B2Gold Corp. (TSX:BTO) (NYSE AMERICAN:BTG) (NSX:B2G) (“B2Gold” or
the “Company”) is pleased to announce its gold production and gold
revenue for the third quarter and first nine months of 2017. All
dollar figures are in United States dollars unless otherwise
indicated.
2017 Third Quarter
Highlights
- Consolidated gold production of 135,628 ounces, including 6,340
ounces of pre-commercial production from the Fekola Mine, exceeding
(original) budget by 2% (or 2,254 ounces) and reforecast production
by 15% (or 17,372 ounces)
- Consolidated gold revenue of $154.1 million on sales of 121,597
ounces at an average price of $1,267 per ounce
- Otjikoto Mine achieved record quarterly production of 55,151
ounces
- Fekola Mine construction completed and processing of ore
commenced more than three months ahead of schedule in September
2017
- First gold pour at the Fekola Mine achieved on October 7, 2017
- In July 2017, the Masbate operations were presented with the
Philippine Department of Environment and Natural Resources’
(“DENR”) prestigious Saringaya Award for its contribution to
environmental protection, conservation and management in the
regions surrounding the Masbate Mine
- In July 2017, the Company secured a $500 million upsized
corporate revolving credit facility, representing a $75 million
increase from the existing facility
- For full-year 2017, the Company is on track to meet the high
end of its revised annual consolidated production guidance range of
between 530,000 and 570,000 ounces of gold
- 2018 outlook provides for dramatic production growth of over
70%, with the planned first full-year of production from the Fekola
Mine, consolidated annual gold production is expected to increase
significantly to between 925,000 and 975,000 ounces with cash
operating costs (see “Non-IFRS Measures”) and all-in sustaining
costs (“AISC”) (see “Non-IFRS Measures”) expected to decrease and
be approximately $525 per ounce and $800 per ounce,
respectively
Gold Production
Consolidated gold production in the third
quarter of 2017 was 135,628 ounces, including 6,340 ounces of
pre-commercial production from the newly-constructed Fekola Mine in
Mali (attributable to the increase in its gold in-circuit inventory
in September), exceeding (original) budget by 2% (or 2,254 ounces)
and reforecast production by 15% (or 17,372 ounces). The better
than budgeted and reforecast consolidated gold production reflects
the continued very strong operational performances of both the
Masbate Mine in the Philippines and Otjikoto Mine in Namibia as
well as the successful early start-up of the Fekola Mine in
September (see “Operations” section below). Commissioning of the
Fekola mill is now ongoing and is anticipated to ramp-up quickly to
commercial production by the end of the fourth quarter of 2017. The
Fekola Mine achieved its first gold pour on October 7, 2017,
approximately three months ahead of schedule.
Consolidated gold production in the first nine
months of 2017 was 389,812 ounces (YTD 2016 – 409,772 ounces), 3%
(or 11,820 ounces) better than (original) budget and 5% (or 17,372
ounces) better than reforecast production. The Company is on track
to meet the high end of its revised annual consolidated production
guidance range of between 530,000 and 570,000 ounces of gold
(original guidance was 545,000 to 595,000 ounces), at cash
operating costs of between $610 to $650 per ounce and AISC of
between $940 and $970 per ounce.
Looking forward to 2018, with the planned first
full-year of production from the Fekola Mine (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 925,000 and 975,000 ounces. Based
on current assumptions, this represents an increase in annual gold
production of over 70% for B2Gold in 2018. The Fekola Mine is
projected to be a large low-cost producer that will result in a
significant reduction in the Company’s forecast 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
approximately $525 per ounce and $800 per ounce, respectively.
Gold Revenue
Consolidated gold revenue in the third quarter
of 2017 was $154.1 million on sales of 121,597 ounces at an average
price of $1,267 per ounce compared to $193 million on sales of
145,029 ounces at an average price of $1,331 per ounce in the third
quarter of 2016. The 20% (or $38.9 million) decrease in revenue was
mainly attributable to a 16% decrease in gold sales volume, due to
the timing of gold shipments and lower production, and a 5%
decrease in the average realized gold price.
Consolidated gold revenue for the first nine
months of 2017 was $464.7 million on sales of 373,271 ounces at an
average price of $1,245 per ounce compared to $502.1 million on
sales of 396,757 ounces at an average price of $1,266 per ounce in
the first nine months of 2016.
Consolidated gold revenue in the three and nine
months ended September 30, 2017, included $15 million and $45
million, respectively, relating 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, used to fund
the Fekola Mine construction, 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 nine months
ended September 30, 2017, 12,908 ounces and 38,724 ounces,
respectively, were delivered under these contracts.
Operations
Mine-by-mine gold production in the third
quarter and first nine months of 2017 was as
follows:
Mine |
Q3
2017GoldProduction(ounces) |
YTD
2017GoldProduction(ounces) |
2017RevisedAnnualProductionGuidance(ounces) |
2017OriginalAnnualProductionGuidance(ounces) |
Masbate |
46,557 |
149,049 |
180,000 – 185,000 |
175,000 – 185,000 |
Otjikoto |
55,151 |
139,088 |
170,000 – 180,000 |
165,000 – 175,000 |
La Libertad |
16,487 |
67,641 |
90,000 – 100,000 |
110,000 – 120,000 |
El Limon |
11,093 |
27,694 |
40,000 – 50,000 |
50,000 – 60,000 |
Subtotal |
129,288 |
383,472 |
480,000 – 515,000 |
500,000 – 540,000 |
Fekola (pre-commercial) |
6,340 |
6,340 |
50,000 – 55,000 |
45,000 – 55,000 |
|
|
|
|
|
B2Gold Consolidated |
135,628 |
389,812 |
530,000 – 570,000 |
545,000 – 595,000 |
Masbate Gold Mine – Philippines
The Masbate Mine in the Philippines continued to
exceed expectations, producing 46,557 ounces of gold in the third
quarter of 2017, 20% (or 7,799 ounces) above both (original) budget
and reforecast production, and comparable with the prior-year
quarter. Gold production exceeded budget and reforecast production
due to better than expected throughput and recoveries mainly driven
by significantly 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. The Masbate Mine has
continued its outstanding safety performance, achieving two years
without a “Lost-Time-Injury” on October 12, 2017.
Mill throughput in the quarter was 1,704,723
tonnes compared to budget of 1,619,060 tonnes and 1,604,176 tonnes
in the third quarter of 2016. Mill recoveries averaged 77.4% which
was better than budget of 68.9% and 77.2% in the third quarter of
2016. The average grade processed was 1.10 g/t compared to budget
of 1.08 g/t and 1.20 g/t in the third quarter of 2016. As expected,
grades were higher in the prior-year quarter attributable to the
high-grade ore from the Main Vein Stage 1 Pit, which is no longer
active.
Year-to-date, gold production at Masbate was
149,049 ounces (YTD 2016 – 157,591 ounces), significantly above
(original) budget by 12% (or 16,043 ounces) and 6% (or 7,799
ounces) more than reforecast production.
For full-year 2017, Masbate’s gold production is
on track to meet or exceed the high end of its revised production
guidance range of between 180,000 to 185,000 ounces of gold
(original guidance was 175,000 to 185,000 ounces), at cash
operating costs of between $595 to $635 per ounce and AISC of
between $935 and $975 per ounce.
In September 2017, a new Philippine Environment
Secretary of the DENR (Roy Cimatu) was confirmed. His appointment
has received a positive response from the Philippine mining
industry.
The Masbate operations were recently presented
with the DENR’s Saringaya Award for its contribution to
environmental protection, conservation and management in the
regions surrounding the Masbate Mine. The Saringaya Award is
considered the DENR’s most prestigious regional environmental
award.
Otjikoto Gold Mine – Namibia
The Otjikoto Mine in Namibia produced a
quarterly record 55,151 ounces of gold in the third quarter of
2017, 14% (or 6,793 ounces) above both (original) budget and
reforecast production, and 16% (or 7,587 ounces) higher than the
third quarter of 2016. As mining advances into the consolidated
rock in the Wolfshag Phase 1 Pit, the amount of high-grade ore
tonnage mined from Wolfshag continues to be significantly higher
than modelled. Analysis of the Wolfshag model is ongoing to
determine whether this positive variance in the amount of
high-grade ore tonnage continues throughout the entire Wolfshag
orebody.
The average gold grade processed in the quarter
was 1.99 g/t compared to budget of 1.85 g/t and 1.66 g/t in the
third quarter of 2016. Grade exceeded budget due to the higher
amount of high-grade ore being sourced from Wolfshag which
increased the overall average mill feed grade at Otjikoto. Mill
throughput for the quarter was 873,516 tonnes compared to budget of
832,784 tonnes and 910,036 tonnes in the third quarter of 2016.
Mill recoveries remained high and averaged 98.5%, slightly above
both budget and the prior-year
quarter.
During the first nine months of 2017, the
Otjikoto Mine produced a year-to-date record 139,088 ounces of
gold, 16% (or 19,148 ounces) above (original) budget and 5% (or
6,793 ounces) more than reforecast production, and 16% (or 19,649
ounces) higher compared to the same period last year.
For full-year 2017, Otjikoto’s gold production
is on track to meet or exceed the high end of its revised
production guidance range of between 170,000 to 180,000 ounces of
gold (original guidance was 165,000 to 175,000 ounces), at cash
operating costs of between $480 to $520 per ounce and AISC of
between $725 and $765 per ounce.
Geotechnical, hydrogeological and design studies
for Wolfshag have been completed. These studies, coupled with
an updated resource model, indicate that a larger open pit, which
is the Company’s preferred option, is economically similar to the
underground option. In addition, the Wolfshag resource remains
open down-plunge which may be exploitable in the future by
underground mining.
La Libertad Gold Mine – Nicaragua
La Libertad Mine in Nicaragua produced 16,487
ounces of gold in the third quarter of 2017 (Q3 2016 – 37,261
ounces), approximately in-line with revised guidance (but lower
than originally budgeted as gold production at La Libertad was
negatively impacted by permitting delays for new mining
areas).
As previously released, the Company has changed
its planned sequencing for bringing the Jabali Antenna Pit into the
mine plan (originally forecast to enter production in the third
quarter of 2017). With strong support from the Nicaraguan
government, the Company is now focused on bringing the San Juan and
San Diego open pits into production in the second half of 2017
ahead of the Jabali Antenna Pit. In September 2017, the San Juan
mining permit was received and it is anticipated that the San Diego
mining permit will also be received shortly (following public
consultation expected in the second half of October 2017). Mining
has already commenced in the San Juan Pit and is expected to
commence in the San Diego Pit upon receipt of its permit. The
Company has also made significant progress in resettlement and
permitting activities at the high-grade Jabali Antenna Pit, and is
expecting to receive its permit in time to start production from
the pit in early 2018.
Year-to-date, gold production at La Libertad was
67,641 ounces (YTD 2016 – 97,266 ounces), approximately in-line
with reforecast but 18,679 ounces lower than (original) budget.
The Company anticipates that gold production
will increase in the fourth quarter of 2017 at La Libertad with the
San Juan and San Diego pits coming into production. For full-year
2017, La Libertad’s production is expected to be at the lower end
of its revised production guidance range of between 90,000 to
100,000 ounces of gold (original guidance was 110,000 to 120,000
ounces), at cash operating costs of between $795 to $835 per ounce
and AISC of between $1,075 and $1,115 per ounce.
El Limon Gold Mine – Nicaragua
El Limon Mine in Nicaragua produced 11,093
ounces of gold in the third quarter of 2017 (Q3 2016 – 14,185
ounces), in-line with revised guidance and a significant
improvement compared to 7,740 ounces produced in the second quarter
of 2017. Throughout the year, El Limon’s production had been
negatively affected by water pumping issues which had reduced
high-grade ore flow from Santa Pancha Underground. However, with
the successful rehabilitation of the Santa Pancha 1 dewatering well
at the beginning of the third quarter, mine output and production
grade are now improving.
During the quarter, four Environmental Impact
Assessments (“EIA”) were presented to the Nicaraguan government for
approval relating to both open pit and underground mining projects:
Mercedes – Aparejo, Veta Nueva, Santa Emilia South and Mercedes
South. The EIA for the Mercedes South Pit has been approved and the
permit process is now advancing to the public consultation phase.
Development of this pit is anticipated to commence in the fourth
quarter of 2017 and is expected to provide an open-pit source to
complement underground operations for the duration of 2018.
Year-to-date, gold production at El Limon was
27,694 ounces (YTD 2016 – 35,476 ounces).
For full-year 2017, El Limon’s gold production
is expected to meet its revised production guidance range of
between 40,000 to 50,000 ounces of gold (original guidance was
50,000 to 60,000 ounces), at cash operating costs of between $815
to $855 per ounce and AISC of between $1,415 and $1,455 per ounce.
The Company anticipates gold production from Santa Pancha 1 to
continue to increase and El Limon’s cash operating costs to
decrease in the fourth quarter of 2017.
Fekola Gold Mine – Mali
The Company recently announced that the first
gold pour at the Fekola Mine had occurred on October 7, 2017,
approximately three months ahead of schedule (see news release
dated 10/11/2017). Commissioning of the mill is ongoing and
commercial production is expected by the end of 2017. For 2017, the
Company is projecting gold production from Fekola of between 50,000
and 55,000 ounces. 2018 is scheduled to be the first full year of
gold production, yielding 400,000 to 410,000 ounces for the year.
Based on current assumptions, this represents an increase in annual
gold production of over 70% for B2Gold in 2018.
B2Gold previously announced on September 25,
2017, that the construction of the mill at Fekola was completed and
the Company had commenced running ore through the system three
months ahead of the original schedule and on budget. Additionally,
the Company announced a new Life of Mine (“LoM”) plan showing
increased production and lower cash operating costs and AISC
compared with the original (4 Million tonnes per Annum (“MTPA”))
Optimized Feasibility Study for Fekola’s 5 MTPA mill.
Based on the new LoM plan, the Fekola Mine is
projected to produce approximately 400,000 ounces of gold annually
for the first three years at cash operating costs of $357 per ounce
and AISC of $604 per ounce. For the first seven years, Fekola is
projected to produce approximately 374,000 ounces of gold annually
with cash operating costs of $391 per ounce and AISC of $643 per
ounce. Over the initial ten-year LoM, Fekola is projected to
produce an average of 345,000 ounces per annum at cash operating
costs of $428 per ounce and AISC of $664 per ounce.
Exploration and Development
Updates
Ongoing Fekola Exploration
Based on exploration to date, B2Gold’s
exploration team believes there is significant potential to
increase the mine life of Fekola through further exploration
drilling. The $15 million 2017 exploration drill program is ongoing
at the Fekola property and regional area. The drilling is focused
on testing the potential extension of Fekola to the north, the
mineralization below the Kiwi zone (north of Fekola) and the
mineralized bedrock zones beneath the Anaconda saprolite
resource.
Infill drilling continues to focus on the
resources outlined immediately below the Fekola reserve boundary,
immediately to the north of the boundary and the near-surface
portion of the Kiwi zone. The resources identified to date could
add up to 900,000 ounces to reserves with further infill drilling.
Exploration and infill drilling results are expected to be released
in November 2017.
Ongoing El Limon Exploration and Development
In 2017, El Limon’s exploration budget was
increased to $7 million to include 28,600 metres of drilling (over
157 holes) with a focus on El Limon Vein system. The system
comprises of the Pozo Bono, Limon Sur, Limon Central, Limon North
and Tigra-Chaparral zones, most of which were previously partially
mined by both open pit and underground methods. Drilling to date
has identified a new large good grade near-surface zone that the
Company believes could be exploitable by open-pit mining. This has
the potential to significantly extend the current mine life at El
Limon and may support an expansion of El Limon’s milling and
production capacity. In November 2017, the Company expects to
announce the results of its 2017 drill campaign along with an
inferred resource for El Limon Vein system.
In 2017, an initial
study was completed regarding the potential re-processing
of the old tailings at El Limon. Based on survey and historic
records, the tailings contain approximately 11 million tonnes with
an estimated gold grade of 0.95 g/t gold and
3.0 g/t silver. An ongoing drilling program is
underway as part of a Feasibility Study which will confirm
resources and grades, the optimum grind size, capital costs and
final project economics. Based on the initial study completed in
2017, the Company believes that the project has the potential
to produce an average of approximately 23,000 ounces of gold and
76,000 ounces of silver per year for approximately 11
years. Initial study economics indicate a
cash operating cost of
approximately $500 per ounce of gold. The concept is
to regrind the old tailings to a much finer grind size, process
them through a new CIP plant and place the tailings in a new lined
tailings storage facility.
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 five operating mines and
numerous exploration and development projects in various countries
including Finland, Nicaragua, the Philippines, Namibia, Mali,
Burkina Faso and Colombia.
Based on current assumptions and updates to
B2Gold’s current year guidance and long-term mine plans, the
Company is projecting consolidated gold production in 2017 of
between 530,000 and 570,000 ounces (including estimated
pre-commercial production from the Fekola Mine of between 50,000
and 55,000 ounces); and in 2018, significantly increasing to
between 925,000 and 975,000 ounces, with the inclusion of the
anticipated first full-year of commercial production at Fekola.
Qualified Persons
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 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 information contained in this news
release.
John Rajala, Vice President of Metallurgy of
B2Gold, a qualified person under NI 43-101, has approved El Limon
development information contained in this news release.
Third Quarter 2017 Financial Results – Conference Call
Details
B2Gold Corp. will release its third quarter 2017
financial results before the North American markets open on
Wednesday, November 8, 2017.
B2Gold executives will host a conference call to
discuss the results on Wednesday, November 8,
2017, at 10:00 am PST / 1:00 pm EST. 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/21171. 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 1308311).
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 MacLeanVice President, Investor
Relations604-681-8371imaclean@b2gold.com
Katie BromleyManager, Investor Relations & Public
Relations604-681-8371 kbromley@b2gold.com
The Toronto Stock Exchange and the NYSE American
LLC neither approve nor disapprove 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 cash operating costs
and AISC and expected decrease of forecast consolidated cash
operating costs and AISC in 2018, 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, projected
increase of gold production to between 925,000 and 975,000 ounces
in 2018 and project-specific projections of gold production; and
statements regarding anticipated exploration, development,
construction, production, permitting and other activities and
achievements of the Company, including but not limited to: expected
grades and sources of ore to be processed in 2017 and 2018; the
commercial production from the Fekola Mine by the end of the fourth
quarter of 2017 and anticipated production in 2017 and 2018; the
Fekola Mine being a low-cost mine and its anticipated effect on the
Company’s gold production and per ounce costs; the estimates,
assumptions and forecasts included in the Fekola Mine’s new LoM
plan; the potential to increase the mine life of the Fekola Mine
through further exploration drilling; potential addition of ounces
to mineral reserves with further infill drilling and the timing for
announcing drilling results; the potential to increase production
at the Otjikoto Mine resulting from recently completed studies for
Wolfshag indicating that a large open pit would be economically
similar to (and lower risk than) the underground option; the
Company’s future growth and cost structure; 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; La Libertad Mine’s planned resequencing,
including receipt of a permit in time to start production from the
Jabali Antenna Pit in early 2018, receipt of a permit and expected
commencement of mining at San Diego and anticipated improvement of
La Libertad’s gold production with the San Juan and San Diego pits
coming into production; the Mercedes South Pit at El Limon
potentially commencing development in the fourth quarter of 2017
and providing an open-pit source to complement underground
operations for the duration of 2018; gold production from Santa
Pancha 1 continuing to improve and returning to more normal levels
in the fourth quarter of 2017; the announcement of drill results
and a new inferred resource for El Limon Vein system; the potential
to significantly extend the current mine life at El Limon; the
possible expansion of El Limon’s milling and production capacity;
the projections contained in the recent pre-feasibility study
regarding potential re-processing of old tailings at El Limon and
plans to complete a related feasibility study. Estimates of mineral
resources and reserves are also forward-looking statements because
they constitute projections regarding the amount of minerals that
may be encountered in the future and/or the anticipated economics
of production, should a production decision be made. 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 and
assumptions 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; 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. The
Company’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 the Company's
ability to carry on current and future operations, including
development and exploration activities; the timing, extent,
duration and economic viability of such operations, including any
mineral resources or reserves identified thereby; the accuracy and
reliability of estimates, projections, forecasts, studies and
assessments; the Company’s ability to meet or achieve estimates,
projections and forecasts; the availability and cost of inputs; the
price and market for outputs, including gold; 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. 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.
Cautionary Note to United States
InvestorsThe Company has prepared its public disclosures
in accordance with Canadian securities laws, which differ in
certain respects from U.S. securities laws. In particular, this
news release may refer to “mineral resources”, “measured mineral
resources”, “indicated mineral resources” or “inferred mineral
resources”. While these categories of mineralization are recognized
and required by Canadian securities laws, they are not recognized
by the SEC and are not normally permitted to be disclosed in SEC
filings by U.S. companies. U.S. investors are cautioned not to
assume that any part of a “mineral resource”, “measured mineral
resource”, “indicated mineral resource” or “inferred mineral
resource” will ever be converted into a “reserve.” In addition,
“reserves” reported by the Company under Canadian standards may not
qualify as reserves under SEC standards. Under SEC standards,
mineralization may not be classified as a “reserve” unless the
mineralization can be economically and legally extracted or
produced at the time the “reserve” determination is made.
Accordingly, information contained or referenced in this news
release containing descriptions of the Company’s mineral deposits
may not be compatible to similar information made public by U.S.
companies subject to the reporting and disclosure requirements of
U.S. federal securities laws, rules and regulations. “Inferred
mineral resources” have a great amount of uncertainty as to their
existence and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. Historical results or feasibility models presented herein
are not guarantees or expectations of future performance.