VANCOUVER, April 8, 2020
/CNW/ - 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 2020. All
dollar figures are in United
States dollars unless otherwise indicated.
The Company is continuing to focus on its COVID-19 response
measures and to date has not experienced any incidents of the
COVID-19 virus at its sites or corporate offices. B2Gold places the
safety and wellbeing of its workforce as the highest priority and
continues to encourage input from all its stakeholders as the
situation continues to evolve, including cooperation from all
levels of government in Mali,
Namibia, the Philippines and
Colombia.
2020 First Quarter Highlights
- Consolidated gold production of 250,632 ounces, well-above
budget by 7% (16,156 ounces) and a significant increase of 25%
(50,090 ounces) over the first quarter of 2019 (excluding
discontinued operations) with solid performances from all the
Company's operations (all exceeding their targeted production for
the quarter)
- Record quarterly total gold production of 262,632 ounces
(including 12,000 ounces of estimated attributable gold production
from Calibre)(1)
- Record quarterly consolidated gold revenue from its three
operating mines of $380 million, a
significant increase of 44% ($116
million) over the same period last year (excluding
discontinued operations)
- Fekola Mine achieved record quarterly production of 164,011
ounces, well-above budget by 9% (14,011 ounces) and significantly
higher by 49% (53,662 ounces) over the first quarter of 2019
- Otjikoto Mine continued its remarkable safety performance,
extending the number of days without a Lost-Time-Injury to 733 days
(approximately 2 years or over 6 million man-hours) at the end of
the first quarter of 2020
- The Company started the year with approximately $140 million in cash and cash equivalents and has
continued to add to its consolidated cash position during the
quarter; the Company's cash position as at March 31, 2020 will be reported on May 5, 2020
- On April 8, 2020, the Company
completed the draw-down of an additional $250 million on its revolving credit facility
("RCF"), bringing the total amount drawn to $425 million (total available facility
$600 million); this draw-down is
purely precautionary in nature. Based on current assumptions, the
Company still expects to have the option to repay the entire drawn
RCF balance during the year and finish 2020 in a strong net
positive cash position
- 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;
consolidated cash operating costs are forecast to be between
$415 and $455 per ounce (see "Non-IFRS Measures")
and consolidated all-in sustaining costs ("AISC") (see "Non-IFRS
Measures") are forecast to be between $780 and $820 per
ounce.
- Based on current assumptions, including a gold price of
$1,500 per ounce for the balance of
2020, the Company expects to generate cashflows from operating
activities of more than $700 million
in 2020
- Based on the Company's current life of mine plans, from the
five-year period from 2020 to 2024, annual consolidated gold
production is forecast to average 950,000 ounces with AISC
averaging $825 per ounce
- In addition to sharing best practices and helping with COVID-19
risk mitigation, the Company is also committed to providing
financial assistance to both the local communities and to local and
national authorities in the countries in which it operates
(1)
|
B2Gold applies the
equity method of accounting for its approximate 34% ownership
interest in Calibre Mining Corp. ("Calibre") and reports its
attributable share of Calibre production ounces as part of its
total production results.
|
Gold Production
Consolidated gold production in the first quarter of
2020 was 250,632 ounces, well-above budget by 7%
(16,156 ounces) and a significant increase of 25% (50,090
ounces) over the first quarter of 2019 (excluding discontinued
operations of El Limon and La Libertad which were sold on
October 15, 2019) with solid
performances from all the Company's operations which all exceeded
their targeted production for the quarter. The significant increase
in gold production over the first quarter of 2019 was driven by the
Fekola Mine in Mali which had a
very strong start to the year with record first quarter gold
production of 164,011 ounces, well-above budget by 9% (14,011
ounces) and 49% (53,662 ounces) higher compared to the first
quarter of 2019. Fekola's significant increase in gold production
over the first quarter of 2019 was mainly due to 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.
Including attributable ounces from Calibre (estimated to be
12,000 ounces in the first quarter of 2020), the Company's total
gold production in the first quarter of 2020 was a quarterly record
of 262,632 ounces.
Based on current assumptions for 2020, B2Gold remains well
positioned for continued strong operational and financial
performance. At the end of the first quarter of 2020, Calibre
announced the temporary suspension of its Nicaraguan operations due
to COVID-19, creating uncertainty as to what portion of the
remaining forecasted production ounces from Calibre would be
realized in 2020. However, given that the Company's three operating
mines are already 16,156 ounces ahead of budget at the end of the
first quarter of 2020, the Company has determined that its overall
consolidated production and financial guidance should be
maintained. Therefore, total consolidated production guidance
remains at between 1,000,000 and 1,055,000 ounces of gold;
consolidated cash operating costs are forecast to be between
$415 and $455 per ounce and consolidated AISC are forecast
to be between $780 and $820 per ounce.
The Company is continuing to implement enhanced comprehensive
COVID-19 response measures including the movement of people and
goods, hygiene and cleanliness, social distancing and remote
working, isolation procedures at B2Gold sites in the event of
higher risk personnel, working with surrounding communities and
contingency plans for potential disruptions including increases of
supplies. The Company is continually updating the plan and response
measures based on the safety and wellbeing 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 will be monitoring each site's situation
closely while ensuring the safe operation of its mines.
In addition to sharing best practices and helping with risk
mitigation, the Company is also committed to providing financial
assistance to both the local communities and to local and national
authorities in the countries in which it operates. In Mali, B2Gold has earmarked $500,000 towards the COVID-19 response, including
funds needed for medical supplies. In the
Philippines, B2Gold is working with the local communities
around the mine site, the local mayor and the governor of the
region to assist families with basic food and medical requirements,
and is anticipating to use a portion of the 2020 budgeted
$2.9 million Social Development and
Management Programs ("SDMP") to assist with the COVID-19 response
(subject to standard approvals). In Namibia, B2Gold has
earmarked $300,000 towards the
COVID-19 response, with a focus on hygiene, sanitation and food
security within the urban townships.
Gold Revenue
Consolidated gold revenue in the first quarter of 2020 was a
quarterly record of $380 million from
its three operating mines on sales of 239,500 ounces at an average
price of $1,588 per ounce compared to
$264 million on sales of 203,400
ounces at an average price of $1,298
per ounce in the first quarter of 2019 (excluding discontinued
operations of El Limon and La Libertad which were sold on
October 15, 2019). Compared to the
first quarter of 2019, the significant increase in consolidated
gold revenue of 44% ($116 million)
was mainly attributable to a 22% increase in the average realized
gold price and an 18% increase in gold ounces sold. Despite the
disruptions caused by the COVID-19 virus since March 2020, the Company continues to successfully
ship its gold bullion inventory to refineries.
Operations
Mine-by-mine gold production in the first quarter of 2020
(including the Company's estimated 34% share of Calibre's
production) was as follows:
Mine
|
Q1
2020
Gold
Production
(ounces)
|
2020
Forecast Annual
Gold Production
(ounces)
|
Fekola
|
164,011
|
590,000 -
620,000
|
Masbate
|
44,872
|
200,000 -
210,000
|
Otjikoto
|
41,749
|
165,000 -
175,000
|
B2Gold
Consolidated (1)
|
250,632
|
955,000 –
1,005,000
|
|
|
|
Equity interest
in Calibre (2)
(estimated)
|
12,000
|
45,000 - 50,000
(3)
|
|
|
|
Total
|
262,632
|
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" - gold production in the first quarter of 2020
represents the Company's approximate 34% indirect share of the
operations of Calibre's El Limon and La Libertad mines. B2Gold
applies the equity method of accounting for its 34% ownership
interest in Calibre.
|
(3)
|
At the end of the
first quarter of 2020, Calibre announced the temporary suspension
of its Nicaraguan operations due to COVID-19, however, given that
the Company's three operating mines are 16,156 ounces ahead of
budget at the end of the first quarter, the Company has determined
that its overall guidance should be
maintained.
|
Fekola Gold Mine - Mali
The Fekola Mine in Mali had a
very strong start to the year with record first quarter gold
production of 164,011 ounces, well-above budget by 9% (14,011
ounces). This was mainly attributable to higher than budget mined
grade from Phase 4 of the Fekola Pit. Compared to the first quarter
of 2019, gold production was significantly higher by 49% (53,662
ounces), mainly due to 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.
For the first quarter of 2020, mill throughput was 1.75 million
tonnes, exceeding budget by 2.5% and comparable to the first
quarter of 2019 (despite planned interruptions related to the
ongoing mill expansion project). The average grade processed was
3.11 grams per tonne ("g/t"), 7% higher than budget of 2.91 g/t and
47% higher than the 2.11 g/t processed in the first quarter of 2019
(due to a decision to temporarily mine higher grade areas in Phase
4 of the Fekola deposit earlier than anticipated in the 2020 mine
plan in order to supplement ore stockpiles). Gold recoveries in the
first quarter of 2020 averaged 94.0%, comparable to budget and the
first quarter 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 in the
first quarter of 2020 and is scheduled to be completed by the end
of the third quarter of 2020. Mining fleet expansion equipment
started to arrive on site ahead of schedule in January 2020 and has been commissioned in the
first quarter of 2020. All mill expansion materials have been
ordered and have begun arriving at site. Installation of steel has
commenced, and a double tailings dam lift expansion is underway and
is scheduled to be completed in the second quarter of 2020.
Fekola Solar Plant
The Fekola solar plant engineering and construction has
progressed well in the first quarter of 2020. However, due to
issues related to COVID-19, the Company has 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 will increase
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 continued to perform well through the first
quarter of 2020, producing 44,872 ounces of gold, slightly above
budget by 2% (782 ounces), as higher-than-budgeted processed
grade/recovery more than offset lower-than-budgeted throughput (due
to unbudgeted downtime for a SAG mill inspection and reline,
maintenance activities and a five day temporary suspension of
mining activities due to fuel shortage). Ore grade, oxide ore
tonnage and total ore tonnage mined from the Main Vein Pit were all
better than modelled, resulting in higher-than-budgeted
grade/recovery. Compared to the first quarter of 2019, gold
production was lower by 22% (12,609 ounces), as planned, mainly due
to lower budgeted grade.
For the first quarter of 2020, mill throughput was 1.87 million
tonnes (compared to budget of 2.07 million tonnes and 1.83 million
tonnes in the first quarter of 2019). The average grade processed
was 0.90 g/t (compared to budget of 0.86 g/t and 1.32 g/t in the
first quarter of 2019) and gold recoveries averaged 83.2% (compared
to budget of 76.8% and 73.6% in the first quarter of 2019). Oxide
ore represented 23% of the processed tonnage for the quarter
(versus budget of 6% and 31% in the first quarter of 2019). Ore was
mined from both the Main Vein and Montana pits in the quarter, with positive
variances experienced in Main Vein from unbudgeted ore backfill
encountered in historic surface and underground mine workings.
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. On March 30, 2020, the
Company announced that the Masbate Mine had temporarily switched to
mining only in the Montana Pit, using an estimated 50% of the
mining fleet to comply with temporary quarantine measures mandated
by the Government of the
Philippines. Since the announcement, the onsite workforce
has increased, and the Company is now operating in both the
Montana and Main Vein pits. The
Company has determined that operating under this current temporary
scenario for up to the next three months (including drawing on
stockpiles as needed) will not impact Masbate's production forecast
for the second quarter of 2020 nor its 2020 annual production
guidance.
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.
Otjikoto Gold Mine - Namibia
The Otjikoto Mine in Namibia
also had a solid first quarter, producing 41,749 ounces of gold, 3%
(1,363 ounces) above budget, as processed tonnes, grade, and
recovery were all slightly better than budget. Compared to the
first quarter of 2019, gold production was significantly higher by
28% (9,037 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 a Lost-Time-Injury to 733 days (approximately 2 years
or over 6 million man-hours) as at March 31, 2020.
During the first quarter of 2020, the Otjikoto Mine processed
0.86 million tonnes (compared to budget of 0.85 million tonnes and
0.80 million tonnes in the first quarter of 2019) at an average
grade of 1.54 g/t (compared to budget of 1.51 g/t and 1.29 g/t in
the first quarter of 2019) and average gold recoveries of 98.4%
(compared to budget of 98.0% and 98.6% in the first quarter of
2019).
The Namibian government has communicated that it continues to
support safe mining but has directed mines to reduce staffing to
minimal levels. The Company has accordingly implemented temporary
measures at the Otjikoto Mine to reduce employees active on site to
the minimum levels required to continue with mining and milling
operations. In the short term, the Company has flexibility to
access higher grade areas in the Otjikoto Phase 2 and Wolfshag
Phase 2 pits earlier than anticipated in the budgeted 2020 mining
sequence. Therefore, the Company is forecasting that operating
under the reduced temporary manpower scenario for up to the next
three months (including drawing on existing stockpiles as needed)
will not impact Otjikoto's production forecast for the second
quarter of 2020 nor its 2020 annual production guidance.
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.
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and
liquidity. The Company started the year with approximately
$140 million in cash and cash
equivalents and has continued to add to its consolidated cash
position during the first quarter of 2020. The Company continues to
monitor the ongoing global impact of the COVID-19 pandemic and has
sought to increase its overall cash liquidity by retaining a
significant portion of cash generated from operations within cash
and cash equivalents. Final reconciled cash balances will be
reported when the Company announces its first quarter of 2020
financial results on May 5, 2020.
During the first quarter of 2020, the Company paid dividends of
approximately $10 million and repaid
$25 million on its RCF, leaving an
RCF outstanding balance of $175
million as at March 31,
2020.
As a precautionary measure and given the current uncertainty
resulting from the COVID-19 pandemic, on April 8, 2020, the Company completed the draw
down of a further $250 million on its
$600 million RCF, resulting in a
total revised drawn down balance of $425
million and available undrawn capacity of $175 million. The Company currently has no plans
to utilize these funds for operating purposes given its strong
financial position or for acquisitions. The $250 million was drawn to provide additional
liquidity flexibility and assurance until the ultimate timing and
outcome of the COVID-19 pandemic can be reasonably determined. In
addition, the Company continues to monitor a wide range of outcomes
on its financial position, including reviewing discretionary
capital expenditures. At the present time, the Company has no
pending scheduled debt repayment other than normal scheduled
repayments on its Caterpillar equipment loan facilities nor any
significant capital commitments.
Based on current assumptions, including the continued strong
operating performance at each of the Company's mines and no other
unforeseen work stoppages due to COVID-19, the Company still
expects to have the option to repay the entire drawn balance of
$425 million under its RCF over the
course of the 2020 fiscal year and finish 2020 in a strong net
positive cash position.
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
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.
First Quarter 2020 Financial Results - Conference Call and
Webcast Details
B2Gold will release its first quarter 2020 financial results
after the North American markets close on Tuesday, May 5, 2020.
B2Gold executives will host a conference call to discuss the
First Quarter 2020 Earnings on Wednesday,
May 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/1493/34084. 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 9543136).
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
|
+1
604-681-8371
|
+1
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 $700 million in 2020; the anticipated repayment
of the outstanding RCF balance in 2020 and the availability of the
facility; 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; annual consolidated
gold production forecast to average 950,000 ounces between 2020 and
2024 with AISC averaging $825 per
ounce; the completion of the expansion at Fekola and the timing and
results thereof; 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, including the impact of the temporary suspension of
operations in Nicaragua and
withdrawal of Calibre's annual forecasted gold production, 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-corp-reports-record-quarterly-total-gold-production-of-262-632-oz-and-record-quarterly-gold-revenue-of-380-m-from-its-mines-for-the-first-quarter-of-2020-remains-on-track-to-meet-annual-guidance-of-1-000-000-to-1-055-000--301037890.html
SOURCE B2Gold Corp.