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 second quarter and first-half of 2017. All dollar
figures are in United States dollars unless otherwise indicated.
2017 Second Quarter
Highlights
- Consolidated gold production of 121,448 ounces, 1% (or 1,611
ounces) above budget
- Consolidated gold revenue of $164.3 million on sales of 131,737
ounces at an average price of $1,247 per ounce
- Fekola Project mine construction remains 3 months ahead of
schedule and on budget for an anticipated October 1, 2017
production start
- Subsequent to June 30, 2017, the Company secured a $500 million
upsized corporate revolving credit facility, representing a $75
million increase from the existing facility
2017 First-Half Highlights
- Consolidated first-half gold production of 254,184 ounces, 4%
(or 9,566 ounces) above budget
- Consolidated first-half gold revenue of $310.6 million on sales
of 251,674 ounces at an average price of $1,234 per ounce
- For full-year 2017, the Company has revised its consolidated
production guidance range moderately lower to between 530,000 and
570,000 ounces of gold (previously between 545,000 and 595,000
ounces). Annual guidance for consolidated cash operating costs (see
“Non-IFRS Measures”) and consolidated all-in-sustaining costs
(“AISC”) (see “Non-IFRS Measures”) for 2017 remains unchanged
- 2018 outlook provides for very strong production growth, with
the planned first full-year of production from the Fekola Project,
consolidated annual gold production is expected to increase
significantly to between 900,000 and 950,000 ounces with cash
operating costs and AISC expected to approximate 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 Production
Consolidated gold production in the second
quarter of 2017 was 121,448 ounces, 1% (or 1,611 ounces) above
budget. The above budgeted gold production was attributable to the
continued strong operational performances of both the Masbate Mine
in the Philippines and Otjikoto Mine in Namibia which together more
than offset production shortages from La Libertad and El Limon in
Nicaragua (see “Operations” section below). Gold production at El
Limon is expected to return to more normal levels by the fourth
quarter of 2017, as a result of the successful rehabilitation of a
key dewatering well at Santa Pancha 1. Compared to the prior-year
quarter, consolidated gold production was lower by 10% (or 13,794
ounces), reflecting the operational issues at La Libertad and El
Limon. In addition, the prior-year quarter had benefitted from near
record levels of gold production from Masbate as a result of the
higher grade ore from Main Vein Stage 1 Pit which is no longer
active.
Consolidated gold production in the first-half
of 2017 was 254,184 ounces (first-half of 2016 – 263,086 ounces),
4% (or 9,566 ounces) above budget. Gold production is anticipated
to be weighted towards the second-half of the year due to the
anticipated start-up of Fekola combined with lower expected average
strip ratios at Masbate and Otjikoto in the second-half of the
year.
Mine construction at the Fekola Project in Mali
remains 3 months ahead of schedule for an anticipated October 1,
2017 production start and remains on budget. At the end of the
quarter, the construction phase was more than 90% complete, and
commissioning has begun. For the fourth quarter of 2017,
pre-commercial production from Fekola is now estimated to be
between 50,000 to 55,000 ounces of gold (compared to initial
estimates of between 45,000 to 55,000 ounces of gold).
B2Gold is projecting another year of solid
growth. For full-year 2017, the Company has revised its
consolidated production guidance range moderately lower to between
530,000 and 570,000 ounces of gold (previously between 545,000 and
595,000 ounces), including estimated pre-commercial production from
Fekola. Although La Libertad’s and El Limon’s production guidance
were revised lower in the quarter, the Company expects continued
strong performances from Masbate and Otjikoto, combined with
Fekola’s early October 1, 2017 production start, to largely offset
any expected deficits from La Libertad and El Limon. The
Company’s 2017 guidance for consolidated cash operating costs of
between $610 and $650 per ounce and consolidated AISC of between
$940 and $970 per ounce remains unchanged.
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 second quarter
of 2017 was $164.3 million on sales of 131,737 ounces at an average
price of $1,247 per ounce compared to $164.8 million on sales of
130,829 ounces at an average price of $1,260 per ounce in the
second quarter of 2016.
For the first-half of 2017, consolidated gold
revenue was $310.6 million on sales of 251,674 ounces at an average
price of $1,234 per ounce compared to $309.1 million on sales of
251,728 ounces at an average price of $1,228 per ounce in the
first-half of 2016.
Consolidated gold revenue in the three and six
months ended June 30, 2017 included $15 million and $30 million,
respectively, 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.
Proceeds from the Prepaid Sales transactions were originally
received in March 2016 and are being recognized in revenue as the
underlying Prepaid Sales ounces are delivered into. During the
three and six months ended June 30, 2017, 12,908 ounces and 25,816
ounces, respectively, were delivered under these contracts.
Operations
Mine-by-mine gold production in the second
quarter and first-half of 2017 was as follows:
Mine |
Q2
2017GoldProduction(ounces) |
First-Half2017
GoldProduction(ounces) |
2017RevisedAnnual
ProductionGuidance(ounces) |
2017OriginalAnnualProductionGuidance(ounces) |
Masbate |
49,930 |
102,492 |
180,000 – 185,000 |
175,000 – 185,000 |
Otjikoto |
41,163 |
83,937 |
170,000 – 180,000 |
165,000 – 175,000 |
La Libertad |
22,615 |
51,154 |
90,000 – 100,000 |
110,000 – 120,000 |
El Limon |
7,740 |
16,601 |
40,000 – 50,000 |
50,000 – 60,000 |
Subtotal |
121,448 |
254,184 |
480,000 – 515,000 |
500,000 – 540,000 |
Fekola (pre-commercial) |
- |
- |
50,000 – 55,000 |
45,000 – 55,000 |
|
|
|
|
|
B2Gold Consolidated |
121,448 |
254,184 |
530,000 – 570,000 |
545,000 – 595,000 |
Masbate Gold Mine – Philippines
The Masbate Mine in the Philippines continued to
exceed expectations, producing 49,930 ounces of gold in the second
quarter of 2017, 13% (or 5,675 ounces) above budget. Gold
production exceeded budget mainly due to better 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. Oxide
feed material accounted for 67% of the total milled tonnes compared
to budget of 22%. As expected, compared to the prior-year quarter,
gold production was 13% (or 7,258 ounces) lower as the prior-year
quarter had benefitted from the higher grade ore sourced from the
Main Vein Stage 1 Pit which is no longer active (and had resulted
in the second highest quarterly production ever for the mine). The
Masbate Mine continued its strong safety performance, extending the
number of days without a “Lost-Time-Injury” to 626 days at the end
of the second quarter of 2017.
Mill throughput in the quarter was 1,824,714
tonnes compared to budget of 1,717,168 tonnes and 1,699,705 tonnes
in the second quarter of 2016. Mill throughput exceeded budget as a
result of the softer ore conditions (from the softer oxide blend)
as well as improved plant availability. Mill recoveries averaged
75.9% which was better than budget of 72.9% and 75.0% in the second
quarter of 2016. The average grade processed was 1.12 g/t compared
to budget of 1.10 g/t and 1.40 g/t in the second quarter of 2016.
The majority of the replacement and expansion load and haul fleet
was commissioned and brought into operation during the quarter. The
new drill fleet is scheduled to arrive in the third quarter of 2017
and the final nine haul trucks are scheduled to arrive in the
second-half of the year.
For the first-half of 2017, the Masbate Mine
produced 102,492 ounces (first-half of 2016 – 109,915 ounces) of
gold, above budget by 9% (or 8,244 ounces).
Due to the continued strong year-to-date
performance, the Company now expects full-year Masbate production
to be at the top end of its original production guidance range, and
has revised its annual guidance range to be between 180,000 to
185,000 ounces of gold (original guidance range was 175,000 to
185,000 ounces). Cash cost guidance remains unchanged with cash
operating costs of between $690 and $730 per ounce and AISC of
between $1,020 and $1,050 per ounce. Masbate’s forecast 2017 annual
AISC includes the planned mine fleet replacement and expansion
costs. Masbate’s mine equipment purchases are planned to
significantly decrease in 2018.
As reported by the Company on February 2, 2017,
the Department of Natural Resources (the “DENR”) announced further
results of its mining audits of metallic mines in the Philippines
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 final
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. Resolution of the audit will occur when the Mining
Industry Coordinating Council (the “MICC” which is the oversight
committee for DENR) conducts a technical review of mines in the
Philippines in order to address DENR audit conclusions. No time
frame has yet been provided for this review, which is expected to
bring finality to this year-old review process.
Otjikoto Gold Mine – Namibia
The Otjikoto Mine in Namibia also continued its
very strong operational performance into the second quarter of
2017, producing 41,163 ounces of gold, 15% (or 5,273 ounces) above
budget and 14% (or 4,991 ounces) higher than the second quarter of
2016. The increase over budget was mainly the result of better than
expected grade and ore tonnage from the new Wolfshag Phase 1 Pit
and higher than expected mill throughput.
The average gold grade processed in the quarter
was 1.50 g/t compared to budget of 1.38 g/t and 1.29 g/t in the
second quarter of 2016. To date there has been a positive
reconciliation in terms of both grade and ore tonnage from the
oxide and transition portions of the Wolfshag Phase 1 Pit versus
the resource model. Analysis of the Wolfshag model is ongoing to
determine whether this positive variance continues throughout the
Wolfshag orebody. Mill throughput for the quarter was 867,170
tonnes compared to budget of 823,732 tonnes and 890,704 tonnes in
the second quarter of 2016. Mill recoveries remained high and
averaged 98.6%, slightly above both budget and the prior-year
quarter.
Year-to-date, gold production at the Otjikoto
Mine was 83,937 ounces of gold, significantly above budget by 17%
(or 12,355 ounces) and 17% (or 12,062 ounces) higher than the
first-half of 2016.
Due to the continued strong year-to-date
performance, the Company now expects full-year Otjikoto production
to be at or above the top end of its original production guidance
range, and has revised its annual guidance range to be between
170,000 to 180,000 ounces of gold (original guidance range was
165,000 to 175,000 ounces). Cash cost guidance remains unchanged
with cash operating costs of between $510 and $550 per ounce and
AISC of between $855 and $885 per ounce. Forecast gold production
at Otjikoto is weighted towards the second-half of the year as the
Wolfshag Phase 1 and Otjikoto Phase 2 pits reach higher grade and
lower strip ratio benches.
Life-of-mine production plans for the Otjikoto
Mine, incorporating preliminary projections for the Wolfshag open
pit and potential underground mines, have been completed for
various options and will be further refined as the detailed
geotechnical, hydrogeological, and design studies for Wolfshag 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 in order to determine the optimal mine
plan and economics for the Wolfshag expansion.
La Libertad Gold Mine – Nicaragua
La Libertad Mine in Nicaragua produced 22,615
ounces of gold in the second quarter of 2017, which was 4,314
ounces below budget and 8,192 ounces lower than the second quarter
of 2016. The decrease was mainly attributable to grade and ore
tonnage underperformance from the lower portion of the Jabali
Central Pit (as the pit nears completion) and lower than planned
production from Mojon Underground. As a result, head grades were
lower than anticipated (1.37 g/t compared to budget of 1.61 g/t and
1.75 g/t in the prior-year quarter). La Libertad’s mill continues
to operate well, processing 554,536 tonnes (Q2 2016 – 579,756
tonnes) in the quarter with recoveries averaging 93.3% (Q2 2016 –
94.8%). The Jabali Central Pit remains the primary source of ore
for La Libertad, while Mojon Underground ramps up and the Jabali
Antenna, San Juan and San Diego open pits are in permitting and
development.
As previously released in the first quarter of
2017, the Company has 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). With
strong support from the Nicaraguan Government, the Company is now
focused on developing and permitting the San Juan and San Diego
open pits and bringing them into production in the third quarter of
2017, ahead of the Jabali Antenna Pit. In the second-half of the
year, and subject to final permitting, gold production from San
Juan and San Diego are expected to mostly offset any deferral in
Jabali Antenna Pit production. The Company has also made
significant progress in resettlement and permitting activities at
the high grade Jabali Antenna Pit. The Company is now projecting to
receive a mining permit in time to start production from this pit
in early 2018.
For the first-half of 2017, La Libertad produced
51,154 ounces of gold, which was 3,764 ounces below budget and
8,851 ounces lower than the first six months of 2016.
In light of the underperformance of both the
Jabali Central Pit and Mojon Underground, La Libertad’s production
guidance has been revised lower and for the full-year 2017, the
La Libertad Mine is now forecast to produce between 90,000 to
100,000 ounces of gold (original guidance range was 110,000 to
120,000 ounces). Based on current assumptions, the Company
anticipates increases in production at the La Libertad Mine in 2018
and 2019.
El Limon Gold Mine – Nicaragua
El Limon Mine in Nicaragua produced 7,740 ounces
of gold in the second quarter of 2017, which was 5,023 ounces below
budget and 3,335 ounces lower than the second quarter of 2016. The
primary cause of the shortfall was lower processed grade which was
2.43 g/t versus a budget of 3.45 g/t and 3.65 g/t in the second
quarter of 2016. El Limon’s production continued to be negatively
affected by 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. At the end of the quarter, improved control of underground
water was achieved with the successful rehabilitation of a key
dewatering well, now enabling the development of the lower levels
of Santa Pancha 1 to proceed. Additional mining equipment was
delivered in the quarter and the addition of a specialized rebuild
crew has resulted in an improvement of haul fleet availability by
11% since the first quarter. Tonnage milled for the quarter was
106,428 tonnes compared to budget of 123,209 tonnes and 99,947
tonnes in the first quarter of 2016. Mill recoveries averaged 93.2%
compared to budget of 93.5% and 94.5% in the second quarter of
2016.
For the first-half of 2017, El Limon Mine
produced 16,601 ounces of gold, which was 7,269 ounces below budget
and 4,690 ounces lower than the first six months of 2016.
Although production from Santa Pancha 1 is
expected to return to more normal levels by the fourth quarter of
2017, the shortfall to date is not expected to be fully recovered
in the second-half of the year. As a result, El Limon’s production
guidance has been revised lower and for the full-year 2017, the El
Limon Mine is now forecast to produce between 40,000 to 50,000
ounces of gold (original guidance range was 50,000 to 60,000
ounces).
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 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 life-of-mine plan for the Fekola Project to include
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 second quarter of 2017, the B2Gold
construction team continued to fast track development at Fekola. At
the end of the second quarter, the project was estimated to be more
than 90% complete. Installation of the ball and SAG mill at the
Process Plant continues to progress with the shells, trunnions and
gears installed. Rubber lining and inner liner installation of both
mills has commenced. Concrete progress and structural steel
erection at the mill is approximately 99.7% and 99% complete,
respectively. Concrete work, plate work and structural steel
erection at the primary crusher and stockpile feed conveyor have
been completed while mechanical work at the crusher remains
ongoing. Installation of pipework, mechanical equipment and
electrical work continues site wide with overall completion rates
of approximately 84%, 42% and 75%, respectively. Installation of
the underground utilities is largely complete and drainage work
around the plant site has commenced. Erection of the various
buildings around the site continued to progress with a completion
rate of approximately 70% at the end of June 2017.
Construction of the Phase 1 Tailings
Storage Facility (“TSF”), including all associated infrastructure,
is now 100% complete. The two remaining decant structures within
the basin of the TSF have been completed and a submersible pump has
been installed in decant tower No. 1. As the tailings level
rises and the first decant tower is decommissioned, the submersible
pump will be pulled and re-installed in the second decant tower.
Construction of the Phase 1 emergency spillway as well as
excavation of the tailings line and return water line trench is
also complete. All the site ponds, including the storm-water pond,
reclaim and event pond and the dump pond have been lined with HDPE
geomembrane and QAQC tested.
Development of the open pit continued ahead of
schedule, with a total of 4.2 million tonnes of waste and
500,000 tonnes of ore mined during the quarter with waste stripping
and ore stockpiles well ahead of schedule. Surface haul roads have
been prepared for the rainy season, and the ROM pad is complete.
The second phase of RC grade control drilling is in progress.
Pre-stripping has been completed in phases 1 and 2.
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.
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.
Second Quarter and First-Half 2017 Financial Results –
Conference Call Details
B2Gold Corp. will release its second quarter and
first-half 2017 financial results before the North American markets
open on Thursday, August 10, 2017.
B2Gold executives will host a conference call to
discuss the results on Thursday, August 10, 2017,
at 10:00 am PDT / 1:00 pm EDT. You may access the
call by dialing the operator at +1 (647) 788-4919 (local or
international) or toll free at +1 (877) 291-4570 prior to the
scheduled start time or you may listen to the call via webcast by
clicking http://www.investorcalendar.com/event/18241. A playback
version of the call will be available for one week after the call
at +1 416-621-4642 (local or international) or toll free at +1
800-585-8367 (passcode 54297176).
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, including projected consolidated cash
operating costs and AISC, 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 530,000 to 570,000 ounces in 2017, production being
weighted towards the second half of 2017, projected gold production
of between 900,000 and 950,000 ounces in 2018 and expected decrease
of forecast consolidated cash operating costs and AISC 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 1, 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; the update in the third quarter of 2017 of the
Fekola Project’s life-of-mine plan, including mineral reserves,
mining production schedule, throughput, costs and cost model; the
Company’s future growth and cost structure; completion of
geotechnical, hydrogeological and design studies for the Wolfshag
zone in the third quarter of 2017, the expected re-evaluation of
the open pit and underground interface and the potential to extend
the Otjikoto Mine’s mine life and maintain its production levels;
the projections included in existing technical reports, economic
assessments and feasibility studies; the results of 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; La Libertad Mine’s planned resequencing, including
receipt of a permit in time to start production from the Jabali
Antenna Pit in early 2018, completion of development and permitting
and entering into production at San Juan and San Diego in the third
quarter of 2017 and for such production to partly offset the
deferral of the Jabali Antenna Pit; and expected return to normal
level of gold production at El Limon Mine by the fourth quarter of
2017. 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 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; 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; risks relating 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”), 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.
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)
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B2Gold (TSX:BTO)
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From Sep 2023 to Sep 2024