B2Gold Corp. (TSX:BTO), (NYSE MKT:BTG), (NSX:B2G) (“B2Gold” or the
“Company”) is pleased to announce its operational and financial
results for the first quarter of 2017. The Company previously
released its gold production and gold revenue for the first quarter
of 2017 (see news release dated 04/19/17). 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
- Consolidated cash operating costs (see “Non-IFRS Measures”) of
$564 per ounce, $80 per ounce (or 12%) below budget
- Consolidated all-in sustaining costs (“AISC”) (see “Non-IFRS
Measures”) of $889 per ounce, $262 per ounce (or 23%) below
budget
- Cash flow from operating activities (after non-cash working
capital changes) of $39.6 million ($0.04 per share)
- Strong cash position of $103.2 million at quarter-end
- 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
2017 First Quarter Operational Results
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.
Consolidated cash operating costs in the quarter
were $564 per ounce, $80 per ounce (or 12%) below budget. This was
mainly the result of higher-than-budgeted gold production combined
with lower-than-budgeted operating costs (see “Operations” section
below). Consolidated cash operating costs in the quarter were $65
per ounce higher compared with the first quarter of 2016, as the
prior-year quarter had benefited from lower fuel prices and a
significantly weaker Namibian dollar/US dollar foreign exchange
rate.
Consolidated AISC in the quarter were $889 per
ounce, $262 per ounce (or 23%) below budget and comparable with the
prior-year quarter. The favourable variance against budget reflects
the lower cash operating costs per ounce as well as
lower-than-budgeted sustaining capital expenditures (mainly due to
the timing of equipment purchases at Masbate and lower
pre-stripping costs at Otjikoto).
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). Consolidated cash operating costs are expected
to be between $610 and $650 per ounce and consolidated AISC 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/expansion and anticipated higher average strip ratios
at Otjikoto (which are expected to be lower in 2018 and 2019).
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).
2017 First Quarter Financial
Results
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 $15.0 million related to the delivery of gold into
the Company’s prepaid sales contracts (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.
In the first quarter of 2017, as expected, the
Company’s cash flow from operating activities (after non-cash
working capital changes) was $39.6 million ($0.04 per share)
compared with $171.6 million ($0.19 per share) in the first quarter
of 2016. Operating cash flows in the prior-year quarter were higher
mainly due to the Company’s Prepaid Sales transactions in March
2016 of $120 million and to non-cash working capital adjustments.
Non-cash working capital changes in the current quarter were
negative $17.0 million compared with negative $6.1 million in the
first quarter of 2016. The main changes in non-cash working capital
in the quarter related to a $7.5 million increase in inventory as a
result of higher gold bullion inventory balances at all mine sites
(due to the timing of gold shipments) and a $6.3 million decrease
in taxes payable. In 2018, the Company’s cash flows from operations
are forecast to significantly increase with the first full-year of
production from Fekola.
Adjusted net income (see “Non-IFRS Measures”)
was $19.4 million ($0.02 per share) in the quarter compared to
$18.9 million ($0.02 per share) in the prior-year quarter. Adjusted
net income in the first quarter of 2017 mainly excluded various
unrealized mark-to-market adjustments (totaling a net loss of $19.8
million). The Company generated a net loss of $4.6 million
(negative $0.01 per share) in the quarter compared to net income of
$6.7 million ($0.01 per share) in the same quarter last year.
Liquidity and Capital
Resources
At March 31, 2017 the Company had cash and cash
equivalents of $103.2 million compared to cash and cash equivalents
of $144.7 million at December 31, 2016. Working capital at March
31, 2017 was $62.1 million compared to working capital of $101.0
million at December 31, 2016. In addition, the Company had $150
million of undrawn capacity on its $350 million revolving credit
facility (“RCF”). On March 14, 2017, the Company received a binding
letter of commitment from the Canadian Imperial Bank of Commerce to
participate in its RCF. Upon completion of loan documentation, the
aggregate amount of the RCF will be increased from $350 million to
$425 million. The Company also has a Euro 71.4 million term Fekola
equipment loan facility with Caterpillar Financial SARL of which
Euro 46.7 million was available for future drawdowns at
quarter-end. The Company believes that this liquidity coupled with
continued strong operating cash flows from its existing mine
operations, will provide adequate resources both to maintain
operations and fund the construction of the Fekola Project through
completion (forecast to be October 1, 2017) based on current
assumptions, including current gold prices and life-of-mine
plans.
On August 11, 2016, the Company entered into an
equity distribution agreement (the “ATM Agreement”) with two
placement agents for the sale of common shares for aggregate gross
proceeds of up to $100 million through “at the market”
distributions under the Company’s prospectus supplement filed under
its base shelf prospectus and registration statement (the “ATM
Offering”). The ATM Offering runs until the earlier of (i) common
shares with aggregate gross proceeds of $100 million being issued,
(ii) February 11, 2018, or (iii) termination by one of the parties
in accordance with the ATM Agreement. The placement agents,
collectively, receive a placement fee of 2% of the gross proceeds
from each placement. During the year ended December 31, 2016, the
Company issued 14.8 million common shares for net proceeds of $44.2
million, under the ATM Offering. No common shares were issued under
the ATM Agreement in the first quarter of 2017.
Operations
Mine-by-mine gold production in the first
quarter of 2017 was as follows:
Mine |
Q1 2017Gold Production
(ounces) |
2017Guidance(ounces) |
Masbate |
52,562 |
175,000 – 185,000 |
Otjikoto |
42,774 |
165,000 – 175,000 |
La Libertad |
28,539 |
110,000 – 120,000 |
El Limon |
8,861 |
50,000 – 60,000 |
Subtotal |
132,736 |
500,000 – 540,000 |
Fekola (pre-commercial) |
- |
45,000 – 55,000 |
|
|
|
B2Gold Consolidated |
132,736 |
545,000 – 595,000 |
|
|
|
Mine-by-mine cash operating costs and AISC per
ounce in the first quarter of 2017 were as follows:
Mine |
Q1 2017Cash Operating Costs
($ per ounce) |
2017Guidance($ per ounce)
|
Q1 2017AISC($ per ounce)
|
2017Guidance ($ per
ounce) |
Masbate |
$524 |
$690 - $730 |
$808 |
$1,020 - $1,050 |
Otjikoto |
$413 |
$510 - $550 |
$771 |
$855 - $885 |
La Libertad |
$728 |
$625 - $665 |
$866 |
$785 - $815 |
El Limon |
$994 |
$655 - $695 |
$1,572 |
$1,065 - $1,095 |
Subtotal |
$564 |
$615 - $655 |
$889 |
$960 - $990 |
Fekola (pre-commercial) |
- |
$580 - $620 |
- |
$700 - $730 |
|
|
|
|
|
B2Gold Consolidated |
$564 |
$610 - $650 |
$889 |
$940 - $970 |
|
|
|
|
|
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.
Masbate’s first quarter cash operating costs
were $524 per ounce, significantly below budget by $110 per ounce
(or 17%). This was mainly the result of both higher-than-budgeted
gold production and lower-than-budgeted operating costs. Operating
costs in the quarter benefited from higher silver by-product
credits and lower maintenance costs and stockpile adjustments (as
compared to budget). Masbate’s first quarter cash operating costs
were $68 per ounce higher compared with the first quarter of 2016
(but substantially below budget), mainly as a result of higher fuel
prices and maintenance costs (attributable to the February 2017
maintenance shutdown). AISC in the quarter were $808 per ounce
compared to budget of $1,127 per ounce and $638 per ounce in the
prior-year quarter. AISC were below budget as a result of lower
cash operating costs and sustaining capital expenditures due to the
timing of mobile equipment purchases which are now expected to
occur later in 2017.
Capital expenditures in the first quarter of
2017 totaled $15.0 million which mainly consisted of mobile
equipment costs of $6.6 million, deferred stripping costs of $2.7
million, power plant upgrades of $2.4 million and processing plant
upgrades of $0.9 million.
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 the
Company’s 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.
Otjikoto’s first quarter cash operating costs
were $413 per ounce, significantly below budget by $121 per ounce
(or 23%). This was mainly the result of higher-than-budgeted gold
production combined with lower-than-budgeted fuel prices,
fuel/reagent consumption and labour costs. Otjikoto’s first quarter
cash operating costs were $32 per ounce higher compared with the
first quarter of 2016, as the prior-year quarter had benefited from
a significantly weaker Namibian dollar/US dollar foreign exchange
rate and lower fuel prices. AISC in the quarter were $771 per
ounce, below both budget of $1,049 per ounce and $835 per ounce in
the prior-year quarter reflecting lower cash operating costs and
sustaining capital expenditures. Pre-stripping costs in the quarter
were $1.8 million below budget mainly due to lower-than-expected
mining costs and strip ratios.
Capital expenditures in the first quarter of
2017 totaled $12.6 million and included $6.5 million for deferred
stripping and $4.4 million for mobile equipment.
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. Studies are ongoing to determine
the optimum interface between open pit and underground mining to
maximize project economics.
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 to
a small pit, El Salto, located west of Mojon, is currently under
construction. Work continues on permitting for an additional small
pit in the El Tope area which the Company anticipates will be
available in the third quarter of 2017. 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.
La Libertad’s cash operating costs were $728 per
ounce in the first quarter of 2017, approximately in-line with
budget. Cash operating costs were $105 per ounce higher compared
with the first quarter of 2016, as the prior-year quarter had
benefited from lower mining costs mainly attributable to the Los
Angeles Pit (which had shorter haul distances to the mill/landfills
and a lower strip ratio than compared to Jabali Central). The Los
Angeles Pit was completed in April 2016. However, for the full-year
2017, La Libertad’s cash operating costs are forecast to be between
$625 and $665 per ounce and be comparable to its 2016 annual cash
operating costs (of $659 per ounce). AISC in the quarter were $866
per ounce compared to budget of $952 per ounce and $1,043 per ounce
in the prior year quarter. The lower than budgeted AISC mainly
resulted from the timing of sustaining capital expenditures which
are expected to occur later in 2017.
Total capital expenditures in the first quarter
of 2017 were $3.6 million, mainly consisting of La Esperanza
Tailings Dam expansion of $2.2 million and deferred development
costs of $0.9 million.
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. El 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 2017. 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.
El Limon’s cash operating costs were $994 per
ounce in the first quarter of 2017, $112 per ounce higher than
budget and $219 per ounce higher than the prior-year quarter. The
increase was mainly attributable to the limited access to higher
grade ore at Santa Pancha Underground. AISC in the quarter were
$1,572 per ounce compared to budget of $1,459 per ounce and $1,127
per ounce in the prior-year quarter.
Capital expenditures in the first quarter of
2017 totaled $3.3 million which consisted mainly of underground
development costs for Santa Pancha of $1.9 million and mobile
equipment costs of $0.7 million. The Company has a $5 million
exploration budget for El Limon in 2017 and to date exploration
drilling results have been encouraging around El Limon.
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 in Mali
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.
Based on the updated production plans, the
Fekola Project is now projected to produce an average of 375,000 to
400,000 ounces of gold per year for the first five years of
production (2018 to 2022) and 365,000 to 390,000 ounces per year
over the first seven years of production (2018 to 2024). The mining
schedule has been adjusted to ensure sufficient feed for the
October 1, 2017 start date. Mining rates will not materially change
to supply the 5 Mtpa plant, as the additional material will be
diverted from planned stockpiles. Under the 5 Mtpa updated
production plan, the initial mine life for the Fekola Project is
expected to be approximately ten years. B2Gold is currently
updating the financial analysis for the Fekola Project to include
the updated Mineral Reserves, updated mining production schedule, 5
Mtpa process throughput, current costs, and reconciliation to
actual construction and pre-stripping progress. The updated cost
model is expected to be completed by the end of the third quarter
of 2017.
In the first quarter of 2017, the B2Gold
construction team continued to develop the Fekola Project. 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 first 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 plate
work 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.
Capital expenditures in the first quarter of
2017 totaled $67.8 million compared with a construction budget of
$65.3 million. Expenditures on the Fekola Project to date are
$438.9 million, including $41 million of preconstruction
expenditures, compared with a budget to date of $441.7 million. The
project remains ahead of schedule and on budget.
Outlook
The core activities of the Company remain its
current mining operations and the construction of its Fekola Mine.
Based on Fekola’s current mine construction progress, the Fekola
construction is approximately three months ahead of schedule and is
planning for an October 1, 2017 production start. Fekola is
expected to be another low-cost mine and should enable the Company
to significantly increase its production base while at the same
time reduce its longer term forecast consolidated cash operating
costs per gold ounce and all-in sustaining costs per gold
ounce.
For 2017, B2Gold is projecting another growth
year 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). 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 be between 900,000 to 950,000 ounces.
For 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’s
forecast consolidated cash operating costs and AISC per ounce are
expected to decrease in 2018 (compared to 2017) and be comparable
to the Company’s 2016 cost guidance ranges (of $500 to $535 per
ounce for cash operating costs and $780 to $810 per ounce for
all-in sustaining costs). The
Company expects that its current funding measures and continued
strong performance from operations will provide sufficient
liquidity and resources to maintain operations and ensure that,
based on current assumptions including the current gold price and
life-of-mine plans, construction of the Fekola Project is fully
funded through to completion (forecast to be October 1, 2017).
In addition to its development of Fekola and
strong operating performance of its existing mines, the Company
continues to pursue its organic growth strategy. Sustainable
organic growth also requires a continued focus on exploration,
permitting and feasibility programs at the Company’s existing
projects. Exploration will also focus on drilling additional
greenfield opportunities. The Company has a significant exploration
budget for 2017 totaling $53 million, which includes a $7 million
increase approved in the first quarter of 2017. The most
significant areas of exploration focus for the Company are in West
Africa where the Company expects to complete initial resource
estimates for its new Anaconda and Toega prospects in 2017.
In 2018, the Company’s flagship Fekola Mine is
expected to be the most significant contributor to an approximate
65% increase (from 2016) in the Company’s annual projected gold
production, as well as a significant reduction in the Company’s
consolidated cash operating costs and AISC per ounce. As a result
of the impact of bringing the Fekola Project on line, the Company
anticipates being in a strong position to pursue additional
accretive acquisitions. To date B2Gold’s dramatic production growth
profile has been achieved through a series of accretive
acquisitions, on time and on budget project developments and
exploration success. The Company’s objective is to continue its
successful growth strategy, irrespective of the gold cycle.
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 related to operations and
development matters contained in this news release.
Tom Garagan, Senior Vice President of
Exploration of B2Gold, a qualified person under NI 43-101, has
approved the exploration and resource 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
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, acquisitions,
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 commencing
October 1, 2017 and the Fekola Project being approximately three
months ahead of schedule, on budget and fully funded; the Fekola
Project being a low cost mine and its anticipated effect on
the Company’s gold production and per ounce costs and being the
most significant contributor to an expected approximate 65%
increase in production in 2018; the expected mine life of the
Fekola Project; the expected completion of updated financial
analysis for the Fekola Project by the end of the third quarter of
2017; the forecasted increase in cash flows from operations in
2018; completion of geotechnical, hydrogeological and design
studies for the Wolfshag zone and life-of-mine production plans for
the Otjikoto Mine; the projections included in existing technical
reports, economic assessments and feasibility studies; 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 underground development at the Jabali
Antenna Pit; production from the San Juan Pit as early as the third
quarter of 2017; San Juan Pit going into production ahead of the
Jabali Antenna Pit; timing differences on the incursion of
pre-stripping costs at the Otjikoto Mine and mobile equipment
purchases at the Masbate Mine; the deep well at the Santa Pancha 1
Mine at El Limon being operational in May 2017; the expected timing
to complete initial resource estimates for Anaconda and Toega; the
potential increased opportunities for accretive acquisitions; the
delivery of ounces under the Prepaid Sales transactions; the
increase in the amount of the RCF upon completion of loan
documentation; and the adequacy of capital for continued
operations, including funding of the Fekola Project . 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 and developing
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 conflict with small scale miners; 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; risks
related to compliance with anti-corruption laws; 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”) as issued by
the International Accounting Standards Board, including “cash
operating costs”, “all-in sustaining costs” and "adjusted net
income". 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.
|
B2GOLD CORP. |
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF
OPERATIONS |
FOR THE THREE MONTHS ENDED MARCH
31 |
(Expressed in thousands of United States dollars,
except shares and per share amounts) |
(Unaudited) |
|
|
|
2017 |
2016 |
|
|
|
|
|
|
|
|
Gold revenue |
$ |
146,256 |
|
$ |
144,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
|
|
|
|
|
|
|
Production costs |
|
(67,047 |
) |
|
(61,644 |
) |
Depreciation and depletion |
|
(36,381 |
) |
|
(34,313 |
) |
Royalties and production taxes |
|
(5,762 |
) |
|
(5,856 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of sales |
|
(109,190 |
) |
|
(101,813 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
37,066 |
|
|
42,439 |
|
|
|
|
|
|
General and administrative |
|
(7,381 |
) |
|
(7,488 |
) |
Share-based payments |
|
(1,601 |
) |
|
(5,385 |
) |
Write-down of mineral property interests |
|
(1,439 |
) |
|
- |
|
Provision for non-recoverable input taxes |
|
(578 |
) |
|
(242 |
) |
Foreign exchange gains |
|
319 |
|
|
362 |
|
Other |
|
(959 |
) |
|
(1,535 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
25,427 |
|
|
28,151 |
|
|
|
|
|
|
Unrealized loss on fair value of convertible notes |
|
(14,456 |
) |
|
(5,959 |
) |
Community relations |
|
(1,580 |
) |
|
(887 |
) |
Interest and financing expense |
|
(2,133 |
) |
|
(3,026 |
) |
Realized losses on derivative instruments |
|
(448 |
) |
|
(5,495 |
) |
Unrealized losses on derivative instruments |
|
(5,337 |
) |
|
(9,450 |
) |
Write-down of long-term investments |
|
(883 |
) |
|
- |
|
Other |
|
(189 |
) |
|
(911 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
401 |
|
|
2,423 |
|
|
|
|
|
|
Current income tax, withholding and other taxes expense |
|
(4,760 |
) |
|
(4,345 |
) |
Deferred income tax (expense) recovery |
|
(198 |
) |
|
8,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income for the period |
$ |
(4,557 |
) |
$ |
6,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
Shareholders of the Company |
$ |
(5,499 |
) |
$ |
8,317 |
|
Non-controlling interests |
|
942 |
|
|
(1,666 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income for the period |
$ |
(4,557 |
) |
$ |
6,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share (attributable to
shareholders of the Company) |
|
|
|
|
Basic |
$ |
(0.01 |
) |
$ |
0.01 |
|
Diluted |
$ |
(0.01 |
) |
$ |
0.01 |
|
|
|
|
|
|
Weighted average number of common shares
outstanding (in thousands) |
|
|
|
|
Basic |
|
970,440 |
|
|
927,139 |
|
Diluted |
|
970,440 |
|
|
930,800 |
|
|
|
|
|
|
|
B2GOLD CORP. |
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS |
FOR THE THREE MONTHS ENDED MARCH
31 |
(Expressed in thousands of United States dollars) |
(Unaudited) |
|
|
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
Net (loss) income for the period |
$ |
(4,557 |
) |
$ |
6,651 |
|
Mine restoration provisions settled |
|
- |
|
|
(32 |
) |
Non-cash charges |
|
47,376 |
|
|
48,595 |
|
Changes in non-cash working capital |
|
(16,961 |
) |
|
(6,059 |
) |
Proceeds from prepaid sales |
|
15,000 |
|
|
120,000 |
|
Changes in long-term value added tax receivables |
|
(1,259 |
) |
|
2,398 |
|
|
|
|
|
|
|
|
|
|
|
Cash provided by operating activities |
|
39,599 |
|
|
171,553 |
|
|
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
Revolving credit facility, drawdowns |
|
- |
|
|
50,000 |
|
Repayment of revolving credit facility |
|
- |
|
|
(100,000 |
) |
Fekola equipment loan facility, drawdowns net of transaction
costs |
|
26,126 |
|
|
- |
|
Otjikoto equipment loan facility, drawdowns net of transaction
costs |
|
- |
|
|
1,236 |
|
Repayment of Otjikoto equipment loan facility |
|
(2,269 |
) |
|
(1,780 |
) |
Interest and commitment fees paid |
|
(2,503 |
) |
|
(3,082 |
) |
Repayment of Nicaraguan equipment loans |
|
(307 |
) |
|
(505 |
) |
Common shares issued for cash on exercise of stock options |
|
17,968 |
|
|
18 |
|
Restricted cash movement |
|
(4,286 |
) |
|
(50 |
) |
|
|
|
|
|
|
|
|
|
|
Cash provided (used) by financing activities |
|
34,729 |
|
|
(54,163 |
) |
|
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
Expenditures on mining interests: |
|
|
|
|
Otjikoto Mine, development and sustaining capital |
|
(12,552 |
) |
|
(18,708 |
) |
Masbate Mine, development and sustaining capital |
|
(14,954 |
) |
|
(8,514 |
) |
Libertad Mine, development and sustaining capital |
|
(3,592 |
) |
|
(8,780 |
) |
Limon Mine, development and sustaining capital |
|
(3,331 |
) |
|
(1,380 |
) |
Fekola Project, development |
|
(67,810 |
) |
|
(46,441 |
) |
Gramalote Project, prefeasibility and exploration |
|
(2,585 |
) |
|
(63 |
) |
Other exploration and development |
|
(11,013 |
) |
|
(5,033 |
) |
Purchase of non-controlling interest |
|
- |
|
|
(6,000 |
) |
Other |
|
(26 |
) |
|
754 |
|
|
|
|
|
|
|
|
|
|
|
Cash used by investing activities |
|
(115,863 |
) |
|
(94,165 |
) |
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash
equivalents |
|
(41,535 |
) |
|
23,225 |
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
95 |
|
|
701 |
|
|
|
|
|
|
Cash and cash equivalents, beginning of
period |
|
144,671 |
|
|
85,143 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period |
$ |
103,231 |
|
$ |
109,069 |
|
|
|
|
|
|
|
|
|
|
|
|
B2Gold Corp. |
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS |
(Expressed
in thousands of United States dollars) |
(Unaudited) |
|
|
|
|
|
As at |
|
|
As at |
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
Assets |
|
|
|
|
Current |
|
|
|
|
Cash and cash equivalents |
|
$ |
103,231 |
|
|
$ |
144,671 |
|
Accounts receivable, prepaids and other |
|
|
11,828 |
|
|
|
10,723 |
|
Value-added and other tax receivables |
|
|
17,228 |
|
|
|
16,984 |
|
Inventories |
|
|
115,240 |
|
|
|
104,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
247,527 |
|
|
|
277,069 |
|
|
|
|
|
|
Long-term investments |
|
|
12,801 |
|
|
|
10,028 |
|
|
|
|
|
|
Value-added tax receivables |
|
|
18,707 |
|
|
|
18,024 |
|
|
|
|
|
|
Mining interests |
|
|
|
|
-
Owned by subsidiaries |
|
|
2,035,709 |
|
|
|
1,950,356 |
|
-
Investments in joint ventures |
|
|
55,564 |
|
|
|
53,724 |
|
|
|
|
|
|
Other assets |
|
|
28,945 |
|
|
|
26,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,399,253 |
|
|
$ |
2,336,135 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Current |
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
86,541 |
|
|
$ |
81,722 |
|
Current taxes payable |
|
|
6,913 |
|
|
|
13,180 |
|
Current portion of long-term debt |
|
|
20,325 |
|
|
|
13,935 |
|
Current portion of derivative instruments at fair value |
|
|
6,073 |
|
|
|
3,466 |
|
Current portion of prepaid sales |
|
|
60,000 |
|
|
|
57,450 |
|
Other |
|
|
5,582 |
|
|
|
6,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
185,434 |
|
|
|
176,041 |
|
|
|
|
|
|
Derivative instruments at fair value |
|
|
6,787 |
|
|
|
6,439 |
|
Long-term debt |
|
|
506,566 |
|
|
|
472,845 |
|
Prepaid sales |
|
|
60,000 |
|
|
|
62,550 |
|
Mine restoration provisions |
|
|
81,632 |
|
|
|
81,162 |
|
Deferred income taxes |
|
|
74,745 |
|
|
|
74,072 |
|
Employee benefits obligation |
|
|
8,396 |
|
|
|
7,860 |
|
Other long-term liabilities |
|
|
2,525 |
|
|
|
602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
926,085 |
|
|
|
881,571 |
|
|
|
|
|
|
Equity |
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
|
Share capital |
|
|
|
|
Issued: 973,446,385 common shares (Dec 31, 2016 – 964,892,433) |
|
|
2,180,388 |
|
|
|
2,151,993 |
|
Contributed surplus |
|
|
47,776 |
|
|
|
56,191 |
|
Accumulated other comprehensive loss |
|
|
(92,254 |
) |
|
|
(95,435 |
) |
Deficit |
|
|
(673,259 |
) |
|
|
(667,760 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,462,651 |
|
|
|
1,444,989 |
|
|
|
|
|
|
Non-controlling interests |
|
|
10,517 |
|
|
|
9,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,473,168 |
|
|
|
1,454,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,399,253 |
|
|
$ |
2,336,135 |
|
|
|
|
|
|
|
|
|
|
|
For more information on B2Gold please visit the Company website at www.b2gold.com or contact:
Ian MacLean
Vice President, Investor Relations
604-681-8371
imaclean@b2gold.com
Katie Bromley
Manager, Investor Relations & Public Relations
604-681-8371
kbromley@b2gold.com
B2Gold (TSX:BTO)
Historical Stock Chart
From Aug 2024 to Sep 2024
B2Gold (TSX:BTO)
Historical Stock Chart
From Sep 2023 to Sep 2024