B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or
the “Company”) announces its operational and financial results for
the first quarter of 2024. All dollar figures are in United States
dollars unless otherwise indicated.
2024 First Quarter
Highlights
- Total gold production of
225,716 ounces in Q1 2024, in-line with expectations:
Total gold production in the first quarter of 2024 was 225,716
ounces, including 11,377 ounces of attributable production from
Calibre Mining Corp. (“Calibre”). All three B2Gold operations were
in-line with expectations and the Company is on track to meet its
consolidated annual production guidance range.
- Total consolidated cash
operating costs of $734 per gold ounce produced in
Q1 2024: Total consolidated cash operating costs (see
“Non-IFRS Measures”) (including estimated attributable results for
Calibre) of $734 per gold ounce produced during the first quarter
of 2024 with consolidated cash operating costs from the Company’s
three operating mines of $718 per gold ounce produced.
- Total consolidated all-in
sustaining costs of $1,345 per gold ounce sold in Q1 2024:
Total consolidated all-in sustaining costs (see “Non-IFRS
Measures”) (including estimated attributable results for Calibre)
of $1,345 per gold ounce sold with consolidated all-in sustaining
costs from the Company’s three operating mines of $1,346 per gold
ounce sold.
- Attributable net income of
$0.03 per share; Adjusted attributable net income of $0.06 per
share in Q1 2024: Net income attributable to the
shareholders of the Company in the first quarter of 2024 of $40
million ($0.03 per share); adjusted net income (see “Non-IFRS
Measures”) attributable to the shareholders of the Company of $82
million ($0.06 per share).
- Operating cash flow before
working capital adjustments of $200 million in Q1 2024:
Cash flow provided by operating activities before working capital
adjustments and proceeds from prepaids financing was $200 million
in the first quarter of 2024.
- Strong financial position
and liquidity: At March 31, 2024, the Company had cash and
cash equivalents of $568 million and working capital (defined as
current assets less assets classified as held for sale and current
liabilities) of $629 million.
- Q2 2024 dividend of $0.04
per share declared: On May 7, 2024, B2Gold's Board of
Directors declared a cash dividend for the second quarter of 2024
of $0.04 per common share (or an expected $0.16 per share on an
annualized basis), payable on June 24, 2024, to shareholders of
record as of June 11, 2024. As of March 31, 2024, the expected
annual dividend rate represented an approximate 6.1%
yield.
- Goose Project 2024 winter
ice road campaign successfully completed: Subsequent to
quarter end, B2Gold successfully completed the 2024 winter ice road
(“WIR”) campaign. Construction of the 162 kilometer (“km”) WIR
began in December 2023 and the 2024 WIR campaign commenced in the
first quarter of 2024. The 2024 WIR campaign was successfully
completed on April 30, 2024, delivering all necessary materials
from the Marine Laydown Area (“MLA”) to complete the construction
of the Goose Project. Materials trucked from the MLA to the Goose
Project site during the 2024 WIR campaign exceeded 2,100 total
loads and included 400 loads of diesel fuel.
- Goose Project mill
construction remains on schedule: The mill construction
remains on schedule with work ongoing on various facilities related
to concrete, steel erection and building cladding. Additionally,
installation of the ball mill continues to progress ahead of
schedule with the installation of all shell sections,
feed/discharge heads, trunnion, pinion and bearings having been
completed.
- Development of the open pit
and underground is slightly behind schedule at the Goose Project;
first gold production now expected in Q2 2025: Development
of the open pit and underground is slightly behind schedule due to
equipment availability (commissioning and availability of the open
pit equipment), adverse weather conditions and prioritization of
critical path construction activities. The current schedule
indicates that an additional three months of mining must be added
to the schedule to ensure that the Umwelt open pit, underground
development, and crown pillar activities align and that there is
sufficient tailings storage capacity in the Echo open pit. With the
schedule change, the mill is now scheduled to produce first gold in
the second quarter of 2025 with ramp up to full production in the
third quarter of 2025 (one quarter later than previous estimates).
As a result of the updated mining schedule, the Company now
estimates that gold production in calendar year 2025 will be
between 120,000 ounces and 150,000 ounces (previously estimated to
be between 220,000 ounces and 260,000 ounces). The reduction in
estimated gold production in 2025 is predominantly due to the
deferral of an anticipated 100,000 ounces of quarterly gold
production from the fourth quarter of 2025 into the first quarter
of 2026. Importantly, the updated mining schedule does not impact
the total number of gold ounces the Company expects to produce over
the life of mine of the Goose Project. The updated production
profile has resulted in the Company now estimating that average
annual gold production from 2026 to 2030 will increase to be in
excess of 310,000 ounces per year (previously estimated at 300,000
ounces per year).
- Positive exploration
results from the Antelope deposit at the Otjikoto Mine in Namibia
indicate potential for possible underground development:
On January 31, 2024, the Company announced positive exploration
drilling results from the Antelope deposit, located approximately
three km south of the Otjikoto open pit. The Antelope deposit has
the potential to be developed as an underground mining operation,
which could complement the expected processing of low-grade
stockpiles at the Otjikoto mill from 2026 through 2031.
- Fekola Complex technical
report outlined the trucking of ore as the optimal option to
maximize the value of Fekola Regional: The Fekola Complex
technical report filed on March 14, 2024, outlined the trucking of
ore from the Anaconda Area to be toll milled by the Fekola mill as
the optimal option to maximize the value of Fekola Regional, and to
extend the processing life of the Fekola mill. Trucking of
selective higher-grade material from Fekola Regional 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. Importantly, the
haul road from Fekola Regional to the Fekola Mine is operational as
construction of the haul roads and mining infrastructure
(warehouse, workshop, fuel depot and offices) was completed on
schedule in 2023.
- Updated Gramalote
Preliminary Economic Assessment (“PEA”) on track for Q2
2024: B2Gold's in-house projects team is progressing work
on various smaller scale project development plans for the
Gramalote Project, with the goal of identifying a higher-return
project than the previously contemplated joint venture development
plan. B2Gold has completed 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 allowed the Company to determine the optimal
parameters and assumptions for a formal study, which commenced in
the fourth quarter of 2023, with a PEA expected to be complete by
the end of the second quarter of 2024.
- Received an upfront payment
of $500 million, to further enhance financial flexibility and
provide additional cash liquidity: In January 2024, B2Gold
entered into a series of prepaid gold sales (the “Gold Prepay”)
with a number of existing lenders to further enhance financial
flexibility and provide additional cash liquidity at attractive
terms as the Company continues to fund sustaining, development and
growth projects across the operating portfolio, and increase
financial capacity for potential growth projects in Namibia and
Colombia.
First Quarter 2024 Results
| |
Three months ended |
| |
March 31, |
|
|
2024 |
2023 |
| |
|
|
| Gold revenue ($ in
thousands) |
461,444 |
473,556 |
| Net income ($ in
thousands) |
48,481 |
101,904 |
| Earnings per share – basic(1)
($/ share) |
0.03 |
0.08 |
| Earnings per share –
diluted(1) ($/ share) |
0.03 |
0.08 |
| Cash provided by operating
activities ($ thousands) |
710,727 |
203,823 |
| Average realized gold price
($/ ounce) |
2,069 |
1,901 |
| Adjusted net income(1)(2) ($
in thousands) |
81,503 |
105,862 |
| Adjusted earnings per
share(1)(2) – basic ($) |
0.06 |
0.10 |
| Consolidated
operations results: |
|
|
| Gold sold (ounces) |
222,978 |
249,150 |
| Gold produced (ounces) |
214,339 |
250,719 |
| Production costs ($ in
thousands) |
156,745 |
127,604 |
| Cash operating costs(2) ($/
gold ounce sold) |
703 |
512 |
| Cash operating costs(2) ($/
gold ounce produced) |
718 |
576 |
| Total cash costs(2) ($/ gold
ounce sold) |
838 |
653 |
| All-in sustaining costs(2) ($/
gold ounce sold) |
1,346 |
1,049 |
| Operations results
including equity investment in Calibre: |
|
|
| Gold sold (ounces) |
234,355 |
265,292 |
| Gold produced (ounces) |
225,716 |
266,856 |
| Production costs ($ in
thousands) |
168,650 |
143,369 |
| Cash operating costs(2) ($/
gold ounce sold) |
720 |
540 |
| Cash operating costs(2) ($/
gold ounce produced) |
734 |
600 |
| Total cash costs(2) ($/ gold
ounce sold) |
851 |
678 |
| All-in sustaining costs(2) ($/
gold ounce sold) |
1,345 |
1,060 |
(1) Attributable to the shareholders of the
Company.(2) Non-IFRS measure. For a description of how these
measures are calculated and a reconciliation of these measures to
the most directly comparable measures specified, defined or
determined under IFRS and presented in the Company’s financial
statements, refer to “Non-IFRS Measures”.
Liquidity and Capital
Resources
B2Gold continues to maintain a strong financial
position and liquidity. At March 31, 2024, the Company had cash and
cash equivalents of $568 million (December 31, 2023 - $307 million)
and working capital (defined as current assets less assets
classified as held for sale and current liabilities) of $629
million (December 31, 2023 - $397 million). At March 31, 2024,
the full amount of the Company's $700 million revolving credit
facility was undrawn and available.
Second Quarter 2024
Dividend
On May 7, 2024, B2Gold’s Board of Directors
declared a cash dividend for the second quarter of 2024 (the “Q2
2024 Dividend”) of $0.04 per common share (or an expected $0.16 per
share on an annualized basis), payable on June 24, 2024, to
shareholders of record as of June 11, 2024. As of March 31, 2024,
the expected annual dividend rate represented an approximate 6.1%
yield.
In 2023, the Company implemented a Dividend
Reinvestment Plan (“DRIP”). For the purposes of the Q2 2024
Dividend, the Company is pleased to announce that a discount of 3%
will be applied to calculate the Average Market Price (as defined
in the DRIP) of its common shares issued from treasury. However,
the Company may, from time to time, in its discretion, change or
eliminate any applicable discount, which would be publicly
announced, all in accordance with the terms and conditions of the
DRIP. Participation in the DRIP is optional. In order to
participate in the DRIP in time for the Q2 2024 Dividend,
registered shareholders must deliver a properly completed
enrollment form to Computershare Trust Company of Canada by no
later than 4:00 p.m. (Toronto time) on June 4, 2024. Beneficial
shareholders who wish to participate in the DRIP should contact
their financial advisor, broker, investment dealer, bank, financial
institution, or other intermediary through which they hold common
shares well in advance of the above date for instructions on how to
enroll in the DRIP.
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 B2Gold'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.
For more information regarding the DRIP and
enrollment in the DRIP, please refer to the Company's website at
https://www.b2gold.com/investors/stock_info/.
This news release does not constitute an offer
to sell or the solicitation of an offer to buy securities in any
jurisdiction nor will there be any sale of these securities in any
province, state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such province, state or
jurisdiction.
The Company has filed a registration statement
relating to the DRIP with the U.S. Securities and Exchange
Commission that may be obtained under the Company's profile on the
U.S. Securities and Exchange Commission's website at
http://www.sec.gov/EDGAR or by contacting the Company using the
contact information at the end of this news release.
Operations
Fekola Mine - Mali
|
|
Three months ended |
|
|
March 31, |
|
|
2024 |
2023 |
| |
|
|
| Gold revenue ($ in
thousands) |
256,318 |
314,225 |
| Gold sold (ounces) |
123,828 |
165,050 |
| Average realized gold price
($/ ounce) |
2,070 |
1,904 |
| Tonnes of ore milled |
2,462,863 |
2,271,891 |
| Grade (grams/ tonne) |
1.62 |
2.47 |
| Recovery (%) |
92.7 |
91.9 |
| Gold production (ounces) |
119,141 |
165,864 |
| Production costs ($ in
thousands) |
85,105 |
77,661 |
| Cash operating costs(1) ($/
gold ounce sold) |
687 |
471 |
| Cash operating costs(1) ($/
gold ounce produced) |
698 |
483 |
| Total cash costs(1) ($/ gold
ounce sold) |
852 |
632 |
| All-in sustaining costs(1) ($/
gold ounce sold) |
1,436 |
964 |
| Capital expenditures ($ in
thousands) |
80,562 |
53,795 |
| Exploration ($ in
thousands) |
1,302 |
1,706 |
(1) Non-IFRS measure. For a description of how
these measures are calculated and a reconciliation of these
measures to the most directly comparable measures specified,
defined or determined under IFRS and presented in the Company’s
financial statements, refer to “Non-IFRS Measures”.
The Fekola Mine in Mali (owned 80% by the
Company and 20% by the State of Mali) had a strong start to the
year with gold production for the first quarter of 2024 of 119,141
ounces, in-line with expectations. For the first quarter of 2024,
mill feed grade was 1.62 grams per tonne (“g/t”), mill throughput
was 2.46 million tonnes, and gold recovery averaged 92.7%.
The Fekola Mine’s cash operating costs (see
“Non-IFRS Measures”) for the first quarter of 2024 were $698 per
gold ounce produced ($687 per gold ounce sold). Cash operating
costs per gold ounce produced for the first quarter of 2024 were
lower than expected as a result of lower fuel costs, higher mill
throughput, higher gold recovery and lower mining costs due to
lower than anticipated mined tonnage as a result of equipment
availability.
All-in sustaining costs (see “Non-IFRS
Measures”) for the first quarter of 2024 for the Fekola Mine were
$1,436 per gold ounce sold. All-in sustaining costs were lower than
expected as a result of lower than anticipated production costs per
gold ounce sold, higher gold ounces sold and lower than expected
sustaining capital expenditures, partially offset by higher gold
royalties resulting from a higher than anticipated average realized
gold price. The lower sustaining capital expenditures were mainly
due to timing of expenditures and are expected to be incurred later
in 2024.
Capital expenditures in the first quarter of
2024 totalled $81 million primarily consisting of $29 million for
deferred stripping, $18 million for mobile equipment purchases and
rebuilds, $13 million for the construction of a new tailings
storage facility, $11 million for Fekola underground development,
$3 million for solar plant expansion and $2 million for haul road
construction.
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). The
Fekola Complex is expected to produce between 470,000 and 500,000
ounces of gold in 2024 at cash operating costs of between $835 and
$895 per ounce and all-in sustaining costs of between $1,420 and
$1,480 per ounce. The Fekola Complex's total 2024 gold production
is anticipated to decrease relative to 2023 due to lower production
as a result of the delay in receiving an exploitation license for
Fekola Regional from the Government of Mali pending finalization of
an implementation decree for the new 2023 Mining Code. No
production is forecast from Fekola Regional in the Company's 2024
guidance with production now expected to commence at the beginning
of 2025.
The Fekola Mine is expected to process 9.4
million tonnes of ore during 2024 at an average grade of 1.77 g/t
gold with a process gold recovery of 90.9%. Gold production is
expected to be evenly weighted between the first half of 2024 and
the second half of 2024.
Masbate Mine – The Philippines
| |
Three months ended |
| |
March 31, |
|
|
2024 |
2023 |
| |
|
|
| Gold revenue ($ in
thousands) |
98,967 |
56,992 |
| Gold sold (ounces) |
47,700 |
29,650 |
| Average realized gold price
($/ ounce) |
2,075 |
1,922 |
| Tonnes of ore milled |
2,169,462 |
2,069,042 |
| Grade (grams/ tonne) |
0.99 |
0.95 |
| Recovery (%) |
72.4 |
73.5 |
| Gold production (ounces) |
49,782 |
46,364 |
| Production costs ($ in
thousands) |
42,771 |
24,993 |
| Cash operating costs(1) ($/
gold ounce sold) |
897 |
843 |
| Cash operating costs(1) ($/
gold ounce produced) |
835 |
883 |
| Total cash costs(1) ($/ gold
ounce sold) |
1,010 |
992 |
| All-in sustaining costs(1) ($/
gold ounce sold) |
1,219 |
1,320 |
| Capital expenditures ($ in
thousands) |
8,530 |
8,953 |
| Exploration ($ in
thousands) |
821 |
959 |
(1) Non-IFRS measure. For a description of how
these measures are calculated and a reconciliation of these
measures to the most directly comparable measures specified,
defined or determined under IFRS and presented in the Company’s
financial statements, refer to “Non-IFRS Measures”.
The Masbate Mine in the Philippines had a strong
start to 2024 with first quarter gold production of 49,782 ounces,
above expectations due to higher mill throughput. For the first
quarter of 2024, mill feed grade was 0.99 g/t gold, mill throughput
was 2.17 million tonnes, and gold recovery averaged 72.4%.
The Masbate Mine's cash operating costs (see
“Non-IFRS Measures”) for the first quarter of 2024 were $835 per
gold ounce produced ($897 per gold ounce sold). Cash operating
costs per gold ounce produced for the first quarter of 2024 were
lower than expected as a result of higher gold production and lower
than anticipated mining and processing costs due to higher
productivity and lower diesel and heavy fuel oil costs.
All-in sustaining costs (see “Non-IFRS
Measures”) for the first quarter of 2024 were $1,219 per gold ounce
sold. All-in sustaining costs for the first quarter of 2024 were
lower than expected as a result of lower than anticipated
production costs per gold ounce sold and lower than expected
sustaining capital expenditures. The lower sustaining capital
expenditures were mainly a result of timing of expenditures and are
expected to be incurred later in 2024.
Capital expenditures in the first quarter of
2024 totalled $9 million, primarily consisting of $6 million for
mobile equipment purchases and rebuilds and $1 million for deferred
stripping.
The Masbate Mine is expected to produce between
170,000 and 190,000 ounces of gold in 2024 at cash operating costs
of between $945 and $1,005 per ounce and all-in sustaining costs of
between $1,300 and $1,360 per ounce. Gold production is scheduled
to be relatively consistent throughout 2024. For 2024, Masbate is
expected to process 7.9 million tonnes of ore at an average grade
of 0.93 g/t gold with a process gold recovery of 76.0%. Mill feed
will be a blend of mined fresh ore and low-grade ore
stockpiles.
Otjikoto Mine - Namibia
| |
Three months ended |
| |
March 31, |
|
|
2024 |
2023 |
| |
|
|
| Gold revenue ($ in
thousands) |
106,159 |
102,339 |
| Gold sold (ounces) |
51,450 |
54,450 |
| Average realized gold price
($/ ounce) |
2,063 |
1,880 |
| Tonnes of ore milled |
826,477 |
823,952 |
| Grade (grams/ tonne) |
1.74 |
1.47 |
| Recovery (%) |
98.5 |
98.8 |
| Gold production (ounces) |
45,416 |
38,491 |
| Production costs ($ in
thousands) |
28,869 |
24,950 |
| Cash operating costs(1) ($/
gold ounce sold) |
561 |
458 |
| Cash operating costs(1) ($/
gold ounce produced) |
642 |
605 |
| Total cash costs(1) ($/ gold
ounce sold) |
644 |
533 |
| All-in sustaining costs(1) ($/
gold ounce sold) |
958 |
905 |
| Capital expenditures ($ in
thousands) |
13,813 |
17,346 |
| Exploration ($ in
thousands) |
1,789 |
494 |
(1) Non-IFRS measure. For a description of how
these measures are calculated and a reconciliation of these
measures to the most directly comparable measures specified,
defined or determined under IFRS and presented in the Company’s
financial statements, refer to “Non-IFRS Measures”.
The Otjikoto Mine in Namibia, in which the
Company holds a 90% interest, performed well during the first
quarter of 2024, producing 45,416 ounces of gold, above
expectations as a result of higher than anticipated mill feed
grade. For the first quarter of 2024, mill feed grade was 1.74 g/t,
mill throughput was 0.83 million tonnes, and gold recovery averaged
98.5%.
Ore production from the Wolfshag underground
mine for the first quarter of 2024 averaged over 1,500 tonnes per
day at an average grade of 4.06 g/t gold. As of the beginning of
2024, the Probable Mineral Reserve estimate for the Wolfshag
deposit includes 100,000 ounces of gold in 0.6 million tonnes of
ore at an average grade of 5.02 g/t gold. Open pit mining
operations at the Otjikoto Mine will continue to ramp down in 2024
and conclude in 2025, while processing operations are expected to
continue until economically viable stockpiles are exhausted in
2031. Underground operations are currently projected to continue
until 2026 with potential to extend underground operations if the
ongoing underground exploration program is successful in
identifying more underground mineral deposits.
On January 31, 2024, the Company announced
positive exploration drilling results from the Antelope deposit at
the Otjikoto Mine. The Antelope deposit, comprised of the Springbok
Zone, the Oryx Zone, and a possible third structure, Impala,
subject to further confirmatory drilling, is located approximately
three km south of the Otjikoto open pit. The Antelope deposit has
the potential to be developed as an underground mining operation,
which could complement the expected processing of low-grade
stockpiles at the Otjikoto mill from 2026 through 2031.
Cash operating costs (see “Non-IFRS Measures”)
for the first quarter of 2024 were $642 per gold ounce produced
($561 per ounce gold sold). Cash operating costs per gold ounce
produced for the first quarter of 2024 were lower than expected as
a result of higher production and a weaker Namibian dollar. Cash
operating costs per gold ounce sold for the first quarter of 2024
were lower than the cash operating costs per ounce produced for the
first quarter of 2024 as a result of the sale of lower cost
inventory produced in the fourth quarter of 2023.
All-in sustaining costs (see “Non-IFRS
Measures”) for the first quarter of 2024 were $958 per gold ounce
sold. All-in sustaining costs for the first quarter of 2024 were
lower than expected as a result of lower than anticipated cash
operating costs, higher than anticipated gold ounces sold and lower
than expected sustaining capital expenditures, partially offset by
higher gold royalties resulting from a higher than expected average
realized gold price. The lower sustaining capital expenditures were
mainly a result of timing of expenditures and are expected to be
incurred later in 2024.
Capital expenditures for the first quarter of
2024 totalled $14 million, consisting of $11 million for deferred
stripping in the Otjikoto pit and $3 million for Wolfshag
underground mine development.
The Otjikoto Mine is expected to produce between
180,000 and 200,000 ounces of gold in 2024 at cash operating costs
of between $685 and $745 per ounce and all-in sustaining costs of
between $960 and $1,020 per ounce. Gold production at Otjikoto is
expected to be relatively consistent throughout 2024. For 2024,
Otjikoto is expected to process a total of 3.4 million tonnes of
ore at an average grade of 1.77 g/t gold with a process gold
recovery of 98.0%. Processed ore will be sourced from the Otjikoto
pit and the Wolfshag underground mine, supplemented by existing
medium and high-grade ore stockpiles.
Goose Project Development
The Back River Gold District consists of five
mineral claims blocks along an 80 km belt. Construction is underway
at the most advanced project in the district, the Goose Project,
and has been de-risked with significant infrastructure currently in
place.
B2Gold recognizes that respect and collaboration
with the Kitikmeot Inuit Association (“KIA”) 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 Inuit priorities, addresses concerns and brings
long-term socio-economic benefits to the Kitikmeot Region. B2Gold
looks forward to continuing to build on its strong collaboration
with the KIA and Kitikmeot Communities.
Following the successful completion of the 2023
sealift, construction of the 162 km WIR between the MLA and the
Goose Project site began in December 2023. The 2024 WIR campaign
completed on April 30, 2024, and B2Gold is pleased to report that
the Company has successfully delivered all necessary materials
required to complete construction of the Goose Project. Materials
trucked from the MLA to the Goose Project site during the 2024 WIR
campaign exceeded 2,100 total loads and included 400 loads of
diesel fuel. Under B2Gold management, the 2,100 loads completed
during the 2024 WIR campaign is approximately double the loads
completed during the 2023 WIR campaign. Key materials delivered
during the 2024 WIR campaign included all modular units necessary
to expand the camp to 500 person capacity; all steel and rebar
necessary to complete the mill and concrete work; approximately 19
million liters of fuel that will be used between May 2024 and March
2025; all cement necessary to complete the construction project;
more than 4,500m3 of cement in one tonne bags; and all reagents
necessary to commission and operate the mill starting in 2025.
Goose Project site laydown area – April 2024
Winter ice road – March 2024
As of the end of April 2024, all additional camp
modules were on site and set in place. The camp will be expanded
from 300 beds to 500 beds through six additional dorm wings and a
small office complex wing. More than 120 new additional beds are
currently ready to be occupied, with the full accommodation complex
expansion expected to be complete by the end of May 2024.
Goose Project accommodation complex overview – April 2024
B2Gold is expanding the existing diesel storage
tank farms at the MLA and at the Goose Project site from 25 million
liter capacity to more than 80 million liters. This increase
requires the addition of three more tanks at each site. All the
steel required to complete the tank expansion is present at each
site, and construction crews have commenced assembling the tank
bases. These tanks will be complete by the end of August 2024 to
receive the sealift shipment of fuel that will sustain the project
through the end of construction and into production in 2025.
The mill construction remains on schedule (with
certain items ahead of schedule) with work ongoing on various
facilities related to concrete, steel erection and building
cladding. Installation of the ball mill is progressing ahead of
schedule with the installation of all shell sections,
feed/discharge heads, trunnion, pinion and bearings having been
completed.
The primary pond will provide contact water
storage as well as store reclaimed water during the first year of
processing operations. It is critical for the primary pond to
receive water in 2024 for mill start-up and commissioning. The
facility embankment includes a frozen core that requires a below
grade cut-off trench to be constructed during the winter months.
The cut-off trench was successfully completed in April 2024. Phase
2 of the embankment will be completed during summer 2024.
Development of the open pit and underground is
slightly behind schedule due to equipment availability
(commissioning and availability of the open pit equipment), adverse
weather conditions and prioritization of critical path construction
activities. The current schedule indicates that an additional three
months of mining must be added to the schedule to ensure that the
Umwelt open pit, underground development, and crown pillar
activities align and that there is sufficient tailings storage
capacity in the Echo open pit. With the schedule change, the mill
is now scheduled to produce first gold in the second quarter of
2025 with ramp up to full production in the third quarter of 2025
(one quarter later than previous estimates). This does not impact
the other facets of the project and staffing tables have been
adjusted to ensure that capital is conserved. With the updated
schedule, the Company estimates that gold production in calendar
year 2025 will be between 120,000 ounces and 150,000 ounces
(previously estimated to be between 220,000 ounces and 260,000
ounces). The reduction in estimated gold production in 2025 is
predominantly due to the deferral of an anticipated 100,000 ounces
of quarterly gold production from the fourth quarter of 2025 into
the first quarter of 2026. Importantly, the updated mining schedule
does not impact the total number of gold ounces the Company expects
to produce over the life of mine of the Goose Project. The updated
production profile has resulted in the Company now estimating that
average annual gold production from 2026 to 2030 will increase to
be in excess of 310,000 ounces per year (previously estimated at
300,000 ounces per year).
After completing a detailed design review of the
Goose Project, B2Gold announced in January 2024 a revised
construction capital estimate to C$1,050 million. In addition,
before first gold production the Company estimated it will spend an
additional C$200 million on underground development, deferred
stripping and sustaining capital, as well as an additional C$205
million for fuels, reagents, and other working capital items
necessary to build up site inventory levels due to the seasonality
of the project logistics. As of December 31, 2023, approximately
C$683 million had been spent on construction and mine development
activities and C$44 million for the build-up of supplies inventory.
In the first quarter of 2024, the Company incurred $117 million
(C$158 million) for the Goose Project on construction and mine
development activities and $2 million (C$3 million) on supplies
inventory. As at March 31, 2024, approximately C$841 million in
cash expenditures had been spent on construction and mine
development activities and C$47 million on supplies inventory.
Given the activities completed through March 31, 2024, the
incorporation of the new mining schedule, and the successful
completion of the 2024 WIR campaign, the Company is in the process
of completing a new review of the total cost to be incurred before
first gold production. The updated total cost estimate is
anticipated to be completed in June 2024. As a result of
construction activities being on schedule (and in certain areas
ahead of schedule), and the updated first gold production estimate
relating solely to the mining schedule change, the Company
estimates that the total spend to be incurred before first gold
production will not be significantly different than previous
estimates.
Fekola Complex Development
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. Receipt of a mining permit
for the Fekola Regional licenses 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 2024, with production now expected to
commence at the beginning of 2025. In early 2024, B2Gold held
meetings with the representatives of the Government of Mali
regarding the 2023 Mining Code. The Government of Mali assisted the
Company in clarifying the application of the 2023 Mining Code to
existing and future projects in Mali, and also expressed their
desire for B2Gold to rapidly progress the development of Fekola
Regional and committed to assisting the Company in such
development. Importantly, the haul road from Fekola Regional to the
Fekola Mine is operational as construction of the haul roads and
mining infrastructure (warehouse, workshop, fuel depot and offices)
was completed on schedule in 2023.
Gramalote Project
Development
B2Gold's in-house projects team is progressing
work on various smaller scale project development plans for the
Gramalote Project, 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 Ashanti Limited. In 2023, B2Gold completed 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 allowed the Company to
determine the optimal parameters and assumptions for a formal
study, which commenced in the fourth quarter of 2023, with a PEA
expected to be complete by the end of the second quarter of
2024.
Outlook
Based on the positive first quarter of 2024
operating and financial results, B2Gold is on track to meet its
annual gold production forecast of between 860,000 and 940,000
ounces (including 40,000 to 50,000 attributable ounces from
Calibre). The Company's total consolidated gold production is
expected to be relatively consistent throughout 2024, with third
quarter production expected to be slightly lower. The expected
decrease in gold production relative to 2023 is predominantly due
to lower production at the Fekola Complex as a result of the delay
in receiving an exploitation license for Fekola Regional from the
Government of Mali, delaying the 80,000 to 100,000 ounces that were
scheduled in the life of mine plan to be trucked to the Fekola mill
and processed in 2024. The contribution of this gold production
from Fekola Regional is now expected to start at the beginning of
2025. The Company's total consolidated cash operating costs for the
year (including estimated attributable results for Calibre) are
forecast to be between $835 and $895 per ounce and total
consolidated all-in sustaining costs (including estimated
attributable results for Calibre) are forecast to be between $1,360
and 1,420 per ounce. The anticipated increase in the Company's
consolidated cash operating costs per ounce for 2024 reflects the
processing of lower-grade ore at Fekola in 2024. The total all-in
sustaining costs per ounce for 2024 reflect the final full year of
spending on both the new Fekola tailings storage facility and the
Fekola solar plant expansion, in addition to the ongoing
substantial capitalized stripping campaign planned at Fekola for
2024.
B2Gold has successfully completed the 2024 WIR
campaign and has delivered all necessary material from the MLA to
complete the construction of the Goose Project in the first quarter
of 2025. The mill construction remains on schedule (and in some
cases ahead of schedule) with work ongoing on various facilities
related to concrete, steel erection and building cladding.
Additionally, installation of the ball mill is progressing ahead of
schedule with installation of all shell sections, feed/discharge
heads, trunnion, pinion and bearings having been completed.
Development of the open pit and underground is slightly behind
schedule due to equipment availability (commissioning and
availability of the open pit equipment), adverse weather conditions
and prioritization of critical path construction activities. The
current schedule indicates that an additional three months of
mining will be added to the schedule to ensure that the Umwelt open
pit, underground development, and crown pillar activities align and
that there is sufficient tailings storage capacity in the Echo open
pit. With the schedule change, the mill is now scheduled to produce
first gold in the second quarter of 2025 with ramp up to full
production in the third quarter of 2025 (one quarter later than
previous estimates). Importantly, the updated mining schedule does
not impact the total number of gold ounces the Company expects to
produce over the life of mine of the Goose Project. The updated
production profile has resulted in the Company now estimating that
average annual gold production from 2026 to 2030 will increase to
be in excess of 310,000 ounces per year (previously estimated at
300,000 ounces per year).
The Company has completed a detailed review of
the Gramalote Project, including 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.
A formal study commenced in the fourth quarter of 2023, with a PEA
expected to be completed by the end of the second quarter of
2024.
B2Gold expects to declare future quarterly
dividends in 2024 at the same rate of $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. As of March 31,
2024, the expected annual dividend rate represented an approximate
6.1% yield.
The Company's ongoing strategy is to continue to
maximize profitable production from its mines, further advance its
pipeline of remaining development and exploration projects,
evaluate new exploration, development and production opportunities
and continue to pay an industry leading dividend yield.
First Quarter 2024 Financial Results -
Conference Call Details
B2Gold executives will host a conference call to
discuss the results on Wednesday, May 8, 2024, at 8:00 am PT /
11:00 am ET.
Participants may register for the conference call here:
registration link. Upon registering, participants will receive a
calendar invitation by email with dial in details and a unique PIN.
This will allow participants to bypass the operator queue and
connect directly to the conference. Registration will remain open
until the end of the conference call. Participants may also dial in
using the numbers below:
- Toll-free in U.S. and Canada: +1 (844) 763-8274
- All other callers: +1 (647) 484-8814
The conference call will be available for
playback for two weeks by dialing toll-free in the U.S. and Canada:
+1 (855) 669-9658, replay access code 0771. All other callers: +1
(604) 674-8052, replay access code 0771.
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 860,000 and 940,000 ounces
in 2024.
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.
Andrew Brown, P. Geo., Vice President,
Exploration, a qualified person under NI 43-101, has approved the
scientific and technical information related to exploration and
mineral resource matters contained in this news release.
ON BEHALF OF B2GOLD CORP.
“Clive T.
Johnson”President and Chief Executive
Officer
The Toronto Stock Exchange and NYSE American LLC neither approve
nor disapprove the information contained in this news
release.
Production results and production guidance
presented in this news release reflect total production at the
mines B2Gold operates on a 100% project basis. Please see our
Annual Information Form dated March 14, 2024, for a discussion of
our ownership interest in the mines B2Gold operates.
This news release includes certain
"forward-looking information" and "forward-looking statements"
(collectively "forward-looking statements") within the meaning of
applicable Canadian and United States securities legislation,
including: projections; outlook; guidance; forecasts; estimates;
and other statements regarding future or estimated financial and
operational performance, gold production and sales, revenues and
cash flows, and capital costs (sustaining and non-sustaining) and
operating costs, including projected cash operating costs and AISC,
and budgets on a consolidated and mine by mine basis; future or
estimated mine life, metal price assumptions, ore grades or
sources, gold recovery rates, stripping ratios, throughput, ore
processing; statements regarding anticipated exploration, drilling,
development, construction, permitting and other activities or
achievements of B2Gold; and including, without limitation:
remaining well positioned for continued strong operational and
financial performance in 2024; projected gold production, cash
operating costs and AISC on a consolidated and mine by mine basis
in 2024; total consolidated gold production of between 860,000 and
940,000 ounces (including 40,000 to 50,000 attributable ounces from
Calibre) in 2024, with cash operating costs of between $835 and
$895 per ounce and AISC of between $1,360 and $1,420 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$1,050 million and the
net cost of open pit and underground development, deferred
stripping, and sustaining capital expenditures to be incurred prior
to first gold production being approximately C$200 million and the
cost for reagents and other working capital items being C$205
million; the Goose Project producing approximately 310,000 ounces
of gold per year for the first five years; the potential for
completion of the mill construction in the first quarter of 2025
and first gold production in the second quarter of 2025 from the
Goose Project; the Company's consolidated gold production to be
relatively consistent throughout 2024; Fekola Regional production
now expected to commence at the beginning of 2025; the potential
receipt of a mining permit for Fekola Regional licenses later in
2024; the impact of the 2023 Mining Code in Mali; the potential for
the Antelope deposit to be developed as an underground operation
and contribute gold during the low-grade stockpile processing in
2026 through 2031; the timing and results of a PEA for the
Gramalote Project; 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
MONTHS ENDED MARCH 31(Expressed in thousands of United
States dollars, except per share amounts)(Unaudited)
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
| Gold
revenue |
$ |
461,444 |
|
|
$ |
473,556 |
|
| |
|
|
|
| Cost of
sales |
|
|
|
|
Production costs |
|
(156,745 |
) |
|
|
(127,604 |
) |
|
Depreciation and depletion |
|
(90,446 |
) |
|
|
(97,158 |
) |
|
Royalties and production taxes |
|
(30,027 |
) |
|
|
(35,161 |
) |
| Total cost of
sales |
|
(277,218 |
) |
|
|
(259,923 |
) |
| |
|
|
|
| Gross
profit |
|
184,226 |
|
|
|
213,633 |
|
| |
|
|
|
| General and
administrative |
|
(14,138 |
) |
|
|
(14,185 |
) |
| Share-based payments |
|
(4,954 |
) |
|
|
(6,854 |
) |
| Non-recoverable input
taxes |
|
(4,304 |
) |
|
|
(1,907 |
) |
| Share of net income of
associates |
|
2,097 |
|
|
|
4,979 |
|
| Foreign exchange losses |
|
(2,379 |
) |
|
|
(596 |
) |
| Community relations |
|
(489 |
) |
|
|
(1,003 |
) |
| Write-down of mining
interests |
|
— |
|
|
|
(16,457 |
) |
| Other expense |
|
(5,432 |
) |
|
|
(1,691 |
) |
| Operating
income |
|
154,627 |
|
|
|
175,919 |
|
| |
|
|
|
| Interest and financing
expense |
|
(9,571 |
) |
|
|
(2,926 |
) |
| Interest income |
|
5,455 |
|
|
|
5,819 |
|
| Change in fair value of gold
stream |
|
(10,852 |
) |
|
|
— |
|
| Dilution loss on
associate |
|
(9,982 |
) |
|
|
— |
|
| Gains (losses) on derivative
instruments |
|
275 |
|
|
|
(357 |
) |
| Other income (expense) |
|
143 |
|
|
|
(1,600 |
) |
| Income from operations
before taxes |
|
130,095 |
|
|
|
176,855 |
|
| |
|
|
|
| Current income tax,
withholding and other taxes |
|
(61,584 |
) |
|
|
(76,740 |
) |
| Deferred income tax (expense)
recovery |
|
(20,030 |
) |
|
|
1,789 |
|
| Net income for the
period |
$ |
48,481 |
|
|
$ |
101,904 |
|
| |
|
|
|
| Attributable
to: |
|
|
|
|
Shareholders of the Company |
$ |
39,751 |
|
|
$ |
85,973 |
|
|
Non-controlling interests |
|
8,730 |
|
|
|
15,931 |
|
| Net income for the
period |
$ |
48,481 |
|
|
$ |
101,904 |
|
| |
|
|
|
| Earnings per
share (attributable to shareholders of the
Company) |
|
|
|
|
Basic |
$ |
0.03 |
|
|
$ |
0.08 |
|
|
Diluted |
$ |
0.03 |
|
|
$ |
0.08 |
|
| |
|
|
|
| Weighted average
number of common shares outstanding (in
thousands) |
|
|
|
|
Basic |
|
1,303,191 |
|
|
|
1,075,402 |
|
|
Diluted |
|
1,307,674 |
|
|
|
1,081,084 |
|
B2GOLD CORP.CONDENSED INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE THREE
MONTHS ENDED MARCH 31(Expressed in thousands of United
States dollars)(Unaudited)
|
|
|
2024 |
|
|
|
2023 |
|
| Operating
activities |
|
|
|
|
Net income for the period |
$ |
48,481 |
|
|
$ |
101,904 |
|
|
Mine restoration provisions settled |
|
(291 |
) |
|
|
— |
|
|
Non-cash charges, net |
|
151,322 |
|
|
|
121,532 |
|
|
Proceeds from prepaid sales |
|
500,023 |
|
|
|
— |
|
|
Changes in non-cash working capital |
|
21,985 |
|
|
|
6,226 |
|
|
Changes in long-term supplies inventory |
|
4,152 |
|
|
|
— |
|
|
Changes in long-term value added tax receivables |
|
(14,945 |
) |
|
|
(25,839 |
) |
|
Cash provided by operating activities |
|
710,727 |
|
|
|
203,823 |
|
| |
|
|
|
| Financing
activities |
|
|
|
|
Repayment of revolving credit facility |
|
(150,000 |
) |
|
|
— |
|
|
Repayment of equipment loan facilities |
|
(2,387 |
) |
|
|
(3,578 |
) |
|
Interest and commitment fees paid |
|
(3,579 |
) |
|
|
(1,002 |
) |
|
Cash proceeds from stock option exercises |
|
1,088 |
|
|
|
2,444 |
|
|
Dividends paid |
|
(45,989 |
) |
|
|
(42,976 |
) |
|
Principal payments on lease arrangements |
|
(1,448 |
) |
|
|
(1,443 |
) |
|
Distributions to non-controlling interests |
|
(4,580 |
) |
|
|
(2,082 |
) |
|
Other |
|
271 |
|
|
|
817 |
|
|
Cash used by financing activities |
|
(206,624 |
) |
|
|
(47,820 |
) |
| |
|
|
|
| Investing
activities |
|
|
|
|
Expenditures on mining interests: |
|
|
|
|
Fekola Mine |
|
(80,562 |
) |
|
|
(53,795 |
) |
|
Masbate Mine |
|
(8,530 |
) |
|
|
(8,953 |
) |
|
Otjikoto Mine |
|
(13,813 |
) |
|
|
(17,346 |
) |
|
Goose Project |
|
(117,451 |
) |
|
|
— |
|
|
Fekola Regional Properties |
|
(4,501 |
) |
|
|
(14,775 |
) |
|
Gramalote Project |
|
(3,310 |
) |
|
|
(510 |
) |
|
Other exploration |
|
(8,840 |
) |
|
|
(15,991 |
) |
|
Loan to associate |
|
(1,496 |
) |
|
|
— |
|
|
Funding of reclamation accounts |
|
(1,029 |
) |
|
|
(1,289 |
) |
|
Purchase of long-term investment |
|
— |
|
|
|
(15,116 |
) |
|
Cash paid for purchase of non-controlling interest |
|
— |
|
|
|
(6,704 |
) |
|
Deferred consideration received |
|
— |
|
|
|
3,850 |
|
|
Other |
|
(45 |
) |
|
|
(459 |
) |
|
Cash used by investing activities |
|
(239,577 |
) |
|
|
(131,088 |
) |
| |
|
|
|
| Increase in cash and
cash equivalents |
|
264,526 |
|
|
|
24,915 |
|
| |
|
|
|
| Effect of exchange rate
changes on cash and cash equivalents |
|
(3,607 |
) |
|
|
(3,121 |
) |
| Cash and cash
equivalents, beginning of period |
|
306,895 |
|
|
|
651,946 |
|
| Cash and cash
equivalents, end of period |
$ |
567,814 |
|
|
$ |
673,740 |
|
B2GOLD CORP.CONDENSED INTERIM
CONSOLIDATED BALANCE SHEETS(Expressed in thousands of
United States dollars)(Unaudited)
| |
As at March 31, 2024 |
|
As at December 31, 2023 |
| Assets |
|
|
|
| Current |
|
|
|
|
Cash and cash equivalents |
$ |
567,814 |
|
|
$ |
306,895 |
|
|
Accounts receivable, prepaids and other |
|
26,087 |
|
|
|
27,491 |
|
|
Value-added and other tax receivables |
|
29,046 |
|
|
|
29,848 |
|
|
Inventories |
|
339,351 |
|
|
|
346,495 |
|
|
Assets classified as held for sale |
|
34,347 |
|
|
|
— |
|
| |
|
996,645 |
|
|
|
710,729 |
|
| |
|
|
|
| Long-term
investments |
|
101,497 |
|
|
|
86,007 |
|
| Value-added tax
receivables |
|
216,663 |
|
|
|
199,671 |
|
| Mining
interests |
|
3,682,923 |
|
|
|
3,563,490 |
|
| Investment in
associates |
|
126,207 |
|
|
|
134,092 |
|
| Long-term
stockpile |
|
58,941 |
|
|
|
56,497 |
|
| Long-term supplies
inventory |
|
33,259 |
|
|
|
43,571 |
|
| Other
assets |
|
71,865 |
|
|
|
63,635 |
|
| Deferred income
taxes |
|
8,272 |
|
|
|
16,927 |
|
| |
$ |
5,296,272 |
|
|
$ |
4,874,619 |
|
|
Liabilities |
|
|
|
| Current |
|
|
|
|
Accounts payable and accrued liabilities |
$ |
175,892 |
|
|
$ |
167,117 |
|
|
Current income and other taxes payable |
|
132,418 |
|
|
|
120,679 |
|
|
Current portion of long-term debt |
|
16,414 |
|
|
|
16,256 |
|
|
Current portion of mine restoration provisions |
|
2,759 |
|
|
|
3,050 |
|
|
Other current liabilities |
|
6,157 |
|
|
|
6,369 |
|
| |
|
333,640 |
|
|
|
313,471 |
|
| |
|
|
|
| Long-term
debt |
|
28,804 |
|
|
|
175,869 |
|
| Gold stream
obligation |
|
150,452 |
|
|
|
139,600 |
|
| Prepaid gold
sales |
|
507,640 |
|
|
|
— |
|
| Mine restoration
provisions |
|
101,570 |
|
|
|
104,607 |
|
| Deferred income
taxes |
|
200,004 |
|
|
|
188,106 |
|
| Employee benefits
obligation |
|
19,916 |
|
|
|
19,171 |
|
| Other long-term
liabilities |
|
24,390 |
|
|
|
23,820 |
|
| |
|
1,366,416 |
|
|
|
964,644 |
|
| Equity |
|
|
|
| Shareholders’
equity |
|
|
|
|
Share capital |
|
3,463,392 |
|
|
|
3,454,811 |
|
|
Contributed surplus |
|
88,745 |
|
|
|
84,970 |
|
|
Accumulated other comprehensive loss |
|
(110,285 |
) |
|
|
(125,256 |
) |
|
Retained earnings |
|
384,539 |
|
|
|
395,854 |
|
| |
|
3,826,391 |
|
|
|
3,810,379 |
|
| Non-controlling
interests |
|
103,465 |
|
|
|
99,596 |
|
| |
|
3,929,856 |
|
|
|
3,909,975 |
|
| |
$ |
5,296,272 |
|
|
$ |
4,874,619 |
|
| |
|
|
|
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 March 31, 2024 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
85,105 |
42,771 |
28,869 |
156,745 |
11,905 |
168,650 |
| Royalties and production
taxes |
20,395 |
5,390 |
4,242 |
30,027 |
854 |
30,881 |
| |
|
|
|
|
|
|
| Total cash costs |
105,500 |
48,161 |
33,111 |
186,772 |
12,759 |
199,531 |
| |
|
|
|
|
|
|
| Gold sold (ounces) |
123,828 |
47,700 |
51,450 |
222,978 |
11,377 |
234,355 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce sold) |
687 |
897 |
561 |
703 |
1,046 |
720 |
| |
|
|
|
|
|
|
| Total cash costs per ounce ($/
gold ounce sold) |
852 |
1,010 |
644 |
838 |
1,121 |
851 |
| |
For the three months ended March 31, 2023 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
77,661 |
24,993 |
24,950 |
127,604 |
15,765 |
143,369 |
| Royalties and production
taxes |
26,666 |
4,413 |
4,082 |
35,161 |
1,254 |
36,415 |
| |
|
|
|
|
|
|
| Total cash costs |
104,327 |
29,406 |
29,032 |
162,765 |
17,019 |
179,784 |
| |
|
|
|
|
|
|
| Gold sold (ounces) |
165,050 |
29,650 |
54,450 |
249,150 |
16,142 |
265,292 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce sold) |
471 |
843 |
458 |
512 |
977 |
540 |
| |
|
|
|
|
|
|
| Total cash costs per ounce ($/
gold ounce sold) |
632 |
992 |
533 |
653 |
1,054 |
678 |
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 March 31, 2024 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Production costs |
85,105 |
|
42,771 |
|
28,869 |
156,745 |
|
11,905 |
168,650 |
|
| Inventory sales
adjustment |
(1,922 |
) |
(1,224 |
) |
272 |
(2,874 |
) |
— |
(2,874 |
) |
| |
|
|
|
|
|
|
| Cash operating costs |
83,183 |
|
41,547 |
|
29,141 |
153,871 |
|
11,905 |
165,776 |
|
| |
|
|
|
|
|
|
| Gold produced (ounces) |
119,141 |
|
49,782 |
|
45,416 |
214,339 |
|
11,377 |
225,716 |
|
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce produced) |
698 |
|
835 |
|
642 |
718 |
|
1,046 |
734 |
|
| |
For the three months ended March 31, 2023 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Production costs |
77,661 |
24,993 |
24,950 |
|
127,604 |
15,765 |
143,369 |
| Inventory sales
adjustment |
2,518 |
15,937 |
(1,649 |
) |
16,806 |
— |
16,806 |
| |
|
|
|
|
|
|
| Cash operating costs |
80,179 |
40,930 |
23,301 |
|
144,410 |
15,765 |
160,175 |
| |
|
|
|
|
|
|
| Gold produced (ounces) |
165,864 |
46,364 |
38,491 |
|
250,719 |
16,137 |
266,856 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce produced) |
483 |
883 |
605 |
|
576 |
977 |
600 |
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 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 March 31, 2024 (dollars in thousands):
| |
For the three months ended March 31, 2024 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Corporate |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
|
Production costs |
85,105 |
|
42,771 |
|
28,869 |
|
— |
156,745 |
|
11,905 |
168,650 |
|
| Royalties and production
taxes |
20,395 |
|
5,390 |
|
4,242 |
|
— |
30,027 |
|
854 |
30,881 |
|
| Corporate administration |
2,727 |
|
514 |
|
1,480 |
|
9,417 |
14,138 |
|
561 |
14,699 |
|
| Share-based payments –
RSUs/DSUs/PSUs/RPUs(1) |
33 |
|
— |
|
— |
|
4,973 |
5,006 |
|
— |
5,006 |
|
| Community relations |
145 |
|
13 |
|
331 |
|
— |
489 |
|
— |
489 |
|
| Reclamation liability
accretion |
435 |
|
301 |
|
238 |
|
— |
974 |
|
— |
974 |
|
| Realized gains on derivative
contracts |
(218 |
) |
(144 |
) |
(31 |
) |
— |
(393 |
) |
— |
(393 |
) |
| Sustaining lease
expenditures |
84 |
|
318 |
|
554 |
|
492 |
1,448 |
|
— |
1,448 |
|
| Sustaining capital
expenditures(2) |
67,870 |
|
8,249 |
|
12,898 |
|
— |
89,017 |
|
1,755 |
90,772 |
|
| Sustaining mine
exploration(2) |
1,302 |
|
734 |
|
702 |
|
— |
2,738 |
|
— |
2,738 |
|
| |
|
|
|
|
|
|
|
| Total all-in sustaining
costs |
177,878 |
|
58,146 |
|
49,283 |
|
14,882 |
300,189 |
|
15,075 |
315,264 |
|
| |
|
|
|
|
|
|
|
| Gold sold (ounces) |
123,828 |
|
47,700 |
|
51,450 |
|
— |
222,978 |
|
11,377 |
234,355 |
|
| |
|
|
|
|
|
|
|
| All-in sustaining cost per
ounce ($/ gold ounce sold) |
1,436 |
|
1,219 |
|
958 |
|
— |
1,346 |
|
1,325 |
1,345 |
|
(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 March
31, 2024 (dollars in thousands):
| |
For the three months ended March 31, 2024 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Operating mine capital expenditures |
80,562 |
|
8,530 |
|
13,813 |
|
102,905 |
|
1,755 |
104,660 |
|
| Fekola underground |
(11,104 |
) |
— |
|
— |
|
(11,104 |
) |
— |
(11,104 |
) |
| Road construction |
(1,588 |
) |
— |
|
— |
|
(1,588 |
) |
— |
(1,588 |
) |
| Land acquisition |
— |
|
(71 |
) |
— |
|
(71 |
) |
— |
(71 |
) |
| Other |
— |
|
(210 |
) |
(915 |
) |
(1,125 |
) |
— |
(1,125 |
) |
| |
|
|
|
|
|
|
| Sustaining capital
expenditures |
67,870 |
|
8,249 |
|
12,898 |
|
89,017 |
|
1,755 |
90,772 |
|
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 March 31, 2024
(dollars in thousands):
| |
For the three months ended March 31, 2024 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Operating mine exploration |
1,302 |
821 |
|
1,789 |
|
3,912 |
|
— |
3,912 |
|
| Regional exploration |
— |
(87 |
) |
(1,087 |
) |
(1,174 |
) |
— |
(1,174 |
) |
| |
|
|
|
|
|
|
| Sustaining mine
exploration |
1,302 |
734 |
|
702 |
|
2,738 |
|
— |
2,738 |
|
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 March 31, 2023 (dollars in thousands):
| |
For the three months ended March 31, 2023 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Corporate |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
|
Production costs |
77,661 |
|
24,993 |
|
24,950 |
|
— |
127,604 |
|
15,765 |
143,369 |
|
| Royalties and production
taxes |
26,666 |
|
4,413 |
|
4,082 |
|
— |
35,161 |
|
1,254 |
36,415 |
|
| Corporate administration |
2,961 |
|
499 |
|
1,704 |
|
9,021 |
14,185 |
|
749 |
14,934 |
|
| Share-based payments –
RSUs/DSUs/PSUs/RPUs(1) |
— |
|
— |
|
— |
|
4,319 |
4,319 |
|
— |
4,319 |
|
| Community relations |
674 |
|
58 |
|
271 |
|
— |
1,003 |
|
— |
1,003 |
|
| Reclamation liability
accretion |
381 |
|
291 |
|
294 |
|
— |
966 |
|
— |
966 |
|
| Realized gains on derivative
contracts |
(771 |
) |
(1,172 |
) |
(488 |
) |
— |
(2,431 |
) |
— |
(2,431 |
) |
| Sustaining lease
expenditures |
64 |
|
307 |
|
623 |
|
449 |
1,443 |
|
— |
1,443 |
|
| Sustaining capital
expenditures(2) |
49,776 |
|
8,776 |
|
17,346 |
|
— |
75,898 |
|
2,006 |
77,904 |
|
| Sustaining mine
exploration(2) |
1,706 |
|
959 |
|
494 |
|
— |
3,159 |
|
— |
3,159 |
|
| |
|
|
|
|
|
|
|
| Total all-in sustaining
costs |
159,118 |
|
39,124 |
|
49,276 |
|
13,789 |
261,307 |
|
19,774 |
281,081 |
|
| |
|
|
|
|
|
|
|
| Gold sold (ounces) |
165,050 |
|
29,650 |
|
54,450 |
|
— |
249,150 |
|
16,142 |
265,292 |
|
| |
|
|
|
|
|
|
|
| All-in sustaining cost per
ounce ($/ gold ounce sold) |
964 |
|
1,320 |
|
905 |
|
— |
1,049 |
|
1,225 |
1,060 |
|
(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 March
31, 2023 (dollars in thousands):
| |
For the three months ended March 31, 2023 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Operating mine capital expenditures |
53,795 |
|
8,953 |
|
17,346 |
80,094 |
|
2,006 |
82,100 |
|
| Road construction |
(2,410 |
) |
— |
|
— |
(2,410 |
) |
— |
(2,410 |
) |
| Fekola underground study |
(1,609 |
) |
— |
|
— |
(1,609 |
) |
— |
(1,609 |
) |
| Other |
— |
|
(177 |
) |
— |
(177 |
) |
— |
(177 |
) |
| |
|
|
|
|
|
|
| Sustaining capital
expenditures |
49,776 |
|
8,776 |
|
17,346 |
75,898 |
|
2,006 |
77,904 |
|
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 March 31, 2023
(dollars in thousands):
| |
For the three months ended March 31, 2023 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Operating mine
exploration |
1,706 |
959 |
494 |
3,159 |
— |
3,159 |
| Regional exploration |
— |
— |
— |
— |
— |
— |
| |
|
|
|
|
|
|
| Sustaining mine
exploration |
1,706 |
959 |
494 |
3,159 |
— |
3,159 |
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 |
| |
March 31, |
| |
2024 |
2023 |
| |
$ |
$ |
| |
(000’s) |
(000’s) |
| |
|
|
|
Net income attributable to shareholders of the Company for the
period: |
39,751 |
85,973 |
|
| |
|
|
| Adjustments for non-recurring
and significant recurring non-cash items: |
|
|
|
Write-down of mining interests |
— |
16,419 |
|
|
Unrealized losses on derivative instruments |
118 |
2,788 |
|
|
Office lease termination costs |
— |
1,946 |
|
|
Change in fair value of gold stream |
10,852 |
— |
|
|
Dilution loss on investment in associate |
9,982 |
— |
|
|
Deferred income tax expense (recovery) |
20,800 |
(1,264 |
) |
| |
|
|
| Adjusted net income
attributable to shareholders of the Company for the
period |
81,503 |
105,862 |
|
| |
|
|
| Basic weighted average number
of common shares outstanding (in thousands) |
1,303,191 |
1,075,402 |
|
| |
|
|
| Adjusted net earnings
attributable to shareholders of the Company per share–basic
($/share) |
0.06 |
0.10 |
|
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ce2da3cf-7d1b-4493-8014-083e63a0db04
https://www.globenewswire.com/NewsRoom/AttachmentNg/0a263180-53cb-42f0-a4ca-73432b9c6f8b
https://www.globenewswire.com/NewsRoom/AttachmentNg/0b1d46f9-559e-4326-a165-5a977ebef483
https://www.globenewswire.com/NewsRoom/AttachmentNg/3bd762a8-0cb0-4ce1-95a1-7526aee96ff2
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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