B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or
the “Company”) announces its operational and financial results for
the third quarter of 2023. All dollar figures are in United States
dollars unless otherwise indicated.
2023 Third Quarter
Highlights
- Total gold production of
242,838 ounces in Q3 2023, expected to increase in Q4
2023: Total gold production in Q3 2023 was 242,838 ounces,
including 17,786 ounces of attributable production from Calibre
Mining Corp. (“Calibre”). The Masbate and Otjikoto mines exceeded
their expected production, which was offset by lower than expected
production from the Fekola Mine due to slightly lower grade
recovery and lower mill feed grade stemming from ore production
delays out of Phase 6 of the Fekola pit following an intense
precipitation event. Mining of the higher grade ore in Fekola Phase
6 resumed in October 2023 and fourth quarter of 2023 Fekola Mine
production is expected to be significantly higher. All B2Gold
operations are on track to meet or exceed annual production
guidance ranges.
- Total consolidated cash
operating costs of $706 per gold ounce sold in Q3 2023:
Total consolidated cash operating costs (see “Non-IFRS Measures”)
(including estimated attributable results for Calibre) of $706 per
gold ounce sold during the third quarter with consolidated cash
operating costs from the Company’s three operating mines of $689
per gold ounce sold. Year-to-date total consolidated cash operating
costs of $637 per gold ounce sold remain well below the annual
guidance range.
- Total consolidated all-in
sustaining costs of $1,272 per
gold ounce sold in Q3 2023: Total consolidated all-in
sustaining costs (see “Non-IFRS Measures”) (including estimated
attributable results for Calibre) of $1,272 per gold ounce sold
during the third quarter. Year-to-date total consolidated all-in
sustaining costs of $1,182 remain below the annual guidance
range.
- Tracking well to 2023 total
production and cost guidance: For full-year 2023, the
Company's total gold production is forecast to be between 1,000,000
and 1,080,000 ounces (including 60,000 to 70,000 attributable
ounces from Calibre). The Company's total consolidated cash
operating costs for the year (including estimated attributable
results for Calibre) are forecast to be slightly below the guidance
range of $670 and $730 per ounce and total consolidated all-in
sustaining costs (including estimated attributable results for
Calibre) are forecast to be at the low end of the guidance range of
between $1,195 and $1,255 per ounce.
- Attributable net loss of
$0.03 per share; Adjusted attributable net income of $0.05 per
share in Q3 2023: Net loss attributable
to the shareholders of the Company in Q3 2023 of $43.0 million
($0.03 per share), primarily related to the $112 million non-cash
impairment on the Gramalote Project as a result of the Company’s
acquisition from AngloGold Ashanti Limited (“AngloGold”) of the
remaining 50% interest in the project; adjusted net income (see
“Non-IFRS Measures”) attributable to the shareholders of the
Company was $65 million ($0.05 per share).
- Operating cash flow before
working capital adjustments of $191 million in Q3 2023:
Cash flow provided by operating activities before working capital
adjustments was $191 million in the third quarter of 2023.
- Robust financial
position: At September 30, 2023, the Company had cash and
cash equivalents of $310 million, working capital (defined as
current assets less current liabilities) of $383 million, and
minimal debt consisting of only equipment loans and lease
obligations.
- Q3 2023 dividend of $0.04
per share declared: The Company remains in a strong net
positive cash position and paid a third quarter dividend of $0.04
per common share on September 29, 2023 (annualized rate of $0.16
per common share). Dividends paid totalled $45 million in the third
quarter.
- Goose Project construction
on budget and on track for first gold pour in Q1 2025: In
the third quarter of 2023, the Company completed Phase 1 camp
construction and the earthworks required to extend the airstrip.
The first concrete pour was completed in July with concrete and
steel work in the mill area progressing ahead of schedule. Erection
of the structural steel for the mill area, power house and truck
shop is well underway, and cladding of the mill area is underway.
The 2023 sealift was completed successfully in mid-October,
unloading all planned material sealift materials required for the
successful construction, commissioning and mining of the Goose
Project.
- Consolidated the Gramalote
Project by acquiring AngloGold's 50% interest: On
September 18, 2023, the Company announced it had entered into a
purchase agreement with AngloGold to acquire AngloGold's 50%
interest in the Gramalote Project located in the Department of
Antioquia, Colombia. B2Gold now owns 100% of the Gramalote Project.
B2Gold's in-house projects team has commenced work on various
smaller scale project development plans, with the goal of
identifying a higher-return project than the previously
contemplated joint venture development plan.
Third Quarter 2023 Results
| |
Three months ended |
Nine months ended |
| |
September 30, |
September 30, |
|
|
2023 |
2022 |
2023 |
2022 |
| |
|
|
|
|
| Gold revenue ($ in
thousands) |
477,888 |
392,554 |
1,422,298 |
1,140,122 |
| Net (loss) income ($ in
thousands) |
(34,770) |
(21,234) |
158,984 |
110,255 |
| (Loss) earnings per share –
basic(1) ($/ share) |
(0.03) |
(0.02) |
0.10 |
0.09 |
| (Loss) earnings per share –
diluted(1) ($/ share) |
(0.03) |
(0.02) |
0.10 |
0.09 |
| Cash provided by operating
activities ($ thousands) |
110,204 |
93,118 |
509,010 |
325,307 |
| Average realized gold price
($/ ounce) |
1,920 |
1,711 |
1,929 |
1,810 |
| Adjusted net income(1)(2) ($
in thousands) |
64,840 |
31,996 |
256,506 |
142,340 |
| Adjusted earnings per
share(1)(2) – basic ($) |
0.05 |
0.03 |
0.21 |
0.13 |
| Consolidated
operations results: |
|
|
|
|
| Gold sold (ounces) |
248,889 |
229,400 |
737,139 |
629,800 |
| Gold produced (ounces) |
225,052 |
214,903 |
721,732 |
620,234 |
| Cash operating costs(2) ($/
gold ounce sold) |
689 |
810 |
613 |
741 |
| Cash operating costs(2) ($/
gold ounce produced) |
741 |
798 |
638 |
749 |
| Total cash costs(2) ($/ gold
ounce sold) |
827 |
926 |
752 |
862 |
| All-in sustaining costs(2) ($/
gold ounce sold) |
1,273 |
1,154 |
1,177 |
1,100 |
| Operations results
including equity investment in Calibre: |
|
|
|
|
| Gold sold (ounces) |
266,616 |
241,558 |
787,805 |
669,776 |
| Gold produced (ounces) |
242,838 |
227,016 |
772,395 |
660,004 |
| Cash operating costs(2) ($/
gold ounce sold) |
706 |
824 |
637 |
760 |
| Cash operating costs(2) ($/
gold ounce produced) |
755 |
815 |
661 |
767 |
| Total cash costs(2) ($/ gold
ounce sold) |
840 |
939 |
772 |
878 |
| All-in sustaining costs(2) ($/
gold ounce sold) |
1,272 |
1,169 |
1,182 |
1,108 |
(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 September 30, 2023, the Company had cash
and cash equivalents of $310 million (December 31, 2022 - $652
million) and working capital (defined as current assets less
current liabilities) of $383 million (December 31, 2022 - $802
million). At September 30, 2023, the full amount of the
Company's $700 million revolving credit facility (“RCF”) was
undrawn and available. Subsequent to the end of the third quarter
of 2023, the Company completed a drawdown of $50 million, leaving
$650 million available for draw on its $700 million RCF.
Third Quarter 2023
Dividend On September 5,
2023, B2Gold’s Board of Directors (the “Board”) declared a cash
dividend for the third quarter of 2023 of $0.04 per common share
(or an expected $0.16 per share on an annualized basis), paid on
September 29, 2023. The declaration and payment of future quarterly
dividends remains at the discretion of the Board and will depend on
the Company's financial results, cash requirements, future
prospects and other factors deemed relevant by the Board.
In the third quarter of 2023, the Company
implemented a Dividend Reinvestment Plan (the “DRIP”). The DRIP
provides B2Gold shareholders residing in Canada and the United
States with the opportunity to have the cash dividends declared on
all or some of their common shares automatically reinvested into
additional common shares of the Company (the “Reinvestment Shares”)
on an ongoing basis. Participation in the DRIP is optional and will
not affect shareholders' cash dividends unless they elect to
participate in the DRIP. Dividends are only payable as and when
declared by the Company's Board of Directors. The benefits of
enrolling in the DRIP include the convenience of automatic
reinvestment of dividends into Reinvestment Shares; flexibility to
enroll some or all common shares in the DRIP; and ability to
acquire Reinvestment Shares without paying any brokerage fees.
Participants in the DRIP will acquire Reinvestment Shares from the
Company's treasury at a price equal to the volume weighted average
price of the Company's common shares on the Toronto Stock Exchange
for the five consecutive trading days immediately preceding a
dividend payment date, subject to a possible discount, in the
Company's sole discretion, of up to 5%. For the dividend declared
on September 5, 2023, a discount of 3% was offered.
Operations
Fekola Mine - Mali
| |
Three months ended |
Nine months ended |
| |
September 30, |
September 30, |
|
|
2023 |
2022 |
2023 |
2022 |
| |
|
|
|
|
| Gold revenue ($ in
thousands) |
292,375 |
230,023 |
888,272 |
652,361 |
| Gold sold (ounces) |
152,239 |
135,150 |
460,139 |
361,800 |
| Average realized gold price
($/ ounce) |
1,921 |
1,702 |
1,930 |
1,803 |
| Tonnes of ore milled |
2,392,829 |
2,285,423 |
6,988,763 |
6,906,172 |
| Grade (grams/ tonne) |
1.82 |
1.90 |
2.17 |
1.72 |
| Recovery (%) |
92.1 |
93.1 |
91.9 |
92.9 |
| Gold production (ounces) |
128,942 |
129,933 |
447,233 |
354,647 |
| Cash operating costs(1) ($/
gold ounce sold) |
613 |
694 |
544 |
667 |
| Cash operating costs(1) ($/
gold ounce produced) |
688 |
728 |
561 |
667 |
| Total cash costs(1) ($/ gold
ounce sold) |
773 |
829 |
706 |
809 |
| All-in sustaining costs(1) ($/
gold ounce sold) |
1,261 |
978 |
1,125 |
971 |
| Capital expenditures ($ in
thousands) |
83,166 |
20,353 |
211,112 |
68,779 |
| Exploration ($ in
thousands) |
— |
3,392 |
1,706 |
13,848 |
(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) produced 128,942 ounces in
the third quarter, lower than expected due to slightly lower gold
recovery and lower mill feed grade. The lower than expected mill
feed grade stemmed from ore production delays out of Phase 6 of the
Fekola pit, following an intense precipitation event that rendered
high grade ore at the bottom of the pit temporarily inaccessible
with the result that mill feed was supplemented by unbudgeted low
grade stockpile material. Mining of the higher grade ore in Fekola
Phase 6 resumed in October 2023 and fourth quarter production at
the Fekola Mine is expected to be significantly higher with total
production expected to be at the lower end of the guidance range of
between 580,000 and 610,000 ounces. For the third quarter of 2023,
mill feed grade was 1.82 grams per tonne (“g/t”), mill throughput
was 2.39 million tonnes, and gold recovery averaged 92.1%.
The Fekola Mine’s cash operating costs (refer to
“Non-IFRS Measures”) for the third quarter of 2023 were $688 per
ounce produced ($613 per gold ounce sold). Cash operating costs per
ounce produced for the third quarter of 2023 were slightly higher
than expected as a result of the lower than anticipated gold
production.
All-in sustaining costs (refer to “Non-IFRS
Measures”) for the third quarter of 2023 for the Fekola Mine were
$1,261 per gold ounce sold. All-in sustaining costs were slightly
higher than expected as a result of higher than anticipated
sustaining capital expenditures carried over from prior periods and
new sustaining capital expenditure projects approved in 2023.
Sustaining capital expenditures for 2023 are forecast to be
approximately $50 million higher than guidance and include $11
million for solar plant expansion costs, and new mobile fleet and
capital rebuild costs of approximately $35 million. The higher
sustaining capital costs have been partially offset by $35 million
in lower non-sustaining capital costs for Fekola Regional and
Fekola underground development, which is now expected to be
completed by the first quarter of 2025.
Capital expenditures in the third quarter of
2023 totalled $83 million primarily consisting of $26 million for
mobile equipment purchases and rebuilds, $20 million for deferred
stripping, $10 million for Fekola underground development, $10
million for the tailings facility raise project and $7 million for
solar plant expansion.
The low-cost Fekola Complex in Mali includes
both the Fekola Mine and Fekola Regional. At the Fekola Mine, ore
will continue to be mined from the Fekola and Cardinal pits
including mining of higher grade Fekola Phase 6 ore in the fourth
quarter of 2023. Receipt of an exploitation license for the Bantako
North permit area remains outstanding pending finalization of an
implementation decree for the new 2023 Mining Code by the State of
Mali. As a result, no production is forecast from Fekola Regional
in 2023 (budgeted production was 18,000 ounces). Production from
the Fekola and Cardinal pits has been accelerated to offset the
delayed saprolite ore production from the Bantako North permit, and
production guidance of between 580,000 and 610,000 ounces for the
Fekola Complex for 2023 remains unchanged with total production
expected to be at the lower end of the range. The new 2023 Mining
Code is not expected to impact the matters that have been
stabilized for the Fekola Mine operations under the existing Fekola
mining convention entered into under the 2012 Mining Code, and the
impact of a new 2023 Mining Code on the Fekola Regional licenses is
still under review by the Company, pending issuance of a final
implementation decree by the State of Mali. Fekola Complex cash
operating costs are expected to be within the original guidance
range of between $565 and $625 per ounce produced. As a result of
the expected sustaining capital expenditure increases for the year,
the Fekola Complex all-in sustaining cost guidance range is now
expected to be between $1,175 and $1,235 per ounce sold (original
guidance range of between $1,085 and $1,145 per ounce sold).
Masbate Mine – The Philippines
| |
Three months ended |
Nine months ended |
| |
September 30, |
September 30, |
|
|
2023 |
2022 |
2023 |
2022 |
| |
|
|
|
|
| Gold revenue ($ in
thousands) |
97,556 |
107,936 |
265,839 |
290,704 |
| Gold sold (ounces) |
50,950 |
62,600 |
137,300 |
160,150 |
| Average realized gold price
($/ ounce) |
1,915 |
1,724 |
1,936 |
1,815 |
| Tonnes of ore milled |
2,155,170 |
1,888,722 |
6,224,572 |
5,885,163 |
| Grade (grams/ tonne) |
1.01 |
1.10 |
0.99 |
1.12 |
| Recovery (%) |
73.0 |
74.7 |
73.6 |
77.1 |
| Gold production (ounces) |
51,170 |
49,902 |
147,012 |
164,041 |
| Cash operating costs(1) ($/
gold ounce sold) |
865 |
879 |
854 |
815 |
| Cash operating costs(1) ($/
gold ounce produced) |
834 |
867 |
844 |
801 |
| Total cash costs(1) ($/ gold
ounce sold) |
993 |
977 |
979 |
922 |
| All-in sustaining costs(1) ($/
gold ounce sold) |
1,124 |
1,110 |
1,152 |
1,076 |
| Capital expenditures ($ in
thousands) |
5,896 |
10,158 |
20,947 |
29,908 |
| Exploration ($ in
thousands) |
774 |
696 |
2,741 |
3,111 |
(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
third quarter of 2023 gold production of 51,170 ounces, above
expectations, as a result of improved ore grade and higher mill
throughput. For the third quarter of 2023, mill feed grade was 1.01
g/t gold, mill throughput was 2.16 million tonnes, and gold
recovery averaged 73.0%.
The Masbate Mine's cash operating costs (refer
to “Non-IFRS Measures”) for the third quarter of 2023 were $834 per
ounce produced ($865 per gold ounce sold). Cash operating costs per
ounce produced for the third quarter of 2023 were lower than
expected as a result of higher than anticipated gold production,
and lower than anticipated mining and processing costs resulting
from lower than expected diesel and heavy fuel oil costs.
All-in sustaining costs (refer to “Non-IFRS
Measures”) for the third quarter of 2023 were $1,124 per ounce
sold. All-in sustaining costs for the third quarter of 2023 were
lower than expected as a result of lower than anticipated cash
operating costs, lower than anticipated sustaining capital
expenditures and higher than expected gold ounces sold. The lower
than expected sustaining capital expenditures were mainly a result
of $4 million budgeted deferred stripping costs that are now
expected to be a permanent saving in 2023.
Capital expenditures in the third quarter of
2023 totalled $6 million, primarily consisting of $3 million for
mobile equipment purchases and rebuilds and $1 million for deferred
stripping.
The Masbate Mine in the Philippines is expected
to produce towards or above the higher end of its guidance range of
between 170,000 and 190,000 ounces of gold in 2023. For the first
nine months of 2023, Masbate's cash operating costs per ounce and
all-in sustaining costs per ounce were below expectations mainly
due to lower fuel costs. Masbate's cash operating costs per ounce
for 2023 are now expected to be between $855 and $915 per ounce
(original guidance range of between $985 and $1,045 per ounce) and
all-in sustaining costs are now expected to be between $1,155 and
$1,215 per ounce (original guidance range of between $1,370 and
$1,430 per ounce).
Otjikoto Mine - Namibia
| |
Three months ended |
Nine months ended |
| |
September 30, |
September 30, |
|
|
2023 |
2022 |
2023 |
2022 |
| |
|
|
|
|
| Gold revenue ($ in
thousands) |
87,957 |
54,595 |
268,187 |
197,057 |
| Gold sold (ounces) |
45,700 |
31,650 |
139,700 |
107,850 |
| Average realized gold price
($/ ounce) |
1,925 |
1,725 |
1,920 |
1,827 |
| Tonnes of ore milled |
855,740 |
877,249 |
2,554,747 |
2,573,360 |
| Grade (grams/ tonne) |
1.66 |
1.27 |
1.57 |
1.25 |
| Recovery (%) |
98.4 |
98.0 |
98.6 |
98.3 |
| Gold production (ounces) |
44,940 |
35,068 |
127,487 |
101,546 |
| Cash operating costs(1) ($/
gold ounce sold) |
744 |
1,165 |
603 |
881 |
| Cash operating costs(1) ($/
gold ounce produced) |
785 |
958 |
671 |
948 |
| Total cash costs(1) ($/ gold
ounce sold) |
820 |
1,234 |
680 |
954 |
| All-in sustaining costs(1) ($/
gold ounce sold) |
1,178 |
1,625 |
1,074 |
1,247 |
| Capital expenditures ($ in
thousands) |
13,290 |
20,292 |
46,266 |
59,575 |
| Exploration ($ in
thousands) |
963 |
896 |
2,453 |
2,275 |
(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 third
quarter of 2023, producing 44,940 ounces of gold, mainly due to
improved processed grade as a result of high-grade ore mined from
the Wolfshag underground mine. For the third quarter of 2023, mill
feed grade was 1.66 g/t, mill throughput was 0.86 million tonnes,
and gold recovery averaged 98.4%.
Production from the Wolfshag underground mine
remained consistent during the third quarter of 2023, averaging
over 1,259 tonnes per day at an average grade of 5.55 g/t. Otjikoto
pit Phase 5 mine production volumes for the third quarter of 2023
were temporarily reduced due to a minor slope failure that resulted
in haulage restrictions caused by a redesign of the main haulage
ramp. The ramp has been reconstructed with no expected impact on
the full-year budgeted 2023 gold production. 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 2031, when economically viable stockpiles are forecast to be
exhausted. 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 costs (refer to “Non-IFRS
Measures”) for the third quarter of 2023 were $785 per gold ounce
produced ($744 per ounce gold sold). Cash operating costs per ounce
produced for the third quarter of 2023 were lower than expected as
a result of higher production and a weaker Namibian dollar. Lower
diesel fuel costs also contributed to the lower than anticipated
cash operating costs per ounce produced.
All-in sustaining costs for the third quarter of
2023 were $1,178 per gold ounce sold. All-in sustaining costs for
the third quarter of 2023 were lower than expected as a result of
lower than anticipated cash operating costs, higher than
anticipated gold ounces sold and lower than anticipated sustaining
capital expenditures primarily related to the timing of deferred
stripping and underground development.
Capital expenditures for the third quarter of
2023 totalled $13 million, consisting of $9 million for deferred
stripping in the Otjikoto pit and $3 million for Wolfshag
underground mine development.
The Otjikoto Mine in Namibia is expected to
produce between 190,000 and 210,000 ounces of gold in 2023. For the
first nine months of 2023, Otjikoto's cash operating costs per
ounce and all-in sustaining costs per ounce were below expectations
due to a weaker Namibian dollar. Otjikoto's cash operating costs
per ounce for 2023 are now expected to be between $545 and $605 per
ounce (original guidance range of between $590 and $650 per ounce)
and all-in sustaining costs are now expected to be between $950 and
$1,010 per ounce (original guidance range of between $1,080 and
$1,140 per ounce).
Goose Project Development and
Exploration
On April 19, 2023, the Company completed the
acquisition of Sabina Gold & Silver ("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 belt. Construction is underway at the most advanced
project in the district, the Goose Project, and is on schedule for
first gold pour in the first quarter of 2025.
On June 23, 2023, the Company announced an
initial capital expenditure estimate of C$800 million, which was in
line with B2Gold expectations since the Sabina acquisition
announcement and reflects scope changes to further optimize the
Goose Project. B2Gold has updated the construction budget to
de-risk the project and construct a reliable and low operating cost
mine for the arctic. In addition, the Company has made the decision
to accelerate underground mining development to increase annual
gold production over the first five years of the mine plan, which
entails mining of the complete Umwelt crown pillar. The cost to
accelerate underground mining is estimated at an additional C$90
million for a total project expenditure of C$890 million of which
Sabina had incurred approximately C$340 million up to April 2023,
leaving approximately C$550 million (approximately $418 million)
expected to be spent by B2Gold from the date of acquisition and up
to completion of construction in the first quarter of 2025. In the
third quarter of 2023 and post-acquisition to September 30, 2023,
the Company incurred $88 million and $157 million, respectively for
construction activities at the Goose Project.
In addition, B2Gold will undertake a buildup of
working capital over the Goose Project construction period up to
the first quarter of 2025 in order to materially de-risk the
execution of the production ramp-up phase. Areas of focus for
working capital include; accelerated purchase and additional
storage of diesel fuel to manage the requirements of operations in
2025; critical inventory of consumables and spares required for
mining and processing to avoid the requirement for air transport;
and development of open pit and underground ore stockpiles to
provide a consistent and uninterrupted feed to the process plant.
In the third quarter of 2023, $41 million of consumables inventory
costs were incurred, including long-term consumables of $30
million.
Goose Project Infrastructure
Marine Laydown Area
Following the acquisition of Sabina, the Marine
Laydown Area (the "MLA") located on Bathurst Inlet, Nunavut was
reorganized to maximize space for the 2023 sealift. Additionally,
the fuel tank containment area at the MLA was enlarged to
facilitate increased storage. The MLA has an approximately 70
person camp, a 3,000 foot gravel airstrip and heliport, and over
65,000 square meters of outdoor storage area. The purchasing of
materials and supplies needed to support the 2024 construction
campaign has been completed and all materials provided to the ports
for the 2023 sealift, which was successfully completed in
mid-October 2023 with a total shipping volume of 90,000 cubic
meters of dry cargo and 24,000,000 liters of arctic grade diesel
fuel. This includes all planned material sealift materials required
for the successful construction, commissioning and mining of the
Goose Project. Current activities at the MLA include maintenance
and preparation of the winter ice road ("WIR") construction and
haulage fleet and staging all materials for shipment on the WIR to
the Goose Project site. Additional materials identified will need
to be flown to site on an as-needed basis.
Accommodation Complex
Phase 1 of the accommodation complex opened in
July 2023, including sleeping quarters, office area, medical
center, gymnasium, kitchens and water treatment. Phase 1 of the
accommodation complex includes 310 beds at the permanent site
location, which together with the 160 beds located at the existing
exploration camp, provide the necessary accommodations to support
accelerated construction, mining and exploration activities to
ensure an on-time project completion. Phase 2 of the accommodation
complex will further expand the permanent camp. Phase 2 materials
are at the MLA and are ready for transport to the Goose Project
site and will be integrated into the complex prior to the 2024
summer construction season.
Concrete and Steel Work
Concrete and steel work in the mill area are
progressing ahead of schedule. The first concrete pour was
completed in July 2023, with approximately 40% of the 2023 concrete
foundations and pads complete within the mill area, powerhouse and
truck shop as of September 30, 2023. Over 2,000,000 kilograms of
structural steel and approximately 500,000 kilograms of plate steel
has arrived at site. Erection of the structural steel for the mill
area, power house and truck shop is well underway, and cladding of
the mill area has begun. Enclosure of these buildings will allow
for work to continue through the colder months and remain on
schedule. Additionally, it is expected that the ball mill will be
set in place in December 2023, ahead of schedule, allowing the
focus for the start of 2024 to shift to piping and mechanical
systems. Progress to date has considerably de-risked the Goose
Project.
Winter Ice Road
The 163 kilometer WIR between the MLA and the
Goose Project will operate between February and the end of April,
depending on temperatures. In 2023, over 800 loads were completed
along the WIR. Work on the 2024 WIR is expected to start in
December 2023. WIR construction will begin from the middle and work
outwards in each direction, allowing for completion of the majority
of the road before the sea ice freezes, as the sea ice freezes
last. This construction strategy should enable the WIR to be
completed earlier than in prior seasons.
Airstrip
Earthworks necessary to extend the airstrip were
completed in September 2023. The extension of the airstrip to 5,000
feet allows large capacity, fully loaded passenger planes to land
at the Goose Project during the 2024 construction campaign. B2Gold
expects that this will make employee and contractor rotations and
supplying the site from Edmonton significantly easier and will
further de-risk the project.
The Company believes that the Back River Gold
District includes significant untapped exploration potential across
the 80 kilometer belt. To accelerate pursuing this potential, in
the second quarter, B2Gold approved a $20 million exploration
budget for the balance of 2023 to complete approximately 25,000
meters of drilling. The $20 million budget is significantly higher
than historical annual exploration expenditures. Drilling has been
and will continue to 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.
Fekola Complex Regional Development and
Exploration
The Fekola Complex is comprised of the Fekola
Mine (Medinandi permit hosting the Fekola and Cardinal pits and
Fekola underground) and Fekola Regional (Anaconda Area (Bantako,
Menankoto and Bakolobi permits) and the Dandoko permit).
Based on B2Gold's preliminary planning, 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).
Receipt of an exploitation license for the Bantako North permit
area remains outstanding pending finalization of an implementation
decree for the new 2023 Mining Code by the State of Mali. As a
result, no production is forecast from Fekola Regional in 2023
(budgeted production was 18,000 ounces). The new 2023 Mining Code
is not expected to impact the matters that have been stabilized for
the Fekola Mine operations under the existing Fekola mining
convention entered into under the 2012 Mining Code, and the impact
of a new 2023 Mining Code on the Fekola Regional licenses is still
under review by the Company, pending issuance of a final
implementation decree by the State of Mali.
In the third quarter of 2023 and the first nine
months of 2023, the Company invested $17 million and $46 million,
respectively, 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 haul road from
Bantako North to Fekola is operational and construction of the haul
roads and mining infrastructure (warehouse, workshop, fuel depot
and offices) is on schedule and will be completed in the fourth
quarter of 2023. Mining operations will commence upon receipt of
mining permits, with gold production approximately three months
after commencement. For 2023, the Company expects to be below
budget on the Fekola Regional development by approximately $12
million.
Preliminary results of a Fekola Complex
optimization study indicate that there is an opportunity to either
(1) extend the processing life of the Fekola mill, or (2) increase
gold production through the construction of a new oxide processing
plant. The Company is progressing an engineering study to be
released in the first quarter of 2024 that will outline the two
development options to process gold from Fekola Regional. In
addition, Fekola Complex optimization work continues to maximize
project value from all the various oxide and sulphide materials
sources including the Fekola Pit, Fekola Underground, Cardinal Pit
and the Bantako North, Menankoto, Bakolobi and Dandoko permits.
Extending the oxide and sulphide processing life of the Fekola mill
or construction of a new oxide processing plant is subject to
delineation of additional mineral resources and development,
completion of feasibility studies and the receipt of all necessary
regulatory approvals and permits.
Gramalote Project
Development
On September 14, 2023, the Company entered into
a purchase agreement with AngloGold to acquire AngloGold's 50%
interest in the Gramalote Project. Upon completion of the Gramalote
Transaction, which occurred on October 5, 2023, B2Gold now owns
100% of the Gramalote Project.
B2Gold's in-house projects team has commenced
work on various smaller scale project development plans, with the
goal of identifying a higher-return project than the previously
contemplated joint venture development plan. Based on the results
of the 2022 Gramalote feasibility study, the contemplated larger
scale project did not meet the combined investment return
thresholds for development by both B2Gold and AngloGold. B2Gold
plans to commence a detailed review of the Gramalote Project,
including the facility size and location, power supply, mining and
processing options, tailings design, resettlement, potential
construction sequencing and camp design to identify potential cost
savings to develop a smaller scale project. The results of the
review will allow the Company to determine the optimal parameters
and assumptions for a formal study, to commence in the fourth
quarter of 2023, with the goal of completing an initial assessment
by the second quarter of 2024.
Outlook
Based on a strong operational and financial
first nine months of 2023, B2Gold is on track to meet 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 from Calibre) now
forecast to be slightly below the original guidance range of
between $670 and $730 per ounce and total consolidated all-in
sustaining costs (including estimated attributable results for
Calibre) are forecast to be at the low end of the original guidance
range of between $1,195 and 1,255 per ounce.
In April 2023, the Company completed 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 kilometer belt. The most advanced project in the district,
Goose, is fully permitted, under construction, 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 the 80 kilometer 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.
In Mali, preliminary results of a Fekola Complex
optimization study indicate that there is an opportunity to either
(1) extend the processing life of the Fekola mill, or (2) increase
gold production through the construction of a new oxide processing
plant. The Company is progressing an engineering study to be
released in the first quarter of 2024 that will outline the two
development options to process gold from Fekola Regional. 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.
Extending the oxide and sulphide processing life of the Fekola mill
or construction of a new oxide processing plant is subject to
delineation of additional mineral resources and development,
completion of feasibility studies, and the receipt of all necessary
regulatory approvals and permits.
Due to the Company's strong financial 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.
B2Gold is conducting another aggressive
exploration campaign in 2023 with a budget of approximately $84
million (including $20 million at the recently acquired Back River
Gold District) with a significant proportion allocated to growth
exploration expenditures to support the next phase of organic
growth across the portfolio.
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.
Appointment of Kelvin Dushnisky as Chair of the Board of
Directors of B2Gold
Following his election as a director of B2Gold
on June 23, 2023, Kelvin Dushnisky was appointed as Chair of the
Board of Directors of the Company. Mr. Dushnisky served as Chief
Executive Officer and a member of the Board of Directors of
AngloGold from 2018 to 2020. There he led the execution of the
organization's strategic priorities and oversaw a global portfolio
of mining operations and projects in Africa, South America and
Australia, along with exploration interests and investments in
Canada and the USA. Prior to AngloGold, Mr. Dushnisky had a
sixteen-year career with Barrick Gold Corporation, ultimately as
its President and a member of the Barrick Board of Directors. Prior
to Barrick, Mr. Dushnisky held senior executive and board positions
with a number of private and listed companies.
Third Quarter 2023 Financial Results - Conference Call
Details
B2Gold executives will host a conference call to
discuss the results on Thursday, November 9, 2023, at 10:00 am PT /
1:00 pm ET. Participants may dial in using the numbers below:
- Toll-free in U.S. and Canada: +1
(800) 319-4610
- All other callers: +1 (604)
638-5340
The conference call will be available for
playback for two weeks by dialing toll-free in the U.S. and Canada:
+1 (800) 319-6413, replay access code 0474. All other callers: +1
(604) 638-9010, replay access code 0474.
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, a mine under construction in northern Canada and
numerous development and exploration projects in various countries
including Mali, Colombia and Finland. 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
For more information on B2Gold please visit the
Company website at www.b2gold.com or contact:
| Michael
McDonald |
Cherry De
Geer |
| VP, Investor Relations & Corporate Development |
Director, Corporate Communications |
| +1 604-681-8371 |
+1 604-681-8371 |
| investor@b2gold.com |
investor@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 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, which 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: remaining well positioned for
continued strong operating and financial performance for 2023;
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 (including
60,000 to 70,000 attributable ounces from Calibre) ounces in 2023,
with cash operating costs at or below a range of $670 and $730 per
ounce and AISC of between $1,195 and $1,255 per ounce;B2Gold’s
continued prioritization of developing the Goose Project in a
manner that recognizes Indigenous input and concerns and brings
long-term socio-economic benefits to the area; the Goose Project
capital cost being approximately C$800 million, and total capital
expenditures including the accelerated underground development
costs being C$890 million; the capital cost to complete the Goose
Project being approximately C$550 million; the Goose Project
producing more than 300,000 ounces of gold per year for the first
five years and the Umwelt crown pillar containing over 150,000
ounces of gold; the Company’s consolidated gold production to be
relatively consistent throughout 2023 with the exception of the
Otjikoto Mine, where it will be weighted 60% to the second half of
the year; the Company’s total capitalized stripping expenditures
moderating in 2024; the potential for Fekola Regional (Anaconda
Area) to provide saprolite material to feed the Fekola mill; 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 impact of any new mining code in Mali; the potential for first
gold production in the first quarter of 2025 from the Goose
Project; the potential payment of any 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" 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 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
AND NINE MONTHS ENDED SEPTEMBER 30(Expressed in thousands
of United States dollars, except per share amounts)(Unaudited)
|
|
| |
For the threemonths
endedSept. 30, 2023 |
|
For the threemonths endedSept. 30, 2022 |
|
For the ninemonths
endedSept. 30, 2023 |
|
For the ninemonths endedSept. 30, 2022 |
| |
|
|
|
|
|
|
|
|
Gold revenue |
$ |
477,888 |
|
|
$ |
392,554 |
|
|
$ |
1,422,298 |
|
|
$ |
1,140,122 |
|
| |
|
|
|
|
|
|
|
| Cost of
sales |
|
|
|
|
|
|
|
|
Production costs |
|
(171,425 |
) |
|
|
(185,704 |
) |
|
|
(451,791 |
) |
|
|
(466,967 |
) |
|
Depreciation and depletion |
|
(101,568 |
) |
|
|
(94,207 |
) |
|
|
(293,388 |
) |
|
|
(253,344 |
) |
|
Royalties and production taxes |
|
(34,389 |
) |
|
|
(26,644 |
) |
|
|
(102,661 |
) |
|
|
(76,235 |
) |
| Total cost of
sales |
|
(307,382 |
) |
|
|
(306,555 |
) |
|
|
(847,840 |
) |
|
|
(796,546 |
) |
| |
|
|
|
|
|
|
|
| Gross
profit |
|
170,506 |
|
|
|
85,999 |
|
|
|
574,458 |
|
|
|
343,576 |
|
| |
|
|
|
|
|
|
|
| General and
administrative |
|
(13,064 |
) |
|
|
(10,384 |
) |
|
|
(41,170 |
) |
|
|
(33,761 |
) |
| Share-based payments |
|
(4,289 |
) |
|
|
(5,808 |
) |
|
|
(15,734 |
) |
|
|
(18,253 |
) |
| (Impairment) reversal of
impairment of long-lived assets |
|
(111,597 |
) |
|
|
— |
|
|
|
(116,482 |
) |
|
|
909 |
|
| Write-down of mineral property
interests |
|
(565 |
) |
|
|
(3,927 |
) |
|
|
(17,022 |
) |
|
|
(7,085 |
) |
| Share of net income of
associate |
|
5,561 |
|
|
|
2,080 |
|
|
|
17,549 |
|
|
|
8,991 |
|
| Restructuring charges |
|
(5,071 |
) |
|
|
— |
|
|
|
(12,151 |
) |
|
|
— |
|
| Foreign exchange losses |
|
(11,739 |
) |
|
|
(7,982 |
) |
|
|
(14,588 |
) |
|
|
(16,439 |
) |
| Community relations |
|
(1,158 |
) |
|
|
(873 |
) |
|
|
(3,883 |
) |
|
|
(1,945 |
) |
| Loss on sale of mineral
property |
|
— |
|
|
|
(2,804 |
) |
|
|
— |
|
|
|
(2,804 |
) |
| Other expense |
|
(1,061 |
) |
|
|
(1,776 |
) |
|
|
(8,396 |
) |
|
|
(2,746 |
) |
| Operating
income |
|
27,523 |
|
|
|
54,525 |
|
|
|
362,581 |
|
|
|
270,443 |
|
| |
|
|
|
|
|
|
|
| Interest and financing
expense |
|
(3,190 |
) |
|
|
(2,709 |
) |
|
|
(9,032 |
) |
|
|
(7,983 |
) |
| Interest income |
|
3,887 |
|
|
|
3,168 |
|
|
|
15,741 |
|
|
|
7,796 |
|
| Change in fair value of gold
stream |
|
7,600 |
|
|
|
— |
|
|
|
6,500 |
|
|
|
— |
|
| Gains (losses) on derivative
instruments |
|
5,667 |
|
|
|
(8,751 |
) |
|
|
6,092 |
|
|
|
18,297 |
|
| Other income (expense) |
|
(951 |
) |
|
|
453 |
|
|
|
(5,069 |
) |
|
|
6,513 |
|
| Income from operations
before taxes |
|
40,536 |
|
|
|
46,686 |
|
|
|
376,813 |
|
|
|
295,066 |
|
| |
|
|
|
|
|
|
|
| Current income tax,
withholding and other taxes |
|
(68,210 |
) |
|
|
(32,520 |
) |
|
|
(216,155 |
) |
|
|
(140,315 |
) |
| Deferred income tax
expense |
|
(7,096 |
) |
|
|
(35,400 |
) |
|
|
(1,674 |
) |
|
|
(44,496 |
) |
| Net (loss) income for
the period |
$ |
(34,770 |
) |
|
$ |
(21,234 |
) |
|
$ |
158,984 |
|
|
$ |
110,255 |
|
| |
|
|
|
|
|
|
|
| Attributable
to: |
|
|
|
|
|
|
|
| Shareholders of the
Company |
$ |
(43,070 |
) |
|
$ |
(23,410 |
) |
|
$ |
123,321 |
|
|
$ |
95,117 |
|
| Non-controlling
interests |
|
8,300 |
|
|
|
2,176 |
|
|
|
35,663 |
|
|
|
15,138 |
|
| Net (loss) income for
the period |
$ |
(34,770 |
) |
|
$ |
(21,234 |
) |
|
$ |
158,984 |
|
|
$ |
110,255 |
|
| |
|
|
|
|
|
|
|
| (Loss) earnings per
share (attributable to shareholders of the Company) |
|
|
|
|
|
|
|
|
Basic |
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.10 |
|
|
$ |
0.09 |
|
|
Diluted |
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.10 |
|
|
$ |
0.09 |
|
| |
|
|
|
|
|
|
|
| Weighted average
number of common shares outstanding (in
thousands) |
|
|
|
|
|
|
|
|
Basic |
|
1,297,175 |
|
|
|
1,064,301 |
|
|
|
1,208,942 |
|
|
|
1,060,826 |
|
|
Diluted |
|
1,297,175 |
|
|
|
1,064,301 |
|
|
|
1,213,349 |
|
|
|
1,067,753 |
|
B2GOLD CORP.CONDENSED INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE THREE
AND NINE MONTHS ENDED SEPTEMBER 30(Expressed in thousands
of United States dollars)(Unaudited)
|
|
| |
For the threemonths
endedSept. 30, 2023 |
|
For the threemonths endedSept. 30, 2022 |
|
For the ninemonths
endedSept. 30, 2023 |
|
For the ninemonths endedSept. 30, 2022 |
| Operating
activities |
|
|
|
|
|
|
|
|
Net (loss) income for the period |
$ |
(34,770 |
) |
|
$ |
(21,234 |
) |
|
$ |
158,984 |
|
|
$ |
110,255 |
|
|
Mine restoration provisions settled |
|
(344 |
) |
|
|
— |
|
|
|
(923 |
) |
|
|
— |
|
|
Non-cash charges, net |
|
226,559 |
|
|
|
160,355 |
|
|
|
455,500 |
|
|
|
331,700 |
|
|
Changes in non-cash working capital |
|
(28,339 |
) |
|
|
(34,362 |
) |
|
|
(7,061 |
) |
|
|
(87,833 |
) |
|
Changes in long-term supplies inventory |
|
(30,407 |
) |
|
|
— |
|
|
|
(30,407 |
) |
|
|
— |
|
|
Changes in long-term value added tax receivables |
|
(22,495 |
) |
|
|
(11,641 |
) |
|
|
(67,083 |
) |
|
|
(28,815 |
) |
|
Cash provided by operating activities |
|
110,204 |
|
|
|
93,118 |
|
|
|
509,010 |
|
|
|
325,307 |
|
| |
|
|
|
|
|
|
|
| Financing
activities |
|
|
|
|
|
|
|
|
Extinguishment of gold stream and construction financing
obligations |
|
— |
|
|
|
— |
|
|
|
(111,819 |
) |
|
|
— |
|
|
Repayment of equipment loan facilities |
|
(3,448 |
) |
|
|
(879 |
) |
|
|
(9,913 |
) |
|
|
(12,374 |
) |
|
Interest and commitment fees paid |
|
(1,343 |
) |
|
|
(725 |
) |
|
|
(3,463 |
) |
|
|
(3,049 |
) |
|
Cash proceeds from stock option exercises |
|
6,486 |
|
|
|
335 |
|
|
|
12,394 |
|
|
|
12,966 |
|
|
Dividends paid |
|
(45,378 |
) |
|
|
(42,949 |
) |
|
|
(140,084 |
) |
|
|
(127,695 |
) |
|
Principal payments on lease arrangements |
|
(1,135 |
) |
|
|
(1,732 |
) |
|
|
(4,624 |
) |
|
|
(5,399 |
) |
|
Distributions to non-controlling interests |
|
(13,601 |
) |
|
|
(23,648 |
) |
|
|
(17,881 |
) |
|
|
(27,828 |
) |
|
Revolving credit facility transaction costs |
|
(3,296 |
) |
|
|
— |
|
|
|
(3,296 |
) |
|
|
(2,401 |
) |
|
Other |
|
2,434 |
|
|
|
1,788 |
|
|
|
4,021 |
|
|
|
2,518 |
|
|
Cash used by financing activities |
|
(59,281 |
) |
|
|
(67,810 |
) |
|
|
(274,665 |
) |
|
|
(163,262 |
) |
| |
|
|
|
|
|
|
|
| Investing
activities |
|
|
|
|
|
|
|
|
Expenditures on mining interests: |
|
|
|
|
|
|
|
|
Fekola Mine |
|
(83,166 |
) |
|
|
(20,353 |
) |
|
|
(211,112 |
) |
|
|
(68,779 |
) |
|
Masbate Mine |
|
(5,896 |
) |
|
|
(10,158 |
) |
|
|
(20,947 |
) |
|
|
(29,908 |
) |
|
Otjikoto Mine |
|
(13,290 |
) |
|
|
(20,292 |
) |
|
|
(46,266 |
) |
|
|
(59,575 |
) |
|
Goose Project |
|
(88,082 |
) |
|
|
— |
|
|
|
(156,694 |
) |
|
|
— |
|
|
Fekola Regional, pre-development |
|
(16,535 |
) |
|
|
(5,154 |
) |
|
|
(46,345 |
) |
|
|
(12,083 |
) |
|
Gramalote Project |
|
(854 |
) |
|
|
(4,273 |
) |
|
|
(2,568 |
) |
|
|
(12,810 |
) |
|
Other exploration and development |
|
(17,770 |
) |
|
|
(16,269 |
) |
|
|
(58,313 |
) |
|
|
(45,505 |
) |
| Cash
acquired on acquisition of Sabina Gold & Silver Corp. |
|
— |
|
|
|
— |
|
|
|
38,083 |
|
|
|
— |
|
| Transaction costs
paid on acquisition of Sabina Gold & Silver Corp. |
|
— |
|
|
|
— |
|
|
|
(6,672 |
) |
|
|
— |
|
|
Purchase of long-term investment |
|
(879 |
) |
|
|
— |
|
|
|
(32,759 |
) |
|
|
— |
|
|
Cash paid for purchase of non-controlling interest |
|
— |
|
|
|
— |
|
|
|
(6,704 |
) |
|
|
— |
|
|
Deferred consideration received |
|
— |
|
|
|
45,000 |
|
|
|
3,850 |
|
|
|
45,000 |
|
|
Cash paid on acquisition of mineral property |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(48,258 |
) |
|
Cash paid on acquisition of Oklo Resources Ltd |
|
— |
|
|
|
(21,130 |
) |
|
|
— |
|
|
|
(21,130 |
) |
|
Cash acquired on acquisition of Oklo Resources Ltd |
|
— |
|
|
|
1,415 |
|
|
|
— |
|
|
|
1,415 |
|
| Loan to
associate |
|
(2,453 |
) |
|
|
(5,000 |
) |
|
|
(2,453 |
) |
|
|
(5,000 |
) |
|
Cash paid on exercise of mineral property option |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,737 |
) |
|
Funding of reclamation accounts |
|
(2,189 |
) |
|
|
(954 |
) |
|
|
(4,829 |
) |
|
|
(5,052 |
) |
|
Other |
|
(3,833 |
) |
|
|
1,626 |
|
|
|
(4,191 |
) |
|
|
1,268 |
|
|
Cash used by investing activities |
|
(234,947 |
) |
|
|
(55,542 |
) |
|
|
(557,920 |
) |
|
|
(268,154 |
) |
| |
|
|
|
|
|
|
|
| Decrease in cash and
cash equivalents |
|
(184,024 |
) |
|
|
(30,234 |
) |
|
|
(323,575 |
) |
|
|
(106,109 |
) |
| |
|
|
|
|
|
|
|
| Effect of exchange rate
changes on cash and cash equivalents |
|
(12,614 |
) |
|
|
(7,002 |
) |
|
|
(18,802 |
) |
|
|
(17,434 |
) |
| Cash and cash
equivalents, beginning of period |
|
506,207 |
|
|
|
586,692 |
|
|
|
651,946 |
|
|
|
672,999 |
|
| Cash and cash
equivalents, end of period |
$ |
309,569 |
|
|
$ |
549,456 |
|
|
$ |
309,569 |
|
|
$ |
549,456 |
|
B2GOLD CORP.CONDENSED INTERIM
CONSOLIDATED BALANCE SHEETS(Expressed in thousands of
United States dollars)(Unaudited)
| |
| |
As at September 30,2023 |
|
As at December 31,2022 |
| Assets |
|
|
|
| Current |
|
|
|
|
Cash and cash equivalents |
$ |
309,569 |
|
|
$ |
651,946 |
|
|
Accounts receivable, prepaids and other |
|
32,597 |
|
|
|
28,811 |
|
|
Deferred consideration receivable |
|
— |
|
|
|
3,850 |
|
|
Value-added and other tax receivables |
|
21,534 |
|
|
|
18,533 |
|
|
Inventories |
|
343,628 |
|
|
|
332,031 |
|
| |
|
707,328 |
|
|
|
1,035,171 |
|
| |
|
|
|
| Long-term
investments |
|
78,229 |
|
|
|
31,865 |
|
| Value-added tax
receivables |
|
168,306 |
|
|
|
121,323 |
|
| Mining
interests |
|
|
|
|
Owned by subsidiaries and joint operations |
|
3,593,868 |
|
|
|
2,274,730 |
|
|
Investments in associates |
|
132,713 |
|
|
|
120,049 |
|
| Long-term
stockpile |
|
55,470 |
|
|
|
48,882 |
|
| Long-term
stockpiles |
|
46,855 |
|
|
|
— |
|
| Other
assets |
|
68,879 |
|
|
|
49,213 |
|
| |
$ |
4,851,648 |
|
|
$ |
3,681,233 |
|
| Liabilities |
|
|
|
| Current |
|
|
|
|
Accounts payable and accrued liabilities |
$ |
176,931 |
|
|
$ |
114,791 |
|
|
Current income and other taxes payable |
|
111,171 |
|
|
|
95,623 |
|
|
Current portion of long-term debt |
|
15,145 |
|
|
|
15,519 |
|
|
Current portion of mine restoration provisions |
|
4,622 |
|
|
|
5,545 |
|
|
Other current liabilities |
|
16,804 |
|
|
|
2,138 |
|
| |
|
324,673 |
|
|
|
233,616 |
|
| |
|
|
|
| Long-term
debt |
|
34,309 |
|
|
|
41,709 |
|
| Gold stream
obligation |
|
120,800 |
|
|
|
— |
|
| Mine restoration
provisions |
|
94,301 |
|
|
|
95,568 |
|
| Deferred income
taxes |
|
184,189 |
|
|
|
182,515 |
|
| Employee benefits
obligation |
|
18,729 |
|
|
|
8,121 |
|
| Other long-term
liabilities |
|
8,707 |
|
|
|
7,915 |
|
| |
|
785,708 |
|
|
|
569,444 |
|
| Equity |
|
|
|
| Shareholders’
equity |
|
|
|
|
Share capital |
|
3,448,404 |
|
|
|
2,487,624 |
|
|
Contributed surplus |
|
80,478 |
|
|
|
78,232 |
|
|
Accumulated other comprehensive loss |
|
(132,511 |
) |
|
|
(145,869 |
) |
|
Retained earnings |
|
560,226 |
|
|
|
588,139 |
|
| |
|
3,956,597 |
|
|
|
3,008,126 |
|
| Non-controlling
interests |
|
109,343 |
|
|
|
103,663 |
|
| |
|
4,065,940 |
|
|
|
3,111,789 |
|
| |
$ |
4,851,648 |
|
|
$ |
3,681,233 |
|
| |
|
|
|
NON-IFRS MEASURES
Cash operating costs per gold ounce sold
and total cash costs per gold ounce sold
‘‘Cash operating costs per gold ounce’’ and
“total cash costs per gold ounce” are common financial performance
measures in the gold mining industry but, as non-IFRS measures,
they do not have a standardized meaning under IFRS and therefore
may not be comparable to similar measures presented by other
issuers. Management believes that, in addition to conventional
measures prepared in accordance with IFRS, certain investors use
this information to evaluate our performance and ability to
generate cash flow. Accordingly, these measures are 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. The measures, along with sales, are
considered to be a key indicator of the Company’s ability to
generate earnings and cash flow from its mining operations.
Cash cost figures are calculated on a sales
basis in accordance with a standard developed by The Gold
Institute, which was a worldwide association of suppliers of gold
and gold products and included leading North American gold
producers. The Gold Institute ceased operations in 2002, but the
standard is the accepted standard of reporting cash cost of
production in North America. Adoption of the standard is voluntary
and the cost measures presented may not be comparable to other
similarly titled measures of other companies. Other companies may
calculate these measures differently. Cash operating costs and
total cash costs per gold ounce sold are derived from amounts
included in the statement of operations and include mine site
operating costs such as mining, processing, smelting, refining,
transportation costs, royalties and production taxes, less silver
by-product credits. The tables below show a reconciliation of cash
operating costs per gold ounce sold and total cash costs per gold
ounce sold to production costs as extracted from the unaudited
condensed interim consolidated financial statements on a
consolidated and a mine-by-mine basis (dollars in thousands):
| |
For the three months ended September 30, 2023 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
93,388 |
44,056 |
33,981 |
171,425 |
16,791 |
188,216 |
| Royalties and production
taxes |
24,333 |
6,556 |
3,500 |
34,389 |
1,303 |
35,692 |
| |
|
|
|
|
|
|
| Total cash costs |
117,721 |
50,612 |
37,481 |
205,814 |
18,094 |
223,908 |
| |
|
|
|
|
|
|
| Gold sold (ounces) |
152,239 |
50,950 |
45,700 |
248,889 |
17,727 |
266,616 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce sold) |
613 |
865 |
744 |
689 |
947 |
706 |
| |
|
|
|
|
|
|
| Total cash costs per ounce ($/
gold ounce sold) |
773 |
993 |
820 |
827 |
1,021 |
840 |
| |
For the three months ended September 30, 2022 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
93,808 |
55,023 |
36,873 |
185,704 |
13,443 |
199,147 |
| Royalties and production
taxes |
18,286 |
6,164 |
2,194 |
26,644 |
929 |
27,573 |
| |
|
|
|
|
|
|
| Total cash costs |
112,094 |
61,187 |
39,067 |
212,348 |
14,372 |
226,720 |
| |
|
|
|
|
|
|
| Gold sold (ounces) |
135,150 |
62,600 |
31,650 |
229,400 |
12,158 |
241,558 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce sold) |
694 |
879 |
1,165 |
810 |
1,106 |
824 |
| |
|
|
|
|
|
|
| Total cash costs per ounce ($/
gold ounce sold) |
829 |
977 |
1,234 |
926 |
1,182 |
939 |
| |
For the nine months ended September 30, 2023 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
250,294 |
117,219 |
84,278 |
451,791 |
50,371 |
502,162 |
| Royalties and production
taxes |
74,685 |
17,254 |
10,722 |
102,661 |
3,635 |
106,296 |
| |
|
|
|
|
|
|
| Total cash costs |
324,979 |
134,473 |
95,000 |
554,452 |
54,006 |
608,458 |
| |
|
|
|
|
|
|
| Gold sold (ounces) |
460,139 |
137,300 |
139,700 |
737,139 |
50,666 |
787,805 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce sold) |
544 |
854 |
603 |
613 |
994 |
637 |
| |
|
|
|
|
|
|
| Total cash costs per ounce ($/
gold ounce sold) |
706 |
979 |
680 |
752 |
1,066 |
772 |
| |
For the nine months ended September 30, 2022 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
241,476 |
130,477 |
95,014 |
466,967 |
41,732 |
508,699 |
| Royalties and production
taxes |
51,233 |
17,130 |
7,872 |
76,235 |
3,026 |
79,261 |
| |
|
|
|
|
|
|
| Total cash costs |
292,709 |
147,607 |
102,886 |
543,202 |
44,758 |
587,960 |
| |
|
|
|
|
|
|
| Gold sold (ounces) |
361,800 |
160,150 |
107,850 |
629,800 |
39,976 |
669,776 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce sold) |
667 |
815 |
881 |
741 |
1,044 |
760 |
| |
|
|
|
|
|
|
| Total cash costs per ounce ($/
gold ounce sold) |
809 |
922 |
954 |
862 |
1,120 |
878 |
| |
|
|
|
|
|
|
Cash operating costs per gold ounce
produced
In addition to cash operating costs on a per
gold ounce sold basis, the Company also presents cash operating
costs on a per gold ounce produced basis. Cash operating costs per
gold ounce produced is derived from amounts included in the
statement of operations and include mine site operating costs such
as mining, processing, smelting, refining, transportation costs,
less silver by-product credits. The tables below show a
reconciliation of cash operating costs per gold ounce produced to
production costs as extracted from the unaudited condensed interim
consolidated financial statements on a consolidated and a
mine-by-mine basis (dollars in thousands):
| |
For the three months ended September 30, 2023 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Production costs |
93,388 |
|
44,056 |
|
33,981 |
171,425 |
|
16,791 |
188,216 |
|
| Inventory sales
adjustment |
(4,673 |
) |
(1,388 |
) |
1,294 |
(4,767 |
) |
— |
(4,767 |
) |
| |
|
|
|
|
|
|
| Cash operating costs |
88,715 |
|
42,668 |
|
35,275 |
166,658 |
|
16,791 |
183,449 |
|
| |
|
|
|
|
|
|
| Gold produced (ounces) |
128,942 |
|
51,170 |
|
44,940 |
225,052 |
|
17,786 |
242,838 |
|
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce produced) |
688 |
|
834 |
|
785 |
741 |
|
944 |
755 |
|
| |
For the three months ended September 30, 2022 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Production costs |
93,808 |
55,023 |
|
36,873 |
|
185,704 |
|
13,443 |
199,147 |
|
| Inventory sales
adjustment |
805 |
(11,773 |
) |
(3,267 |
) |
(14,235 |
) |
— |
(14,235 |
) |
| |
|
|
|
|
|
|
| Cash operating costs |
94,613 |
43,250 |
|
33,606 |
|
171,469 |
|
13,443 |
184,912 |
|
| |
|
|
|
|
|
|
| Gold produced (ounces) |
129,933 |
49,902 |
|
35,068 |
|
214,903 |
|
12,113 |
227,016 |
|
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce produced) |
728 |
867 |
|
958 |
|
798 |
|
1,110 |
815 |
|
| |
For the nine months ended September 30, 2023 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
250,294 |
117,219 |
84,278 |
451,791 |
50,371 |
502,162 |
| Inventory sales
adjustment |
543 |
6,792 |
1,232 |
8,567 |
— |
8,567 |
| |
|
|
|
|
|
|
| Cash operating costs |
250,837 |
124,011 |
85,510 |
460,358 |
50,371 |
510,729 |
| |
|
|
|
|
|
|
| Gold produced (ounces) |
447,233 |
147,012 |
127,487 |
721,732 |
50,663 |
772,395 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce produced) |
561 |
844 |
671 |
638 |
994 |
661 |
| |
For the nine months ended September 30, 2022 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Production costs |
241,476 |
|
130,477 |
95,014 |
466,967 |
|
41,732 |
508,699 |
|
| Inventory sales
adjustment |
(4,877 |
) |
886 |
1,276 |
(2,715 |
) |
— |
(2,715 |
) |
| |
|
|
|
|
|
|
| Cash operating costs |
236,599 |
|
131,363 |
96,290 |
464,252 |
|
41,732 |
505,984 |
|
| |
|
|
|
|
|
|
| Gold produced (ounces) |
354,647 |
|
164,041 |
101,546 |
620,234 |
|
39,770 |
660,004 |
|
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce produced) |
667 |
|
801 |
948 |
749 |
|
1,049 |
767 |
|
| |
|
|
|
|
|
|
|
|
|
All-in sustaining costs per gold
ounce
In June 2013, the World Gold Council, a
non-regulatory association of the world’s leading gold mining
companies established to promote the use of gold to industry,
consumers and investors, provided guidance for the calculation of
the measure “all-in sustaining costs per gold ounce”, but as a
non-IFRS measure, it does not have a standardized meaning under
IFRS and therefore may not be comparable to similar measures
presented by other issuers. The original World Gold Council
standard became effective January 1, 2014 with further updates
announced on November 16, 2018 which were effective starting
January 1, 2019.
Management believes that the all-in sustaining
costs per gold ounce measure provides additional insight into the
costs of producing gold by capturing all of the expenditures
required for the discovery, development and sustaining of gold
production and allows the Company to assess its ability to support
capital expenditures to sustain future production from the
generation of operating cash flows. Management believes that, in
addition to conventional measures prepared in accordance with IFRS,
certain investors use this information to evaluate the Company's
performance and ability to generate cash flow. Accordingly, it 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. Adoption of the
standard is voluntary and the cost measures presented may not be
comparable to other similarly titled measures of other companies.
The Company has applied the principles of the World Gold Council
recommendations and has reported all-in sustaining costs on a sales
basis. Other companies may calculate these measures
differently.
B2Gold defines all-in sustaining costs per ounce
as the sum of cash operating costs, royalties and production taxes,
capital expenditures and exploration costs that are sustaining in
nature, sustaining lease expenditures, corporate general and
administrative costs, share-based payment expenses related to
restricted share units/deferred share units/performance share
units/restricted phantom units (“RSUs/DSUs/PSUs/RPUs”), community
relations expenditures, reclamation liability accretion and
realized (gains) losses on fuel derivative contracts, all divided
by the total gold ounces sold to arrive at a per ounce figure.
The table below shows a reconciliation of all-in
sustaining costs per ounce to production costs as extracted from
the unaudited condensed interim consolidated financial statements
on a consolidated and a mine-by-mine basis for the three months
ended September 30, 2023 (dollars in thousands):
| |
For the three months ended September 30, 2023 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Corporate |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
|
Production costs |
93,388 |
|
44,056 |
|
33,981 |
|
— |
171,425 |
|
16,791 |
188,216 |
|
| Royalties and production
taxes |
24,333 |
|
6,556 |
|
3,500 |
|
— |
34,389 |
|
1,303 |
35,692 |
|
| Corporate administration |
2,077 |
|
623 |
|
1,269 |
|
8,961 |
12,930 |
|
658 |
13,588 |
|
| Share-based payments –
RSUs/DSUs/PSUs/RPUs(1) |
9 |
|
— |
|
— |
|
4,325 |
4,334 |
|
— |
4,334 |
|
| Community relations |
642 |
|
24 |
|
492 |
|
— |
1,158 |
|
— |
1,158 |
|
| Reclamation liability
accretion |
381 |
|
290 |
|
286 |
|
— |
957 |
|
— |
957 |
|
| Realized gains on derivative
contracts |
(1,317 |
) |
(972 |
) |
(232 |
) |
— |
(2,521 |
) |
— |
(2,521 |
) |
| Sustaining lease
expenditures |
72 |
|
302 |
|
274 |
|
487 |
1,135 |
|
— |
1,135 |
|
| Sustaining capital
expenditures(2) |
72,454 |
|
5,617 |
|
13,290 |
|
— |
91,361 |
|
3,388 |
94,749 |
|
| Sustaining mine
exploration(2) |
— |
|
774 |
|
963 |
|
— |
1,737 |
|
19 |
1,756 |
|
| |
|
|
|
|
|
|
|
| Total all-in sustaining
costs |
192,039 |
|
57,270 |
|
53,823 |
|
13,773 |
316,905 |
|
22,159 |
339,064 |
|
| |
|
|
|
|
|
|
|
| Gold sold (ounces) |
152,239 |
|
50,950 |
|
45,700 |
|
— |
248,889 |
|
17,727 |
266,616 |
|
| |
|
|
|
|
|
|
|
| All-in sustaining cost per
ounce ($/ gold ounce sold) |
1,261 |
|
1,124 |
|
1,178 |
|
— |
1,273 |
|
1,250 |
1,272 |
|
(1) Included as a component of Share-based
payments on the Statement of operations. (2) Refer to Sustaining
capital expenditures and Sustaining mine exploration
reconciliations below.
The table below shows a reconciliation of
sustaining capital expenditures to operating mine capital
expenditures as extracted from the unaudited condensed interim
consolidated financial statements for the three months ended
September 30, 2023 (dollars in thousands):
| |
For the three months ended September 30, 2023 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Operating mine capital expenditures |
83,166 |
|
5,896 |
|
13,290 |
102,352 |
|
3,388 |
105,740 |
|
| Road construction |
(216 |
) |
— |
|
— |
(216 |
) |
— |
(216 |
) |
| Fekola underground |
(10,496 |
) |
— |
|
— |
(10,496 |
) |
— |
(10,496 |
) |
| Other |
— |
|
(279 |
) |
— |
(279 |
) |
— |
(279 |
) |
| |
|
|
|
|
|
|
| Sustaining capital
expenditures |
72,454 |
|
5,617 |
|
13,290 |
91,361 |
|
3,388 |
94,749 |
|
The table below shows a reconciliation of
sustaining mine exploration to operating mine exploration as
extracted from the unaudited condensed interim consolidated
financial statements for the three months ended September 30, 2023
(dollars in thousands):
| |
For the three months ended September 30, 2023 |
|
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
|
| |
$ |
$ |
$ |
$ |
$ |
$ |
|
| |
|
|
|
|
|
|
|
| Operating mine
exploration |
— |
774 |
963 |
1,737 |
19 |
1,756 |
|
| Regional exploration |
— |
— |
— |
— |
— |
— |
|
| |
|
|
|
|
|
|
|
| Sustaining mine
exploration |
— |
774 |
963 |
1,737 |
19 |
1,756 |
|
| |
The tables below show a reconciliation of all-in
sustaining costs per ounce to production costs as extracted from
the unaudited condensed interim consolidated financial statements
on a consolidated and a mine-by-mine basis for the three months
ended September 30, 2022 (dollars in thousands):
| |
For the three months ended September 30, 2022 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Corporate |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
|
Production costs |
93,808 |
|
55,023 |
|
36,873 |
|
— |
185,704 |
|
13,443 |
199,147 |
|
| Royalties and production
taxes |
18,286 |
|
6,164 |
|
2,194 |
|
— |
26,644 |
|
929 |
27,573 |
|
| Corporate administration |
1,851 |
|
590 |
|
1,215 |
|
6,728 |
10,384 |
|
787 |
11,171 |
|
| Share-based payments –
RSUs/DSUs/PSUs/RPUs(1) |
— |
|
— |
|
— |
|
4,278 |
4,278 |
|
— |
4,278 |
|
| Community relations |
364 |
|
54 |
|
455 |
|
— |
873 |
|
— |
873 |
|
| Reclamation liability
accretion |
259 |
|
244 |
|
190 |
|
— |
693 |
|
— |
693 |
|
| Realized gains on derivative
contracts |
(3,021 |
) |
(3,456 |
) |
(1,506 |
) |
— |
(7,983 |
) |
— |
(7,983 |
) |
| Sustaining lease
expenditures |
138 |
|
298 |
|
732 |
|
564 |
1,732 |
|
— |
1,732 |
|
| Sustaining capital
expenditures(2) |
18,721 |
|
9,882 |
|
10,847 |
|
— |
39,450 |
|
2,399 |
41,849 |
|
| Sustaining mine
exploration(2) |
1,827 |
|
696 |
|
443 |
|
— |
2,966 |
|
— |
2,966 |
|
| |
|
|
|
|
|
|
|
| Total all-in sustaining
costs |
132,233 |
|
69,495 |
|
51,443 |
|
11,570 |
264,741 |
|
17,558 |
282,299 |
|
| |
|
|
|
|
|
|
|
| Gold sold (ounces) |
135,150 |
|
62,600 |
|
31,650 |
|
— |
229,400 |
|
12,158 |
241,558 |
|
| |
|
|
|
|
|
|
|
| All-in sustaining cost per
ounce ($/ gold ounce sold) |
978 |
|
1,110 |
|
1,625 |
|
— |
1,154 |
|
1,444 |
1,169 |
|
(1) Included as a component of Share-based
payments on the Statement of operations. (2) Refer to Sustaining
capital expenditures and Sustaining mine exploration
reconciliations below
The table below shows a reconciliation of
sustaining capital expenditures to operating mine capital
expenditures as extracted from the unaudited condensed interim
consolidated financial statements for the three months ended
September 30, 2022 (dollars in thousands):
| |
For the three months ended September 30, 2022 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Operating mine capital expenditures |
20,353 |
|
10,158 |
|
20,292 |
|
50,803 |
|
2,399 |
53,202 |
|
| Cardinal mobile equipment |
(903 |
) |
— |
|
— |
|
(903 |
) |
— |
(903 |
) |
| Tailings facility life-of-mine
study |
(399 |
) |
— |
|
— |
|
(399 |
) |
— |
(399 |
) |
| Fekola underground study |
(270 |
) |
— |
|
— |
|
(270 |
) |
— |
(270 |
) |
| Other |
(60 |
) |
(34 |
) |
— |
|
(94 |
) |
— |
(94 |
) |
| Land acquisitions |
— |
|
(242 |
) |
— |
|
(242 |
) |
— |
(242 |
) |
| Underground development |
— |
|
— |
|
(8,387 |
) |
(8,387 |
) |
— |
(8,387 |
) |
| National power grid
connection |
— |
|
— |
|
(1,058 |
) |
(1,058 |
) |
— |
(1,058 |
) |
| |
|
|
|
|
|
|
| Sustaining capital
expenditures |
18,721 |
|
9,882 |
|
10,847 |
|
39,450 |
|
2,399 |
41,849 |
|
| |
The table below shows a reconciliation of
sustaining mine exploration to operating mine exploration as
extracted from the unaudited condensed interim consolidated
financial statements for the three months ended September 30, 2022
(dollars in thousands):
| |
For the three months ended September 30, 2022 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Operating mine exploration |
3,392 |
|
696 |
896 |
|
4,984 |
|
— |
4,984 |
|
| Regional exploration |
(1,565 |
) |
— |
(453 |
) |
(2,018 |
) |
— |
(2,018 |
) |
| |
|
|
|
|
|
|
| Sustaining mine
exploration |
1,827 |
|
696 |
443 |
|
2,966 |
|
— |
2,966 |
|
| |
The tables below show a reconciliation of all-in
sustaining costs per ounce to production costs as extracted from
the unaudited condensed interim consolidated financial statements
on a consolidated and a mine-by-mine basis for the nine months
ended September 30, 2023 (dollars in thousands):
| |
For the nine months ended September 30, 2023 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Corporate |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
|
Production costs |
250,294 |
|
117,219 |
|
84,278 |
|
— |
451,791 |
|
50,371 |
502,162 |
|
| Royalties and production
taxes |
74,685 |
|
17,254 |
|
10,722 |
|
— |
102,661 |
|
3,635 |
106,296 |
|
| Corporate administration |
7,441 |
|
1,762 |
|
4,149 |
|
27,818 |
41,170 |
|
1,981 |
43,151 |
|
| Share-based payments –
RSUs/DSUs/PSUs/RPUs(1) |
9 |
|
— |
|
— |
|
12,482 |
12,491 |
|
— |
12,491 |
|
| Community relations |
2,686 |
|
123 |
|
1,074 |
|
— |
3,883 |
|
— |
3,883 |
|
| Reclamation liability
accretion |
1,119 |
|
859 |
|
857 |
|
— |
2,835 |
|
— |
2,835 |
|
| Realized gains on derivative
contracts |
(2,776 |
) |
(2,786 |
) |
(929 |
) |
— |
(6,491 |
) |
— |
(6,491 |
) |
| Sustaining lease
expenditures |
1,117 |
|
912 |
|
1,194 |
|
1,401 |
4,624 |
|
— |
4,624 |
|
| Sustaining capital
expenditures(2) |
181,262 |
|
20,145 |
|
46,266 |
|
— |
247,673 |
|
7,327 |
255,000 |
|
| Sustaining mine
exploration(2) |
1,706 |
|
2,741 |
|
2,453 |
|
— |
6,900 |
|
19 |
6,919 |
|
| |
|
|
|
|
|
|
|
| Total all-in sustaining
costs |
517,543 |
|
158,229 |
|
150,064 |
|
41,701 |
867,537 |
|
63,333 |
930,870 |
|
| |
|
|
|
|
|
|
|
| Gold sold (ounces) |
460,139 |
|
137,300 |
|
139,700 |
|
— |
737,139 |
|
50,666 |
787,805 |
|
| |
|
|
|
|
|
|
|
| All-in sustaining cost per
ounce ($/ gold ounce sold) |
1,125 |
|
1,152 |
|
1,074 |
|
— |
1,177 |
|
1,250 |
1,182 |
|
(1) Included as a component of Share-based
payments on the Statement of operations. (2) Refer to Sustaining
capital expenditures and Sustaining mine exploration
reconciliations below.
The table below shows a reconciliation of
sustaining capital expenditures to operating mine capital
expenditures as extracted from the unaudited condensed interim
consolidated financial statements for the nine months ended
September 30, 2023 (dollars in thousands):
| |
For the nine months ended September 30, 2023 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Operating mine capital expenditures |
211,112 |
|
20,947 |
|
46,266 |
278,325 |
|
7,327 |
285,652 |
|
| Road construction |
(5,283 |
) |
— |
|
— |
(5,283 |
) |
— |
(5,283 |
) |
| Fekola underground |
(24,567 |
) |
— |
|
— |
(24,567 |
) |
— |
(24,567 |
) |
| Other |
— |
|
(802 |
) |
— |
(802 |
) |
— |
(802 |
) |
| |
|
|
|
|
|
|
| Sustaining capital
expenditures |
181,262 |
|
20,145 |
|
46,266 |
247,673 |
|
7,327 |
255,000 |
|
| |
The table below shows a reconciliation of
sustaining mine exploration to operating mine exploration as
extracted from the unaudited condensed interim consolidated
financial statements for the nine months ended September 30, 2023
(dollars in thousands):
| |
For the nine months ended September 30, 2023 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Operating mine
exploration |
1,706 |
2,741 |
2,453 |
6,900 |
19 |
6,919 |
| Regional exploration |
— |
— |
— |
— |
— |
— |
| |
|
|
|
|
|
|
| Sustaining mine
exploration |
1,706 |
2,741 |
2,453 |
6,900 |
19 |
6,919 |
| |
The tables below show a reconciliation of all-in
sustaining costs per ounce to production costs as extracted from
the unaudited condensed interim consolidated financial statements
on a consolidated and a mine-by-mine basis for the nine months
ended September 30, 2022 (dollars in thousands):
| |
For the nine months ended September 30, 2022 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Corporate |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
|
Production costs |
241,476 |
|
130,477 |
|
95,014 |
|
— |
466,967 |
|
41,732 |
508,699 |
|
| Royalties and production
taxes |
51,233 |
|
17,130 |
|
7,872 |
|
— |
76,235 |
|
3,026 |
79,261 |
|
| Corporate administration |
6,138 |
|
1,818 |
|
4,090 |
|
21,715 |
33,761 |
|
2,333 |
36,094 |
|
| Share-based payments –
RSUs/DSUs/PSUs/RPUs(1) |
— |
|
— |
|
— |
|
11,157 |
11,157 |
|
— |
11,157 |
|
| Community relations |
747 |
|
191 |
|
1,007 |
|
— |
1,945 |
|
— |
1,945 |
|
| Reclamation liability
accretion |
642 |
|
654 |
|
472 |
|
— |
1,768 |
|
— |
1,768 |
|
| Realized gains on derivative
contracts |
(9,908 |
) |
(10,856 |
) |
(4,804 |
) |
— |
(25,568 |
) |
— |
(25,568 |
) |
| Sustaining lease
expenditures |
523 |
|
935 |
|
2,178 |
|
1,763 |
5,399 |
|
— |
5,399 |
|
| Sustaining capital
expenditures(2) |
54,689 |
|
28,887 |
|
27,092 |
|
— |
110,668 |
|
2,399 |
113,067 |
|
| Sustaining mine
exploration(2) |
5,820 |
|
3,111 |
|
1,600 |
|
— |
10,531 |
|
— |
10,531 |
|
| |
|
|
|
|
|
|
|
| Total all-in sustaining
costs |
351,360 |
|
172,347 |
|
134,521 |
|
34,635 |
692,863 |
|
49,490 |
742,353 |
|
| |
|
|
|
|
|
|
|
| Gold sold (ounces) |
361,800 |
|
160,150 |
|
107,850 |
|
— |
629,800 |
|
39,976 |
669,776 |
|
| |
|
|
|
|
|
|
|
| All-in sustaining cost per
ounce ($/ gold ounce sold) |
971 |
|
1,076 |
|
1,247 |
|
— |
1,100 |
|
1,238 |
1,108 |
|
(1) Included as a component of Share-based
payments on the Statement of operations. (2) Refer to Sustaining
capital expenditures and Sustaining mine exploration
reconciliations below
The table below shows a reconciliation of
sustaining capital expenditures to operating mine capital
expenditures as extracted from the unaudited condensed interim
consolidated financial statements for the nine months ended
September 30, 2022 (dollars in thousands):
| |
For the nine months ended September 30, 2022 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Operating mine capital expenditures |
68,779 |
|
29,908 |
|
59,575 |
|
158,262 |
|
2,399 |
160,661 |
|
| Cardinal mobile equipment |
(8,902 |
) |
— |
|
— |
|
(8,902 |
) |
— |
(8,902 |
) |
| Tailings facility life-of-mine
study |
(4,329 |
) |
— |
|
— |
|
(4,329 |
) |
— |
(4,329 |
) |
| Fekola underground study |
(638 |
) |
— |
|
— |
|
(638 |
) |
— |
(638 |
) |
| Other |
(221 |
) |
(34 |
) |
(362 |
) |
(617 |
) |
— |
(617 |
) |
| Land acquisitions |
— |
|
(987 |
) |
— |
|
(987 |
) |
— |
(987 |
) |
| Underground development |
— |
|
— |
|
(27,317 |
) |
(27,317 |
) |
— |
(27,317 |
) |
| National power grid
connection |
— |
|
— |
|
(4,804 |
) |
(4,804 |
) |
— |
(4,804 |
) |
| |
|
|
|
|
|
|
| Sustaining capital
expenditures |
54,689 |
|
28,887 |
|
27,092 |
|
110,668 |
|
2,399 |
113,067 |
|
| |
The table below shows a reconciliation of
sustaining mine exploration to operating mine exploration as
extracted from the unaudited condensed interim consolidated
financial statements for the nine months ended September 30, 2022
(dollars in thousands):
| |
For the nine months ended September 30, 2022 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Operating mine exploration |
13,848 |
|
3,111 |
2,275 |
|
19,234 |
|
— |
19,234 |
|
| Regional exploration |
(8,028 |
) |
— |
(675 |
) |
(8,703 |
) |
— |
(8,703 |
) |
| |
|
|
|
|
|
|
| Sustaining mine
exploration |
5,820 |
|
3,111 |
1,600 |
|
10,531 |
|
— |
10,531 |
|
| |
Adjusted net income and adjusted
earnings per share - basic
Adjusted net income and adjusted earnings per
share – basic are non-IFRS measures that do not have a standardized
meaning prescribed by IFRS and therefore may not be comparable to
similar measures presented by other issuers. The Company defines
adjusted net income as net income attributable to shareholders of
the Company adjusted for non-recurring items and also significant
recurring non-cash items. The Company defines adjusted earnings per
share – basic as adjusted net income divided by the basic weighted
number of common shares outstanding.
Management believes that the presentation of
adjusted net income and adjusted earnings per share - basic is
appropriate to provide additional information to investors
regarding items that we do not expect to continue at the same level
in the future or that management does not believe to be a
reflection of the Company's ongoing operating performance.
Management further believes that its presentation of these non-IFRS
financial measures provide information that is useful to investors
because they are important indicators of the strength of our
operations and the performance of our core business. Accordingly,
it is intended to provide additional information and should not be
considered in isolation as a substitute for measures of performance
prepared in accordance with IFRS. Other companies may calculate
this measure differently.
A reconciliation of net income to adjusted net income as
extracted from the unaudited condensed interim consolidated
financial statements is set out in the table below:
| |
Three months ended |
Nine months ended |
| |
September 30, |
September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
| |
$ |
$ |
$ |
$ |
| |
(000’s) |
(000’s) |
(000’s) |
(000’s) |
| |
|
|
|
|
| Net (loss) income attributable to
shareholders of the Company for the period: |
(43,070 |
) |
(23,410 |
) |
123,321 |
|
95,117 |
|
| |
|
|
|
|
| Adjustments for non-recurring and
significant recurring non-cash items: |
|
|
|
|
|
Impairment (reversal) of impairment of long-lived assets |
111,597 |
|
— |
|
116,482 |
|
(909 |
) |
|
Write-down of mineral property interests |
565 |
|
3,846 |
|
16,984 |
|
6,873 |
|
|
Loss on sale of mineral property |
— |
|
2,804 |
|
— |
|
2,804 |
|
|
Unrealized (gains) losses on derivative instruments |
(3,146 |
) |
16,734 |
|
399 |
|
7,271 |
|
|
Office lease termination costs |
— |
|
— |
|
1,946 |
|
— |
|
|
Loan receivable provision |
— |
|
— |
|
2,085 |
|
— |
|
|
Change in fair value of gold stream |
(7,600 |
) |
— |
|
(6,500 |
) |
— |
|
|
Dilution gain on investment in Calibre |
— |
|
— |
|
— |
|
(5,458 |
) |
|
Non-cash interest income on deferred consideration receivable |
— |
|
(716 |
) |
— |
|
(2,806 |
) |
|
Deferred income tax expense |
6,494 |
|
32,738 |
|
1,789 |
|
39,448 |
|
| |
|
|
|
|
| Adjusted net income
attributable to shareholders of the Company for the
period |
64,840 |
|
31,996 |
|
256,506 |
|
142,340 |
|
|
|
|
|
|
|
| Basic weighted average number of
common shares outstanding (in thousands) |
1,297,175 |
|
1,064,301 |
|
1,208,942 |
|
1,060,826 |
|
|
|
|
|
|
|
| Adjusted net earnings
attributable to shareholders of the Company per share–basic
($/share) |
0.05 |
|
0.03 |
|
0.21 |
|
0.13 |
|
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