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 first quarter of 2018. All dollar figures are in
United States dollars unless otherwise indicated.
First Quarter 2018
Highlights
- Record quarterly consolidated gold production of 239,684
ounces, a significant increase of 81% (or 106,948 ounces) over the
same period last year, and 7% (or 16,252 ounces) above budget, due
to the continued strong performances of the Fekola Mine in Mali,
Masbate Mine in the Philippines and the Otjikoto Mine in
Namibia
- Record quarterly consolidated gold revenue of $344.3 million, a
significant increase of 135% (or $198.0 million) over the same
period last year
- Fekola Mine continued to operate above plan since achieving
commercial production on November 30, 2017, producing 114,142
ounces of gold in the quarter, 11% (or 11,228 ounces) above
budget
- B2Gold is well on target to achieve transformational growth in
2018 and meet its annual guidance of between 910,000 and 950,000
ounces of gold production in 2018 at cash operating costs (see
“Non-IFRS Measures”) of between $505 and $550 per ounce and all-in
sustaining costs (“AISC”) (see “Non-IFRS Measures”) of between $780
and $830 per ounce
Gold Production
With the large, low-cost Fekola Mine now in
production, consolidated gold production in the first quarter of
2018 was a quarterly record of 239,684 ounces, a significant
increase of 81% (or 106,948 ounces) over the same period last year,
and 7% (or 16,252 ounces) above budget. In its first full quarter
of operations (after achieving commercial production on November
30, 2017, within only 60 days from start-up), the new Fekola Mine
continued to operate above plan, producing 114,142 ounces of gold
in the first quarter of 2018, 11% (or 11,228 ounces) above budget.
The Masbate Mine and Otjikoto Mine also had a solid start to the
year with both mines exceeding their targeted production levels for
the quarter.
B2Gold is well on target to achieve
transformational growth in 2018. For full-year 2018, with the
planned first full year of production from the Fekola Mine,
consolidated gold production is forecast to be between 910,000 and
950,000 ounces. This represents an increase in annual consolidated
gold production of approximately 300,000 ounces in 2018 from 2017.
The Company’s forecast consolidated cash operating costs are
expected to remain low in 2018 and be between $505 and $550 per
ounce, and AISC are expected to decrease by approximately 6% from
2017 and be between $780 and $830 per ounce.
The Fekola Mine is the Company’s largest and
lowest-cost producer. The resulting increase in production levels
combined with low costs are projected to dramatically increase
B2Gold’s production, revenues, cash from operations and cash flow
for many years, based on current assumptions (including a gold
price assumption of $1,300 per ounce). On average over the next
three years, beginning in 2018, the Company is projecting per annum
gold sales revenues of approximately $1.2 billion, cash flow from
operations of approximately $0.5 billion and a significant increase
in free cash flow (operating cash flows less investing cash
flows).
Gold Revenue
Consolidated gold revenue in the first quarter
of 2018 was a quarterly record of $344.3 million on record sales of
259,837 ounces at an average price of $1,325 per ounce compared to
$146.3 million on sales of 119,937 ounces at an average price of
$1,219 per ounce in the first quarter of 2017. This significant
increase in revenue of 135% (or $198.0 million) was attributable to
the new production from the Fekola Mine, as well as a 9% increase
in the average realized gold price and the timing of gold shipments
(including 27,450 ounces sold in the quarter which related to
Fekola’s December 31, 2017, finished gold inventory).
Consolidated gold revenue for the first quarter
of 2018 included $15 million relating to the delivery of gold into
the Company's Prepaid Sales contracts (accounted for as deferred
revenue). During the quarter, 12,908 ounces of gold were delivered
under these contracts.
Operations
Mine-by-mine gold production in the first
quarter of 2018 was as follows:
Mine |
Q1 2018 Gold
Production(ounces) (1) |
2018 Annual Production
Guidance(ounces) (1) |
Fekola |
114,142 |
400,000 - 410,000 |
Masbate |
53,147 |
180,000 - 190,000 |
Otjikoto |
39,499 |
160,000 - 170,000 |
La Libertad |
19,367 |
115,000 - 120,000 |
El Limon |
13,529 |
55,000 - 60,000 |
|
|
|
B2Gold Consolidated |
239,684 |
910,000 - 950,000 |
(1) B2Gold’s Q1 2018 production results and 2018
annual production guidance are presented on a 100% basis.
Fekola Gold Mine – Mali
In its first full quarter of operations (after
achieving commercial production on November 30, 2017, within only
60 days from start-up), the new Fekola Mine in Mali continued to
demonstrate strong, sustained operational performance by running
above plan on mill feed grade, throughput and recoveries. This
resulted in the Fekola Mine producing 114,142 ounces of gold in the
first quarter of 2018, 11% (or 11,228 ounces) above budget. Mill
feed grade, throughput and recoveries were 2.84 grams per tonne
(“g/t”) (compared to budget of 2.76 g/t), 1,316,818 tonnes
(compared to budget of 1,249,474 tonnes) and 94.8% (compared to
budget of 92.7%), respectively. Throughout the quarter, the
operation continued to improve with many construction personnel
making the transition to operations, together with training and
skills development in all departments. Currently, there are
approximately 1,848 employees on site and, of these, approximately
93% are Malian. The Fekola Mine also continued its outstanding
safety performance, achieving 694 days without a Lost-Time-Injury
by quarter-end.
Fekola’s very rapid and successful ramp-up has
surpassed the Company’s expectations. On September 25, 2017, the
Company announced that its in-house construction team had completed
construction of the Fekola mill on budget and commenced ore
processing at the Fekola Mine, more than three months ahead of the
original schedule. The first gold pour at the Fekola Mine was
achieved on October 7, 2017. On November 30, 2017, the Fekola Mine
achieved commercial production, one month ahead of the revised
schedule and four months ahead of the original schedule. Gold
production from the Fekola Mine in 2017 was 111,450 ounces
(including 79,243 ounces of pre-commercial production), more than
doubling the upper end of its original 2017 guidance range (of
55,000 ounces) due to its early start-up, high-quality construction
and faster than expected ramp-up.
For full-year 2018, the Fekola Mine is forecast
to produce between 400,000 and 410,000 ounces of gold at cash
operating costs of between $345 and $390 per ounce and AISC between
$575 and $625 per ounce.
Positive drill results from the Company’s 2017
exploration program at the Fekola area (see news release dated
11/9/2017) indicated that the main Fekola deposit, with additional
drilling, could extend significantly to the north. In addition,
drilling below the extensive saprolite resource at the Anaconda
zones has discovered four, well-mineralized bedrock (sulphide)
zones, indicating the potential for large, Fekola-style mineralized
zones.
The Company’s 2018 exploration budget for Mali
is approximately $15.1 million, focusing on the Fekola North
Extension zone and sulphide targets below the Anaconda saprolite
zones. The Company expects to release the results from a series of
additional drill holes from its Mali exploration program before the
end of April 2018. In addition, the Company anticipates releasing
more drill results for the Fekola North Extension zone and Anaconda
zones around mid-year.
Masbate Gold Mine – Philippines
The Masbate Mine in the Philippines continued
its strong operational performance into the first quarter of 2018,
producing 53,147 ounces of gold, 12% (or 5,854 ounces) above budget
and 1% (or 585 ounces) higher compared to the prior-year quarter.
The increase was mainly due to higher than expected oxide ore
tonnage from Vein 5 of the Colorado Pit which positively impacted
processing recoveries and throughput. Oxide ore represented 78% of
the processed tonnage for the quarter versus budget of 50%. The
Masbate Mine also continued its outstanding safety performance,
achieving almost two and a half years (898 days) without a
Lost-Time-Injury by quarter-end.
For the quarter, mill throughput was 1,792,579
tonnes (compared to budget of 1,706,064 tonnes and 1,704,001 tonnes
in the first quarter of 2017) and gold recoveries averaged 78.5%
(compared to budget of 72.1% and 74.8% in the first quarter of
2017). The average grade processed was 1.17 g/t compared to budget
of 1.20 g/t and 1.28 g/t in the first quarter of 2017. As expected,
grades were higher in the prior-year quarter which was attributable
to the high-grade ore from the Main Vein Stage 1 Pit which is no
longer in production as scheduled.
For full-year 2018, the Masbate Mine is expected
to produce between 180,000 and 190,000 ounces of gold at cash
operating costs of between $675 and $720 per ounce and AISC of
between $875 and $925 per ounce.
A detailed capital cost estimate of $25.5
million was recently completed by Lycopodium Ltd., working with the
Company's engineering team, for the expansion of the Masbate
processing plant to 8 million tonnes per year ($23 million in 2018
and $2.5 million in 2019). The expansion, which is being
conducted by B2Gold’s in-house team, primarily consists of adding a
third ball mill and upgrading the existing crushing
circuit. The ball mill is currently on site, with preliminary
works planned to commence in the second quarter of 2018. No
addition to the mining fleet is required as the additional feed
will come from the lower-grade material that was in the original
mine plan but was scheduled to be stockpiled. When the expansion is
online (expected in early 2019), it is projected to keep Masbate's
annual gold production near 200,000 ounces per year during the
mining phase, and is expected to keep gold production above 100,000
ounces per year when the low-grade stockpiles are processed at the
end of the open-pit mine life.
The Company has a successful track
record of adding reserves and resources at its operations
(and thereby extending mine life) through exploration. The Masbate
exploration budget for 2018 is approximately $5.1 million,
including 12,000 metres of diamond drilling. The drilling is
divided into brownfields drilling to upgrade resources within the
mine licence and on regional targets.
Otjikoto Gold Mine – Namibia
The Otjikoto Mine in Namibia also had a strong
start to the year (following a record year of gold production in
2017) with first quarter gold production of 39,499 ounces which was
above budget by 6% (or 2,174 ounces). Mill throughput, recoveries
and processed grade were all slightly above budget, as the mine
continues to incrementally optimize its operations. Compared to the
prior-year quarter, gold production was lower by 8% (or 3,275
ounces), as planned, due to a negligible amount of Wolfshag ore
being mined in 2018 while Phase 2 of the Wolfshag Pit is being
developed. Ore production is planned to resume again from the
Wolfshag Pit in 2019 which is projected to provide higher grade
open-pit mill feed. The Otjikoto mill continued to operate well,
processing 827,227 tonnes (Q1 2017 – 832,805 tonnes) in the quarter
at an average grade of 1.51 g/t (Q1 2017 – 1.62 g/t) with gold
recoveries averaging 98.7% (Q1 2017 – 98.6%).
For full-year 2018, the Otjikoto Mine is
expected to produce between 160,000 and 170,000 ounces of gold,
primarily from the Otjikoto Pit, at cash operating costs of between
$480 and $525 per ounce and AISC of between $700 and $750 per
ounce.
Geotechnical, hydrogeological and design studies
for Wolfshag have been completed, based on an updated resource
model, resulting in a larger open pit than previously reported.
Mining at Wolfshag commenced in late 2016 and Wolfshag ore provided
a significant component of the Otjikoto mill feed in 2017. Updated
Wolfshag mineral reserves and resources were reported in the
Company's recent Annual Information Form, dated March 23, 2018,
with 372,000 ounces of Probable Mineral Reserves (4.29 million
tonnes at an average grade of 2.70 g/t, on a 90% attributable
basis) remaining in the Wolfshag open pit, as at December 31,
2017. This updated reserve, based on the larger Wolfshag
open-pit design, includes an additional 132,000 ounces of Probable
Mineral Reserves (1.42 million tonnes at an average grade of 2.88
g/t, on a 90% attributable basis) within Wolfshag Phase 4. In
addition, the Wolfshag mineral resource remains open down-plunge
and may be exploitable in the future by underground mining.
The Company’s total exploration budget for
Namibia in 2018 is $5.1 million. Exploration in 2018 will include
17,000 metres of diamond drilling and 4,000 metres of RAB drilling,
split between the Otjikoto Project and the Ondundu joint
venture.
La Libertad Gold Mine – Nicaragua
La Libertad Mine in Nicaragua produced 19,367
ounces of gold in the first quarter of 2018, 10% (or 2,128 ounces)
below budget and 32% (or 9,172 ounces) lower than the first quarter
of 2017. Gold production at La Libertad has been affected by
permitting delays for new mining areas. However, mine permits are
now in place for all open pit and underground operations with the
exception of the Jabali Antenna Pit. The San Diego mining permit
was received in February 2018 and the pit is now fully operational.
Gold production at La Libertad was slightly above budget for the
month of March, as the mill benefitted from increased sources and
volume of open-pit ore. Jabali Antenna Underground remains under
development with the planned ventilation raise now complete. Access
ramp development has advanced approximately two months ahead of
original schedule for 2018, as a result of an early start by the
underground mining contractor. The Company expects to begin
processing ore from Jabali Antenna Underground in July.
For full-year 2018, La Libertad Mine is expected
to produce between 115,000 and 120,000 ounces of gold at cash
operating costs of between $745 and $790 per ounce and AISC of
between $1,050 and $1,100 per ounce. La Libertad’s production
forecast assumes that production will start from the Jabali Antenna
Pit in the third quarter of 2018 (dependent upon the successful
completion of resettlement activities and receipt of the remaining
mining permits). Current plans at La Libertad include mining and
processing into 2020, with a combination of mineral reserves and
mineral resources. The Company has a successful track record of
converting its mineral resources to reserves, and exploration of
additional mineral targets continues. Mineral resources that are
not mineral reserves do not yet have demonstrated economic
viability.
La Libertad’s exploration budget for 2018 is
approximately $4.8 million for a total of 9,000 metres of planned
diamond drilling. The program is split between infill (near-mine)
drilling and drilling on several regional targets.
El Limon Gold Mine – Nicaragua
El Limon Mine in Nicaragua produced 13,529
ounces of gold in the first quarter of 2018, slightly below budget
(of 14,405 ounces) and 53% (or 4,668 ounces) higher than the first
quarter of 2017. During 2017, El Limon’s production was affected by
operational issues, including underground water pumping breakdowns,
which had delayed high-grade ore flow from Santa Pancha
Underground. Management changes were made at El Limon and mining
operations returned to budgeted (normal) production rates in the
fourth quarter of 2017, with operational improvements including the
successful rehabilitation of the Santa Pancha 1 dewatering well.
The mining permit for the new Mercedes Pit was recently received in
December 2017, and the pit is now fully operational, accounting for
over 30% of the mined ounces for the quarter.
For full-year 2018, El Limon is expected to
produce between 55,000 and 60,000 ounces of gold at cash operating
costs of between $700 and $750 per ounce and AISC of between $1,135
and $1,185 per ounce.
On February 23, 2018, the Company announced the
newly-discovered El Limon Central zone. Historical records had
indicated that parts of the Central zone had been mined underground
in past decades. However, the Company's recent exploration success
at the Central zone demonstrated that underground mining was much
more limited than previously thought. As a result, on February 23,
2018, the Company announced a positive initial open-pit Inferred
Mineral Resource at El Limon Central zone of 5,130,000 tonnes at a
grade of 4.92 g/t of gold containing 812,000 ounces of gold (100%
basis) (see news release dated 2/23/18). The Central
zone, at its closest point, is approximately 150 metres from El
Limon mill facility, extending southeast and northwest, adjacent to
existing plant and administrative infrastructure. This large, good
grade, resource has the potential to decrease El Limon's cash
operating costs per ounce and AISC per ounce, and significantly
increase its mine life and potentially lead to mill expansion. The
Company is currently conducting additional metallurgical testing on
El Limon Central ore samples and a study to evaluate the potential
to expand El Limon throughput to significantly increase annual gold
production. The study results are expected by mid-2018.
El Limon central vein structure has been drill
tested along a 2.2-kilometre strike length so far, and remains open
to depth and along strike, and will be further drill tested during
2018. El Limon’s exploration budget for 2018 is approximately $7.0
million for a total of 25,000 metres of planned diamond drilling to
further infill at the Central zone and to further explore the
structure along strike where it remains open.
Outlook
Looking forward, the Company will remain focused
on continuing its impressive operational and financial performance
from existing mines, pursuing expansion opportunities at existing
operations and continuing with aggressive exploration and
development programs to unlock the potential of its existing
portfolio of properties.
About B2Gold
Headquartered in Vancouver, Canada, B2Gold Corp.
is the world’s new senior gold producer. Founded in 2007, today,
B2Gold has five operating gold mines and numerous exploration and
development projects in various countries including Nicaragua, the
Philippines, Namibia, Mali, Burkina Faso, Colombia and Finland.
Qualified Person
Peter D. Montano, P.E., the Project Director of
B2Gold, a qualified person under NI 43-101, has approved the
scientific and technical information related to operations 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 scientific and technical information regarding
exploration matters contained in this news release.
John Rajala, Vice President of Metallurgy of
B2Gold, a qualified person under NI 43-101, has approved the
scientific and technical information to El Limon development
contained in this news release.
First Quarter 2018 Financial Results –
Conference Call Details
B2Gold will release its first quarter 2018
results before the North American markets open on Thursday, May 10,
2018.
B2Gold executives will host a conference call to
discuss the results on Thursday, May 10, 2018,
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/27596. A
playback version of the call 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 7166938).
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 the NYSE American
LLC neither approve nor disapprove the information contained in
this news release.
Production results and the Company’s guidance
presented in this news release reflect the total production at the
mines the Company operates on a 100% basis.
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, guidance, forecasts, estimates and other
statements regarding future financial and operational performance,
events, production, mine life, revenue, cash flows, costs,
including projected cash operating costs and AISC and expected
decrease of forecast consolidated cash operating costs and AISC in
2018, capital expenditures, budgets, ore grades, sources and types
of ore, stripping ratios, throughput, ore processing, cash flows
and growth; production estimates and guidance, including the
Company’s projected increase of gold production to between 910,000
and 950,000 ounces in 2018, reflecting production growth of
approximately 300,000 ounces from 2017; project-specific
projections of gold production and costs; the increased production
and low costs increasing the Company’s production revenues, cash
from operations and cash flow for many years; and statements
regarding anticipated exploration, drilling, 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 2018; the Fekola Mine
being a low-cost producer and its anticipated reduction on the
Company’s per ounce costs; further exploration drilling at the
Fekola Mine, sulphide targets below the Anaconda saprolite and the
potential for extension of the main Fekola deposit to the north and
for large, Fekola-style mineralized zones; the ratification by the
Mali National Assembly of the Fekola Shareholders’ Agreement and
the Share Purchase Agreement; the resumption of ore production from
the Wolfshag Pit at the Otjikoto Mine in 2019 and the effects
thereof; the potential exploitation of Wolfshag resources in the
future by underground mining; the expected start of gold production
from the Jabali Antenna Pit in the third quarter of 2018, which is
subject to, among other things, the completion of resettlement
activities and receipt of remaining mining permits in a timely
fashion; current plans at the La Libertad Mine including
anticipated mining and processing thereat; exploration and testing
at El Limon Mine, the potential to expand El Limon Mine’s
throughput to significantly increase annual gold production and
reduce cash operating costs and the results and timing of the
Company’s study thereof; the potential of the newly discovered El
Limon Central zone and its effect on mining costs and mine life;
the expansion of the Masbate Mine’s processing plant to 8 million
tonnes per year, the timing thereof, and the resulting expected
annual gold production at Masbate Mine of near 200,000 ounces per
year during the mining phase and above 100,000 ounces per year when
low-grade stockpiles are processed; the Company remaining focused
on continuing its impressive operational and financial performance;
and the Company continuing aggressive exploration and development
programs. 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 associated with the volatility of
metal prices and the Company’s 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 the Company’s feasibility studies; 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 related to financing and
debt, including potential restrictions imposed on the Company’s
operations as a result thereof and the ability to generate
sufficient cash flows; risks related to operations in foreign and
developing countries and compliance with foreign laws, including
those associated with operations Mali, Namibia, the Philippine,
Nicaragua and Burkina Faso and including risks related to changes
in foreign laws and changing policies related to mining and local
ownership requirements; 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
including local instability or acts of terrorism and the effects
thereof; risks related to reliance upon contractors, third parties
and joint venture partners; risks related to lack of sole
decision-making authority related to Filminera Resources
Corporation, which owns the Masbate Project; 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 the Company’s operations including risks
related to strikes and the halting of such operations from time to
time; risks related to conflict with small scale miners; risks
related to failures of information systems or information security
threats; the final outcome of the audit by the DENR in relation to
the Masbate Project; ability to maintain adequate internal control
over financial reporting as required by law, including Section 404
of the Sarbanes-Oxley Act; risks related to compliance with
anti-corruption laws; as well as other factors identified and as
described in more detail under the heading “Risk Factors” in
B2Gold’s most recent Annual Information Form, the Company’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 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.
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”,“all-in sustaining costs” (or “AISC”) and
“free cash flow”. 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 such measures and reconciliation of certain
measures to IFRS terms.
Cautionary Note to United States
InvestorsThe disclosure in this news release 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. In particular, this
news release may refer to “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” 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.