B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or
the “Company”) announces its operational and financial results for
the fourth quarter and full year 2022. The Company previously
released its gold production and gold revenue results for the
fourth quarter and full year 2022. All dollar figures are in United
States dollars unless otherwise indicated.
2022 Fourth Quarter and Full Year
Highlights
- Total gold production of
367,870 ounces in Q4 2022, a quarterly record: Total gold
production in the fourth quarter of 2022 of 367,870 ounces,
including 15,101 ounces of attributable production from Calibre
Mining Corp. (“Calibre”), a quarterly production record for
B2Gold.
- Total consolidated cash
operating costs of $468 per gold ounce produced in Q4
2022: Total consolidated cash operating costs (see
“Non-IFRS Measures”) (including estimated attributable results for
Calibre) of $468 per gold ounce produced and consolidated cash
operating costs from the Company’s three operating mines of $440
per gold ounce produced.
- Total consolidated all-in
sustaining costs of $892 per gold
ounce sold in Q4 2022: Total consolidated all-in
sustaining costs (see “Non-IFRS Measures”) (including estimated
attributable results for Calibre) of $892 per gold ounce sold and
consolidated all-in sustaining costs from the Company’s three
operating mines of $876 per gold ounce sold.
- Achieved full-year 2022
total gold production guidance: Based on the strong gold
production in the fourth quarter of 2022, the Company achieved full
year 2022 total gold production guidance. Total gold production in
2022 was 1,027,874 ounces (including 54,871 attributable ounces
from Calibre), near the mid-point of the annual guidance range of
between 990,000 and 1,050,000 ounces, the seventh consecutive year
of meeting or exceeding annual production guidance.
- Met full-year 2022 total
consolidated cost guidance: Full year 2022 total
consolidated cash operating costs of $660 per gold ounce produced,
at the top end of the annual guidance range of between $620 and
$660 per gold ounce. Full year 2022 total consolidated all-in
sustaining costs of $1,033 per gold ounce sold, near the mid-point
of the annual guidance range of between $1,010 and $1,050 per gold
ounce.
- Attributable net income
of $0.15 per share in Q4 2022;
Adjusted attributable net income of $0.11
per share in Q4 2022: Net income attributable to
the shareholders of the Company of $158 million ($0.15 per share);
adjusted net income (see “Non-IFRS Measures”) attributable to the
shareholders of the Company of $121 million ($0.11 per share).
- Operating cash flow before
working capital adjustments of $0.25 per share in Q4 2022:
Cash flow provided by operating activities before working capital
adjustments (see “Non-IFRS Measures”) was $270 million ($0.25 per
share) in the fourth quarter of 2022.
- Robust financial
position: At December 31, 2022, the Company had cash and
cash equivalents of $652 million and working capital (defined as
current assets less assets classified as held for sale and current
liabilities) of $802 million. Cash and cash equivalents
increased by $102 million in the fourth quarter of 2022.
- Fekola Complex study
underway to deliver low capital intensity production
growth: Commencing an engineering study of stand-alone
oxide processing facilities at the Anaconda area. The study will be
based on processing at least 4 million tonnes per annum (“Mtpa”) of
saprolite and transitional (oxide) resources, with an option to add
fresh rock (sulphide) capabilities in the future. Results of this
study are expected in the second quarter of 2023. Conceptual
analysis indicates that the combined Fekola and Anaconda processing
facilities could have the potential to produce more than 800,000
ounces of gold per year commencing as early as 2026.
- Continued investment in
near-mine exploration in Mali: The Company is drilling to
infill and extend the saprolite resource area and to follow up on
the sulphide mineralization at the Anaconda area, including the
Mamba and Adder zones, and several other targets below the
saprolite mineralization. The good grade and width combinations at
the Anaconda area continue to provide a strong indication of the
potential for south plunging bodies of sulphide mineralization,
which remain open down plunge.
- Subsequent to year-end
2022, announced the acquisition of Sabina Gold & Silver Corp.
("Sabina"): On February 13, 2023, the Company entered into
a definitive agreement pursuant to which it had agreed to acquire
all of the issued and outstanding common shares of Sabina (the
“Transaction”). B2Gold recognizes that respect and collaboration
with the Kitikmeot Inuit Association is central to the license to
operate in the Back River Gold District and will continue to
prioritize developing the project in a manner that recognizes
Indigenous input and concerns and brings long-term socio-economic
benefits to the area.
- Q1 2023 dividend of US$0.04
per share declared: On February 22, 2023, B2Gold's Board
of Directors declared a cash dividend for the first quarter of 2023
of $0.04 per common share (or an expected $0.16 per share on an
annualized basis), payable on March 17, 2023 to shareholders of
record as of March 8, 2023.
Fourth Quarter and Full Year 2022
Results
| |
Three months ended |
Year ended |
| |
December 31 |
December 31 |
| |
2022 |
2021 |
2022 |
2021 |
2020 |
| |
|
|
|
|
|
| Gold revenue ($ in
thousands) |
592,468 |
526,113 |
1,732,590 |
1,762,264 |
1,788,928 |
| Net income ($ in
thousands) |
176,468 |
153,140 |
286,723 |
460,825 |
672,413 |
| Earnings per share – basic (1)
($/share) |
0.15 |
0.13 |
0.24 |
0.40 |
0.60 |
| Earnings per share – diluted
(1) ($/share) |
0.15 |
0.13 |
0.24 |
0.40 |
0.59 |
| Cash provided by operating
activities ($ in thousands) |
270,491 |
266,292 |
595,798 |
724,113 |
950,645 |
| Total assets ($ in
thousands) |
3,681,233 |
3,561,293 |
3,681,233 |
3,561,293 |
3,362,379 |
| Non-current liabilities ($ in
thousands) |
335,828 |
369,097 |
335,828 |
369,097 |
415,696 |
| Average realized gold price
($/ounce) |
1,746 |
1,800 |
1,788 |
1,796 |
1,777 |
| Adjusted net income(1)(2) ($ in
thousands) |
121,442 |
112,724 |
263,782 |
385,370 |
514,891 |
| Adjusted earnings per share
(1)(2) - basic ($) |
0.11 |
0.11 |
0.25 |
0.37 |
0.49 |
| Consolidated operations
results: |
|
|
|
|
|
| Gold sold (ounces) |
339,355 |
292,350 |
969,155 |
981,401 |
1,006,455 |
| Gold produced (ounces) |
352,769 |
288,849 |
973,003 |
987,595 |
995,258 |
| Cash operating costs(2)
($/gold ounce sold) |
470 |
406 |
646 |
503 |
405 |
| Cash operating costs(2)
($/gold ounce produced) |
440 |
460 |
637 |
511 |
406 |
| Total cash costs(2) ($/gold
ounce sold) |
593 |
533 |
768 |
626 |
526 |
| All-in sustaining costs(2)
($/gold ounce sold) |
876 |
844 |
1,022 |
874 |
774 |
| Operations results
including equity investment in Calibre: |
|
|
|
|
|
| Gold sold (ounces) |
354,496 |
308,395 |
1,024,272 |
1,041,381 |
1,051,716 |
| Gold produced (ounces) |
367,870 |
304,897 |
1,027,874 |
1,047,414 |
1,040,737 |
| Cash operating costs(2)
($/gold ounce sold) |
497 |
433 |
669 |
528 |
422 |
| Cash operating costs(2)
($/gold ounce produced) |
468 |
484 |
660 |
535 |
423 |
| Total cash costs(2) ($/gold
ounce sold) |
618 |
556 |
788 |
648 |
540 |
| All-in sustaining costs(2)
($/ounce gold sold) |
892 |
860 |
1,033 |
888 |
788 |
(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 December 31, 2022, the Company had cash
and cash equivalents of $652 million compared to cash and cash
equivalents of $673 million at December 31, 2021. Working capital
at December 31, 2022 was $802 million compared to $802 million at
December 31, 2021. At December 31, 2022, the full amount of the
Company's $600 million revolving credit facility was undrawn and
available. The maximum available for drawdown under the facility
remains at $600 million with an accordion feature, available on the
receipt of additional binding commitments, for a further $200
million.
First Quarter 2023 Dividend
On February 22, 2023, B2Gold's Board of
Directors declared a cash dividend for the first quarter of 2023 of
$0.04 per common share (or an expected $0.16 per share on an
annualized basis), payable on March 17, 2023 to shareholders of
record as of March 8, 2023.
As part of the long-term strategy to maximize
shareholder value, B2Gold expects to declare future quarterly
dividends at the same level. This dividend is designated as an
"eligible dividend" for the purposes of the Income Tax Act
(Canada). Dividends paid by B2Gold to shareholders outside Canada
(non-resident investors) will be subject to Canadian non-resident
withholding taxes.
The declaration and payment of future dividends
and the amount of any such dividends will be subject to the
determination of the Board, in its sole and absolute discretion,
taking into account, among other things, economic conditions,
business performance, financial condition, growth plans, expected
capital requirements, compliance with the B2Golds's constating
documents, all applicable laws, including the rules and policies of
any applicable stock exchange, as well as any contractual
restrictions on such dividends, including any agreements entered
into with lenders to the Company, and any other factors that the
Board deems appropriate at the relevant time. There can be no
assurance that any dividends will be paid at the intended rate or
at all in the future.
Sabina Gold & Silver Corp.
Acquisition
On February 13, 2023, the Company entered into a
definitive agreement pursuant to which the parties agreed that
B2Gold will acquire all of the issued and outstanding common shares
of Sabina (the “Transaction”), subject to receipt of all necessary
regulatory, Court and shareholder approvals. The Transaction will
result in the Company acquiring Sabina's 100% owned Back River Gold
District located in Nunavut, Canada. The Back River Gold District
consists of five mineral claim blocks along an 80 kilometre belt.
The most advanced project in the district, Goose, is fully
permitted, construction ready, and has been de-risked with
significant infrastructure currently in place. The Goose project
has an estimated two-year construction period with first gold
production expected in the first quarter of 2025. B2Gold looks
forward to working with the Sabina technical team to move the
project forward.
Operations
Fekola Mine - Mali
| |
Three months ended |
Year ended |
| |
December 31 |
December 31 |
| |
2022 |
2021 |
2022 |
2021 |
| |
|
|
|
|
| Gold revenue ($ in
thousands) |
415,121 |
312,123 |
1,067,482 |
1,024,425 |
| Gold sold (ounces) |
237,800 |
173,700 |
599,600 |
570,450 |
| Average realized gold price
($/ ounce) |
1,746 |
1,797 |
1,780 |
1,796 |
| Tonnes of ore milled |
2,469,924 |
2,412,690 |
9,376,096 |
9,143,022 |
| Grade (grams/ tonne) |
3.31 |
2.24 |
2.14 |
2.05 |
| Recovery (%) |
92.8 |
94.2 |
92.9 |
94.2 |
| Gold production (ounces) |
244,014 |
163,539 |
598,661 |
567,795 |
| Cash operating costs(1) ($/
gold ounce sold) |
358 |
314 |
545 |
439 |
| Cash operating costs(1) ($/
gold ounce produced) |
348 |
379 |
537 |
449 |
| Total cash costs(1) ($/ gold
ounce sold) |
495 |
464 |
684 |
586 |
| All-in sustaining costs(1) ($/
gold ounce sold) |
708 |
749 |
867 |
765 |
| Capital expenditures ($ in
thousands) |
48,843 |
56,559 |
117,622 |
110,637 |
| Exploration ($ in
thousands) |
1,366 |
3,691 |
15,214 |
13,014 |
(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) achieved another strong year
in 2022, producing 598,661 ounces of gold, at the top end of the
annual guidance range of 570,000 to 600,000 ounces. For the year
ended December 31, 2022, mill feed grade was 2.14 grams per tonne
("g/t"); mill throughput was 9.38 million tonnes (an annual
record); and gold recovery averaged 92.9%. In the fourth quarter of
2022, the Fekola Mine in Mali produced a quarterly record of
244,014 ounces of gold, largely due to processing of additional
high grade ore from Fekola Phase 6 pit. Full production from Phase
6 was made possible during the fourth quarter of 2022 by
improvements made to the pit dewatering system. During the fourth
quarter of 2022, the Fekola processing facilities continued to
outperform expectations with 2.47 million tonnes processed as a
result of continued favorable ore fragmentation, availability of
supplemental saprolite feed and continued optimization of the
grinding circuit. Mill feed grade was higher in the fourth quarter
of 2022 due to the increased volume of high grade ore processed
from Fekola Phase 6 pit. Mined ore tonnage and grade continue to
reconcile well with the Fekola resource model. For the fourth
quarter of 2022, mill feed grade was 3.31 g/t, mill throughput was
2.47 million tonnes, and gold recovery averaged 92.8%.
For the year ended December 31, 2022, The Fekola
Mine's cash operating costs (refer to “Non-IFRS Measures”) of $537
per ounce produced ($545 per gold ounce sold) were within the
guidance range of $510 to $550 per ounce. For the year ended
December 31, 2022, Fekola's cash operating costs reflected total
mining, processing and site general costs generally in line with
expectation. Total costs were largely in line with expectation in
2022. Fekola’s cash operating costs for the fourth quarter of 2022
were $348 per gold ounce produced ($358 per gold ounce sold).
All-in sustaining costs (refer to “Non-IFRS
Measures”) for the Fekola Mine for the year ended December 31, 2022
were $867 per gold ounce sold, within the guidance range of between
$840 and $880 per ounce. All-in sustaining costs for the Fekola
Mine for the fourth quarter of 2022 were $708 per gold ounce
sold.
Capital expenditures for the year ended December
31, 2022 totalled $118 million, primarily consisting of $40 million
for mobile equipment purchases and rebuilds, $21 million for
tailings storage facility expansion and equipment, $14 million for
prestripping, and $19 million for the development of the Cardinal
zone, including mobile equipment purchases. Capital expenditures in
the fourth quarter of 2022 totalled $49 million and consisted of
$22 million for mobile equipment purchases and rebuilds, $7 million
for the development of Cardinal including mobile equipment
purchases and $5 million for processing plant equipment.
The low-cost Fekola Complex in Mali is expected
to produce between 580,000 and 610,000 ounces of gold in 2023 at
cash operating costs of between $565 and $625 per ounce and all-in
sustaining costs of between $1,085 and $1,145 per ounce. At the
Fekola Mine, ore will continue to be mined from the Fekola and
Cardinal pits and for Fekola Regional operations, initial saprolite
production (to be processed in the Fekola Mill) is expected to
commence from the Bantako permit starting in the third quarter of
2023. Saprolite production from the Bantako permit is expected to
generate approximately 18,000 ounces of gold production in 2023
with Fekola Regional production levels continuing to ramp-up
through 2024. The Fekola Mine is expected to process 9 million
tonnes of ore during 2023 at an average grade of 2.20 g/t with a
process gold recovery of 93.4%. The expected increase in Fekola's
all-in sustaining costs for 2023 reflects, predominantly, higher
sustaining capital expenditures.
Capital expenditures in 2023 at Fekola are
expected to total approximately $352 million, of which
approximately $214 million is classified as sustaining capital
expenditures and $138 million is classified as non-sustaining
capital expenditures. Sustaining capital expenditures are
anticipated to include, amongst other items, $101 million for
capitalized stripping, $51 million for new and replacement Fekola
mining equipment, including capitalized rebuilds, and $35 million
to commence construction of a new tailings storage facility.
Non-sustaining capital expenditures are anticipated to include $63
million to develop and equip Fekola Regional's Anaconda Area
(Menankoto and Bantako permits) and Dandoko project, $54 million
for underground mine development (Fekola Mine underground ore
production anticipated to commence in the second half of 2025) and
$16 million for haul road construction to Fekola Regional's
Anaconda Area and Dandoko project.
Masbate Mine – The Philippines
| |
Three months ended |
Year ended |
| |
December 31 |
December 31 |
| |
2022 |
2021 |
2022 |
2021 |
| |
|
|
|
|
| Gold revenue ($ in
thousands) |
94,010 |
73,252 |
384,714 |
398,879 |
| Gold sold (ounces) |
53,865 |
40,650 |
214,015 |
222,291 |
| Average realized gold price
($/ ounce) |
1,745 |
1,802 |
1,798 |
1,794 |
| Tonnes of ore milled |
2,043,931 |
1,948,003 |
7,929,094 |
7,600,094 |
| Grade (grams/ tonne) |
1.08 |
0.95 |
1.11 |
1.11 |
| Recovery (%) |
68.3 |
78.5 |
74.9 |
81.6 |
| Gold production (ounces) |
48,687 |
46,629 |
212,728 |
222,227 |
| Cash operating costs(1) ($/
gold ounce sold) |
877 |
939 |
830 |
660 |
| Cash operating costs(1) ($/
gold ounce produced) |
872 |
952 |
817 |
682 |
| Total cash costs(1) ($/ gold
ounce sold) |
984 |
1,070 |
937 |
766 |
| All-in sustaining costs(1) ($/
gold ounce sold) |
1,187 |
1,331 |
1,104 |
914 |
| Capital expenditures ($ in
thousands) |
9,620 |
10,378 |
39,528 |
30,743 |
| Exploration ($ in
thousands) |
1,648 |
1,142 |
4,759 |
5,013 |
(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 continued
its strong operational performance for 2022, producing 212,728
ounces of gold, slightly below the revised guidance range of
215,000 to 225,000 ounces (but at the upper end of the original
guidance range of 205,000 to 215,000 ounces). Lower gold recoveries
for 2022 as compared to 2021 were primarily due to processing more
sulphide and transitional ore in 2022, which has lower gold
recovery as compared to ore processed in 2021 containing a higher
percentage of oxide feed. Masbate's mill throughput was higher than
anticipated in 2022 due to improved ore fragmentation, optimization
of mill operations and improved blending of mill feed. Mined ore
tonnage and grade continue to reconcile well with the Masbate
resource model. For the year ended December 31, 2022, mill feed
grade was 1.11 g/t, mill throughput was 7.93 million tonnes, and
gold recovery averaged 74.9%. In the fourth quarter of 2022,
Masbate produced 48,687 ounces of gold. Lower gold recoveries
during the quarter were offset by slightly higher than anticipated
gold mill feed grades and mill throughput. Fourth quarter 2022 mill
feed grade was 1.08 g/t, mill throughput was 2.04 million tonnes,
and gold recovery averaged 68.3%.
The Masbate Mine’s cash operating costs (refer
to “Non-IFRS Measures”) of $817 per ounce produced for the year
ended December 31, 2022 ($830 per gold ounce sold) were slightly
below the revised guidance range of between $820 to $860 per ounce
(but above the original guidance range of $740 to $780 per ounce).
The Masbate Mine's cash operating costs for the fourth quarter of
2022 were $872 per gold ounce produced ($877 per gold ounce
sold).
All-in sustaining costs (refer to “Non-IFRS
Measures”) for the Masbate Mine were $1,104 per gold ounce sold for
the year ended December 31, 2022, at the upper end of its guidance
range of between $1,070 and $1,110 per ounce. All-in sustaining
costs for the year ended December 31, 2022 were at the upper end of
the Masbate Mine's guidance range as a result of the higher cash
operating costs, partially offset by realized gains on fuel
derivatives. All-in sustaining costs for the Masbate Mine for the
fourth quarter of 2022 were $1,187 per gold ounce sold.
Capital expenditures totalled $40 million in
2022, including mobile equipment rebuilds and purchases of $19
million, $8 million for an additional powerhouse generator and $4
million for tailings storage facility projects. Capital
expenditures for the fourth quarter of 2022 totalled $10 million
consisting primarily of mobile equipment rebuilds and purchases of
$4 million, $3 million for an additional powerhouse generator and
$1 million for tailings storage facility projects.
The Masbate Mine in the Philippines is expected
to produce between 170,000 and 190,000 ounces of gold in 2023 at
cash operating costs of between $985 and $1,045 per ounce and
all-in sustaining costs of between $1,370 and $1,430 per ounce. For
2023, Masbate is expected to process 7.8 million tonnes of ore at
an average grade of 0.96 g/t with a process gold recovery of 74.5%.
Gold production is scheduled to be relatively consistent throughout
2023. Mill feed will be a blend of mined fresh ore sourced from the
Main Vein Pit and low-grade ore stockpiles. The anticipated
increase in Masbate's all-in sustaining costs for 2023 reflects,
predominantly, higher sustaining capital expenditures.
Capital expenditures for 2023 at Masbate are
expected to total $44 million, of which approximately $38 million
is classified as sustaining capital expenditures and $6 million is
classified as non-sustaining expenditures. Sustaining capital
expenditures are anticipated to include $9 million for deferred
stripping, $18 million for mining equipment replacement and
rebuilds and $4 million for tailing storage facility development
and equipment. Non-sustaining capital expenditures are anticipated
to include $5 million for land acquisition and development.
Otjikoto Mine - Namibia
| |
Three months ended |
Year ended |
| |
December 31 |
December 31 |
| |
2022 |
2021 |
2022 |
2021 |
| |
|
|
|
|
| Gold revenue ($ in
thousands) |
83,337 |
140,738 |
280,394 |
338,960 |
| Gold sold (ounces) |
47,690 |
78,000 |
155,540 |
188,660 |
| Average realized gold price
($/ ounce) |
1,747 |
1,804 |
1,803 |
1,797 |
| Tonnes of ore milled |
839,599 |
885,232 |
3,412,960 |
3,541,599 |
| Grade (grams/ tonne) |
2.25 |
2.79 |
1.50 |
1.76 |
| Recovery (%) |
98.8 |
99.1 |
98.5 |
98.6 |
| Gold production (ounces) |
60,068 |
78,681 |
161,614 |
197,573 |
| Cash operating costs(1) ($/
gold ounce sold) |
572 |
334 |
786 |
511 |
| Cash operating costs(1) ($/
gold ounce produced) |
465 |
338 |
769 |
493 |
| Total cash costs(1) ($/ gold
ounce sold) |
642 |
407 |
858 |
583 |
| All-in sustaining costs(1) ($/
gold ounce sold) |
965 |
583 |
1,161 |
908 |
| Capital expenditures ($ in
thousands) |
19,521 |
21,599 |
79,096 |
80,936 |
| Exploration ($ in
thousands) |
1,201 |
1,578 |
3,476 |
4,424 |
(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 (owned 90% by the
Company and 10% by EVI Mining, a Namibian empowerment company) had
a strong finish to 2022 and produced 161,614 ounces of gold,
slightly below the revised guidance range of 165,000 to 175,000
ounces (original guidance range was 175,000 to 185,000 ounces),
mainly due to delays in bringing the Wolfshag underground mine into
production. Project delays were due to issues achieving development
rates in prior periods, which were addressed through the
appointment of a new underground development contractor in April
2022. Development rates in the Wolfshag underground mine have
improved and are in line with expectations, with access to initial
development ore achieved in the third quarter of 2022 and stope ore
production having commenced in the fourth quarter of 2022. To start
2023, Wolfshag underground ore production rates are at expected
levels, open pit high grade ore stockpile balances are above
budgeted volumes and mined ore tonnage and grade continue to
reconcile well with Otjikoto’s resource model. The initial
underground Mineral Reserve estimate for the down-plunge extension
of the Wolfshag deposit includes 210,000 ounces of gold in 1.2
million tonnes of ore at 5.57 g/t gold. For the year ended December
31, 2022, mill feed grade was 1.50 g/t, mill throughput was 3.41
million tonnes, and gold recovery averaged 98.5%. In the fourth
quarter of 2022, the Otjikoto Mine produced 60,068 ounces of gold.
The fourth quarter of 2022 included a monthly production record of
30,493 ounces of gold in December 2022. For the fourth quarter of
2022, mill feed grade was 2.25 g/t, mill throughput was 0.84
million tonnes, and gold recovery averaged 98.8%.
The Otjikoto Mine's cash operating costs (refer
to “Non-IFRS Measures”) for the year ended December 31, 2022 were
$769 per gold ounce produced ($786 per gold ounce sold), within its
guidance range of between $740 to $780 per ounce. Cash operating
costs per ounce for the year ended December 31, 2022 were in line
with expectations as a result of lower underground mining costs due
to the delays in accessing the Wolfshag underground and a weaker
than budgeted Namibian dollar partially offset by lower than
anticipated production and higher than anticipated fuel and reagent
costs. For the fourth quarter of 2022, the Otjikoto Mine's cash
operating costs were $465 per gold ounce produced ($572 per ounce
gold sold).
All-in sustaining costs (refer to “Non-IFRS
Measures”) for the Otjikoto Mine for the year ended December 31,
2022 were $1,161 per gold ounce sold, at the high end of its
guidance range of between $1,120 and $1,160 per ounce. All-in
sustaining costs for the year ended December 31, 2022 were at the
high end of its guidance range as a result of lower than
anticipated gold ounces sold and higher than expected lease
expenditures partially offset by lower than expected sustaining
capital expenditures and higher than expected realized gains on
fuel derivatives. All-in sustaining costs for the Otjikoto Mine for
the fourth quarter of 2022 were $965 per gold ounce sold.
Capital expenditures totalled $79 million in
2022, primarily consisting of $35 million for Wolfshag underground
development, $27 million for prestripping for the Otjikoto pit, $12
million in mobile equipment rebuilds and purchases and $5 million
for the national power grid connection line. Capital expenditures
for the fourth quarter of 2022 totalled $20 million primarily
consisting of $8 million for prestripping for the Otjikoto pit, $7
million for Wolfshag underground development and $3 million in
mobile equipment rebuilds and purchases.
The Otjikoto Mine in Namibia is expected to
produce between 190,000 and 210,000 ounces of gold in 2023 at cash
operating costs of between $590 and $650 per ounce and all-in
sustaining costs of between $1,080 and $1,140 per ounce. For 2023,
Otjikoto is expected to process a total of 3.4 million tonnes of
ore at an average grade of 1.87 g/t with a process gold recovery of
98.0%. In the first half of 2023, processed ore will be sourced
from the Otjikoto pit and the Wolfshag underground mine,
supplemented by existing medium and high grade ore stockpiles.
Otjikoto's gold production is expected to be weighted approximately
60% to the second half of 2023 due to the timing of high grade ore
mining from the Otjikoto pit and increased ore volumes from the
Wolfshag underground mine. The anticipated decrease in Otjikoto's
all-in sustaining costs for 2023 reflects the benefits of
processing higher grade ore from the Otjikoto pit and the Wolfshag
underground mine in the second half of 2023.
Capital expenditures in 2023 at Otjikoto are
expected to total $77 million, of which approximately $74 million
is classified as sustaining capital expenditures and $3 million is
classified as non-sustaining capital expenditures. Sustaining
capital expenditures are anticipated to include $71 million for
capitalized stripping and capitalized development and $3 million
for mobile equipment rebuilds.
Fekola Complex Development and Exploration
Development
The Fekola Complex is comprised of the Fekola
Mine (Medinandi permit hosting the Fekola open pit and Cardinal
zones) and Fekola Regional (Anaconda Area (Bantako and Menankoto
permits), Bakolobi and Dandoko permits).
Based on the updated Anaconda Area Mineral
Resource estimate and B2Gold's preliminary planning, the Company
has demonstrated that the Anaconda Area (Bantako and Menankoto
permit areas) could provide selective higher grade saprolite
material (average grade of 2.2 g/t gold) to be trucked
approximately 20 kilometres and fed into the Fekola mill at a rate
of up to 1.5 Mtpa. 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 annual production (Fekola Regional Phase I).
Initial saprolite production is expected to commence from the
Bantako permit in the third quarter of 2023 and is expected to
contribute approximately 18,000 ounces of gold in 2023 with Fekola
Regional production levels continuing to ramp-up through 2024.
In 2022, the Company invested $26 million for
the development of Fekola Regional (Anaconda Area) saprolite mining
including road construction, mine infrastructure, and mining
equipment. The construction mobile equipment fleet is now in
operation, and the Company broke ground on roads and mining
infrastructure construction in the fourth quarter of 2022.
Engineering and procurement of the mine workshop and mobile
equipment is on schedule to support saprolite production from the
Bantako permit area as early as the third quarter of 2023.
Production from Bantako is contingent upon receipt of all necessary
permits. The Company continues to focus on optimizing long-term
Fekola Complex project value from all of the various oxide and
sulphide material sources including Fekola Pit, Fekola Underground,
Cardinal, and the Bantako, Menankoto, Dandoko and Bakolobi
permits.
Preliminary results of a Fekola Complex
optimization study, coupled with 2022 exploration drilling results,
indicate that there is a significant opportunity to increase gold
production and resource utilization with the addition of oxide
processing capacity. The Company has therefore commenced a study of
a Fekola Regional stand-alone mill and oxide processing facilities
(expected to be located on the Anaconda Area). Construction of a
stand-alone oxide mill will be Phase II of the Fekola Regional
Development Plan. The engineering study will be based on processing
at least 4 Mtpa of saprolite and transitional (oxide) resources,
with an option to add fresh rock (sulphide) capabilities in the
future. Results of this study are expected in the second quarter of
2023. Conceptual analysis indicates that the combined Fekola and
Fekola Regional processing facilities could have the potential to
produce more than 800,000 ounces of gold per year from the Fekola
Complex commencing as early as 2026, subject to delineation of
additional mineral resources and development, completion of
feasibility studies, and the receipt of all necessary regulatory
approvals and permits.
Following the Company's recently announced
agreement to acquire Sabina, which remains subject to obtaining
regulatory, Court and shareholder approvals, the Company expects
that a construction timeline for a Fekola Regional stand-alone
oxide mill will be scheduled to allow for completion of the Goose
Project in the first quarter of 2025. Further expansion of the
Mamba and Cobra sulphide zones has the potential to increase Fekola
Regional production and sustain the Fekola Complex potential
production profile over the longer term. Drilling is currently
ongoing at the Mamba and Cobra oxide and sulphide zones.
Exploration
B2Gold executed another year of aggressive
exploration in 2022 incurring $66 million (including $2 million of
target generation costs included in other operating expenses in the
Consolidated Statement of Operations) compared to a revised budget
of approximately $75 million (original budget of $65 million).
Exploration in 2022 was focused predominantly in Mali, other
operating mine sites in Namibia and the Philippines, as well as
continued focus on grassroots targets around the world.
B2Gold is planning another year of extensive
exploration in 2023 with a budget of approximately $64 million. A
significant focus will be in proximity to our operating mines in
Mali, Namibia and the Philippines. Ongoing exploration will
continue to advance our early stage projects in Finland and Cote
d’Ivoire. Target generation and pursuing new opportunities in
prospective gold regions in Africa, South America, the Philippines,
Central Asia and Canada continue. This generative initiative could
include equity placements and new joint ventures with junior
companies, similar to B2Gold's 2022 investment in Matador Mining
Ltd. and its Cape Ray Gold project in Newfoundland.
Outlook
B2Gold expects to continue its strong
operational performance in 2023 with total gold production 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 between $670
and $730 per ounce and total consolidated all-in sustaining
(including estimated attributable results for Calibre) are forecast
to be between $1,195 and $1,255 per ounce.
Due to the Company's strong net positive cash
position and available liquidity, strong operating results and cash
flows and the current higher gold price environment, B2Gold’s
quarterly dividend rate is expected to be maintained at $0.04 per
common share (or an annualized rate of $0.16 per common share),
which represents one of the highest dividend yields in the gold
sector.
After a very successful year for exploration in
2022, B2Gold is conducting an aggressive exploration campaign in
2023 with a budget of approximately $64 million with the vast
majority allocated to growth exploration expenditures to support
the next phase of organic growth across the portfolio.
The announcement of the agreement to acquire
Sabina and the Goose Project, which remains subject to regulatory,
Court, and shareholder approvals, will add a high grade, fully
permitted, construction ready gold project in Nunavut, Canada to
Company's portfolio and enhance its operational and geographic
diversification by combining B2Gold’s stable production base with a
high grade, advanced development asset in a Tier-1 mining
jurisdiction. The Goose Project has an estimated two year
construction period with first gold production expected in the
first quarter of 2025. In addition, B2Gold will acquire access to
significant untapped exploration potential across an 80 km
belt.
The Company's ongoing strategy is to continue to
maximize profitable production from its mines, further advance its
pipeline of remaining development and exploration projects,
evaluate new exploration, development and production opportunities
and continue to pay an industry leading dividend yield.
Fourth Quarter and Full Year 2022 Financial Results -
Conference Call Details
B2Gold executives will host a conference call to
discuss the results on Thursday, February 23, 2023, at 10:00 am
PDT/1:00 pm EST. You may access the call by registering at the
participant conference link by clicking here prior to the scheduled
start time. Once you have registered, you will be sent an email
with a unique PIN which will connect you to the call at +1 (431)
341-4089 / +1 (855) 513-1368 (Canada) or toll free at +1 (844)
543-0451. You may also listen to the call via webcast by clicking
here.
Qualified Persons
Bill Lytle, Senior Vice President and Chief
Operating Officer, a qualified person under NI 43-101, has approved
the scientific and technical information related to operations
matters contained in this news release.
Brian Scott, P. Geo., Vice President, Geology
& Technical Services, a qualified person under NI 43-101, has
approved the scientific and technical information related to
exploration and mineral resource matters contained in this news
release.
ON BEHALF OF B2GOLD CORP.
“Clive T.
Johnson” President
and Chief Executive
Officer
The Toronto Stock Exchange and NYSE American LLC
neither approve nor disapprove the information contained in this
news release.
Production results and production guidance
presented in this news release reflect total production at the
mines B2Gold operates on a 100% project basis. Please see our most
recent Annual Information Form for a discussion of our ownership
interest in the mines B2Gold operates. In respect of Calibre’s
operations, production is presented on a 100% basis for the period
up until October 14, 2019 and on a 25% basis to December 31, 2022
(to reflect B2Gold's approximate interest in Calibre during the
period).
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
all-in sustaining costs, 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 operational and
financial performance for 2023; projected gold production, cash
operating costs and all-in sustaining costs on a consolidated and
mine by mine basis in 2023;total consolidated gold production of
between 1,000,000 and 1,080,000 ounces in 2023, with cash operating
costs of between $670 and $730 per ounce and all-in sustaining
costs 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 potential for Fekola
Regional (Anaconda area) to provide saprolite material to feed the
Fekola mill starting in the third quarter of 2023; the timing and
results of a study for the Fekola Regional (Anaconda area) to
review the project economics of a stand-alone oxide mill; the
potential for the Fekola complex to produce 800,000 ounces of gold
per year starting in 2026; the potential payment of future
dividends, including the timing and amount of any such dividends,
and the expectation that quarterly dividends will be maintained at
the same level; and B2Gold's attributable share of Calibre’s
operations. All statements in this MD&A 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 Gold 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
(“NI 43-101”), which differs significantly from the requirements of
the SEC, and resource and reserve information contained or
referenced in this MD&A 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.CONSOLIDATED STATEMENTS OF
OPERATIONS(Expressed in thousands of United States
dollars, except per share amounts)(Unaudited)
| |
|
For the threemonths
endedDec. 31, 2022 |
|
For the threemonths endedDec. 31, 2021 |
|
For the twelvemonths
endedDec. 31, 2022 |
|
For the twelvemonths endedDec. 31, 2021 |
| |
|
|
|
|
|
|
|
|
| Gold
revenue |
|
$ |
592,468 |
|
|
$ |
526,113 |
|
|
$ |
1,732,590 |
|
|
$ |
1,762,264 |
|
| |
|
|
|
|
|
|
|
|
| Cost of
sales |
|
|
|
|
|
|
|
|
|
Production costs |
|
|
(159,559 |
) |
|
|
(118,694 |
) |
|
|
(626,526 |
) |
|
|
(493,389 |
) |
|
Depreciation and depletion |
|
|
(130,508 |
) |
|
|
(122,588 |
) |
|
|
(383,852 |
) |
|
|
(378,892 |
) |
|
Royalties and production taxes |
|
|
(41,733 |
) |
|
|
(37,080 |
) |
|
|
(117,968 |
) |
|
|
(121,431 |
) |
| Total cost of
sales |
|
|
(331,800 |
) |
|
|
(278,362 |
) |
|
|
(1,128,346 |
) |
|
|
(993,712 |
) |
| |
|
|
|
|
|
|
|
|
| Gross
profit |
|
|
260,668 |
|
|
|
247,751 |
|
|
|
604,244 |
|
|
|
768,552 |
|
| |
|
|
|
|
|
|
|
|
| General and
administrative |
|
|
(20,718 |
) |
|
|
(19,159 |
) |
|
|
(54,479 |
) |
|
|
(50,185 |
) |
| Share-based payments |
|
|
(6,590 |
) |
|
|
(6,736 |
) |
|
|
(24,843 |
) |
|
|
(22,571 |
) |
| Write-down of mineral property
interests |
|
|
(5,281 |
) |
|
|
(15 |
) |
|
|
(12,366 |
) |
|
|
(1,055 |
) |
| Net gains (losses) on sale of
mineral properties |
|
|
— |
|
|
|
22,463 |
|
|
|
(2,804 |
) |
|
|
22,463 |
|
| (Impairment) reversal of
impairment of long-lived assets |
|
|
— |
|
|
|
(5,905 |
) |
|
|
909 |
|
|
|
(5,905 |
) |
| Community relations |
|
|
(793 |
) |
|
|
(903 |
) |
|
|
(2,738 |
) |
|
|
(3,072 |
) |
| Foreign exchange gains
(losses) |
|
|
6,385 |
|
|
|
(2,137 |
) |
|
|
(10,054 |
) |
|
|
(5,895 |
) |
| Share of net income of
associates |
|
|
1,192 |
|
|
|
4,345 |
|
|
|
10,183 |
|
|
|
17,543 |
|
| Other expense |
|
|
(2,909 |
) |
|
|
(2,310 |
) |
|
|
(5,655 |
) |
|
|
(6,282 |
) |
| Operating
income |
|
|
231,954 |
|
|
|
237,394 |
|
|
|
502,397 |
|
|
|
713,593 |
|
| |
|
|
|
|
|
|
|
|
| Interest and financing
expense |
|
|
(2,859 |
) |
|
|
(2,741 |
) |
|
|
(10,842 |
) |
|
|
(11,798 |
) |
| Interest income |
|
|
4,168 |
|
|
|
1,241 |
|
|
|
11,964 |
|
|
|
2,985 |
|
| Gains on derivative
instruments |
|
|
672 |
|
|
|
1,349 |
|
|
|
18,969 |
|
|
|
24,373 |
|
| Other income (expense) |
|
|
1,616 |
|
|
|
(2,381 |
) |
|
|
8,129 |
|
|
|
(2,926 |
) |
| Income from operations
before taxes |
|
|
235,551 |
|
|
|
234,862 |
|
|
|
530,617 |
|
|
|
726,227 |
|
| |
|
|
|
|
|
|
|
|
| Current income tax,
withholding and other taxes |
|
|
(107,496 |
) |
|
|
(96,049 |
) |
|
|
(247,811 |
) |
|
|
(270,669 |
) |
| Deferred income tax
recovery |
|
|
48,413 |
|
|
|
14,327 |
|
|
|
3,917 |
|
|
|
5,267 |
|
| Net income for the
period |
|
$ |
176,468 |
|
|
$ |
153,140 |
|
|
$ |
286,723 |
|
|
$ |
460,825 |
|
| |
|
|
|
|
|
|
|
|
| Attributable
to: |
|
|
|
|
|
|
|
|
| Shareholders of the
Company |
|
$ |
157,756 |
|
|
$ |
136,943 |
|
|
$ |
252,873 |
|
|
$ |
420,065 |
|
| Non-controlling interests |
|
|
18,712 |
|
|
|
16,197 |
|
|
|
33,850 |
|
|
|
40,760 |
|
| Net income for the
period |
|
$ |
176,468 |
|
|
$ |
153,140 |
|
|
$ |
286,723 |
|
|
$ |
460,825 |
|
| |
|
|
|
|
|
|
|
|
| Earnings per
share (attributable to shareholders of the Company) |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.15 |
|
|
$ |
0.13 |
|
|
$ |
0.24 |
|
|
$ |
0.40 |
|
|
Diluted |
|
$ |
0.15 |
|
|
$ |
0.13 |
|
|
$ |
0.24 |
|
|
$ |
0.40 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average
number of common shares outstanding (in
thousands) |
|
|
|
|
|
|
|
|
|
Basic |
|
|
1,074,448 |
|
|
|
1,055,833 |
|
|
|
1,064,259 |
|
|
|
1,053,809 |
|
|
Diluted |
|
|
1,080,704 |
|
|
|
1,062,139 |
|
|
|
1,071,004 |
|
|
|
1,061,542 |
|
B2GOLD CORP.CONSOLIDATED STATEMENTS OF
CASH FLOWS(Expressed in thousands of United States
dollars)(Unaudited)
| |
|
For the threemonths
endedDec. 31, 2022 |
|
For the threemonths endedDec. 31, 2021 |
|
For the twelvemonths
endedDec. 31, 2022 |
|
For the twelvemonths endedDec. 31, 2021 |
| Operating
activities |
|
|
|
|
|
|
|
|
|
Net income for the period |
|
$ |
176,468 |
|
|
$ |
153,140 |
|
|
$ |
286,723 |
|
|
$ |
460,825 |
|
|
Mine restoration provisions settled |
|
|
(793 |
) |
|
|
(343 |
) |
|
|
(793 |
) |
|
|
(343 |
) |
|
Non-cash charges, net |
|
|
94,244 |
|
|
|
104,252 |
|
|
|
425,944 |
|
|
|
369,556 |
|
|
Changes in non-cash working capital |
|
|
39,229 |
|
|
|
8,492 |
|
|
|
(48,604 |
) |
|
|
(104,615 |
) |
|
Changes in long-term value added tax receivables |
|
|
(38,657 |
) |
|
|
751 |
|
|
|
(67,472 |
) |
|
|
(1,310 |
) |
|
Cash provided by operating activities |
|
|
270,491 |
|
|
|
266,292 |
|
|
|
595,798 |
|
|
|
724,113 |
|
| |
|
|
|
|
|
|
|
|
| Financing
activities |
|
|
|
|
|
|
|
|
|
Revolving credit facility transaction costs |
|
|
— |
|
|
|
(3,368 |
) |
|
|
(2,401 |
) |
|
|
(3,368 |
) |
|
Repayment of equipment loan facilities |
|
|
(7,428 |
) |
|
|
(6,991 |
) |
|
|
(19,802 |
) |
|
|
(28,797 |
) |
|
Interest and commitment fees paid |
|
|
(1,407 |
) |
|
|
(532 |
) |
|
|
(4,456 |
) |
|
|
(6,232 |
) |
|
Cash proceeds from stock option exercises |
|
|
1,310 |
|
|
|
2,658 |
|
|
|
14,276 |
|
|
|
6,435 |
|
|
Dividends paid |
|
|
(42,940 |
) |
|
|
(42,221 |
) |
|
|
(170,635 |
) |
|
|
(168,372 |
) |
|
Principal payments on lease arrangements |
|
|
(1,217 |
) |
|
|
(1,265 |
) |
|
|
(6,616 |
) |
|
|
(3,889 |
) |
|
Distributions to non-controlling interests |
|
|
(2,503 |
) |
|
|
(3,776 |
) |
|
|
(30,331 |
) |
|
|
(36,187 |
) |
|
Participating funding from non-controlling interest |
|
|
740 |
|
|
|
— |
|
|
|
2,463 |
|
|
|
— |
|
|
Loan repayments from non-controlling interest |
|
|
— |
|
|
|
5,312 |
|
|
|
663 |
|
|
|
5,312 |
|
|
Changes in restricted cash accounts |
|
|
5,422 |
|
|
|
78 |
|
|
|
5,554 |
|
|
|
870 |
|
|
Cash used by financing activities |
|
|
(48,023 |
) |
|
|
(50,105 |
) |
|
|
(211,285 |
) |
|
|
(234,228 |
) |
| |
|
|
|
|
|
|
|
|
| Investing
activities |
|
|
|
|
|
|
|
|
|
Expenditures on mining interests: |
|
|
|
|
|
|
|
|
|
Fekola Mine |
|
|
(48,843 |
) |
|
|
(56,559 |
) |
|
|
(117,622 |
) |
|
|
(110,637 |
) |
|
Masbate Mine |
|
|
(9,620 |
) |
|
|
(10,378 |
) |
|
|
(39,528 |
) |
|
|
(30,743 |
) |
|
Otjikoto Mine |
|
|
(19,521 |
) |
|
|
(21,599 |
) |
|
|
(79,096 |
) |
|
|
(80,936 |
) |
|
Fekola Regional Property, pre-development |
|
|
(14,226 |
) |
|
|
— |
|
|
|
(26,309 |
) |
|
|
— |
|
|
Gramalote Project |
|
|
(3,077 |
) |
|
|
(7,218 |
) |
|
|
(15,887 |
) |
|
|
(23,887 |
) |
|
Other exploration and development |
|
|
(18,124 |
) |
|
|
(16,748 |
) |
|
|
(63,629 |
) |
|
|
(56,116 |
) |
|
Cash paid for acquisition of mineral property |
|
|
— |
|
|
|
— |
|
|
|
(48,258 |
) |
|
|
— |
|
|
Deferred consideration received |
|
|
— |
|
|
|
— |
|
|
|
45,000 |
|
|
|
— |
|
|
Cash paid for acquisition of Oklo Resources Limited |
|
|
— |
|
|
|
— |
|
|
|
(21,130 |
) |
|
|
— |
|
|
Cash acquired on acquisition of Oklo Resources Limited |
|
|
— |
|
|
|
— |
|
|
|
1,415 |
|
|
|
— |
|
|
Loan to associate |
|
|
— |
|
|
|
— |
|
|
|
(5,000 |
) |
|
|
— |
|
|
Cash paid on exercise of mineral property option |
|
|
— |
|
|
|
— |
|
|
|
(7,737 |
) |
|
|
— |
|
|
Funding of reclamation accounts |
|
|
(1,694 |
) |
|
|
(3,439 |
) |
|
|
(6,746 |
) |
|
|
(8,009 |
) |
|
Cash proceeds from sale of mineral properties, net of transaction
costs |
|
|
— |
|
|
|
31,684 |
|
|
|
— |
|
|
|
31,684 |
|
|
Cash paid for purchase of non-controlling interest |
|
|
(3,336 |
) |
|
|
— |
|
|
|
(3,336 |
) |
|
|
— |
|
|
Purchase of common shares of associate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,945 |
) |
|
Other |
|
|
(2,187 |
) |
|
|
(236 |
) |
|
|
(919 |
) |
|
|
(1,688 |
) |
|
Cash used by investing activities |
|
|
(120,628 |
) |
|
|
(84,493 |
) |
|
|
(388,782 |
) |
|
|
(286,277 |
) |
| |
|
|
|
|
|
|
|
|
| Increase (decrease) in
cash and cash equivalents |
|
|
101,840 |
|
|
|
131,694 |
|
|
|
(4,269 |
) |
|
|
203,608 |
|
| |
|
|
|
|
|
|
|
|
| Effect of exchange rate
changes on cash and cash equivalents |
|
|
650 |
|
|
|
(5,202 |
) |
|
|
(16,784 |
) |
|
|
(10,294 |
) |
| Cash and cash
equivalents, beginning of period |
|
|
549,456 |
|
|
|
546,507 |
|
|
|
672,999 |
|
|
|
479,685 |
|
| Cash and cash
equivalents, end of period |
|
$ |
651,946 |
|
|
$ |
672,999 |
|
|
$ |
651,946 |
|
|
$ |
672,999 |
|
| |
|
|
|
|
|
|
|
|
B2GOLD CORP.CONSOLIDATED BALANCE
SHEETS(Expressed in thousands of United States
dollars)
| |
|
As at December 31,2022 |
|
As at December 31,2021 |
| Assets |
|
|
|
|
| Current |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
651,946 |
|
|
$ |
672,999 |
|
|
Accounts receivable, prepaids and other |
|
|
28,811 |
|
|
|
32,112 |
|
|
Deferred consideration receivable |
|
|
3,850 |
|
|
|
41,559 |
|
|
Value-added and other tax receivables |
|
|
18,533 |
|
|
|
14,393 |
|
|
Inventories |
|
|
332,031 |
|
|
|
272,354 |
|
|
Assets classified as held for sale |
|
|
— |
|
|
|
12,700 |
|
| |
|
|
1,035,171 |
|
|
|
1,046,117 |
|
| |
|
|
|
|
| Long-term
investments |
|
|
31,865 |
|
|
|
32,118 |
|
| Value-added tax
receivables |
|
|
121,323 |
|
|
|
63,165 |
|
| Mining
interests |
|
|
|
|
|
Owned by subsidiaries and joint operations |
|
|
2,274,730 |
|
|
|
2,231,831 |
|
|
Investments in associates |
|
|
120,049 |
|
|
|
104,236 |
|
| Other
assets |
|
|
98,095 |
|
|
|
82,371 |
|
| Deferred income
taxes |
|
|
— |
|
|
|
1,455 |
|
| |
|
$ |
3,681,233 |
|
|
$ |
3,561,293 |
|
| Liabilities |
|
|
|
|
| Current |
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
114,791 |
|
|
$ |
111,716 |
|
|
Current income and other taxes payable |
|
|
95,623 |
|
|
|
92,275 |
|
|
Current portion of long-term debt |
|
|
15,519 |
|
|
|
25,408 |
|
|
Current portion of mine restoration provisions |
|
|
5,545 |
|
|
|
734 |
|
|
Other current liabilities |
|
|
2,138 |
|
|
|
1,056 |
|
| |
|
|
233,616 |
|
|
|
231,189 |
|
| |
|
|
|
|
| Long-term
debt |
|
|
41,709 |
|
|
|
49,726 |
|
| Mine restoration
provisions |
|
|
95,568 |
|
|
|
116,547 |
|
| Deferred income
taxes |
|
|
182,515 |
|
|
|
187,887 |
|
| Employee benefits
obligation |
|
|
8,121 |
|
|
|
7,115 |
|
| Other long-term
liabilities |
|
|
7,915 |
|
|
|
7,822 |
|
| |
|
|
569,444 |
|
|
|
600,286 |
|
| Equity |
|
|
|
|
| Shareholders’
equity |
|
|
|
|
|
Share capital |
|
|
2,487,624 |
|
|
|
2,422,184 |
|
|
Contributed surplus |
|
|
78,232 |
|
|
|
67,028 |
|
|
Accumulated other comprehensive loss |
|
|
(145,869 |
) |
|
|
(136,299 |
) |
|
Retained earnings |
|
|
588,139 |
|
|
|
507,381 |
|
| |
|
|
3,008,126 |
|
|
|
2,860,294 |
|
| Non-controlling
interests |
|
|
103,663 |
|
|
|
100,713 |
|
| |
|
|
3,111,789 |
|
|
|
2,961,007 |
|
| |
|
$ |
3,681,233 |
|
|
$ |
3,561,293 |
|
| |
|
|
|
|
For more information on B2Gold please visit the Company website at www.b2gold.com or contact:
Michael McDonald
VP, Investor Relations & Corporate Development
+1 604-681-8371
investor@b2gold.com
Cherry De Geer
Director, Corporate Communications
+1 604-681-8371
investor@b2gold.com
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