VANCOUVER, July 13, 2020
/PRNewswire/ - B2Gold Corp. (TSX: BTO) (NYSE: 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 2020. All dollar figures are in United States dollars unless otherwise
indicated.
2020 Second Quarter Highlights
- Consolidated gold production of 239,574 ounces, above budget by
3% (7,327 ounces) and a significant increase of 15%
(30,684 ounces) over the second quarter of 2019 (excluding
discontinued operations of El Limon and La Libertad)
- Total gold production of 241,593 ounces (including 2,019 ounces
of attributable production from Calibre Mining Corp.
("Calibre"))
- Record quarterly consolidated gold revenue from the Company's
three operating mines of $442
million, a significant increase of 65% ($175 million) over the second quarter of 2019
(excluding discontinued operations)
- No lost time injury ("LTI") incidents at the Company's
operating mines during the second quarter; the Otjikoto and Masbate
Mines continued their remarkable safety performance extending
the number of days without a LTI to 826 days (well over 2
years) for Otjikoto and 592 days (well over 1.5 years) for
Masbate as at June 30,
2020
- The Fekola Mine continues to operate unimpeded and no
operational days have been lost due to the recent political
developments and demonstrations in Mali
- On June 12, 2020, the B2Gold
Board declared a cash dividend for the second quarter of 2020 of
$0.02 per share, paid on July 7, 2020 to shareholders of record as of
June 23, 2020
- B2Gold remains well positioned for continued strong operational
and financial performance. Total consolidated production guidance
remains at between 1,000,000 and 1,055,000 ounces of gold; total
consolidated cash operating costs (see "Non-IFRS Measures")
are forecast to be between $415 and
$455 per ounce and total consolidated
all-in sustaining costs ("AISC") (see "Non-IFRS Measures")
are forecast to be between $780 and
$820 per ounce.
2020 First Half Highlights
- Record half-year consolidated gold production from the
Company's three operating mines of 490,206 ounces, well above
budget by 5% (23,483 ounces) and a significant increase of 20%
(80,774 ounces) over the first half of 2019 (excluding
discontinued operations); with solid performances from all the
Company's operations (all exceeding their targeted production for
the first half of the year)
- Total gold production of 506,455 ounces (including 16,249
ounces of attributable production from Calibre)
- Record half-year consolidated gold revenue from the Company's
three operating mines of $822
million, a significant increase of 55% ($291 million) over the first half of 2019
(excluding discontinued operations)
- Based on current assumptions, including a gold price of
$1,700 per ounce for the balance of
2020, the Company expects to generate cashflows from operating
activities of approximately $850
million in 2020
The Company has been monitoring the COVID-19 pandemic and the
potential impact at B2Gold's operations since mid-February 2020. B2Gold places the safety and
well-being of its workforce as the highest priority and continues
to encourage input from all its stakeholders as the situation
continues to evolve. The Company has implemented several measures
and introduced additional precautionary steps to manage and respond
to the risks associated with COVID-19 to ensure the safety of
B2Gold's employees, contractors, suppliers and surrounding
communities where the Company works while continuing to operate.
The Company is continually updating the plan and response measures
based on the safety and well-being of its workforce, the severity
of the pandemic in areas where it operates, global response
measures, government restrictions and extensive community
consultation. The Company is working closely with national and
local authorities and continues to closely monitor each site's
situation, including public and employee sentiment to ensure that
stakeholders are in alignment with continued operation, while
ensuring the safe operation of its mines.
Gold Production and Development
Consolidated gold production in the second quarter of
2020 was 239,574 ounces, above budget by 3% (7,327
ounces) and a significant increase of 15% (30,684 ounces)
over the second quarter of 2019 (excluding discontinued
operations) with solid performances from all the Company's
operations. The significant increase in gold production over the
second quarter of 2019 was driven by the Fekola Mine in
Mali which continued its very
strong operational performance with gold production of 147,424
ounces, well above budget by 5% (6,424 ounces), and 29% (33,527
ounces) higher compared to the second quarter of 2019. Fekola's
significant increase in gold production over the second quarter of
2019 was mainly due to the expansion of the Fekola mining fleet and
optimization of the pit designs and mine plan for 2020, which have
provided access to higher grade portions of the Fekola deposit
earlier than anticipated in previous mine plans. The Otjikoto Mine
in Namibia also had a solid second
quarter, producing 43,496 ounces of gold, 3% (1,342 ounces) above
budget, and 16% (6,075 ounces) higher compared to the second
quarter of 2019. The Masbate Mine in the
Philippines continued to perform well through the second
quarter of 2020, despite being limited by a reduced workforce due
to COVID-19 restrictions, producing 48,654 ounces of gold,
approximately in-line with budget.
Including attributable ounces from Calibre (2,019 ounces), the
Company's total gold production in the second quarter of 2020 was
241,593 ounces.
Consolidated gold production for the first half of 2020 was a
half-year record of 490,206 ounces, 5% (23,483 ounces) above budget
and 20% (80,774 ounces) higher than the first half of 2019
(excluding discontinued operations).
Including attributable ounces from Calibre (16,249 ounces), the
Company's total gold production in the first half of 2020 was
506,455 ounces.
Based on current assumptions for 2020, B2Gold remains well
positioned for continued strong operational and financial
performance. On June 24, 2020,
Calibre provided its revised 2020 production guidance following the
temporary suspension of its Nicaraguan operations due to COVID-19.
The Company's attributable gold production from Calibre is now
estimated to be between 37,000 and 42,000 ounces for 2020 (or 8,000
ounces lower than the original estimate of between 45,000 and
50,000 ounces of gold). However, given that the Company's three
operating mines were 23,483 ounces ahead of budget at the end of
the first half of 2020, the Company continues to maintain its
overall total consolidated production and financial guidance.
Therefore, total consolidated production guidance remains at
between 1,000,000 and 1,055,000 ounces of gold; total consolidated
cash operating costs are forecast to be between $415 and $455 per
ounce and total consolidated AISC are forecast to be between
$780 and $820 per ounce.
The Company's expansion and development projects also progressed
well through the second quarter of 2020:
- At Fekola, the mine expansion project remains on schedule to be
completed by the end of the third quarter of 2020. Mining fleet
expansion equipment (including excavators, trucks, and drill rigs)
continued to arrive on site and be commissioned throughout the
second quarter. The mill expansion continues to be on budget and
schedule and was approximately 75% complete by the end of
June 2020. The mill expansion
commissioning team is scheduled to arrive on site in late July and
the mill expansion is expected to be fully commissioned by the end
of the third quarter 2020.
- At Otjikoto, engineering of the Wolfshag underground mine
continued and an underground mining contractor bid process was held
in the second quarter of 2020 for the development of the
underground workings up to the production stopes. In line with
previously announced schedules, the development of the portal and
primary ramp is expected to commence in the fourth quarter of 2020
and stope ore production is expected to commence in early
2022.
- At the Gramalote Project, operations restarted on May 4, 2020 (following a temporary shutdown due
to COVID-19) for Environmental Impact Assessment related field
activities, with exploration drilling recommencing on May 11, 2020. During the shutdown, other aspects
of the Feasibility Study such as mine engineering review,
metallurgical investigations and process plant design development
continued to advance. Ongoing exploration work continues with a
focus on infill drilling of the Inferred Mineral Resource which is
expected to be completed in August
2020. As previously announced, the Company now expects to
complete the Feasibility Study in the first quarter of 2021.
Gold Revenue
Consolidated gold revenue in the second quarter of 2020 was a
quarterly record of $442 million from
the Company's three operating mines on sales of 257,100 ounces at
an average price of $1,719 per ounce
compared to $267 million on sales of
203,700 ounces at an average price of $1,312 per ounce in the second quarter of 2019
(excluding discontinued operations). Compared to the second quarter
of 2019, the significant increase in consolidated gold revenue of
65% ($175 million) was mainly
attributable to a 31% increase in the average realized gold price
and a 26% increase in gold ounces sold (due to the higher gold
production and timing of gold sales).
Consolidated gold revenue for the first half of 2020 was a
half-year record of $822 million on
sales of 496,600 ounces at an average price of $1,656 per ounce compared to $531 million on sales of 407,100 ounces at an
average price of $1,305 per ounce in
the first half of 2019 (excluding discontinued operations). The
significant increase in consolidated gold revenue of 55%
($291 million) was mainly
attributable to a 27% increase in the average realized gold price
and a 22% increase in gold ounces sold.
Operations
Mine-by-mine gold production in the second quarter of 2020
(including the Company's estimated 34% share of Calibre's
production) was as follows:
Mine
|
Q2
2020 Gold
Production
(ounces)
|
First Half
2020 Gold
Production
(ounces)
|
2020 Annual Gold Production
Guidance (ounces)
|
Fekola
|
147,424
|
311,435
|
590,000 -
620,000
|
Masbate
|
48,654
|
93,526
|
200,000 -
210,000
|
Otjikoto
|
43,496
|
85,245
|
165,000 -
175,000
|
|
|
|
|
B2Gold
Consolidated (1)
|
239,574
|
490,206
|
955,000 –
1,005,000
|
|
|
|
|
Equity interest
in
Calibre (2)
|
2,019
|
16,249
|
45,000 - 50,000
(3)
|
|
|
|
|
Total
|
241,593
|
506,455
|
1,000,000 –
1,055,000 (3)
|
(1)
|
"B2Gold
Consolidated" - gold production is presented on a 100% basis, as
B2Gold fully consolidates the results of its Fekola, Masbate and
Otjikoto mines in its consolidated financial statements (even
though it does not own 100% of these
operations).
|
(2)
|
"Equity interest
in Calibre" - represents the Company's approximate 34% indirect
share of the operations of Calibre's El Limon and La Libertad mines
in Nicaragua. B2Gold applies the equity method of accounting for
its 34% ownership interest in Calibre.
|
(3)
|
Based on current
assumptions for 2020, B2Gold remains well positioned for continued
strong operational and financial performance. On June 24, 2020,
Calibre provided its revised 2020 production guidance following the
temporary suspension of its Nicaraguan operations due to COVID-19.
The Company's attributable gold production from Calibre is now
estimated to be between 37,000 and 42,000 ounces for 2020 (or 8,000
ounces lower than the original estimate of between 45,000 and
50,000 ounces of gold). However, given that the Company's three
operating mines are already 23,483 ounces ahead of budget at the
end of the first half of 2020, the Company has determined that its
overall consolidated production and financial guidance should be
maintained.
|
Fekola Gold Mine – Mali
The Fekola Mine in Mali
continued its very strong operational performance with second
quarter gold production of 147,424 ounces, well above budget by 5%
(6,424 ounces), with processed throughput and recovery better than
budget and head grade in-line with budget. Compared to the second
quarter of 2019, gold production was significantly higher by 29%
(33,527 ounces), mainly due to the expansion of the Fekola mining
fleet and optimization of the pit designs and mine plan, which have
provided access to higher grade portions of the Fekola deposit
earlier than anticipated in previous mine plans.
The recent political unrest in Mali has not had a material impact on B2Gold's
operations. The Fekola Mine continues to operate as normal and the
Company is maintaining both quarterly budgeted production and
annual production guidance. B2Gold will continue to monitor
the situation to ensure that its mining operations continue
normally, providing important economic benefits both to the
communities around the mine, and to regional and national
governments. B2Gold has enjoyed a positive relationship with
the Government of Mali from the
beginning of its investment in the country, including most
recently, in partnering with the government to assist the people of
Mali in facing the challenges
created by the COVID-19 pandemic and its impact on the mining
sector. As one of the largest Canadian investors in
Mali, B2Gold has enjoyed the
strong support of the Government of Mali for our in-country investment.
For the second quarter of 2020, mill feed grade, throughput and
average gold recoveries were 3.1 grams per tonne ("g/t") (compared
to budget of 3.1 g/t and 2.07 g/t in the second quarter of 2019),
1.56 million tonnes (compared to budget of 1.52 million tonnes and
1.8 million tonnes in the second quarter of 2019, which was lower
as a result of planned interruptions related to the ongoing mill
expansion project) and 94.8% (compared to budget of 93.0% and 94.4%
in the second quarter of 2019), respectively.
For the first half of 2020, the Fekola Mine produced 311,435
ounces of gold, well above budget by 7% (20,435 ounces) and 39%
(87,189 ounces) higher than the first half of 2019.
Based on current assumptions, for full-year 2020, the low-cost
Fekola Mine is expected to produce between 590,000 and 620,000
ounces of gold at cash operating costs of between $285 and $325 per
ounce and AISC of between $555 and
$595 per ounce.
Fekola Mine Expansion
The Fekola Mine expansion project has progressed well through
the second quarter of 2020 and is scheduled to be completed by the
end of the third quarter of 2020. Mining fleet expansion equipment
(including excavators, trucks, and drill rigs) continued to arrive
on site and be commissioned throughout the second quarter. The mill
expansion continues on budget and schedule and was approximately
75% complete by the end of June 2020,
including assembly of major components including cyclone clusters,
leach and CIP tanks, and completion of a double lift on the
tailings storage facility. The mill expansion commissioning team is
scheduled to arrive on site in late July and the mill expansion is
expected to be fully commissioned by the end of the third quarter
2020.
Fekola Solar Plant
The Fekola solar plant engineering and construction progressed
well in the first quarter of 2020. However, in April 2020, due to issues related to COVID-19,
the Company made the decision to temporarily suspend construction
activities on the solar plant. Suspending the solar plant
installation is not expected to impact Fekola's production guidance
for 2020 and has increased availability at the Fekola camp to
assist mining operations in isolating more of the critical
workforce on site and mitigate COVID-19 related travel and
quarantine restrictions. The Company expects the solar plant
construction will be completed within six months of the
restart.
Masbate Gold Mine – the
Philippines
The Masbate Mine in the
Philippines also continued to perform well through the
second quarter of 2020, despite being limited by a reduced
workforce due to COVID-19 restrictions, producing 48,654 ounces of
gold, approximately in-line with budget. Compared to the second
quarter of 2019, gold production was lower by 15% (8,918 ounces),
as planned, mainly due to lower than budgeted grade. The Masbate
Mine continued its remarkable safety performance, extending the
number of days without an LTI to 592 days (well over 1.5 years) as
at June 30, 2020.
During the second quarter of 2020, processing was generally on
budget. Mill feed grade was 0.94 g/t (compared to budget of 0.99
g/t and 1.22 g/t in the second quarter of 2019), throughput was
1.99 million tonnes (compared to budget of 2.0 million tonnes and
2.1 million tonnes in the second quarter of 2019) and average gold
recoveries were 81.0% (compared to budget of 77.4% and 70.2% in the
second quarter of 2019).
For the first half of 2020, the Masbate Mine produced 93,526
ounces of gold, slightly above budget (by 343 ounces) and 19%
(21,527 ounces) lower than the first half of 2019. The on-budget
production was achieved despite COVID-19-related constraints,
including a five-day mining shutdown in the first quarter and
working with a reduced workforce through the second
quarter.
For full-year 2020, the Masbate Mine is expected to produce
between 200,000 and 210,000 ounces of gold in total from the Main
Vein and Montana Pits, at cash operating costs of between
$665 and $705 per ounce and AISC of between $965 and $1,005 per
ounce. Masbate's gold production is scheduled to be weighted
towards the second half of 2020 (54%), as higher-grade ore from the
new Montana Pit is forecast to be processed during the second half
of the year.
Otjikoto Gold Mine – Namibia
The Otjikoto Mine in Namibia
also had a solid second quarter, producing 43,496 ounces of gold,
3% (1,342 ounces) above budget, as processed tonnes and recoveries
were slightly better than budget. Compared to the second quarter of
2019, gold production was significantly higher by 16% (6,075
ounces), due to higher grade ore from the Wolfshag Pit (ore
production from the pit resumed in the second half of 2019
following pre-stripping). The Otjikoto Mine continued its
remarkable safety performance, extending the number of days without
an LTI to 826 days (well over 2 years) as at June 30, 2020.
During the second quarter of 2020, the Otjikoto Mine processed
0.87 million tonnes (compared to budget of 0.85 million tonnes and
0.87 million tonnes in the second quarter of 2019) at an average
grade of 1.58 g/t (compared to budget of 1.58 g/t and 1.36 g/t in
the second quarter of 2019) and average gold recoveries of 98.6%
(compared to budget of 98.0% and 98.5% in the second quarter of
2019).
For the first half of 2020, the Otjikoto Mine produced 85,245
ounces of gold, above budget by 3% (2,705 ounces) and 22% (15,112
ounces) higher than the first half of 2019.
In December 2019, the B2Gold Board
approved the development of the Wolfshag underground mine (the
initial underground Mineral Reserve estimate, in the down-plunge
extension of the Wolfshag orebody, was calculated to contain
210,000 ounces of gold in 1.2 million tonnes of ore at 5.57 g/t
gold). During the first half of 2020, engineering of the
underground mine continued and in the second quarter of 2020 an
underground mining contractor bid process was held for the
development of the underground workings up to the production
stopes. In line with previously announced schedules, the
development of the portal and primary ramp is expected to commence
in the fourth quarter of 2020 and stope ore production is expected
to commence in early 2022.
Based on current assumptions, for full-year 2020, the Otjikoto
Mine is forecast to produce between 165,000 and 175,000 ounces of
gold, from the Otjikoto and Wolfshag Pits, at cash operating costs
of between $480 and $520 per ounce and AISC of between $1,010 and $1,050
per ounce.
Development
Gramalote Project – Colombia
On March 30, 2020, B2Gold had
announced at the Gramalote Project in Colombia, a joint venture with AngloGold
Ashanti Limited, a temporary shutdown due to COVID-19. Project
operations restarted on May 4, 2020
for Environmental Impact Assessment related field activities, with
exploration drilling recommencing on May 11,
2020. The project became fully operational within a week,
with appropriate preventive practices, monitoring, and COVID-19
testing and tracing protocols in place. During the shutdown, other
aspects of the Feasibility Study such as mine engineering review,
metallurgical investigations and process plant design development
continued to advance.
Ongoing exploration work continues with a focus on infill
drilling of the Inferred Mineral Resource which is expected to be
completed in August 2020. As
previously announced, the Company now expects to complete the
Feasibility Study in the first quarter of 2021.
The Colombian government in Antioquia continues to closely
manage levels of business activities and public movement with a
view to gradually reopening the economy while ensuring adequacy of
medical facilities including public testing, contact tracing and
intensive care units.
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and
liquidity. As of March 31, 2020, the
Company had cash and cash equivalents of $208 million and has continued to add to its
consolidated cash position during the second quarter of 2020.
At June 30, 2020, the Company is in a
net cash position with its cash holdings exceeding its debt
balances. Final reconciled cash balances as of June 30, 2020 will be reported when the Company
announces its second quarter of 2020 financial results on
August 5, 2020.
About B2Gold Corp.
B2Gold is a low-cost international senior gold producer
headquartered in Vancouver,
Canada. Founded in 2007, today, B2Gold has operating gold
mines in Mali, Namibia and the
Philippines and numerous exploration and development
projects in various countries including Mali and Colombia. B2Gold continues to forecast total
consolidated gold production of between 1,000,000 and 1,055,000
ounces in 2020.
Qualified Persons
Bill Lytle, Senior Vice President
of Operations, a qualified person under NI 43-101, has approved the
scientific and technical information related to operations matters
contained in this news release.
Second Quarter and First Half 2020 Financial Results -
Conference Call Details
B2Gold will release its second quarter and first half 2020
financial results after the North American markets close on
Wednesday, August 5, 2020.
B2Gold executives will host a conference call to discuss the
results on Thursday, August 6, 2020,
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: https://www.webcaster4.com/Webcast/Page/1493/35606. A
playback version will be available for two weeks after the call at
+1 (416) 621-4642 (local or international) or toll free at +1 (800)
585-8367 (passcode 5346877).
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 and NYSE American LLC neither
approve nor disapprove the information contained in this news
release.
Production results and production guidance presented in this
news release reflect total production at the mines B2Gold operates
on a 100% project basis. Please see our Annual Information Form
dated March 20, 2020 for a discussion
of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward-looking
information" and "forward-looking statements" (collectively
forward-looking statements") within the meaning of applicable
Canadian and United States
securities legislation, including: projections; outlook; guidance;
forecasts; estimates; and other statements regarding future or
estimated financial and operational performance, gold production
and sales, revenues and cash flows, and capital costs (sustaining
and non-sustaining) and operating costs, including projected cash
operating costs and AISC, and budgets on a consolidated and
mine by mine basis; the impact of the COVID-19 pandemic on B2Gold's
operations, including any restrictions or suspensions with respect
to our operations and the effect of any such restrictions or
suspensions on our financial and operational results; the ability
of the Company to successfully maintain our operations if they are
temporarily suspended, and to restart or ramp-up these
operations efficiently and economically, the impact of COVID-19 on
the Company's workforce, suppliers and other essential resources
and what effect those impacts, if they occur, would have on our
business, our planned capital and exploration expenditures;
future or estimated mine life, metal price assumptions, ore grades
or sources, gold recovery rates, stripping ratios, throughput, ore
processing; statements regarding anticipated exploration, drilling,
development, construction, permitting and other activities or
achievements of B2Gold; and including, without limitation: B2Gold
generating operating cashflows of approximately $850 million in 2020; remaining well positioned
for continued strong operational and financial performance for the
remainder of 2020; projected gold production, cash operating costs
and AISC on a consolidated and mine by mine basis in 2020,
including total consolidated gold production of between 1,000,000
and 1,055,000 ounces in 2020 with cash operating costs of between
$415 and $455 per ounce and AISC of between $780 and $820 per
ounce; the completion of the expansion at Fekola and the timing and
results thereof; the anticipated cost, timing and results for the
addition of a solar plant to the Fekola Mine, including the timing
to complete following restart of construction; the completion of
the Gramalote Feasibility Study by the first quarter of 2021 and
the results therein; and B2Gold's attributable share at El Limon
and La Libertad. All statements in this news release that address
events or developments that we expect to occur in the future are
forward-looking statements. Forward-looking statements are
statements that are not historical facts and are generally,
although not always, identified by words such as "expect", "plan",
"anticipate", "project", "target", "potential", "schedule",
"forecast", "budget", "estimate", "intend" or "believe" and similar
expressions or their negative connotations, or that events or
conditions "will", "would", "may", "could", "should" or "might"
occur. All such forward-looking statements are based on the
opinions and estimates of management as of the date such statements
are made.
Forward-looking statements necessarily involve assumptions,
risks and uncertainties, certain of which are beyond B2Gold's
control, including risks associated with or related to: the
duration and extent of the COVID-19 pandemic, the effectiveness of
preventative measures and contingency plans put in place by the
Company to respond to the COVID-19 pandemic, including, but not
limited to, social distancing, a non-essential travel ban, business
continuity plans, and efforts to mitigate supply chain disruptions;
escalation of travel restrictions on people or products and
reductions in the ability of the Company to transport and refine
doré; the volatility of metal prices and B2Gold's common shares;
changes in tax laws; the dangers inherent in exploration,
development and mining activities; the uncertainty of reserve and
resource estimates; not achieving production, cost or other
estimates; actual production, development plans and costs differing
materially from the estimates in B2Gold's feasibility and other
studies; the ability to obtain and maintain any necessary permits,
consents or authorizations required for mining activities;
environmental regulations or hazards and compliance with complex
regulations associated with mining activities; climate change and
climate change regulations; the ability to replace mineral reserves
and identify acquisition opportunities; the unknown liabilities of
companies acquired by B2Gold; the ability to successfully integrate
new acquisitions; fluctuations in exchange rates; the availability
of financing; financing and debt activities, including potential
restrictions imposed on B2Gold's operations as a result thereof and
the ability to generate sufficient cash flows; operations in
foreign and developing countries and the compliance with foreign
laws, including those associated with operations in Mali, Namibia, the
Philippines, Colombia and
Burkina Faso and including risks
related to changes in foreign laws and changing policies related to
mining and local ownership requirements or resource nationalization
generally, including in response to the COVID-19 outbreak; remote
operations and the availability of adequate infrastructure;
fluctuations in price and availability of energy and other inputs
necessary for mining operations; shortages or cost increases in
necessary equipment, supplies and labour; regulatory, political and
country risks, including local instability or acts of terrorism and
the effects thereof; the reliance upon contractors, third parties
and joint venture partners; the lack of sole decision-making
authority related to Filminera Resources Corporation, which owns
the Masbate Project; challenges to title or surface rights; the
dependence on key personnel and the ability to attract and retain
skilled personnel; the risk of an uninsurable or uninsured loss;
adverse climate and weather conditions; litigation risk;
competition with other mining companies; community support for
B2Gold's operations, including risks related to strikes and the
halting of such operations from time to time; conflicts with small
scale miners; failures of information systems or information
security threats; the ability to maintain adequate internal
controls over financial reporting as required by law, including
Section 404 of the Sarbanes-Oxley Act; compliance with
anti-corruption laws, and sanctions or other similar measures;
social media and B2Gold's reputation; risks affecting Calibre
having an impact on the value of the Company's investment in
Calibre, and potential dilution of our equity interest in Calibre;
as well as other factors identified and as described in more detail
under the heading "Risk Factors" in B2Gold's most recent Annual
Information Form, B2Gold's current Form 40-F Annual Report and
B2Gold's other filings with Canadian securities regulators and the
U.S. Securities and Exchange Commission (the "SEC"), which may be
viewed at www.sedar.com and www.sec.gov, respectively (the
"Websites"). The list is not exhaustive of the factors that may
affect B2Gold's forward-looking statements
B2Gold's forward-looking statements are based on the
applicable assumptions and factors management considers reasonable
as of the date hereof, based on the information available to
management at such time. These assumptions and factors include, but
are not limited to, assumptions and factors related to B2Gold's
ability to carry on current and future operations, including: the
duration and effects of COVID-19 on our operations and
workforce; development and exploration activities; the timing,
extent, duration and economic viability of such operations,
including any mineral resources or reserves identified thereby; the
accuracy and reliability of estimates, projections, forecasts,
studies and assessments; B2Gold's ability to meet or achieve
estimates, projections and forecasts; the availability and cost of
inputs; the price and market for outputs, including gold; foreign
exchange rates; taxation levels; the timely receipt of necessary
approvals or permits; the ability to meet current and future
obligations; the ability to obtain timely financing on reasonable
terms when required; the current and future social, economic and
political conditions; and other assumptions and factors generally
associated with the mining industry.
B2Gold's forward-looking statements are based on the opinions
and estimates of management and reflect their current expectations
regarding future events and operating performance and speak only as
of the date hereof. B2Gold does not assume any obligation to update
forward-looking statements if circumstances or management's
beliefs, expectations or opinions should change other than as
required by applicable law. There can be no assurance that
forward-looking statements will prove to be accurate, and actual
results, performance or achievements could differ materially from
those expressed in, or implied by, these forward-looking
statements. Accordingly, no assurance can be given that any events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do, what benefits or liabilities B2Gold
will derive therefrom. For the reasons set forth above, undue
reliance should not be placed on forward-looking
statements.
Non-IFRS 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 certain of such measures and a reconciliation of
certain measures to IFRS terms.
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content:http://www.prnewswire.com/news-releases/b2gold-reports-quarterly-gold-production-of-241-593-oz-and-record-quarterly-revenue-of-442-m-for-q2-2020-on-track-to-meet-annual-production-guidance-of-1-000-000-to-1-055-000-oz-301092099.html
SOURCE B2Gold Corp.