annual guidance range (between $1,195 and $1,255 per
ounce): Total consolidated all-in sustaining costs (see
“Non-IFRS Measures”) (including estimated attributable results for
Calibre) of $1,060 per gold ounce sold. Consolidated all-in
sustaining costs from the Company’s three operating mines of $1,049
per gold ounce sold, lower than expected as a result of lower cash
operating costs and the timing of sustaining capital expenditures
that are expected to be incurred later in 2023.
- Attributable net income of
$0.08 per share; Adjusted attributable net income of $0.10 per
share in Q1 2023: Net income attributable to the
shareholders of the Company of $86.0 million ($0.08 per share);
adjusted net income (see “Non-IFRS Measures”) attributable to the
shareholders of the Company of $106 million ($0.10 per share).
- Operating cash flow before
working capital adjustments of $0.21 per share in Q1 2023:
Cash flow provided by operating activities before working capital
adjustments (see “Non-IFRS Measures”) was $223 million ($0.21 per
share) in the first quarter of 2023.
- Robust financial
position: At March 31, 2023, the Company had cash and cash
equivalents of $674 million and working capital (defined as current
assets less current liabilities) of $804 million.
- Q1 2023 dividend of $0.04
per share declared: The Company remains in a strong net
positive cash position and paid a first quarter dividend of $0.04
per common share on March 17, 2023 (annualized rate of $0.16 per
common share).
- Completed acquisition of
Sabina Gold and Silver Corp. (“Sabina”): Subsequent to the
quarter end, the Company completed the acquisition of Sabina on
April 19, 2023, resulting in the Company acquiring Sabina’s 100%
owned Back River Gold District located in Nunavut, Canada by
issuing approximately 216 million B2Gold common shares as
consideration.
- Subsequent to completion of
the acquisition of Sabina, B2Gold completed its inaugural winter
ice road season and extinguished certain of Sabina’s construction
financing obligations: B2Gold completed its inaugural
winter ice road season and received all critical materials that
were necessary to maintain the schedule for construction completion
of the mill in the first quarter of 2025. As well, the Company
extinguished certain of Sabina's construction financing obligations
with payments totalling $111 million as follows: senior secured
debt facility for a $2 million payment, gold prepay facility for a
$1 million payment, the entire gold metal off take agreement for a
$62 million payment, and one-third of the gold stream arrangement
for a $46 million payment.
- Significant exploration
program approved at the Back River Gold District for 2023:
B2Gold has approved a $20 million exploration budget for the
balance of 2023 to complete approximately 25,000 meters (“m”) of
drilling. Infill and greenfield drilling will be focused in
proximity to existing deposits at the Goose Project, as well as
following up on regional targets identified at the George, Boulder,
Boot and Del projects.
- Preliminary Fekola Complex
optimization study indicates significant opportunity to increase
gold production and resource utilization: The Company is
progressing an engineering study of a Fekola Regional stand-alone
mill and oxide processing facilities (expected to be located on the
Anaconda Area). Construction of a stand-alone oxide mill would
constitute Phase II of the Fekola Regional Development Plan. The
engineering study will be based on processing 4 million tonnes per
annum (“Mtpa”) of saprolite and transitional (oxide) resources.
From January 2022 through March 31, 2023, the Company has completed
approximately 120,000 m of drilling at the Anaconda Area, which
included infill drilling to upgrade a significant portion of the
Inferred oxide resources to the Indicated category, as well as
extending both oxide and sulphide resources in the area. An updated
Anaconda Area Mineral Resource estimate is currently underway and
scheduled to be completed by the end of the second quarter of 2023.
Consequently, to allow for incorporation of this updated Mineral
Resource estimate into the engineering study, results of the study
are now expected in the fourth quarter of 2023. The Company’s
optimization study analysis indicates that the combined Fekola Mine
and Fekola Regional processing facilities could have the potential
to produce more than 800,000 ounces of gold per year from the
Fekola Complex, subject to delineation of additional mineral
resources and development, completion of feasibility studies, and
the receipt of all necessary regulatory approvals and permits.
- Closed investment into
Snowline Gold Corp. (“Snowline”), acquiring a 5.0% equity
interest: In March 2023, closed an equity investment into
Snowline, giving B2Gold ownership of approximately 5.0% of the
issued and outstanding common shares of Snowline. Snowline is
advancing the Rogue project in the Yukon, Canada.
First Quarter 2023 Results
| |
Three months ended |
| |
March 31, |
| |
2023 |
2022 |
| |
|
|
| Gold revenue ($ in
thousands) |
473,556 |
365,583 |
| Net income ($ in
thousands) |
101,904 |
90,803 |
| Earnings per share – basic(1)
($/ share) |
0.08 |
0.08 |
| Earnings per share –
diluted(1) ($/ share) |
0.08 |
0.08 |
| Cash provided by operating
activities ($ thousands) |
203,823 |
107,310 |
| Average realized gold price
($/ ounce) |
1,901 |
1,874 |
| Adjusted net income(1)(2) ($
in thousands) |
105,862 |
65,096 |
| Adjusted earnings per
share(1)(2) – basic ($) |
0.10 |
0.06 |
| Excluding equity
investment in Calibre: |
|
|
| Gold sold (ounces) |
249,150 |
195,100 |
| Gold produced (ounces) |
250,719 |
196,473 |
| Cash operating costs(2) ($/
gold ounce sold) |
512 |
630 |
| Cash operating costs(2) ($/
gold ounce produced) |
576 |
676 |
| Total cash costs(2) ($/ gold
ounce sold) |
653 |
762 |
| All-in sustaining costs(2) ($/
gold ounce sold) |
1,049 |
1,028 |
| Including equity
investment in Calibre: |
|
|
| Gold sold (ounces) |
265,292 |
208,089 |
| Gold produced (ounces) |
266,856 |
209,365 |
| Cash operating costs(2) ($/
gold ounce sold) |
540 |
656 |
| Cash operating costs(2) ($/
gold ounce produced) |
600 |
699 |
| Total cash costs(2) ($/ gold
ounce sold) |
678 |
784 |
| All-in sustaining costs(2) ($/
gold ounce sold) |
1,060 |
1,036 |
(1) Attributable to the shareholders of the
Company.(2) Non-IFRS measure. For a description of how these
measures are calculated and a reconciliation of these measures to
the most directly comparable measures specified, defined or
determined under IFRS and presented in the Company’s financial
statements, refer to “Non-IFRS Measures”.
Liquidity and Capital
Resources
B2Gold continues to maintain a strong financial
position and liquidity. At March 31, 2023, the Company had cash and
cash equivalents of $674 million (December 31, 2022 - $652 million)
and working capital (defined as current assets less current
liabilities) of $804 million (December 31, 2022 - $802 million). At
March 31, 2023, the full amount of the Company's $600 million
revolving credit facility was undrawn and available.
First Quarter 2023
Dividend On February 22,
2023, B2Gold’s Board of Directors (“Board”) declared a cash
dividend for the first quarter of 2023 of $0.04 per common share
(or an expected $0.16 per share on an annualized basis), paid on
March 17, 2023. The declaration and payment of future quarterly
dividends remains at the discretion of the Board and will depend on
the Company's financial results, cash requirements, future
prospects and other factors deemed relevant by the Board.
Back River Gold District Update
On April 19, 2023, the Company completed the
acquisition of Sabina, resulting in the Company acquiring Sabina’s
100% owned Back River Gold District located in Nunavut, Canada by
issuing approximately 216 million common shares of B2Gold as
consideration. The Back River Gold District consists of five
mineral claims blocks along an 80 kilometer (“km”) belt. The most
advanced project in the district, Goose, is fully permitted,
construction ready, and has been de-risked with significant
infrastructure currently in place. The Goose Project has an
estimated two year construction period, which is expected to be
completed in the first quarter of 2025. B2Gold’s management team
has strong northern construction expertise and the experience to
deliver the fully permitted Goose Project and the financial
resources to develop the significant gold resource endowment at the
Back River Gold District into a large, long life mining complex.
B2Gold recognizes that respect and collaboration with the Kitikmeot
Inuit Association is central to the license to operate in the Back
River Gold District and will continue to prioritize developing the
project in a manner that recognizes Indigenous input and concerns
and brings long-term socio-economic benefits to the area.
Subsequent to completion of the acquisition of
Sabina, B2Gold completed its inaugural winter ice road season and
received all critical materials that were necessary to maintain the
schedule for construction completion of the mill in the first
quarter of 2025. During the season, upgrades to road alignment and
sub-base were completed to improve the winter ice road for future
seasons. The transportation of materials concluded with the receipt
of all necessary supplies, allowing for the pouring of concrete for
key facilities and installation of structural steel to weather in
the key facilities ahead of next seasons winter ice road campaign.
Additionally, preparations for the 2023 sea lift continue and to
date all ordered materials have arrived as scheduled. Currently,
on-site activities are focused on building a new employee camp
(Phase 1 of the new camp is scheduled for completion on July 1,
2023), extending the airstrip to support the increased work force,
primary pond construction to satisfy start-up water requirements,
and continued development of the open pit and underground
areas.
The Back River Gold District includes
significant untapped exploration potential across the 80 km belt.
To accelerate pursuing this potential, B2Gold has approved a $20
million exploration budget for the balance of 2023 to complete
approximately 25,000 m of drilling. The $20 million budget is
significantly higher than historical annual exploration
expenditures. Drilling will be focused in proximity to existing
deposits at the Goose Project, as well as following up on regional
targets identified at the George, Boulder, Boot and Del
projects.
Subsequent to the completion of the acquisition
of Sabina, B2Gold extinguished certain of Sabina’s construction
financing obligations. The original Gold Metal Offtake Agreement
between Sabina and Orion Mine Finance (“Orion”) allowed for the
repurchase of 50% of the gold offtake in the event of a change of
control for $31 million. Under the terms of the agreement with
Orion, B2Gold paid a total purchase price of $62 million to retire
the entire gold metal offtake obligation. In addition, B2Gold has
paid $3 million to retire the senior secured debt facility and gold
prepay facility entered into between Orion and Sabina. After
completion of the repurchase transactions, Orion will no longer
hold any security over the Goose Project or the Back River Gold
District. The original Stream Agreement between Sabina and Wheaton
Precious Metals (“Wheaton”) allowed for the repurchase of 33% of
the gold stream on the Goose Project for consideration equal to an
amount of cash that generates a 15% rate of return on the advanced
portion of gold stream. Under the terms of the agreement with
Wheaton, B2Gold paid a total purchase price of $46 million to
retire 33% of the existing gold stream.
A March 2021 Updated Feasibility Study on the
Goose Project outlined a 15-year life of mine, producing an average
of 223,000 ounces of gold per year (average annual production of
287,000 ounces over first five years) from 3.6 million ounces of
Mineral Reserves averaging 5.97 g/t gold. The Company believes
there is potential to increase production in the first five years
of the mine life to over 300,000 ounces of gold per year through
accelerated development of the underground mine at the Goose
Project, subject to further mine sequencing analysis.
Operations
Fekola Mine - Mali
| |
Three months ended |
| |
March 31, |
| |
2023 |
2022 |
| |
|
|
| Gold revenue ($ in
thousands) |
314,225 |
197,862 |
| Gold sold (ounces) |
165,050 |
105,400 |
| Average realized gold price
($/ ounce) |
1,904 |
1,877 |
| Tonnes of ore milled |
2,271,891 |
2,199,223 |
| Grade (grams/ tonne) |
2.47 |
1.54 |
| Recovery (%) |
91.9 |
93.3 |
| Gold production (ounces) |
165,864 |
101,648 |
| Cash operating costs(1) ($/
gold ounce sold) |
471 |
583 |
| Cash operating costs(1) ($/
gold ounce produced) |
483 |
624 |
| Total cash costs(1) ($/ gold
ounce sold) |
632 |
739 |
| All-in sustaining costs(1) ($/
gold ounce sold) |
964 |
987 |
| Capital expenditures ($ in
thousands) |
53,795 |
28,228 |
| Exploration ($ in
thousands) |
1,706 |
6,394 |
(1) Non-IFRS measure. For a description of how
these measures are calculated and a reconciliation of these
measures to the most directly comparable measures specified,
defined or determined under IFRS and presented in the Company’s
financial statements, refer to “Non-IFRS Measures”.
The Fekola Mine in Mali (owned 80% by the
Company and 20% by the State of Mali) had a successful start to the
year with first quarter of 2023 gold production of 165,864 ounces.
As expected, Fekola's gold production was strong due to a favorable
mine phasing sequence to start 2023, with Phase 6 of the Fekola pit
providing significant high-grade ore to the process plant. For the
first quarter of 2023, mill feed grade was 2.47 grams per tonne
(“g/t”), mill throughput was 2.27 million tonnes, and gold recovery
averaged 91.9%.
The Fekola Mine’s cash operating costs (refer to
“Non-IFRS Measures”) for the first quarter of 2023 were $483 per
ounce produced ($471 per gold ounce sold). Cash operating costs per
ounce produced for the first quarter of 2023 were lower than
expected as a result of lower mining costs, predominantly due to
less tonnes moved than anticipated during the quarter. Tonnes moved
were less than expected during the quarter due to tight working
conditions in Phase 6 including reduced hauling capacity due to
having one ramp available (the issue has been fixed starting in
April 2023) and lower than budgeted diesel costs. The mining
tonnage is expected to be caught up over the remainder of 2023.
All-in sustaining costs (refer to “Non-IFRS
Measures”) for the first quarter of 2023 for the Fekola Mine were
$964 per gold ounce sold. All-in sustaining costs for the first
quarter of 2023 were lower than expected as a result of lower cash
operating costs described above and lower than expected sustaining
capital expenditures. The lower sustaining capital expenditures are
mainly a result of timing of expenditures and expected to be
incurred later in 2023.
Capital expenditures in the first quarter of
2023 totalled $54 million primarily consisting of $26 million for
mobile equipment purchases and rebuilds, $15 million for
pre-stripping, $2 million for haul road construction, $2 million
for Fekola underground development and $1 million for the tailings
facility raise project.
Subsequent to quarter end, Fekola produced its
three millionth ounce of gold on April 27, 2023. This milestone was
accomplished five years and seven months from construction
completion and three years earlier than estimated in the Fekola
feasibility study from June 2015. Fekola production has met or
exceeded production projections in each year of its operation.
The low-cost Fekola Complex in Mali is expected
to produce between 580,000 and 610,000 ounces of gold in 2023 at
cash operating costs of between $565 and $625 per ounce and all-in
sustaining costs of between $1,085 and $1,145 per ounce. At the
Fekola Mine, ore will continue to be mined from the Fekola and
Cardinal pits and for Fekola Regional operations, initial saprolite
production (to be processed in the Fekola Mill) is expected to
commence from the Bantako North permit starting in the third
quarter of 2023. Saprolite production from the Bantako North permit
is expected to generate approximately 18,000 ounces of gold
production in 2023 with Fekola Regional production levels
continuing to ramp-up through 2024. The Fekola Mine is expected to
process 9 million tonnes of ore during 2023 at an average grade of
2.20 g/t gold with a process gold recovery of 93.4%. The expected
increase in Fekola's all-in sustaining costs for 2023 reflects,
predominantly, higher sustaining capital expenditures.
Masbate Mine – The Philippines
| |
Three months ended |
| |
March 31, |
| |
2023 |
2022 |
| |
|
|
| Gold revenue ($ in
thousands) |
56,992 |
83,093 |
| Gold sold (ounces) |
29,650 |
44,300 |
| Average realized gold price
($/ ounce) |
1,922 |
1,876 |
| Tonnes of ore milled |
2,069,042 |
2,010,188 |
| Grade (grams/ tonne) |
0.95 |
1.19 |
| Recovery (%) |
73.5 |
78.0 |
| Gold production (ounces) |
46,364 |
59,764 |
| Cash operating costs(1) ($/
gold ounce sold) |
843 |
785 |
| Cash operating costs(1) ($/
gold ounce produced) |
883 |
710 |
| Total cash costs(1) ($/ gold
ounce sold) |
992 |
917 |
| All-in sustaining costs(1) ($/
gold ounce sold) |
1,320 |
1,022 |
| Capital expenditures ($ in
thousands) |
8,953 |
5,693 |
| Exploration ($ in
thousands) |
959 |
1,037 |
(1) Non-IFRS measure. For a description of how
these measures are calculated and a reconciliation of these
measures to the most directly comparable measures specified,
defined or determined under IFRS and presented in the Company’s
financial statements, refer to “Non-IFRS Measures”.
The Masbate Mine in the Philippines had a strong
start to the year with first quarter of 2023 gold production of
46,364 ounces. For the first quarter of 2023, mill feed grade was
0.95 g/t gold, mill throughput was 2.07 million tonnes, and gold
recovery averaged 73.5%.
The Masbate Mine's cash operating costs (refer
to “Non-IFRS Measures”) for the first quarter of 2023 were $883 per
ounce produced ($843 per gold ounce sold). Cash operating costs per
ounce produced for the first quarter of 2023 were lower than
expected as a result of higher than anticipated gold production and
lower than anticipated processing costs resulting from lower diesel
and heavy fuel oil cost.
All-in sustaining costs (refer to “Non-IFRS
Measures”) for the first quarter of 2023 were $1,320 per ounce
sold. All-in sustaining costs for the first quarter of 2023 were
lower than anticipated as a result of lower than expected cash
operating costs described above and lower than expected sustaining
capital expenditures. The lower than expected sustaining capital
expenditures are mainly a result of timing of expenditures and
expected to be incurred later in 2023.
Capital expenditures in the first quarter of
2023 totalled $9 million, primarily consisting of $7 million for
mobile equipment purchases and rebuilds.
The Masbate Mine in the Philippines is expected
to produce between 170,000 and 190,000 ounces of gold in 2023 at
cash operating costs of between $985 and $1,045 per ounce and
all-in sustaining costs of between $1,370 and $1,430 per ounce. For
2023, Masbate is expected to process 7.8 million tonnes of ore at
an average grade of 0.96 g/t gold with a process gold recovery of
74.5%. Gold production is scheduled to be relatively consistent
throughout 2023. Mill feed will be a blend of mined fresh ore
sourced from the Main Vein Pit and low-grade ore stockpiles. The
anticipated increase in Masbate's all-in sustaining costs for 2023
reflects, predominantly, lower gold ounces sold.
Otjikoto Mine - Namibia
| |
Three months ended |
| |
March 31, |
| |
2023 |
2022 |
| |
|
|
| Gold revenue ($ in
thousands) |
102,339 |
84,628 |
| Gold sold (ounces) |
54,450 |
45,400 |
| Average realized gold price
($/ ounce) |
1,880 |
1,864 |
| Tonnes of ore milled |
823,952 |
845,222 |
| Grade (grams/ tonne) |
1.47 |
1.31 |
| Recovery (%) |
98.8 |
98.5 |
| Gold production (ounces) |
38,491 |
35,061 |
| Cash operating costs(1) ($/
gold ounce sold) |
458 |
590 |
| Cash operating costs(1) ($/
gold ounce produced) |
605 |
770 |
| Total cash costs(1) ($/ gold
ounce sold) |
533 |
664 |
| All-in sustaining costs(1) ($/
gold ounce sold) |
905 |
878 |
| Capital expenditures ($ in
thousands) |
17,346 |
16,131 |
| Exploration ($ in
thousands) |
494 |
506 |
(1) Non-IFRS measure. For a description of how
these measures are calculated and a reconciliation of these
measures to the most directly comparable measures specified,
defined or determined under IFRS and presented in the Company’s
financial statements, refer to “Non-IFRS Measures”.
The Otjikoto Mine in Namibia, in which the
Company holds a 90% interest, performed well during the first
quarter of 2023, producing 38,491 ounces of gold. For the first
quarter of 2023, mill feed grade was 1.47 g/t gold, mill throughput
was 0.82 million tonnes, and gold recovery averaged 98.8%.
Production from the Wolfshag underground mine
continues to increase after stope ore production was achieved in
the fourth quarter of 2022, with ore production for the first
quarter of 2023 averaging over 1,000 tonnes per day at an average
grade of 6.10 g/t gold. As of the beginning of 2023, the Probable
Mineral Reserve estimate for the Wolfshag deposit includes 203,000
ounces of gold in 1.1 million tonnes of ore at an average grade of
5.55 g/t gold. Open pit mining operations at the Otjikoto Mine are
scheduled to ramp down in 2024 and conclude in 2025, while
processing operations will continue until economically viable
stockpiles are exhausted in approximately 2031. Underground
operations are currently projected to continue until 2026 with
potential to extend underground operations if the ongoing
underground exploration program is successful in identifying more
underground mineral deposits.
Cash operating (refer to “Non-IFRS Measures”)
costs for the first quarter of 2023 were $605 per gold ounce
produced ($458 per ounce gold sold). Cash operating costs per ounce
produced for the first quarter of 2023 were lower than expected as
a result of higher production as described above and a weaker
Namibian dollar. Cash operating costs per gold ounce sold for the
first quarter of 2023 were lower than the cash operating costs per
ounce produced for the first quarter of 2023, as a result of the
sale of lower cost inventory produced in the fourth quarter of
2022.
All-in sustaining costs for the first quarter of
2023 were $905 per gold ounce sold. All-in sustaining costs for the
first quarter of 2023 were lower than anticipated as a result of
lower than expected cash operating costs described above, higher
than expected gold ounces sold and lower than expected sustaining
capital expenditures primarily related to underground development.
The lower than expected sustaining capital expenditures are mainly
a result of timing of expenditures and expected to be incurred
later in 2023.
Capital expenditures for the first quarter of
2023 totalled $17 million, consisting of $14 million for
pre-stripping in the Otjikoto pit, $2 million for Wolfshag
underground mine development and $1 million for mobile equipment
rebuilds.
The Otjikoto Mine in Namibia is expected to
produce between 190,000 and 210,000 ounces of gold in 2023 at cash
operating costs of between $590 and $650 per ounce and all-in
sustaining costs of between $1,080 and $1,140 per ounce. For 2023,
Otjikoto is expected to process a total of 3.4 million tonnes of
ore at an average grade of 1.87 g/t gold with a process gold
recovery of 98.0%. In the first half of 2023, processed ore will be
sourced from the Otjikoto pit and the Wolfshag underground mine,
supplemented by existing medium and high grade ore stockpiles.
Otjikoto's gold production is expected to be weighted approximately
60% to the second half of 2023 due to the timing of high grade ore
mining from the Otjikoto pit and increased ore volumes from the
Wolfshag underground mine. The anticipated decrease in Otjikoto's
all-in sustaining costs for 2023 reflects the benefits of
processing higher grade ore from the Otjikoto pit and the Wolfshag
underground mine in the second half of 2023.
Fekola Complex Regional Development and
Exploration
Development
The Fekola Complex is comprised of the Fekola
Mine (Medinandi permit hosting the Fekola and Cardinal zones) and
Fekola Regional (Anaconda Area (Bantako and Menankoto permits), the
Bakolobi permit and the Dandoko permit).
Based on the 2022 Anaconda Area Mineral Resource
estimate and B2Gold's preliminary planning, the Company
demonstrated that the Anaconda Area could provide selective higher
grade saprolite material (average annual grade of up to 2.2 g/t
gold) to be trucked approximately 20 km and fed into the Fekola
mill at a rate of up to 1.5 million tonnes per annum. Trucking of
selective higher grade saprolite material from the Anaconda Area to
the Fekola mill will increase the ore processed and has the
potential to generate approximately 80,000 to 100,000 ounces of
initial gold production per year from Fekola Regional sources
(Fekola Regional Phase I). Initial saprolite production is expected
to commence from the Bantako North permit starting in the third
quarter of 2023 and is expected to contribute approximately 18,000
ounces of gold in 2023 with Fekola Regional production levels
continuing to ramp-up through 2024.
In the first quarter of 2023, the Company
invested $15 million in the development of Fekola Regional
(Anaconda Area) saprolite mining including road construction, mine
infrastructure, and mining equipment. For 2023, the Company has
budgeted a total of $63 million for Fekola Regional development.
The construction mobile equipment fleet is now in operation, and
construction of the haul roads and mining infrastructure
(warehouse, workshop, fuel depot, and offices) is on schedule to
support saprolite production from the Bantako North permit area as
early as the third quarter of 2023. Production from Bantako North
is contingent upon receipt of all necessary permits, which are
expected to be received in the second quarter of 2023.
Preliminary results of a Fekola Complex
optimization study, coupled with 2022 exploration drilling results,
indicate that there is a significant opportunity to increase gold
production and resource utilization with the addition of oxide
processing capacity. The Company is progressing an engineering
study of a Fekola Regional stand-alone mill and oxide processing
facilities (expected to be located on the Anaconda Area).
Construction of a stand-alone oxide mill would constitute Phase II
of the Fekola Regional Development Plan. The engineering study will
be based on processing 4 Mtpa of saprolite and transitional (oxide)
resources. The current Anaconda Area Mineral Resource estimate,
released in March 2022 and based on the results of exploration
drilling completed up to January 11, 2022, included Indicated
Resources of 32.4 million tonnes at 1.08 g/t gold for 1.13 million
ounces of gold, all of which was weathered oxide ore, and Inferred
Resources that included 19.1 million tonnes of oxide ore at 0.81
g/t gold for 0.50 million ounces of gold, and 44.6 million tonnes
of sulphide ore at 1.25 g/t gold for 1.79 million ounces of gold.
Since that date through March 31, 2023, the Company has completed
approximately 120,000 m of drilling at the Anaconda Area, which
included infill drilling to upgrade a significant portion of the
Inferred oxide resources to the Indicated category, as well as
extending both oxide and sulphide resources in the area. An updated
Anaconda Area Mineral Resource estimate is currently underway and
scheduled to be completed by the end of the second quarter of 2023.
Consequently, to allow for incorporation of this updated Mineral
Resource estimate into the engineering study, results of the study
are now expected in the fourth quarter of 2023. In addition, Fekola
Complex optimization work continues to maximize project value from
all the various oxide and sulphide material sources including the
Fekola Pit, Fekola Underground, Cardinal Pit, and the Bantako
North, Menankoto, Bakolobi and Dandoko permits. The Company’s
conceptual analysis indicates that the combined Fekola Mine and
Fekola Regional processing facilities could have the potential to
produce more than 800,000 ounces of gold per year from the Fekola
Complex, subject to delineation of additional mineral resources and
development, completion of feasibility studies, and the receipt of
all necessary regulatory approvals and permits.
Exploration
B2Gold is conducting another year of extensive
exploration in 2023 with a budget of approximately $84 million. A
significant focus will be in proximity to our operating mines in
Mali, Namibia and the Philippines, and includes $20 million of
spending on both infill and generative exploration at the recently
acquired Back River Gold District.
Ongoing exploration will continue to advance our
early stage projects in Finland and Cote d’Ivoire. Target
generation and pursuing new opportunities in prospective gold
regions in Africa, South America, the Philippines, Central Asia and
Canada continue. This generative initiative could include equity
placements and new joint ventures with junior companies, similar to
B2Gold's 2023 investment in Snowline and its Rogue project in the
Yukon, Canada, and its 2022 investment in Matador Mining Ltd. and
its Cape Ray Gold project in Newfoundland, Canada.
Outlook
The Company is pleased with its start to 2023
and the positive first quarter of 2023 results. Based on a strong
operational and financial first quarter of 2023, the Company is on
track to meets its annual total gold production forecast of between
1,000,000 and 1,080,000 ounces (including 60,000 to 70,000
attributable ounces from Calibre) with total consolidated cash
operating costs for the year (including estimated attributable
results for Calibre) of between $670 and $730 per ounce and total
consolidated all-in sustaining (including estimated attributable
results for Calibre) of between $1,195 and $1,255 per ounce.
On April 19, 2023, the Company announced the
completion of the acquisition of Sabina resulting in B2Gold
acquiring Sabina’s 100% owned Back River Gold District located in
Nunavut, Canada. The Back River Gold District consists of five
mineral claims blocks along an 80 km belt. The most advanced
project in the district, Goose, is fully permitted, construction
ready, and has been de-risked with significant infrastructure
currently in place. The Goose Project has an estimated two year
construction period, which is expected to be completed in the first
quarter of 2025. In addition, B2Gold believes there is significant
untapped exploration potential across an 80 km belt. B2Gold’s
management team has strong northern construction expertise and
experience to deliver the fully permitted Goose Project and the
financial resources to develop the significant gold resource
endowment at the Back River Gold District into a large, long life
mining complex.
After a very successful year for exploration in
2022, B2Gold is conducting an aggressive exploration campaign in
2023 with a budget of approximately $84 million (including $20
million at the recently acquired Back River Gold District) with the
vast majority allocated to growth exploration expenditures to
support the next phase of organic growth across the portfolio.
Due to the Company's strong net positive cash
position and available liquidity, strong operating results and cash
flows and the current higher gold price environment, B2Gold’s
quarterly dividend rate is expected to be maintained at $0.04 per
common share (or an annualized rate of $0.16 per common share),
which represents one of the highest dividend yields in the gold
sector.
The Company's ongoing strategy is to continue to
maximize profitable production from its mines, further advance its
pipeline of remaining development and exploration projects,
evaluate new exploration, development and production opportunities
and continue to pay an industry leading dividend yield.
First Quarter 2023 Financial Results - Conference Call
Details
B2Gold executives will host a conference call to
discuss the results on Wednesday, May 10, 2023, at 10:00 am PT /
1:00 pm ET. You may access the call by registering at the
participant conference link by clicking here prior to the scheduled
start time. Once you have registered, you will be sent an email
with a unique PIN which will connect you to the call at +1 (431)
341-4089 / +1 (855) 513-1368 (Canada) or toll free at +1 (844)
543-0451. You may also listen to the call via webcast by clicking
here.
About B2Gold
B2Gold is a low-cost international senior gold
producer headquartered in Vancouver, Canada. Founded in 2007,
today, B2Gold has operating gold mines in Mali, Namibia and the
Philippines and numerous exploration and development projects in
various countries including Canada, Mali, Colombia, Finland and
Uzbekistan. B2Gold forecasts total consolidated gold production of
between 1,000,000 and 1,080,000 ounces in 2023.
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.
Brian Scott, P. Geo., Vice President, Geology
& Technical Services, a qualified person under NI 43-101, has
approved the scientific and technical information related to
exploration and mineral resource matters contained in this news
release.
ON BEHALF OF B2GOLD CORP.
“Clive T.
Johnson”President and Chief Executive
Officer
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 16, 2023 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; 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:
projected gold production, cash operating costs and AISC on a
consolidated and mine by mine basis in 2023, total consolidated
gold production of between 1,000,000 and 1,080,000 ounces in 2023;
the potential for Fekola Regional (Anaconda Area) to provide
saprolite material to feed the Fekola mill starting in the third
quarter of 2023; the timing and results of a study for the Fekola
Regional (Anaconda Area) to review the project economics of a
stand-alone oxide mill; the potential for the Fekola complex to
produce 800,000 ounces of gold per year; 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 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;
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: 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 MeasuresThis 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",
"all-in sustaining costs" (or "AISC"), and “cash flow provided by
operating activities before working capital adjustments”. 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 EstimatesThe 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.
| |
| B2GOLD
CORP.CONDENSED INTERIM CONSOLIDATED STATEMENTS OF
OPERATIONSFOR THE THREE MONTHS ENDED MARCH
31(Expressed in thousands of United States dollars, except
per share amounts)(Unaudited) |
| |
|
For the threemonths
endedMarch 31, 2023 |
|
For the threemonths endedMarch 31, 2022 |
| |
|
|
|
|
|
Gold revenue |
|
$ |
473,556 |
|
|
$ |
365,583 |
|
| |
|
|
|
|
| Cost of
sales |
|
|
|
|
|
Production costs |
|
|
(127,604 |
) |
|
|
(122,960 |
) |
|
Depreciation and depletion |
|
|
(97,158 |
) |
|
|
(77,263 |
) |
|
Royalties and production taxes |
|
|
(35,161 |
) |
|
|
(25,690 |
) |
| Total cost of
sales |
|
|
(259,923 |
) |
|
|
(225,913 |
) |
| |
|
|
|
|
| Gross
profit |
|
|
213,633 |
|
|
|
139,670 |
|
| |
|
|
|
|
| General and
administrative |
|
|
(14,185 |
) |
|
|
(10,828 |
) |
| Share-based payments |
|
|
(6,854 |
) |
|
|
(8,404 |
) |
| Write-down of mineral property
interests |
|
|
(16,457 |
) |
|
|
— |
|
| Community relations |
|
|
(1,003 |
) |
|
|
(619 |
) |
| Foreign exchange losses |
|
|
(596 |
) |
|
|
(2,456 |
) |
| Share of net income of
associate |
|
|
4,979 |
|
|
|
2,772 |
|
| Other expense |
|
|
(3,598 |
) |
|
|
(2,032 |
) |
| Operating
income |
|
|
175,919 |
|
|
|
118,103 |
|
| |
|
|
|
|
| Interest and financing
expense |
|
|
(2,926 |
) |
|
|
(2,583 |
) |
| Interest income |
|
|
5,819 |
|
|
|
2,122 |
|
| (Losses) gains on derivative
instruments |
|
|
(357 |
) |
|
|
19,299 |
|
| Other (expense) income |
|
|
(1,600 |
) |
|
|
5,634 |
|
| Income from operations
before taxes |
|
|
176,855 |
|
|
|
142,575 |
|
| |
|
|
|
|
| Current income tax,
withholding and other taxes |
|
|
(76,740 |
) |
|
|
(47,654 |
) |
| Deferred income tax recovery
(expense) |
|
|
1,789 |
|
|
|
(4,118 |
) |
| Net income for the
period |
|
$ |
101,904 |
|
|
$ |
90,803 |
|
| |
|
|
|
|
| Attributable
to: |
|
|
|
|
| Shareholders of the
Company |
|
$ |
85,973 |
|
|
$ |
80,723 |
|
| Non-controlling interests |
|
|
15,931 |
|
|
|
10,080 |
|
| Net income for the
period |
|
$ |
101,904 |
|
|
$ |
90,803 |
|
| |
|
|
|
|
| Earnings per
share (attributable to shareholders of the Company) |
|
|
|
|
|
Basic |
|
$ |
0.08 |
|
|
$ |
0.08 |
|
|
Diluted |
|
$ |
0.08 |
|
|
$ |
0.08 |
|
| |
|
|
|
|
| Weighted average
number of common shares outstanding (in
thousands) |
|
|
|
|
|
Basic |
|
|
1,075,402 |
|
|
|
1,056,824 |
|
|
Diluted |
|
|
1,081,084 |
|
|
|
1,062,492 |
|
| B2GOLD
CORP.CONDENSED INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWSFOR THE THREE MONTHS ENDED MARCH
31(Expressed in thousands of United States
dollars)(Unaudited) |
| |
|
For the threemonths
endedMarch 31, 2023 |
|
For the threemonths endedMarch 31, 2022 |
| Operating
activities |
|
|
|
|
|
Net income for the period |
|
$ |
101,904 |
|
|
$ |
90,803 |
|
|
Non-cash charges, net |
|
|
121,532 |
|
|
|
72,960 |
|
|
Changes in non-cash working capital |
|
|
6,226 |
|
|
|
(44,735 |
) |
|
Changes in long-term value added tax receivables |
|
|
(25,839 |
) |
|
|
(11,718 |
) |
|
Cash provided by operating activities |
|
|
203,823 |
|
|
|
107,310 |
|
| |
|
|
|
|
| Financing
activities |
|
|
|
|
|
Revolving credit facility transaction costs |
|
|
— |
|
|
|
(2,401 |
) |
|
Repayment of equipment loan facilities |
|
|
(3,578 |
) |
|
|
(6,790 |
) |
|
Interest and commitment fees paid |
|
|
(1,002 |
) |
|
|
(1,228 |
) |
|
Cash proceeds from stock option exercises |
|
|
2,444 |
|
|
|
4,031 |
|
|
Dividends paid |
|
|
(42,976 |
) |
|
|
(42,234 |
) |
|
Principal payments on lease arrangements |
|
|
(1,443 |
) |
|
|
(1,219 |
) |
|
Distributions to non-controlling interests |
|
|
(2,082 |
) |
|
|
(1,022 |
) |
|
Participating funding from non-controlling interest |
|
|
356 |
|
|
|
— |
|
|
Loan repayment from non-controlling interest |
|
|
428 |
|
|
|
— |
|
|
Changes in restricted cash accounts |
|
|
33 |
|
|
|
(162 |
) |
|
Cash used by financing activities |
|
|
(47,820 |
) |
|
|
(51,025 |
) |
| |
|
|
|
|
| Investing
activities |
|
|
|
|
|
Expenditures on mining interests: |
|
|
|
|
|
Fekola Mine |
|
|
(53,795 |
) |
|
|
(28,228 |
) |
|
Masbate Mine |
|
|
(8,953 |
) |
|
|
(5,693 |
) |
|
Otjikoto Mine |
|
|
(17,346 |
) |
|
|
(16,131 |
) |
|
Gramalote Project |
|
|
(510 |
) |
|
|
(4,407 |
) |
|
Fekola Regional, pre-development |
|
|
(14,775 |
) |
|
|
(212 |
) |
|
Other exploration and development |
|
|
(15,991 |
) |
|
|
(13,254 |
) |
|
Investment in Snowline Gold Corp. |
|
|
(15,116 |
) |
|
|
— |
|
|
Cash paid for purchase of non-controlling interest |
|
|
(6,704 |
) |
|
|
— |
|
|
Deferred consideration received |
|
|
3,850 |
|
|
|
— |
|
|
Funding of reclamation accounts |
|
|
(1,289 |
) |
|
|
(2,181 |
) |
|
Cash paid on exercise of mineral property option |
|
|
— |
|
|
|
(7,737 |
) |
|
Other |
|
|
(459 |
) |
|
|
— |
|
|
Cash used by investing activities |
|
|
(131,088 |
) |
|
|
(77,843 |
) |
| |
|
|
|
|
| Increase (decrease) in
cash and cash equivalents |
|
|
24,915 |
|
|
|
(21,558 |
) |
| |
|
|
|
|
| Effect of exchange rate
changes on cash and cash equivalents |
|
|
(3,121 |
) |
|
|
(2,681 |
) |
| Cash and cash
equivalents, beginning of period |
|
|
651,946 |
|
|
|
672,999 |
|
| Cash and cash
equivalents, end of period |
|
$ |
673,740 |
|
|
$ |
648,760 |
|
| |
|
|
|
|
| B2GOLD
CORP.CONDENSED INTERIM CONSOLIDATED BALANCE
SHEETS(Expressed in thousands of United States
dollars)(Unaudited) |
| |
|
As at March 31, 2023 |
|
As at December 31, 2022 |
| Assets |
|
|
|
|
| Current |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
673,740 |
|
|
$ |
651,946 |
|
|
Accounts receivable, prepaids and other |
|
|
33,088 |
|
|
|
28,811 |
|
|
Deferred consideration receivable |
|
|
— |
|
|
|
3,850 |
|
|
Value-added and other tax receivables |
|
|
15,322 |
|
|
|
18,533 |
|
|
Inventories |
|
|
350,196 |
|
|
|
332,031 |
|
| |
|
|
1,072,346 |
|
|
|
1,035,171 |
|
| |
|
|
|
|
| Long-term
investments |
|
|
43,405 |
|
|
|
31,865 |
|
| Value-added tax
receivables |
|
|
149,718 |
|
|
|
121,323 |
|
| Mining
interests |
|
|
|
|
|
Owned by subsidiaries and joint operations |
|
|
2,275,858 |
|
|
|
2,274,730 |
|
|
Investments in associates |
|
|
125,028 |
|
|
|
120,049 |
|
| Deferred income
taxes |
|
|
810 |
|
|
|
— |
|
| Other
assets |
|
|
100,379 |
|
|
|
98,095 |
|
| |
|
$ |
3,767,544 |
|
|
$ |
3,681,233 |
|
| Liabilities |
|
|
|
|
| Current |
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
108,930 |
|
|
$ |
114,791 |
|
|
Current income and other taxes payable |
|
|
136,736 |
|
|
|
95,623 |
|
|
Current portion of long-term debt |
|
|
14,756 |
|
|
|
15,519 |
|
|
Current portion of mine restoration provisions |
|
|
5,545 |
|
|
|
5,545 |
|
|
Other current liabilities |
|
|
2,319 |
|
|
|
2,138 |
|
| |
|
|
268,286 |
|
|
|
233,616 |
|
| |
|
|
|
|
| Long-term
debt |
|
|
34,551 |
|
|
|
41,709 |
|
| Mine restoration
provisions |
|
|
99,957 |
|
|
|
95,568 |
|
| Deferred income
taxes |
|
|
181,536 |
|
|
|
182,515 |
|
| Employee benefits
obligation |
|
|
9,246 |
|
|
|
8,121 |
|
| Other long-term
liabilities |
|
|
9,572 |
|
|
|
7,915 |
|
| |
|
|
603,148 |
|
|
|
569,444 |
|
| Equity |
|
|
|
|
| Shareholders’
equity |
|
|
|
|
|
Share capital |
|
|
2,498,373 |
|
|
|
2,487,624 |
|
|
Contributed surplus |
|
|
72,457 |
|
|
|
78,232 |
|
|
Accumulated other comprehensive loss |
|
|
(149,445 |
) |
|
|
(145,869 |
) |
|
Retained earnings |
|
|
624,752 |
|
|
|
588,139 |
|
| |
|
|
3,046,137 |
|
|
|
3,008,126 |
|
| Non-controlling
interests |
|
|
118,259 |
|
|
|
103,663 |
|
| |
|
|
3,164,396 |
|
|
|
3,111,789 |
|
| |
|
$ |
3,767,544 |
|
|
$ |
3,681,233 |
|
| |
|
|
|
|
For more information on B2Gold please visit the Company website at www.b2gold.com or contact:
Michael McDonald
VP, Investor Relations & Corporate Development
+1 604-681-8371
investor@b2gold.com
Cherry De Geer
Director, Corporate Communications
+1 604-681-8371
investor@b2gold.com
B2Gold (AMEX:BTG)
Historical Stock Chart
From Jan 2025 to Feb 2025
B2Gold (AMEX:BTG)
Historical Stock Chart
From Feb 2024 to Feb 2025
