B2Gold Corp. (TSX:BTO) (NYSE MKT:BTG) (NSX:B2G) (“B2Gold” or the
“Company”) is pleased to announce its gold production and gold
revenue for the first quarter of 2017. All dollar figures are in
United States dollars unless otherwise indicated.
2017 First Quarter
Highlights
- Consolidated gold production of 132,736 ounces, 6% (or 7,955
ounces) above budget and 4% (or 4,892 ounces) higher than the same
period in 2016
- Consolidated gold revenue of $146.3 million on sales of 119,937
ounces at an average price of $1,219 per ounce
- Company is on track to meet its 2017 annual guidance of between
545,000 to 595,000 ounces of gold production
- Fekola Project mine construction remains 3 months ahead of
schedule for an anticipated October 1, 2017 production start and
remains on budget
- On March 29, 2017, received the 2016 Award for “Friend of the
Environment” and the 2016 Award for “Exporter of the Year” in
Nicaragua
Gold Production
Consolidated gold production in the first quarter of 2017 was
132,736 ounces, 6% (or 7,955 ounces) above budget and 4% (or 4,892
ounces) higher than the first quarter of 2016. Gold production from
the Company’s Masbate, Otjikoto and La Libertad mines all exceeded
expectations. The Otjikoto Mine had a very strong start to the year
with first quarter gold production of 42,774 ounces, significantly
above budget by 20% (or 7,082 ounces) and also 20% (or 7,071
ounces) greater than the first quarter of 2016. The Masbate Mine
also continued its very strong operational performance producing
52,562 ounces of gold, 5% (or 2,569 ounces) above budget and
comparable with the prior-year quarter.
For full-year 2017, B2Gold is projecting another year of growth
with consolidated gold production expected to be in the range of
between 545,000 and 595,000 ounces (including estimated
pre-commercial production from Fekola of between 45,000 and 55,000
ounces). Based on Fekola’s current mine construction progress, the
Fekola Project remains 3 months ahead of schedule and is planning
for an October 1, 2017 production start. Gold production in 2017 is
anticipated to be weighted towards the second half of the year
(57%) due to the anticipated start-up of Fekola on October 1, 2017
combined with lower expected average strip ratios in the
second-half.
For full-year 2017 (including the Fekola pre-commercial
production period), consolidated cash operating costs (see
“Non-IFRS Measures”) are expected to be between $610 and $650 per
ounce and all-in-sustaining costs (“AISC”) (see “Non-IFRS
Measures”) are expected to be between $940 and $970 per ounce. In
comparison to 2016, 2017 forecast sustaining capital expenditures
are anomalously high as a result of Masbate’s planned mining fleet
replacement and expansion and as a result of anticipated higher
average strip ratios at Otjikoto (which are expected to be lower in
2018 and 2019). Consolidated cash operating costs per ounce and
AISC per ounce are expected to be lower in the second-half of 2017
compared to the first-half, reflecting higher expected gold
production, lower expected average strip ratios, and lower capital
expenditures in the second-half.
Looking forward to 2018, with the planned first full-year of
production from the Fekola Project (based on current assumptions
and updates to the Company’s long-term mine plans), the Company is
projecting its consolidated gold production to increase
significantly and to be between 900,000 and 950,000 ounces. The
Fekola Project is expected to be a large low-cost producer and
should enable the Company to significantly reduce its forecast
longer term cash operating costs per ounce and AISC per ounce. The
Company’s forecast consolidated cash operating costs per ounce and
AISC per ounce are expected to decrease in 2018 (compared to 2017)
and be comparable to the Company’s 2016 revised cost guidance
ranges (of $500 to $535 per ounce for cash operating costs and $780
to $810 per ounce for AISC).
Gold Revenue
Consolidated gold revenue in the first quarter of 2017 was
$146.3 million on sales of 119,937 ounces at an average price of
$1,219 per ounce compared to $144.3 million on sales of 120,899
ounces at an average price of $1,193 per ounce in the first quarter
of 2016. The 1% increase in gold revenue was mainly attributable to
a 2% increase in the average realized gold price, partially offset
by a 1% decrease in gold sales volume. The decrease in gold sales
volume was due to the timing of gold shipments.
Consolidated gold revenue in the first quarter of 2017 included
$15 million related to the amortization of the “Prepaid Sales
Liability” (deferred revenue) associated with the Company’s Prepaid
Sales transactions entered into in March 2016. During the quarter,
12,908 ounces of gold were delivered under these contracts.
Operations
Mine-by-mine gold production in the first quarter of 2017 was as
follows:
Mine |
Q1 2017QuarterlyGold
Production(ounces) |
2017AnnualProduction
Guidance(ounces) |
Masbate |
52,562 |
175,000 – 185,000 |
Otjikoto |
42,774 |
165,000 – 175,000 |
La Libertad |
28,539 |
110,000 – 120,000 |
Limon |
8,861 |
50,000 – 60,000 |
Subtotal |
132,736 |
500,000 – 540,000 |
Fekola (pre-commercial) |
- |
45,000 – 55,000 |
|
|
|
B2Gold Consolidated |
132,736 |
545,000 – 595,000 |
Masbate Gold Mine - Philippines
The Masbate Mine in the Philippines continued its very strong
operational performance into the first quarter of 2017 producing
52,562 ounces of gold, 5% (or 2,569 ounces) above budget and
comparable with the prior-year quarter. Gold production improved
against budget mainly due to higher-than-expected throughput and
recoveries mainly driven by higher-than-budgeted oxide ore from the
Colorado Pit. As mining advances in the Colorado Pit, the trend of
more oxide ore than modelled has continued. As a result, oxide feed
material accounted for 42% of the total milled tonnes in the
quarter compared to budget of 20% (with the remaining amount
consisting of transitional to sulfide material). The higher mill
recoveries in the quarter also reflected the ongoing benefits from
the recent CIL circuit upgrade, tracking slightly ahead of
expectations. The Masbate Mine also continued its strong safety
performance, extending the number of days without a
“Lost-Time-Injury” to 535 days at the end of the first quarter of
2017.
Mill throughput in the quarter was 1,704,001 tonnes compared to
budget of 1,645,473 tonnes and 1,785,891 tonnes in the first
quarter of 2016. Mill throughput exceeded budget as a result of the
softer ore conditions (due to the higher-than-budgeted oxide blend)
and a reduction in planned downtime. In February, a planned plant
maintenance shutdown was completed more quickly than anticipated
(in 8 days instead of the estimated 10 days). Mill throughput was
lower compared with the prior-year quarter as a result of the
February maintenance shutdown. Mill recoveries averaged 74.8% which
was better than budget of 73.3% and 72.9% in the first quarter of
2016. The improved recoveries in the quarter reflect both the
higher-than-budgeted oxide blend and the benefit of the process
improvements as part of the Masbate plant upgrade which came on
line on June 29, 2016. The average grade processed was 1.28 g/t,
comparable to budget and slightly higher compared to 1.26 g/t in
the first quarter of 2016.
For full-year 2017, the Masbate Mine is forecast to produce
between 175,000 to 185,000 ounces of gold at cash operating costs
of between $690 to $730 per ounce and AISC of between $1,020 and
$1,050 per ounce. Masbate’s forecast 2017 AISC includes the planned
mine fleet replacement and expansion costs. Since the new fleet
will commence utilization in 2017, all of the related equipment
purchase costs have been included in Masbate’s 2017 forecast AISC
(even though the equipment will benefit Masbate operations in
future years as well). Masbate’s mine equipment purchases are
planned to significantly decrease in 2018.
As previously reported by the Company on September 27, 2016,
October 18, 2016 and in its MD&A for the year ended December
31, 2016, the Philippine Department of Environment and Natural
Resources (the “DENR”) announced the preliminary results of mining
audits carried out by the DENR in respect of all metallic mines in
the Philippines and issued the Masbate Mine audit report which
contains the detailed findings from the audit and directed the
Company to provide explanations and comments in response to the
audit findings as described in its previous disclosures. The
Company provided a comprehensive response to the findings and
recommendations in the audit, which the Company believes addresses
the issues raised. As reported by the Company on February 2, 2017,
the DENR has announced further results of its mining audit and the
Masbate Mine was not among the mines announced to be suspended or
closed. To date the Company has not received any updated formal
written response from the DENR confirming the results of the audit
in respect of Masbate and as such, the final outcome of the audit
has not been determined. The Company believes that it continues to
be in compliance with Philippine’s laws and regulations. The
Company continues to work closely with the DENR to maintain
compliance with regulations and continues to promote improved
quality of life in the communities where it operates. The Company
will continue to provide updates of its progress with the DENR.
Operations remain uninterrupted at the mine and the projections and
guidance for the Masbate Mine and the Company on a consolidated
basis are provided on this basis.
Otjikoto Gold Mine - Namibia
The Otjikoto Mine in Namibia also had a very strong start to the
year with first quarter gold production of 42,774 ounces,
significantly above budget by 20% (or 7,082 ounces) and also 20%
(or 7,071 ounces) greater than the first quarter of 2016. The
increase over both budget and the prior-year quarter was mainly due
to better-than-expected grade and ore tonnage from the new Wolfshag
Phase 1 Pit and increased high grade ore tonnage from the bottom of
the Otjikoto Phase 1 Pit, accompanied by smaller gains from
improved plant performance.
The average grade processed in the quarter was 1.62 g/t,
compared to budget of 1.39 g/t and 1.37 g/t in the first quarter of
2016. To date there has been a positive reconciliation in terms of
both grade and ore tonnage from the oxide portion of the Wolfshag
Phase 1 Pit versus the resource model. As a result, processed ore
from Wolfshag was approximately 230,000 tonnes at a grade of 1.90
g/t versus a budget of 84,000 tonnes at a grade of 1.41 g/t. In
addition, high grade ore from the bottom of the Otjikoto Phase 1
Pit (carried over from the fourth quarter of 2016 and into the
first quarter of 2017, both from stockpiles and pit production)
also exceeded expectations. Processed high grade ore from the
Otjikoto Phase 1 Pit was approximately 380,000 tonnes at a grade of
1.90 g/t versus a budget of 355,000 tonnes at a grade of 1.70 g/t.
The Otjikoto Phase 1 Pit was completed by mid-January. Mill
throughput for the quarter was 832,805 tonnes compared to a budget
of 814,680 tonnes and 822,602 tonnes in the first quarter of 2016.
Mill recoveries remained high and averaged 98.6%, exceeding the
budget of 98.0% and 98.5% in the first quarter of 2016.
Life-of-mine production plans for the Otjikoto Mine,
incorporating preliminary projections for the Wolfshag open pit and
underground mines, have been completed for various options and will
be further refined as the detailed geotechnical, hydrogeological,
and design studies are completed, expected at the end of the third
quarter of 2017. Ongoing studies are leading the Company to
re-evaluate the open pit and underground interface.
For full-year 2017, the Otjikoto Mine is forecast to produce
between 165,000 and 175,000 ounces of gold at cash operating costs
of between $510 and $550 per ounce. Forecast gold production at
Otjikoto is expected to be weighted towards the second-half of the
year as Wolfshag Phase 1 and Otjikoto Phase 2 pits reach higher
grade and lower strip ratio benches. Otjikoto’s forecast 2017 AISC
are expected to be between $855 and $885 per ounce, reflecting
higher projected strip ratios at the new Otjikoto Phase 2 and
Wolfshag Phase 1 pits. The average strip ratios at Otjikoto are
expected to be lower in 2018 and 2019.
La Libertad Gold Mine - Nicaragua
Gold production at La Libertad Mine in Nicaragua was 28,539
ounces in the first quarter of 2017, slightly above budget (by 550
ounces) and comparable with the prior-year quarter. Mill
throughput, recoveries and processed grade were all slightly above
budget. The mill continued to operate well, processing 561,152
tonnes (Q1 2016 – 576,487 tonnes) in the quarter at an average
grade of 1.67 g/t (Q1 2016 – 1.66 g/t) with gold recoveries
averaging 94.5% (Q1 2016 - 94.7%). The Jabali Central open pit
continues to be the primary source of ore for La Libertad, as Mojon
Underground continues to ramp up.
Resettlement and permitting activities continue at the high
grade Jabali Antenna Pit. However, the Company has recently changed
its planned sequencing for bringing the Jabali Antenna Pit into the
mine plan (originally forecast to enter the production stream in
the third quarter of 2017). Given the delays in resettlement at
Jabali Antenna (which have been out of the Company’s control), the
Company is now focused on bringing the San Juan Pit into production
earlier than planned and ahead of Jabali Antenna. An internal study
was recently completed that deemed San Juan to be a viable open pit
operation. As a result, mine plans for San Juan have been
reconfigured for open pit mining, allowing it to advance to
production as early as the third quarter of 2017 (subject to the
receipt of mine permits). Development and related permitting
activities also continue for other areas. Road access at a small
pit, El Salto, located west of Mojon, is currently under
construction. Jabali Antenna underground development is also
underway with the portal established and the ramp work now
advancing. Permitting for the western area of this mine is now in
process.
On March 29, 2017, the Company was presented with 2 awards from
the Association of Producers and Exporters of Nicaragua with
respect to its La Libertad operations. The Company received the
2016 Award for “Friend of the Environment”, related to
environmental stewardship in water management, and the 2016 Award
for “Exporter of the Year”, for being the largest single exporting
company in Nicaragua.
For full-year 2017, La Libertad Mine is forecast
to produce between 110,000 and 120,000 ounces of gold at cash
operating costs of between $625 and $665 per ounce and AISC of
between $785 and $815 per ounce.
El Limon Gold Mine - Nicaragua
El Limon Mine in Nicaragua continued to
underperform in the first quarter with gold production of 8,861
ounces, 2,246 ounces below budget and 1,355 ounces lower than the
same quarter last year. The primary cause of the shortfall was
lower processed grade which was 2.41 g/t versus a budget of 2.99
g/t and 2.92 g/t in the first quarter of 2016. Limon’s production
continued to be negatively affected by mine fleet availability
limitations and water control issues which reduced high grade ore
flow from Santa Pancha Underground. As a result, mill feed was
supplemented with smaller volumes of lower grade ore recovered from
surface stockpiles and purchased (small miner) high grade ore. To
improve overall mine performance, additional mining equipment has
been purchased and delivered, and the mine development contractor
has accelerated operations. For Santa Pancha 1 Mine, the deep well
is being reamed and relined, and is expected to be operational in
May. The auxiliary dewatering system has been improved but the deep
well is essential in order to develop the higher grade stopes.
Tonnage milled for the quarter was 122,856 tonnes compared to
budget of 123,701 tonnes and 116,481 tonnes in the first quarter of
2016. Mill recoveries averaged 92.9% compared to budget of 93.5%
and 93.6% in the first quarter of 2016.
Surface development for the Mercedes Pit is
advancing, and the Environmental Impact Assessment (“EIA”) is ready
for submission. The EIA for Veta Nueva, the next underground mine,
is also ready for submission. An underground contractor has been
selected and surface preparations started.
For full-year 2017, El Limon is expected to
produce between 50,000 and 60,000 ounces of gold at cash operating
costs of between $655 and $695 per ounce and AISC between $1,065
and $1,095 per ounce. As a result of the operational improvements
being implemented (as discussed above), the Company believes that
El Limon Mine remains on track to meet its full-year 2017
production guidance.
Development
Fekola Development Project - Mali
The Fekola Project mine construction remains approximately 3
months ahead of schedule and on target for an October 1, 2017
production start. The Fekola Project remains on budget and is
expected to be a large low-cost producer and should enable the
Company to significantly reduce its longer term cash operating
costs per ounce and AISC per ounce.
In the first quarter of 2017, the B2Gold construction team
continued to develop the Fekola Project in Mali. At the end of the
first quarter, the project was approximately 75% complete with
civil earthworks construction and process plant construction
approximately 91% and 54% complete, respectively.
Development of the open pit continued to
progress ahead of schedule, with a total of 2.6 million tonnes of
waste and 200,000 tonnes of ore mined during the quarter. The first
phase of the mining fleet, including six CAT 777E
haul trucks and two CAT 6020B excavators, is in
operation. Through the quarter average daily mining rates have
increased from 25,000 tonnes to 42,000 tonnes. The second grade
control drilling campaign commenced in the third week of March
2017.
Installation of the ball and SAG mills at the
process plant commenced in February 2017, following arrival and
preparation of the components in January 2017. Concrete progress
and structural steel erection at the mill is approximately
99% and 94% complete, respectively. Concrete work and
platework at the primary crusher and stockpile feed conveyor has
been completed while approximately 80% of the structural steel at
the primary crusher has been erected. Installation of pipe
supports, pipework, mechanical equipment and electrical cables
continued site wide. Instrumentation installation at the leach and
CIP tanks, leach thickener and tailings thickener also commenced
during the quarter.
Construction and lining of the site ponds with
high density polyethylene (“HDPE”) geomembrane has been completed.
Underground utility installation including fresh water,
sewage lines, and fire water continued throughout the plant
site. Erection of the various buildings around site also commenced,
with a completion rate of approximately 35% at the end of the
quarter.
Earthworks construction of the phase 1
tailings storage facility (“TSF”) embankment has been completed and
HDPE lining of the facility is 100% complete. The network of
under-drains in the basin of the TSF, which aids in consolidation
of the tailings and extending the life of the facility, has also
been completed. The first of the three decant structures, designed
to return water back to the process plant, has been finished along
with the decant access road above the HDPE liner. The TSF and the
site water management structures are approximately 98% and 93%
complete, respectively. Construction of the run of mine (ROM) pad
continued through the quarter with over 1,700,000 m3 of
material placed to date and 750,000 m3 of material placed in
the quarter.
The manpower on site saw an increase through the
first quarter with an average of 1,050 employees and
contractors.
About B2Gold
Headquartered in Vancouver, Canada, B2Gold Corp. is one of the
fastest-growing intermediate gold producers in the world. Founded
in 2007, today, B2Gold has four operating mines, one mine under
construction and numerous exploration projects in various
countries, including Finland, Nicaragua, the Philippines, Namibia,
Mali and Burkina Faso. Construction of B2Gold’s Fekola mine in
southwest Mali is approximately 3 months ahead of schedule and on
budget, and is projected to commence production on October 1, 2017.
As a result, B2Gold is well positioned to maintain its low-cost
structure and growth profile.
Based on current assumptions and updates to B2Gold’s current
year guidance and long-term mine plans, the Company is projecting
consolidated gold production in 2017 of between 545,000 and 595,000
ounces (including estimated pre-commercial production from Fekola
of between 45,000 and 55,000 ounces); and in 2018 significantly
increasing to between 900,000 and 950,000 ounces, with the
inclusion of the anticipated first full-year of commercial
production at the Fekola mine.
Qualified Person
Peter D. Montano, P.E., the Project Director of B2Gold, a
qualified person under NI 43-101, has approved the scientific and
technical information contained in this news release.
First Quarter 2017 Financial Results - Conference Call
Details
B2Gold Corp. will release its first quarter 2017
results before the North American markets open on Thursday, May 4,
2017.
B2Gold executives will host a conference call to
discuss the results on Thursday, May 4, 2017, at 10:00 am
PDT / 1:00 pm EDT. You may access the call by dialing the
operator at +1 416-406-0743 or toll free at +1 800-806-5484 prior
to the scheduled start time (passcode: 6214960#) or you may listen
to the call via webcast by clicking:
http://www.investorcalendar.com/IC/CEPage.asp?ID=175781. A playback
version of the call will be available for one week after the call
at +1 905-694-9451 or toll free at +1 800-408-3053 (passcode:
8848107#).
On Behalf of B2GOLD CORP.
“Clive T. Johnson”
President and
Chief Executive Officer
For more information on B2Gold please visit the
Company website at www.b2gold.com or contact:
Ian MacLean
|
Katie Bromley |
Vice President,
Investor Relations |
Manager, Investor
Relations & Public Relations |
604-681-8371 |
604-681-8371 |
imaclean@b2gold.com |
kbromley@b2gold.com |
The Toronto Stock Exchange neither approves nor
disapproves the information contained in this News
Release.
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, estimates and other statements regarding
future financial and operational performance, events, production,
mine life, revenue, costs, capital expenditures, investments,
budgets, ore grades, sources and types of ore, stripping ratios,
throughput, cash flows and growth; production estimates and
guidance, including the Company’s projected gold production of
between 545,000 to 595,000 ounces in 2017 and production being
weighted towards the second half of 2017 and projected gold
production of between 900,000 and 950,000 ounces in 2018; and
statements regarding anticipated exploration, development,
construction, production, permitting and other activities and
achievements of the Company, including: expected grades and sources
of ore to be processed in 2017; the development and production from
the Fekola Project by October 2017 and the Fekola Project being
ahead of schedule and on budget; the Fekola Mine being a low cost
mine and its anticipated effect on the Company’s gold production
and per ounce costs; completion of geotechnical, hydrogeological
and design studies for the Wolfshag zone in 2017 and the expected
re-evaluation of the open pit and underground interface; the
projections included in existing technical reports, economic
assessments and feasibility studies; the results of the ongoing
study to assess the economic viability of an open pit operation at
San Juan being expected in mid-2017, and other anticipated or
potential new technical reports and studies, including the
potential findings and conclusions thereof; the resolution of the
audit by the DENR in relation to the Masbate Mine and the final
outcome thereof; expected replacement and expansion of the Masbate
Mine fleet and the expected decrease in equipment purchases at
Masbate in 2018; the completion of permitting and resettlement
activities in respect of the Jabali Antenna Pit; production from
the Jabali Antenna Pit in the third quarter of 2017; expectations
regarding operations at La Libertad and the potential to extend
operations beyond the current mine plan; Veta Nueva being the next
underground mine of the Company; well work at El Limon Mine; and
activities to advance new areas of or near El Limon Mine. 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 the volatility of metal prices and
our common shares; risks and dangers inherent in exploration,
development and mining activities; uncertainty of reserve and
resource estimates; risk of not achieving production, cost or other
estimates; risk that actual production, development plans and costs
differ materially from the estimates in our feasibility studies;
risks related to hedging activities and ore purchase commitments;
the ability to obtain and maintain any necessary permits, consents
or authorizations required for mining activities; uncertainty about
the outcome of negotiations with the Government of Mali; risks
related to environmental regulations or hazards and compliance with
complex regulations associated with mining activities; the ability
to replace mineral reserves and identify acquisition opportunities;
unknown liabilities of companies acquired by B2Gold; ability to
successfully integrate new acquisitions; fluctuations in exchange
rates; availability of financing; risks relating to financing and
debt; risks related to operations in foreign countries and
compliance with foreign laws; risks related to remote operations
and the availability 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; risks
related to reliance upon contractors, third parties and joint
venture partners; challenges to title or surface rights; dependence
on key personnel and 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; changes in tax laws; community support for
our operations including risks related to strikes and the halting
of such operations from time to time; risks related to failures of
information systems or information security threats; the ongoing
audit by the DENR in relation to our Masbate Project and the final
outcome thereof; ability to maintain adequate internal control over
financial reporting as required by law; 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 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 the Company’s forward-looking statements. There can be no
assurance that such 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. The Company’s forward looking statements
reflect current expectations regarding future events and operating
performance and speak only as of the date hereof and the Company
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. For the
reasons set forth above, undue reliance should not be placed on
forward-looking statements.
The disclosure in this news release and in the
documents described in this news release regarding mineral
properties was prepared in accordance with Canadian National
Instrument 43-101 (“NI 43-101”), which differs significantly from
the requirements of the SEC set out in Industry Guide
7.Accordingly, such disclosure may not be comparable to similar
information made public by companies that report in accordance with
U.S. standards.
Non-IFRS Measures
This 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
such measures and reconciliation of certain measures to IFRS
terms.
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