B2Gold Reports Strong Fourth Quarter and Full-Year 2020 Results; Annual Records for 2020 Gold Production, Gold Revenues and Operating Cash Flows; Declares 2021 First Quarter Dividend of $0.04 per Share – Gold Mine Saloon- Complete Guide to Gold, Stocks, Mining, Investing and More

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No Result View All Result Gold Mine Saloon- Complete Guide to Gold, Stocks, Mining, Investing and More No Result View All Result Home Gold B2Gold Reports Strong Fourth Quarter and Full-Year 2020 Results; Annual Records for 2020 Gold Production, Gold Revenues and Operating Cash Flows; Declares 2021 First Quarter Dividend of $0.04 per Share admin by admin February 24, 2021 in Gold 0Why Mounting Pandemic And Vaccine Concerns May Create A Surge In Gold Prices189 SHARES1.5k VIEWS Share on Facebook Share on Twitter

VANCOUVER, BC, February 23, 2021 /PRNewswire/ – B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) (“B2Gold” or the “Firm”) is happy to announce its operational and monetary outcomes for the fourth quarter and full-year ending December 31, 2020. The Firm beforehand launched its gold manufacturing and gold income outcomes for the fourth quarter and full-year 2020, along with its manufacturing and finances steering for 2021. In 2021, the Firm is forecasting complete gold manufacturing of between 970,000 and 1,030,000 ounces. All greenback figures are in United States {dollars} until in any other case indicated.

2020 Fourth Quarter Highlights

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  • Complete gold manufacturing of 270,469 ounces (together with 14,150 ounces of attributable manufacturing from Calibre Mining Corp. (“Calibre”)) and consolidated gold manufacturing of 256,319 ounces from the Firm’s three working mines
  • Consolidated gold revenues of $480 million, a major enhance of $166 million (53%) over the fourth quarter of 2019 (excluding revenues from discontinued operations)
  • Consolidated money stream offered by working actions of $197 million, a rise of $52 million (36%) over the fourth quarter of 2019 (and is web of a voluntary tax installment fee of $50 million made in December 2020 associated to the Fekola Mine’s 2020 tax obligations)
  • Complete consolidated money working prices (see “Non-IFRS Measures”) of $473 per ounce produced ($461 per ounce offered); complete consolidated all-in sustaining prices (“AISC”) (see “Non-IFRS Measures”) of $926 per ounce offered (together with the Firm’s estimated attributable share of Calibre’s outcomes)
  • Web revenue attributable to the shareholders of the Firm of $168 million ($0.16 per share); adjusted web revenue (see “Non-IFRS Measures”) attributable to the shareholders of the Firm of $147 million ($0.14 per share)

2020 Full-Yr Highlights

  • Document annual complete gold manufacturing of 1,040,737 ounces (together with 45,479 ounces of attributable manufacturing from Calibre), on the higher finish of the steering vary (of between 1,000,000 – 1,055,000 ounces)
  • Document annual consolidated gold manufacturing from the Firm’s three working mines of 995,258 ounces, on the higher finish of the steering vary (of between 955,000 – 1,005,000 ounces), and considerably larger by 17% (144,142 ounces) over 2019 (excluding discontinued operations), marking the twelfth consecutive 12 months of document annual consolidated gold manufacturing
  • Document annual consolidated gold revenues of $1.79 billion, a major enhance of $0.63 billion (55%) over 2019 (excluding revenues from discontinued operations)
  • Document annual consolidated money stream offered by working actions of $951 million, a major enhance of $459 million (93%) over 2019
  • Complete consolidated money working prices (together with the Firm’s estimated attributable share of Calibre’s outcomes) of $423 per ounce produced ($422 per ounce offered), close to the low finish of the Firm’s steering vary (of between $415 – $455 per ounce), and complete consolidated AISC of $788 per ounce offered, close to the low finish of the steering vary (of between $780 – $820 per ounce offered)
  • Web revenue of $672 million (together with a web impairment reversal for the Masbate Mine of $122 million); web revenue attributable to the shareholders of the Firm of $628 million ($0.60 per share); adjusted web revenue attributable to the shareholders of the Firm of $515 million ($0.49 per share)
  • B2Gold maintains a robust monetary place and liquidity with money and money equivalents of $480 million at December 31, 2020; through the third quarter of 2020, the Firm totally repaid the excellent Revolving Credit score Facility (“RCF”) steadiness of $425 million with the total quantity of the $600 million RCF now undrawn and accessible
  • B2Gold’s quarterly dividend price was elevated within the third quarter of 2020 by 100% to $0.04 per frequent share (or an annualized price of $0.16 per frequent share), one of many highest dividend yields within the gold sector
  • For 2021, B2Gold stays nicely positioned for continued sturdy operational and monetary efficiency with complete manufacturing steering of between 970,000 – 1,030,000 ounces of gold (together with attributable ounces projected from Calibre of between 50,000 – 60,000 ounces) with complete consolidated forecast money working prices of between $500 – $540 per ounce and complete consolidated AISC of between $870 – $910 per ounce; consolidated money working prices and AISC per ounce are forecast to be larger than 2020, primarily because of the deliberate decrease manufacturing and better deliberate stripping actions at Fekola, larger forecast gas and labour prices in Mali, and the drawdown of ore stockpiles at Otjikoto
  • Following a really profitable 12 months for exploration in 2020, B2Gold is planning a 12 months of aggressive exploration in 2021 with a finances of roughly $66 million (excluding Gramalote), together with a document $25 million allotted to top quality targets for the Firm’s ongoing grassroots exploration packages

Regardless of a number of the challenges that the present COVID-19 pandemic has created worldwide and in every of the areas the place the Firm operates or is head-quartered, the Firm continues to function just about unimpeded. The B2Gold govt crew may be very pleased with the Firm’s staff’ dedication and resilience in these difficult instances and imagine it’s partially because of the govt crew’s and mine administration’s years of expertise in all elements of worldwide mining, and the Firm’s tradition of treating all its stakeholders with equity, respect and transparency. This profitable strategy is mirrored once more within the Firm’s document efficiency in 2020.

The Firm continues to deal with the COVID-19 pandemic and decrease its potential impression at B2Gold’s operations. B2Gold locations the protection and well-being of its workforce and all stakeholders as its highest precedence and continues to encourage enter from all its stakeholders because the COVID-19 scenario evolves. The Firm continues to implement measures and precautionary steps to handle and reply to the dangers related to COVID-19 to make sure the protection of B2Gold’s staff, contractors, suppliers and surrounding communities the place the Firm works whereas persevering with to function. The Firm is frequently updating these plans and response measures primarily based on the protection and well-being of its workforce, the severity of the pandemic in areas the place it operates, international response measures, authorities restrictions and intensive group session. The Firm is working intently with nationwide and native authorities, together with labour unions, and continues to intently monitor every website’s scenario, together with public and worker sentiment to make sure that stakeholders are in alignment with continued secure operation of its mines.

2020 Full-Yr and Fourth Quarter Operational Outcomes and Improvement

Regardless of the challenges of the COVID-19 pandemic, B2Gold had one other exceptional 12 months of sturdy progress in 2020, with the achievement of B2Gold’s twelfth consecutive 12 months of document annual gold manufacturing. The Firm’s complete gold manufacturing for 2020 was an annual document of 1,040,737 ounces (together with 45,479 ounces of attributable manufacturing from Calibre), on the higher finish of the steering vary (of between 1,000,000 – 1,055,000 ounces). Consolidated gold manufacturing from the Firm’s three working mines was an annual document of 995,258 ounces of gold, on the higher finish of the steering vary (of between 955,000 – 1,005,000 ounces), and considerably larger by 17% (144,142 ounces) than 2019 (excluding discontinued operations). The numerous enhance in gold manufacturing over 2019 was pushed by the Fekola Mine in Mali, which produced an annual document of 622,518 ounces of gold, exceeding the higher finish of its steering vary (of between 590,000 – 620,000 ounces). Between the graduation of Fekola’s operations in September 2017 and December 31, 2020, the Fekola Mine has produced over 1.6 million ounces of gold (which is 155,000 ounces greater than initially forecast below Fekola’s Definitive Feasibility Examine over this era). The Masbate Mine in the Philippines achieved one other sturdy 12 months in 2020, producing 204,699 ounces of gold, on the midpoint of its steering vary (of between 200,000 – 210,000 ounces). Masbate’s sturdy operational efficiency was achieved regardless of a five-day momentary suspension of mining actions within the first quarter of 2020 as a result of gas shortages referring to COVID-19 restrictions, and a magnitude 6.6 earthquake roughly 90 kilometres from the mine website on August 18, 2020, suspending mining and processing operations for 5 and 6 days, respectively, as inspections had been carried out to substantiate there was no injury to the mine from the earthquake. The Otjikoto Mine in Namibia additionally had one other stable 12 months in 2020, producing 168,041 ounces of gold, close to the midpoint of its steering vary (of between 165,000 – 175,000 ounces).

The Firm’s full-year 2020 complete consolidated money working prices (together with the Firm’s estimated attributable share of Calibre’s outcomes) had been $423 per ounce produced ($422 per ounce offered), close to the low finish of its steering vary (of between $415 – $455 per ounce), and 17% decrease ($89 per ounce produced) in comparison with 2019. Consolidated money working prices from the Firm’s three working mines had been $406 per ounce produced ($405 per ounce offered). Decrease gas prices, a weaker Namibian greenback and modifications to mine sequencing because of responding to COVID-19 challenges had been the first causes for the money working prices per ounce being decrease than each finances and 2019. Within the fourth quarter of 2020, the Firm’s complete consolidated money working prices (together with the Firm’s estimated attributable share of Calibre’s outcomes) had been $473 per ounce produced ($461 per ounce offered) and consolidated money working prices from the Firm’s three working mines had been $458 per ounce produced ($446 per ounce offered). The consolidated money working prices per ounce for the fourth quarter of 2020 had been larger than budgeted, primarily as a result of larger than budgeted prices on the Fekola Mine, together with larger heavy gas oil (“HFO”) costs, larger labor prices as a result of COVID-19 and mining sequence modifications.

The Firm’s full-year 2020 complete consolidated AISC (together with the Firm’s estimated attributable share of Calibre’s outcomes) had been $788 per gold ounce offered (full-year 2019 – $862 per gold ounce offered), close to the low finish of its steering vary (of between $780 – $820 per ounce offered). Consolidated AISC from the Firm’s three working mines had been $774 per ounce offered. AISC had been close to the low-end of the steering vary, because of decrease than budgeted money working prices, larger than budgeted gold ounces offered, decrease common and administrative prices and decrease than budgeted sustaining capital expenditures ($24 million), partially offset by elevated royalties because of larger gold costs. Within the fourth quarter of 2020, the Firm’s complete consolidated AISC (together with the Firm’s estimated attributable share of Calibre’s outcomes) had been $926 per ounce offered and consolidated AISC from the Firm’s three working mines had been $917 per ounce offered. As anticipated, consolidated AISC for the fourth quarter of 2020 had been larger than finances because of the anticipated make amends for budgeted sustaining capital that had been delayed from earlier quarters of 2020, larger than budgeted money working prices and elevated royalties because of larger gold costs.

The Firm’s enlargement and improvement initiatives additionally progressed nicely all through 2020: 

  • At Fekola, profitable commissioning of the Fekola mill enlargement to 7.5 million tonnes every year (“Mtpa”) (a rise of 1.5 Mtpa from an assumed base price of 6 Mtpa), occurred on September 10, 2020, a number of weeks forward of the scheduled completion date of September 30, 2020. The Fekola mill has the potential to run above the annualized throughput price of seven.5 Mtpa and evaluation is at the moment underway to find out the optimum throughput price (for 2021 budgeting functions the Firm has assumed a throughput price of seven.75 Mtpa). Remobilization of the Fekola photo voltaic plant development group started in mid-September 2020, following a short lived suspension of development actions in April 2020 as a result of COVID-19.
  • At Otjikoto, improvement of the Wolfshag underground mine continues to progress nicely and on schedule. Within the third quarter of 2020, the mining contractor was mobilized, and improvement of the portal and first underground ramp has now commenced. Stope ore manufacturing is predicted to start in early 2022, in-line with unique estimates.
  • On the Gramalote Challenge, feasibility work continued all year long, together with the recommencement of drilling on Might 11, 2020, with infill useful resource drilling accomplished on August 21, 2020. Throughout the fourth quarter of 2020, an up to date useful resource mannequin for Gramalote was accomplished, offering the knowledge essential to advance pit design and mining engineering research. Feasibility stage metallurgical research and course of plant design had been accomplished by year-end and infrastructure design work continues. The outcomes of the Gramalote Feasibility Examine are anticipated to be introduced in April 2021, with a development resolution anticipated to be made shortly thereafter.

Wanting ahead to 2021, B2Gold stays nicely positioned for continued sturdy operational and monetary efficiency. The Firm’s complete gold manufacturing is forecast to be between 970,000 – 1,030,000 ounces (together with 50,000 – 60,000 ounces attributable ounces projected from Calibre) in 2021, with complete consolidated money working prices forecast to be between $500 – $540 per ounce and complete consolidated AISC forecast to be between $870 – $910 per ounce.

The Firm’s consolidated gold manufacturing from its three working mines is forecast to be between 920,000 – 970,000 ounces in 2021, with consolidated money working prices forecast to be between $480 – $520 per ounce and consolidated AISC forecast to be between $860 – $900 per ounce. The Firm’s 2021 manufacturing steering doesn’t embody the potential upside to extend Fekola’s gold manufacturing in 2021 from further mining areas and processing capability at the moment being investigated.

The Firm’s consolidated gold manufacturing from its three working mines is predicted to be considerably weighted to the second half of 2021 because of the deliberate vital waste stripping at each the Fekola and Otjikoto Mines within the first half of 2021 (for Section 5 and Section 6 of the Fekola Pit, and Section 3 of the Wolfshag and Otjikoto Pits). For the primary half of 2021, consolidated gold manufacturing is predicted to be between 365,000 – 385,000 ounces, which is predicted to extend considerably to between 555,000 – 585,000 ounces through the second half of 2021 when mining reaches the upper grade portion of Section 5 of the Fekola Pit and Section 3 of the Wolfshag Pit. Based mostly primarily on the weighting of manufacturing and timing of stripping, consolidated money working prices are anticipated to be between $620 – $660 per ounce within the first half of 2021, earlier than considerably bettering to between $380 – $420 per ounce through the second half of 2021. As well as, consolidated AISC are anticipated to be between $1,040 – $1,080 per ounce within the first half of 2021, earlier than considerably bettering to between $745 – $785 per ounce through the second half of 2021. 

Based mostly on present working plans, over a five-year outlook from 2020 to 2024, annual consolidated gold manufacturing is forecast to common 950,000 ounces with AISC averaging $825 per ounce. 

2020 Full-Yr and Fourth Quarter Monetary Outcomes

For full-year 2020, consolidated gold income was a document $1.79 billion on gross sales of 1,006,455 ounces at a mean worth of $1,777 per ounce, in comparison with $1.16 billion on gross sales of 827,800 ounces at a mean worth of $1,396 per ounce in 2019 (excluding revenues from discontinued operations). This vital enhance in gold income of 55% ($0.63 billion) was 33% attributable to the rise within the common realized gold worth and 22% attributable to the rise in gold ounces offered (primarily because of the larger gold manufacturing).

For the fourth quarter of 2020, consolidated gold income was $480 million on gross sales of 256,655 ounces at a mean worth of $1,868 per ounce, in comparison with $314 million on gross sales of 211,800 ounces at a mean worth of $1,481 per ounce within the fourth quarter of 2019 (excluding revenues from discontinued operations). This vital enhance in gold income of 53% ($166 million) was 32% attributable to the rise within the common realized gold worth and 21% attributable to the rise in gold ounces offered (primarily because of the larger gold manufacturing).

For full-year 2020, money stream offered by working actions was a document $951 million in comparison with $492 million in 2019. This vital enhance of $459 million (93%) mirrored the numerous enhance in gold income, because of larger realized gold costs and gross sales. In December 2020, the Firm elected to make a voluntary installment prepayment of Fekola revenue taxes of $50 million. This prepayment will cut back the ultimate installment quantity payable due in April 2021 for Fekola’s 2020 revenue taxes by a corresponding quantity of $50 million.

For the fourth quarter of 2020, money stream offered by working actions was $197 million in comparison with $145 million within the fourth quarter of 2019, a rise of $52 million (36%) over the fourth quarter of 2019 (and is web of a voluntary tax installment fee of $50 million made in December 2020 associated to the Fekola Mine’s 2020 tax obligations).

For full-year 2020, the Firm generated web revenue of $672 million in comparison with $316 million in 2019. Within the third quarter of 2020, the Firm recognized a better sustained long-term gold worth as an indicator of impairment reversal for the Masbate Mine, leading to a web impairment reversal of $122 million (pre-tax $174 million impairment reversal much less $52 million deferred tax expense). Web revenue attributable to the shareholders of the Firm was $628 million ($0.60 per share) in comparison with $293 million ($0.29 per share) in 2019. Adjusted web revenue attributable to shareholders of the Firm was $515 million ($0.49 per share) in comparison with $219 million ($0.22 per share) in 2019.

For the fourth quarter of 2020, web revenue was $174 million in comparison with $182 million within the fourth quarter of 2019. Web revenue attributable to the shareholders of the Firm was $168 million ($0.16 per share) in comparison with $177 million ($0.17 per share) within the fourth quarter of 2019. Adjusted web revenue attributable to shareholders of the Firm was $147 million ($0.14 per share) in comparison with $65 million ($0.06 per share) within the fourth quarter of 2019.

Liquidity and Capital Assets

B2Gold maintains a robust monetary place and liquidity. Throughout the third quarter of 2020, the Firm totally repaid the excellent RCF steadiness of $425 million with the total quantity of the $600 million RCF now undrawn and accessible. As well as, at December 31, 2020, the Firm had money and money equivalents of $480 million (December 31, 2019 – $141 million) and dealing capital of $465 million (December 31, 2019 – $242 million).

Because of the Firm’s sturdy web optimistic money place, sturdy working outcomes and the present larger gold worth surroundings, B2Gold’s quarterly dividend price was elevated within the third quarter of 2020 by 100% to $0.04 per frequent share (or an annualized price of $0.16 per frequent share), one of many highest dividend yields within the gold sector.

In 2021, the Firm expects to generate cashflows from working actions of roughly $630 million, primarily based on present assumptions together with a mean gold worth of $1,800 per ounce. The Firm’s 2021 working cashflows are anticipated to be decrease than 2020, primarily as a result of decrease manufacturing, larger money working prices and better money tax funds together with the anticipated settlement of  remaining 2020 revenue tax liabilities of roughly $90 million (together with $75 million for Fekola) in April 2021 and the fee of the 2020 Fekola precedence dividend to the State of Mali of roughly $50 million which is due in mid-year 2021.

In 2021, the Firm is required to pay Fekola tax installments primarily based on a share of 2020’s complete revenue tax obligations. Any distinction between the precise money installments paid through the 12 months and the ultimate tax quantity owing for 2021 have to be settled within the April of the next 12 months, primarily based on Malian tax laws. As well as, quantities owing for the Fekola 2021 precedence dividend (which will likely be recorded within the revenue tax line for accounting functions within the 2021 Consolidated Assertion of Operations) have to be settled in money within the second quarter of 2022. The Firm is forecasting a present revenue tax, withholding and different taxes expense of roughly $300 million in 2021 (utilizing a gold worth assumption of $1,800 per ounce) and to make complete money revenue tax funds of roughly $380 million, together with $140 million associated to the 2020 excellent revenue tax obligations and Fekola’s 2020 precedence dividend obligation mentioned above. Based mostly on the estimated Fekola money tax installments to be paid in 2021, the Firm expects any excellent Fekola tax legal responsibility to be accrued at December 31, 2021 to be lower than $20 million. The Fekola precedence dividend obligation forecast to be accrued in 2021 is roughly $45 million and is predicted to be paid in June 2022.

First Quarter 2021 Dividend

On February 23, 2021, B2Gold’s Board of Administrators declared a money dividend for the primary quarter of 2021 of $0.04 per frequent share (or an anticipated $0.16 per share on an annualized foundation), payable on March 16, 2021 to shareholders of document as of March 8, 2021.

As a part of the long-term technique to maximise shareholder worth, B2Gold expects to declare future quarterly dividends on the identical degree. This dividend is designated as an “eligible dividend” for the needs of the Revenue Tax Act (Canada). Dividends paid by B2Gold to shareholders outdoors Canada (non-resident traders) will likely be topic to Canadian non-resident withholding taxes.

The declaration and fee of future dividends and the quantity of any such dividends will likely be topic to the willpower of the Board, in its sole and absolute discretion, bearing in mind, amongst different issues, financial circumstances, enterprise efficiency, monetary situation, progress plans, anticipated capital necessities, compliance with the B2Golds’s constating paperwork, all relevant legal guidelines, together with the foundations and insurance policies of any relevant inventory trade, in addition to any contractual restrictions on such dividends, together with any agreements entered into with lenders to the Firm, and some other elements that the Board deems acceptable on the related time. There will be no assurance that any dividends will likely be paid on the supposed price or in any respect sooner or later. 

2020 Operations

Mine-by-mine gold manufacturing within the fourth quarter and full-year 2020 (together with the Firm’s approximate 33% share of Calibre’s manufacturing) was as follows:  

Mine

This autumn 2020
Gold Manufacturing
(ounces)

Full-Yr 2020
Gold Manufacturing
(ounces)

2020
Annual Steerage
Gold Manufacturing (ounces)

Fekola

158,548

622,518

590,000 – 620,000

Masbate

57,566

204,699

200,000 – 210,000

Otjikoto

40,205

168,041

165,000 – 175,000





B2Gold Consolidated (1)

256,319

995,258

955,000 – 1,005,000





Fairness curiosity in Calibre (2) 

14,150

45,479

45,000 – 50,000





Complete

270,469

1,040,737

1,000,000 – 1,055,000

(1)

“B2Gold Consolidated” – gold manufacturing is introduced on a 100% foundation, as B2Gold totally consolidates the outcomes of its Fekola, Masbate and Otjikoto mines in its consolidated monetary statements (although it doesn’t personal 100% of those operations).   

(2)

“Fairness curiosity in Calibre” – represents the Firm’s approximate 33% oblique share of the operations of Calibre’s El Limon and La Libertad mines in Nicaragua. B2Gold applies the fairness technique of accounting for its possession curiosity in Calibre.   

Mine-by-mine money working prices per ounce (on a per ounce of gold produced foundation) within the fourth quarter and full-year 2020 had been as follows (introduced on a 100% foundation):  

Mine

This autumn 2020
Money Working Prices
($ per ounce produced)

Full-Yr 2020
Money Working Prices
($ per ounce produced)

2020
Annual Steerage
Money Working Prices
($ per ounce)

Fekola

$397

$320

$285 – $325

Masbate

$585

$629

$665 – $705

Otjikoto

$520

$453

$480 – $520

B2Gold Consolidated

$458

$406

$395 – $440





Fairness curiosity in Calibre

$734

$792

$720 – $760





Complete

$473

$423

$415 – $455

Mine-by-mine money working prices per ounce (on a per ounce of gold offered foundation) within the fourth quarter and full-year 2020 had been as follows (introduced on a 100% foundation):  

Mine

This autumn 2020
Money Working Prices
($ per ounce offered)

Full-Yr 2020
Money Working Prices
($ per ounce offered)

2020
Annual Steerage
Money Working Prices
($ per ounce)

Fekola

$385

$320

$285 – $325

Masbate

$546

$638

$665 – $705

Otjikoto

$501

$437

$480 – $520

B2Gold Consolidated

$446

$405

$395 – $440





Fairness curiosity in Calibre

$738

$796

$720 – $760





Complete

$461

$422

$415 – $455

Mine-by-mine AISC (on a per ounce of gold offered foundation) within the fourth quarter and full-year 2020 had been as follows (introduced on a 100% foundation):  

Mine

This autumn 2020
AISC
($ per ounce offered)

Full-Yr 2020
AISC
($ per ounce offered)

2020
Annual Steerage
AISC
($ per ounce)

Fekola

$736

$599

$555 – $595

Masbate

$930

$985

$965 – $1,005

Otjikoto

$1,200

$920

$1,010 – $1,050

B2Gold Consolidated

$917

$774

$765 – $805





Fairness curiosity in Calibre

$1,090

$1,090

$1,020 – $1,060





Complete

$926

$788

$780 – $820

Fekola Gold Mine – Mali

The Fekola Mine in Mali had a document 12 months in 2020, producing an annual document of 622,518 ounces of gold, exceeding the higher finish of its steering vary (of between 590,000 – 620,000 ounces), as processed grade, tonnes and recoveries all exceeded finances. Gold manufacturing for the 12 months additionally elevated considerably by 37% (166,708 ounces) over 2019, primarily because of the enlargement of the Fekola mining fleet and optimization of the pit designs and mine plan for 2020, which offered entry to larger grade parts of the Fekola deposit sooner than anticipated in earlier mine plans. Between the graduation of Fekola’s operations in September 2017 to December 31, 2020, the Fekola Mine has produced over 1.6 million ounces of gold (which is 155,000 ounces greater than initially forecast below Fekola’s Definitive Feasibility Examine over this era). As at December 31, 2020, the Fekola Mine had achieved 347 days with no misplaced time harm (“LTI”). Within the fourth quarter of 2020, the Fekola Mine produced 158,548 ounces of gold, considerably larger than the fourth quarter of 2019 by 33% (39,305 ounces).   

In September 2020, the commissioning of the Fekola mill enlargement to 7.5 Mtpa (a rise of 1.5 Mtpa from an assumed base price of 6 Mtpa) was efficiently accomplished a number of weeks forward of schedule. The Fekola mill has the potential to run above the expanded annualized throughput price of seven.5 Mtpa and evaluation is at the moment underway to find out the optimum throughput price. For 2021 budgeting functions, the Firm has assumed a throughput price of seven.75 Mtpa. As well as, considerably all the Fekola mine fleet enlargement tools deliberate for 2020 (together with excavators, vehicles, and drill rigs) have now arrived on website and are operational, with the general mine enlargement now materially full.

For full-year 2020, mill feed grade was 2.99 grams per tonne (“g/t”) in comparison with finances of two.91 g/t and a couple of.16 g/t in 2019; mill throughput was 6.87 million tonnes in comparison with finances of 6.84 million tonnes and 6.98 million tonnes in 2019; and gold restoration averaged 94.3% in comparison with finances of 93.8% and 94.2% in 2019. The marginally decrease mill throughput in 2020 in comparison with 2019 was primarily because of the deliberate downtime for the Fekola mill enlargement tie-ins and softer low-grade ore being processed in 2019.

For full-year 2020, Fekola’s money working prices had been $320 per ounce produced ($320 per ounce offered), close to the higher finish of its steering vary (of between $285 – $325 per ounce), and 15% decrease ($55 per ounce produced) in comparison with 2019. Complete mining prices for the 12 months had been marginally larger than finances as a result of mining sequence modifications and better labor prices associated to COVID-19 funds whereas processing prices had been larger than finances as a result of larger than budgeted HFO prices. Within the fourth quarter of 2020, Fekola’s money working prices had been $397 per gold ounce produced ($385 per gold ounce offered).  

Fekola’s AISC for the full-year 2020 had been $599 per ounce offered, nominally above the higher finish of its steering vary (of between $555 – $595 per ounce), and seven% decrease ($42 per ounce offered) in comparison with 2019. Larger than budgeted money working prices and elevated royalties because of larger gold costs had been partially offset by larger than budgeted gold ounces offered and decrease than budgeted sustaining capital expenditures. The decrease sustaining capital expenditures had been primarily attributable to decrease pre-stripping prices for the Fekola Pit (Phases 5 and 6) totaling $16 million, ensuing from mining sequence modifications, and roughly $4 million of total sustaining prices financial savings versus finances on the tailings storage facility undertaking, accomplished in 2020. Within the fourth quarter of 2020, Fekola’s AISC had been $736 per ounce offered. Fekola’s AISC for the fourth quarter of 2020 had been larger than finances because of the anticipated make amends for budgeted sustaining capital expenditures that had been delayed from earlier quarters of 2020, larger than budgeted money working prices and elevated royalties because of larger gold costs.

Capital expenditures for the full-year 2020 totaled $184 million, together with $60 million for the mining fleet enlargement, $39 million for the processing mill enlargement, $22 million for the solar energy plant, $30 million for pre-stripping, $10 million for cell tools rebuilds and $4 million for tailing storage services. Capital expenditures within the fourth quarter of 2020 totaled $28 million and consisted of $9 million for pre-stripping, $8 million for cell tools rebuilds, $3 million for the mining fleet enlargement and $4 million for the solar energy plant.

The low-cost Fekola Mine is predicted to supply between 530,000 – 560,000 ounces of gold in 2021 at money working prices of between $405 – $445 per ounce and AISC of between $745 – $785 per ounce. Fekola’s gold manufacturing is forecast to be decrease in 2021 as a result of waste stripping and decrease mined ore grades anticipated within the first half of 2021, as Section 5 and 6 of the Fekola Pit are developed. Nevertheless, further mining areas and processing capability are at the moment being investigated, with the potential to extend Fekola’s budgeted 2021 and long-term gold manufacturing. The close by Cardinal (positioned inside 500 metres of the present Fekola useful resource pit) and Anaconda space (positioned 20 kilometres north of Fekola) embody each saprolite and hard-rock gold mineralization, with the potential to start mining in 2021, topic to acquiring all obligatory permits. Grade management drilling is underway at a portion of the Cardinal deposit to allow it to be mined for processing on the Fekola mill within the second quarter of 2021. As well as, mill processing trials carried out within the fourth quarter of 2020 reveal the potential to optimize the grind-throughput capability of the expanded facility and enhance hard-rock throughput to roughly 8.0 Mtpa, and assist the addition of saprolite ore tonnage in extra of the hard-rock capability.

Because of the deliberate waste stripping and decrease mined ore grades within the first half of 2021, as Section 5 and 6 of the Fekola Pit are developed, manufacturing is predicted to be considerably weighted to the second half of 2021 (when mining reaches the upper grade portion of Section 5 of the Fekola Pit). For the primary half of 2021, Fekola’s gold manufacturing is predicted to be between 220,000 – 230,000 ounces, which is predicted to extend considerably to between 310,000 – 330,000 ounces through the second half of 2021. Based mostly primarily on the weighting of manufacturing and timing of waste stripping, Fekola’s money working prices are anticipated to be between $530 – $570 per ounce within the first half of 2021, earlier than considerably bettering to between $315 – $355 per ounce through the second half of 2021. As well as, Fekola’s AISC are anticipated to be between $850 – $890 per ounce within the first half of 2021, earlier than considerably bettering to between $670 – $710 per ounce through the second half of 2021. 

Fekola Photo voltaic Plant

Following the momentary suspension of photo voltaic plant development actions in April 2020 as a result of COVID-19 restrictions, website actions recommenced on October 2, 2020, and development progress is now roughly 90% full. On January 5, 2021, a fireplace within the photo voltaic storage yard destroyed roughly 25% of the photo voltaic panels for the undertaking. Alternative panels have been sourced, and are scheduled to arrived at website by early Might 2021. Roughly 25% of the photo voltaic subject got here on line on January 28, 2021 and, primarily based on present projections, the Firm expects that photo voltaic manufacturing will attain 75% of full capability by the top of March 2021. The remaining 25% is contingent on the supply of the substitute panels, however full development completion is now projected by the top of the second quarter of 2021. The Firm doesn’t anticipate any vital impression on Fekola’s 2021 budgeted money working prices because of the delay in completion of the photo voltaic plant and expects that losses incurred will likely be coated by the Firm’s insurance coverage.  

The prevailing HFO and diesel energy plant have an put in capability of 64 megawatts whereas Fekola’s expanded mill services require solely roughly 40 megawatts for steady operations. The photo voltaic plant is subsequently not a obligatory part to maintain the upper course of plant manufacturing price however is predicted to scale back Fekola’s working prices and emissions by lowering energy plant gas consumption and upkeep prices. When the plant is totally commissioned, it should cut back HFO consumptions by over 13 million litres per 12 months and decrease carbon dioxide emissions by an estimated 39,000 tonnes per 12 months.

Masbate Gold Mine – the Philippines

The Masbate Mine in the Philippines achieved one other sturdy 12 months in 2020, producing 204,699 ounces of gold, on the midpoint of its steering vary (of between 200,000 – 210,000 ounces). Masbate’s sturdy operational efficiency was achieved regardless of a 5 day momentary suspension of mining actions within the first quarter of 2020 as a result of gas shortages referring to COVID-19 restrictions, and a magnitude 6.6 earthquake roughly 90 kilometres from the mine website on August 18, 2020, suspending mining and processing operations for 5 and 6 days, respectively, as inspections had been carried out to substantiate there was no injury to the mine from the earthquake. As well as, Masbate operations continued to run usually following a brilliant storm (Hurricane Goni), which first made landfall in the Philippines on November 1, 2020. In comparison with 2019, gold manufacturing in 2020, as deliberate, was decrease by 6% (12,641 ounces), as 2019 benefited from larger grade ore tonnage from the Foremost Vein Pit. The Masbate Mine continued its exceptional security efficiency, extending the variety of days with out an LTI to 776 days as at December 31, 2020. Masbate had a robust end to the 12 months, producing 57,566 ounces of gold within the fourth quarter of 2020, considerably larger than the fourth quarter of 2019 by 13% (6,825 ounces), primarily as a result of larger recoveries (because of mining extra oxide ore).  

For full-year 2020, mill feed grade was 1.00 g/t in comparison with finances of 1.01 g/t and 1.16 g/t in 2019; mill throughput was 7.76 million tonnes in comparison with finances of 8.2 million tonnes and eight.0 million tonnes in 2019; and gold restoration averaged 82.3% in comparison with finances of 76.3% and 73.2% in 2019. Common gold recoveries had been above finances as a result of mining extra oxide ore than budgeted.

For full-year 2020, Masbate’s money working prices had been $629 per ounce produced ($638 per ounce offered) (full-year 2019 – $594 per ounce produced), nicely under the low finish of its steering vary (of between $665 – $705 per ounce), reflecting decrease than budgeted diesel and HFO costs. As well as, mined tonnage and waste stripping exercise was lower than budgeted and haulage distances had been shorter, all of which decreased mining prices per tonne. Within the fourth quarter of 2020, Masbate’s money working prices had been $585 per ounce produced ($546 per ounce offered).  

Masbate’s AISC for the full-year 2020 had been $985 per ounce offered (full-year 2019 – $815 per ounce offered), on the midpoint of its steering vary (of between $965 – $1,005 per ounce). Within the fourth quarter of 2020, Masbate’s AISC had been $930 per ounce offered. As anticipated, Masbate’s AISC for the fourth quarter of 2020 had been larger than finances because of the anticipated make amends for budgeted sustaining capital expenditures that had been delayed from earlier quarters of 2020.

Capital expenditures totaled $34 million in 2020, together with cell tools purchases and rebuilds of $15 million, pre-stripping of $6 million, processing tools substitute prices of $4 million and tailings storage facility initiatives of $4 million. Capital expenditures for the fourth quarter of 2020 totaled $15 million consisting primarily of $7 million of cell tools purchases and rebuilds and $2 million of pre-stripping.

The Masbate Mine is predicted to supply between 200,000 – 210,000 ounces of gold in 2021 at money working prices of between $650 – $690 per ounce and AISC of between $955 – $995 per ounce. Masbate’s gold manufacturing is scheduled to be comparatively constant all through 2021.

Otjikoto Gold Mine – Namibia

The Otjikoto Mine in Namibia additionally had one other stable 12 months in 2020, producing 168,041 ounces of gold, close to the midpoint of its steering vary (of between 165,000 – 175,000 ounces). In comparison with 2019, gold manufacturing, as deliberate, was decrease by 6% (9,925 ounces) in 2020, as 2019 benefited from extra high-grade ore tonnes being mined from Section 2 of the Wolfshag Pit. The Otjikoto Mine has a exceptional security document, with no LTI’s from March 27, 2018 till October 29, 2020, when an LTI for a fractured ankle occurred. As at December 31, 2020, the Otjikoto Mine had achieved 63 days with out an LTI. Within the fourth quarter of 2020, the Otjikoto Mine produced 40,205 ounces of gold (fourth quarter of 2019 – 58,422 ounces). 

For full-year 2020, mill feed grade was 1.52 g/t in comparison with finances of 1.55 g/t and 1.64 g/t in 2019; mill throughput was 3.51 million tonnes in comparison with finances of three.41 million tonnes and three.42 million tonnes in 2019; and gold restoration averaged 98.4% in comparison with finances of 98.0% and 98.7% in 2019.

For full-year 2020, Otjikoto’s money working prices had been $453 per ounce produced ($437 per ounce offered) (full-year 2019 – $461 per ounce produced), nicely under its steering vary (of between $480 – $520 per ounce), primarily as a result of larger than budgeted manufacturing, decrease than budgeted gas costs and a weaker Namibian greenback in comparison with the US greenback. Within the fourth quarter of 2020, Otjikoto’s money working prices had been $520 per ounce produced ($501 per ounce offered).  

Otjikoto’s AISC for the full-year 2020 had been $920 per ounce offered (full-year 2019 – $895 per ounce offered), nicely under the low finish of its steering vary (of between $1,010 – $1,050 per ounce), reflecting decrease than budgeted money working prices, larger than budgeted gold ounces offered and decrease than budgeted sustaining capital expenditures (together with decrease than budgeted pre-stripping prices). Within the fourth quarter of 2020, Otjikoto’s AISC had been $1,200 per ounce offered, and had been larger than finances primarily due decrease than budgeted gold ounces offered and the anticipated make amends for budgeted sustaining capital expenditures that had been delayed from earlier quarters of 2020.

Capital expenditures totaled $67 million in 2020, primarily consisting of $47 million for pre-stripping for the Otjikoto Pit Phases 3 and 4 and Wolfshag Pit Section 3, $10 million in cell tools rebuilds and replacements and $7 million for Wolfshag underground improvement. Capital expenditures for the fourth quarter of 2020 totaled $25 million primarily consisting of $16 million for pre-stripping, $4 million in cell tools rebuilds and replacements and $4 million for Wolfshag underground improvement.

The Otjikoto Mine in Namibia is predicted to supply between 190,000 – 200,000 ounces of gold in 2021, a major enhance of roughly 16% (in comparison with 168,041 ounces produced in 2020), and is within the vary of Otjikoto’s annual manufacturing document (of 191,534 ounces achieved in 2017), as high-grade ore is scheduled to be sourced from Section 3 of the Wolfshag Pit within the second half of 2021. Otjikoto’s money working prices are forecast to be between $480 – $520 per ounce and AISC to be between $830 – $870 per ounce.

The Wolfshag ore zone is slender and excessive grade, with pit and section strip ratios that lead to a extremely variable gold manufacturing profile. Roughly 70% of the gold produced in 2021 is predicted to be mined from Section 3 of the Wolfshag Pit, with materials ore manufacturing beginning early within the third quarter of 2021 following the waste stripping marketing campaign. Because of the timing of this high-grade ore mining, Otjikoto’s manufacturing is predicted to be considerably weighted to the second half of 2021. For the primary half of 2021, Otjikoto’s gold manufacturing is predicted to be between 45,000 – 50,000 ounces, which is predicted to extend considerably to between 145,000 – 150,000 ounces through the second half of 2021. Based mostly primarily on the weighting of the deliberate manufacturing and timing of upper waste stripping, Otjikoto’s money working prices are anticipated to be between $940 – $980 per ounce within the first half of 2021, earlier than considerably bettering to between $330 – $370 per ounce through the second half of 2021. As well as, Otjikoto’s AISC are anticipated to be between $1,600 – $1,640 per ounce within the first half of 2021, earlier than considerably bettering to between $580 – $620 per ounce through the second half of 2021. Within the first quarter of 2021, forecast gold manufacturing at Otjikoto is decrease and forecast prices are larger than the second quarter of 2021, because of the vital quantity of waste stripping and decrease stockpile grades processed early within the 12 months.    

Otjikoto’s larger 2021 gold manufacturing degree of between 190,000 – 200,000 ounces is predicted to proceed via to 2024, as manufacturing from Wolfshag underground is predicted to start in early 2022 and can complement ore from the Otjikoto Pit in addition to present medium and low-grade stockpiles for roughly three years primarily based on present estimates.

2020 Improvement

Gramalote Challenge (B2Gold – 50%/AngloGold Ashanti Restricted – 50%) – Colombia

B2Gold has a 50% curiosity within the Gramalote Challenge in Colombia, and on January 1, 2020 turned the operator of the undertaking. For full-year 2020, the Firm’s share of Gramalote capital expenditures totaled $19 million in comparison with a finances of $26 million.

Based mostly on the optimistic outcomes from Gramalote’s Up to date Preliminary Financial Evaluation (launched on January 21, 2020), B2Gold believes that the Gramalote Challenge has the potential to turn into a big, low-cost open-pit gold mine, topic to the outcomes of a ultimate feasibility examine.  

Throughout 2020, Gramalote efficiently carried out an in depth infill drill program of 42,500 meters that was accomplished in August 2020. The aim of the infill drilling was to substantiate and improve the Inferred Mineral Assets to Indicated standing to offer the idea for Gramalote’s Feasibility Examine. Throughout the fourth quarter of 2020, an up to date useful resource mannequin for Gramalote was accomplished, offering the knowledge essential to advance pit design and mining engineering research. Feasibility stage metallurgical research and course of plant design had been accomplished by year-end and infrastructure design work continues. The outcomes of the Gramalote Feasibility Examine are anticipated to be introduced in April 2021, with a development resolution anticipated to be made shortly thereafter.

Key social initiatives, together with resettlement work and artisanal miner formalization/relocation, continued to advance through the fourth quarter of 2020. Gramalote has additionally requested that the phrases of its EIA be modified which might enable a phased resettlement course of to happen as development proceeds, which is able to help in accelerating the development sequence. 

The preliminary 2021 finances for the Gramalote Challenge is $52 million (B2Gold’s 50% share is $26 million) for the continued improvement of the undertaking, together with continued environmental and social actions supporting native communities. The Gramalote finances additionally contains $9 million for exploration in 2021, which follows a profitable infill drill program in 2020 that supported an up to date useful resource mannequin, offering the idea for Gramalote’s Feasibility Examine. A complete of 18,000 metres of diamond drilling is deliberate in 2021, together with 8,000 metres for additional drilling at Gramalote Ridge and 10,000 metres at two satellite tv for pc deposits (Trinidad and Monjas West), that are proximal to the deliberate Gramalote infrastructure. 

Gramalote’s 2021 finances contains undertaking improvement as much as the feasibility completion and development resolution level within the second quarter of 2021, and subsequently doesn’t embody early works or development prices, reminiscent of mobilization and pioneering. A separate development finances is predicted to be developed for the second half of 2021, primarily based on a optimistic Gramalote Feasibility Examine and development resolution.

Kiaka Challenge – Burkina Faso

The Firm is at the moment updating the prevailing feasibility examine for the Kiaka Challenge in Burkina Faso, reflecting the potential for improved economics ensuing from decrease gas costs, various energy choices and a better gold worth. 

A Mineral Useful resource mannequin using further drill outcomes and revised mannequin interpretations was accomplished in December 2020. An up to date feasibility examine is underway using the brand new Mineral Useful resource and several other new ideas to scale back prices, together with a liquid pure fuel (“LNG”) hybrid energy plant mixed with photo voltaic and twin gas haul vehicles that burn a mixture of diesel gas and LNG. A bigger processing plant dimension of 12 Mtpa is being thought-about for this up to date feasibility examine. The Firm expects to have an inner resolution doc accomplished by the top of March 2021, with an up to date feasibility examine accomplished by the top of June 2021. The Kiaka Challenge improvement finances for 2021 is $5.4 million.

Abstract and Outlook

B2Gold had one other exceptional 12 months of sturdy progress in 2020, marking the twelfth consecutive 12 months of document annual gold manufacturing. The Firm’s complete gold manufacturing for 2020 was an annual document of 1,040,737 ounces, and consolidated gold manufacturing from the Firm’s three working mines was an annual document of 995,258 ounces of gold. Because of the Firm’s sturdy web optimistic money place, sturdy working outcomes and the present larger gold worth surroundings, B2Gold’s quarterly dividend price was elevated within the third quarter of 2020 by 100% to $0.04 per frequent share (or an annualized price of $0.16 per frequent share), one of many highest dividend yields within the gold sector.

Wanting ahead to 2021, B2Gold stays nicely positioned for continued sturdy operational and monetary efficiency with complete gold manufacturing steering of between 970,000 and 1,030,000 ounces in 2021, complete consolidated money working prices forecast to be between $500 and $540 per ounce and complete consolidated AISC forecast to be between $870 and $910 per ounce. The Firm’s consolidated gold manufacturing from its three working mines is forecast to be between 920,000 and 970,000 ounces in 2021. The Firm’s 2021 manufacturing steering doesn’t, nonetheless, embody the potential upside to extend Fekola’s gold manufacturing in 2021 from further mining areas and processing capability at the moment being investigated.

In reference to advancing the Firm’s pipeline of improvement initiatives, the Firm expects to announce the outcomes of the Feasibility Examine for the Gramalote Challenge in Colombia in April 2021, with a development resolution anticipated to be made shortly thereafter. Based mostly on the optimistic outcomes from Gramalote’s PEA, B2Gold believes that the Gramalote Challenge has the potential to turn into a big, low-cost open-pit gold mine (topic to the outcomes of a ultimate feasibility examine). The Firm is at the moment additionally updating the prevailing feasibility examine for the Kiaka Challenge in Burkina Faso, because of the potential for improved economics ensuing from decrease gas costs, various energy choices and a better gold worth. The Firm expects to have accomplished an up to date financial evaluation of the Kiaka Challenge by the top of the primary quarter of 2021 for inner evaluate, adopted by the up to date feasibility examine by mid-year 2021.

Following a really profitable 12 months for exploration in 2020, B2Gold is planning a 12 months of aggressive exploration in 2021 with a finances of roughly $66 million (excluding Gramalote). Exploration will focus predominantly in Mali, different working mine websites in Namibia and the Philippines and grassroots exploration packages world wide. A few years of goal technology and pursuing alternatives in potential gold areas have culminated within the Firm allocating a document $25 million in 2021 to top quality targets for its grassroots exploration packages, together with quite a few new areas.

The Firm is targeted on upgrading and increasing the prevailing saprolite assets on the Anaconda space in Mali (positioned 20 kilometres north of Fekola), with an up to date Mineral Useful resource estimate anticipated within the first quarter of 2021, which is able to feed into engineering research at the moment underway. This Mineral Useful resource estimate can even embody the preliminary Mineral Useful resource estimate on the sulphide materials under the saprolite. There are a number of different prospects within the Anaconda space the place doable Fekola-style mineralization has been intersected in recent rock which will likely be drilled in 2021. 

An preliminary Mineral Useful resource estimate is predicted to be accomplished for the Cardinal zone (positioned inside 500 metres of the present Fekola useful resource pit) within the first quarter of 2021, and grade management drilling is already underway at a portion of this residue to allow it to be mined for processing on the Fekola plant within the second quarter of 2021. Ongoing exploration drilling can even deal with infilling the high-grade parts of the Cardinal zone and lengthen these down plunge. Drilling at Fekola North can even proceed to trace the primary Fekola construction north of the prevailing open pit.

The Firm’s ongoing technique is to proceed to maximise worthwhile manufacturing from its mines, additional advance its pipeline of improvement and exploration initiatives, consider alternatives and proceed to pay a dividend.

Certified Individuals

Invoice Lytle, Senior Vice President of Operations, a certified individual below Nationwide Instrument 43-101, has accredited the scientific and technical info contained on this information launch.

Fourth Quarter and Yr-end 2020 Monetary Outcomes – Convention Name Particulars

B2Gold executives will host a convention name to debate the outcomes on Wednesday, February 24, 2021, at 10:00 am PDT/1:00 pm EDT. You might entry the decision by dialing the operator at +1 (647) 427-7450 (native or worldwide) or toll free at +1 (888) 231-8191 previous to the scheduled begin time or it’s possible you’ll take heed to the decision through webcast by clicking: https://www.webcaster4.com/Webcast/Page/1493/39662. A playback model will likely be accessible for 2 weeks after the decision at +1 (416) 849-0833 (native or worldwide) or toll free at +1 (855) 859-2056  (passcode 9676547).

On Behalf of B2GOLD CORP.

“Clive T. Johnson”
President and Chief Govt Officer                                 

For extra info on B2Gold please go to the Firm web site at www.b2gold.com or contact:

The Toronto Inventory Change and NYSE American LLC neither approve nor disapprove the knowledge contained on this information launch. 

Manufacturing outcomes and manufacturing steering introduced on this information launch replicate complete manufacturing on the mines B2Gold operates on a 100% undertaking foundation. Please see our Annual Data Kind dated March 20, 2020 for a dialogue of our possession curiosity within the mines B2Gold operates.

This information launch contains sure “forward-looking info” and “forward-looking statements” (collectively forward-looking statements”) inside the that means of relevant Canadian and United States securities laws, together with: projections; outlook; steering; forecasts; estimates; and different statements concerning future or estimated monetary and operational efficiency, gold manufacturing and gross sales, revenues and money flows, and capital prices (sustaining and non-sustaining) and working prices, together with projected money working prices and AISC, and budgets on a consolidated and mine by mine foundation; the impression of the COVID-19 pandemic on B2Gold’s operations, together with any restrictions or suspensions with respect to our operations and the impact of any such restrictions or suspensions on our monetary and operational outcomes; the power of the Firm to efficiently keep our operations if they’re quickly suspended, and  to restart or ramp-up these operations effectively and economically, the impression of COVID-19 on the Firm’s workforce, suppliers and different important assets and what impact these impacts, in the event that they happen, would have on our enterprise, our deliberate capital and exploration expenditures;  future or estimated mine life, steel worth assumptions, ore grades or sources, gold restoration charges, stripping ratios, throughput, ore processing; statements concerning anticipated exploration, drilling, improvement, development, allowing and different actions or achievements of B2Gold; and together with, with out limitation: B2Gold producing working cashflows of roughly $630 million in 2021; remaining nicely positioned for continued sturdy operational and monetary efficiency for 2021; projected gold manufacturing, money working prices and AISC on a consolidated and mine by mine foundation in 2021, together with manufacturing being weighted closely to the second half of 2021; complete consolidated money working prices for 2020 being between $415 and $455 per ounce and at AISC of between $780 and $820 per ounce; complete consolidated gold manufacturing of between 970,000 and 1,030,000 ounces in 2021 with money working prices of between $500 and $540 per ounce and AISC of between $870 and $910 per ounce; the Firm’ annual consolidated gold manufacturing to common 950,000 ounces of gold per 12 months between 2020 and 2024 with AISC averaging $825 per ounce; Otjikoto’s manufacturing degree to be between 190,000 and 20,000 ounces per 12 months although 2024; the power of the Fekola mill to run above the annualized throughput price of seven.5 Mtpa; the anticipated price, timing and outcomes for the addition of a photo voltaic plant to the Fekola Mine, together with the completion of development by the top of the third quarter of 2021, contingent on receiving replacements for the broken elements; the completion of an up to date mineral useful resource estimate for the Anaconda space within the first quarter of 2021; the completion of an preliminary mineral useful resource estimate on the Cardinal zone within the first quarter of 2021; the event of the Wolfshag underground mine at Otjikoto, together with the outcomes of such improvement and the prices and timing thereof; stope ore manufacturing on the Wolfshag underground mine at Otjikoto commencing in early 2022; the completion of the Gramalote Feasibility Examine in April 2021 and the outcomes therein, and a development resolution to be made shortly thereafter; the completion of an inner financial evaluation of the Kiaka undertaking by the top of the primary quarter of 2021 and up to date feasibility examine by mid-year 2021; the present revenue tax, withholding tax and different tax quantities  to be roughly $300 million in 2021 and to make complete money revenue tax fee of $380 million in 2021, together with $140 million associated to the 2020 residual tax and Fekola’s precedence dividend; the residual Fekola tax legal responsibility to be accrued on the finish of 2021 to be lower than $20 million and the precedence dividend accrued in 2021 to be roughly $45 million and paid in mid-2022; the settlement in 2021 of the Firm’s remaining 2020 revenue tax liabilities of roughly $75 million (on the time of submitting its tax return in April 2021) and for the fee of the 2020 precedence dividend to the Mali authorities of roughly $50 million anticipated in mid-year 2021; the potential fee of future dividends, together with the timing and quantity of any such dividends, and the expectation that quarterly dividends will likely be maintained on the identical degree; the supply of the RCF for future drawdowns; and B2Gold’s attributable share at El Limon and La Libertad. All statements on this information launch that deal with occasions or developments that we anticipate to happen sooner or later are forward-looking statements. Ahead-looking statements are statements that aren’t historic info and are usually, though not all the time, recognized by phrases reminiscent of “anticipate”, “plan”, “anticipate”, “undertaking”, “goal”, “potential”, “schedule”, “forecast”, “finances”, “estimate”, “intend” or “imagine” and comparable expressions or their unfavourable connotations, or that occasions or circumstances “will”, “would”, “might”, “might”, “ought to” or “may” happen. All such forward-looking statements are primarily based on the opinions and estimates of administration as of the date such statements are made.

Ahead-looking statements essentially contain assumptions, dangers and uncertainties, sure of that are past B2Gold’s management, together with dangers related to or associated to: the length and extent of the COVID-19 pandemic, the effectiveness of preventative measures and contingency plans put in place by the Firm to answer the COVID-19 pandemic, together with, however not restricted to, social distancing, a non-essential journey ban, enterprise continuity plans, and efforts to mitigate provide chain disruptions; escalation of journey restrictions on individuals or merchandise and reductions within the capacity of the Firm to move and refine doré; the volatility of steel costs and B2Gold’s frequent shares; modifications in tax legal guidelines; the hazards inherent in exploration, improvement and mining actions; the uncertainty of reserve and useful resource estimates; not attaining manufacturing, price or different estimates; precise manufacturing, improvement plans and prices differing materially from the estimates in B2Gold’s feasibility and different research; the power to acquire and keep any obligatory permits, consents or authorizations required for mining actions; environmental laws or hazards and compliance with complicated laws related to mining actions; local weather change and local weather change laws; the power to interchange mineral reserves and determine acquisition alternatives; the unknown liabilities of firms acquired by B2Gold; the power to efficiently combine new acquisitions; fluctuations in trade charges; the supply of financing; financing and debt actions, together with potential restrictions imposed on B2Gold’s operations consequently thereof and the power to generate enough money flows; operations in international and growing international locations and the compliance with international legal guidelines, together with these related to operations in Mali, Namibia, the Philippines, Colombia and Burkina Faso and together with dangers associated to modifications in international legal guidelines and altering insurance policies associated to mining and native possession necessities or useful resource nationalization usually, together with in response to the COVID-19 outbreak; distant operations and the supply of ample infrastructure; fluctuations in worth and availability of power and different inputs obligatory for mining operations; shortages or price will increase in obligatory tools, provides and labour; regulatory, political and nation dangers, together with native instability or acts of terrorism and the consequences thereof; the reliance upon contractors, third events and three way partnership companions; the dearth of sole decision-making authority associated to Filminera Assets Company, which owns the Masbate Challenge; challenges to title or floor rights; the dependence on key personnel and the power to draw and retain expert personnel; the chance of an uninsurable or uninsured loss; opposed local weather and climate circumstances; litigation danger; competitors with different mining firms; group assist for B2Gold’s operations, together with dangers associated to strikes and the halting of such operations every so often; conflicts with small scale miners; failures of knowledge methods or info safety threats; the power to keep up ample inner controls over monetary reporting as required by regulation, together with Part 404 of the Sarbanes-Oxley Act; compliance with anti-corruption legal guidelines, and sanctions or different comparable measures; social media and B2Gold’s popularity; dangers affecting Calibre having an impression on the worth of the Firm’s funding in Calibre, and potential dilution of our fairness curiosity in Calibre; in addition to different elements recognized and as described in additional element below the heading “Danger Elements” in B2Gold’s most up-to-date Annual Data Kind, B2Gold’s present Kind 40-F Annual Report and B2Gold’s different filings with Canadian securities regulators and the U.S. Securities and Change Fee (the “SEC”), which can be considered at www.sedar.com and www.sec.gov, respectively (the “Web sites”). The listing is just not exhaustive of the elements which will have an effect on B2Gold’s forward-looking statements.

B2Gold’s forward-looking statements are primarily based on the relevant assumptions and elements administration considers affordable as of the date hereof, primarily based on the knowledge accessible to administration at such time. These assumptions and elements embody, however will not be restricted to, assumptions and elements associated to B2Gold’s capacity to hold on present and future operations, together with: the length and results of COVID-19  on our operations and workforce; improvement and exploration actions; the timing, extent, length and financial viability of such operations, together with any mineral assets or reserves recognized thereby; the accuracy and reliability of estimates, projections, forecasts, research and assessments; B2Gold’s capacity to fulfill or obtain estimates, projections and forecasts; the supply and value of inputs; the worth and marketplace for outputs, together with gold; international trade charges; taxation ranges; the well timed receipt of obligatory approvals or permits; the power to fulfill present and future obligations; the power to acquire well timed financing on affordable phrases when required; the present and future social, financial and political circumstances; and different assumptions and elements usually related to the mining trade.

B2Gold’s forward-looking statements are primarily based on the opinions and estimates of administration and replicate their present expectations concerning future occasions and working efficiency and converse solely as of the date hereof. B2Gold doesn’t assume any obligation to replace forward-looking statements if circumstances or administration’s beliefs, expectations or opinions ought to change aside from as required by relevant regulation. There will be no assurance that forward-looking statements will show to be correct, and precise outcomes, efficiency or achievements might differ materially from these expressed in, or implied by, these forward-looking statements. Accordingly, no assurance will be provided that any occasions anticipated by the forward-looking statements will transpire or happen, or if any of them do, what advantages or liabilities B2Gold will derive therefrom. For the explanations set forth above, undue reliance shouldn’t be positioned on forward-looking statements.

Non-IFRS Measures
This information launch contains sure phrases or efficiency measures generally used within the mining trade that aren’t outlined below Worldwide Monetary Reporting Requirements (“IFRS”), together with “money working prices” and “all-in sustaining prices” (or “AISC”). Non-IFRS measures shouldn’t have any standardized that means prescribed below IFRS, and subsequently they is probably not akin to comparable measures employed by different firms. The information introduced is meant to offer further info and shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS and must be learn together with B2Gold’s consolidated monetary statements. Readers ought to check with B2Gold’s Administration Dialogue and Evaluation, accessible on the Web sites, below the heading “Non-IFRS Measures” for a extra detailed dialogue of how B2Gold calculates sure of such measures and a reconciliation of sure measures to IFRS phrases.

Cautionary Observe to United States Buyers
The disclosure on this MD&A was ready in accordance with Canadian Nationwide Instrument 43-101 (“NI 43-101”), which differs considerably from the necessities of the SEC, and useful resource and reserve info contained or referenced on this MD&A is probably not akin to comparable info disclosed by public firms topic to the technical disclosure necessities of the SEC. Historic outcomes or feasibility fashions introduced herein will not be ensures or expectations of future efficiency.

B2GOLD CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS

(Expressed in 1000’s of United States {dollars}, besides per share quantities)
(Unaudited)








For the three
months ended
Dec. 31, 2020

For the three
months ended
Dec. 31, 2019


For the twelve
months ended
Dec. 31, 2020

For the twelve
months ended
Dec. 31, 2019

Gold income

$

479,525

$

313,659


$

1,788,928

$

1,155,637







Value of gross sales






   Manufacturing prices

(114,430)

(95,502)


(407,865)

(374,178)

   Depreciation and depletion

(78,207)

(67,717)


(301,491)

(251,306)

   Royalties and manufacturing taxes

(30,775)

(22,153)


(121,285)

(79,693)

Complete price of gross sales

(223,412)

(185,372)


(830,641)

(705,177)







Gross revenue

256,113

128,287


958,287

450,460







Common and administrative

(18,585)

(17,559)


(45,605)

(54,558)

Share-based funds

(1,729)

(3,689)


(17,129)

(17,139)

Reversal of impairment of long-lived property

100,477


174,309

100,477

Achieve on sale of Nicaraguan Group

40,129


40,129

Write-down of mineral property pursuits

98

(4,953)


(11,353)

(7,277)

Neighborhood relations

(1,568)

(807)


(6,484)

(3,227)

Share of web revenue of affiliate

8,655

1,114


22,167

1,114

Overseas trade (losses) positive aspects

(7,299)

(1,891)


(15,301)

1,633

Different

(529)

(1,441)


(5,957)

(3,604)

Working revenue

235,156

239,667


1,052,934

508,008







Curiosity and financing expense

(2,846)

(4,910)


(15,803)

(26,550)

Good points (losses) on by-product devices

6,427

2,404


(5,706)

1,580

Different

1,016

(85)


3,003

(649)

Revenue from persevering with operations earlier than taxes

239,753

237,076


1,034,428

482,389







Present revenue tax, withholding and different taxes

(79,662)

(30,076)


(309,913)

(114,449)

Deferred revenue tax restoration (expense)

14,314

(28,298)


(52,102)

(59,081)

Web revenue from persevering with operations

174,405

178,702


672,413

308,859







Web revenue from discontinued operations attributable to shareholders of the Firm

3,711


6,982

Web revenue for the interval

$

174,405

$

182,413


$

672,413

$

315,841







Attributable to:






   Shareholders of the Firm

$

168,462

$

177,414


$

628,063

$

293,382

   Non-controlling pursuits

5,943

4,999


44,350

22,459

Web revenue for the interval

$

174,405

$

182,413


$

672,413

$

315,841







Earnings per share from persevering with operations

(attributable to shareholders of the Firm)






   Fundamental

$

0.16

$

0.17


$

0.60

$

0.28

   Diluted

$

0.16

$

0.17


$

0.59

$

0.28







Earnings per share

(attributable to shareholders of the Firm)






Fundamental

$

0.16

$

0.17


$

0.60

$

0.29

Diluted

$

0.16

$

0.17


$

0.59

$

0.29







Weighted common variety of frequent shares excellent

(in 1000’s)






   Fundamental

1,050,752

1,027,001


1,043,385

1,014,100

   Diluted

1,064,599

1,038,672


1,056,302

1,022,915


 

B2GOLD CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in 1000’s of United States {dollars})
(Unaudited)







For the three
months ended
Dec. 31, 2020

For the three
months ended
Dec. 31, 2019


For the twelve
months ended
Dec. 31, 2020

For the twelve
months ended
Dec. 31, 2019

Working actions






Web revenue from persevering with operations for the interval

$

174,405

$

178,702


$

672,413

$

308,859

Mine restoration provisions settled

(217)


(425)

(124)

Non-cash costs, web

48,735

(33,567)


198,058

187,720

Modifications in non-cash working capital

(26,099)

(277)


86,777

(45,049)

Modifications in long-term worth added tax receivables

(134)

(2,293)


(6,178)

(1,968)

Money offered by working actions of constant operations

196,690

142,565


950,645

449,438

Money offered by working actions of discontinued operations

2,340


42,535

Money offered by working actions

196,690

144,905


950,645

491,973







Financing actions






Revolving credit score facility, drawdowns web of transaction prices


250,000

(5,574)

Reimbursement of revolving credit score facility

(100,000)


(450,000)

(200,000)

Gear mortgage services, drawdowns web of transaction prices

41,416


41,416

3,463

Reimbursement of kit mortgage services

(7,446)

(5,907)


(28,445)

(24,140)

Money proceeds from inventory choice workout routines 

3,017

9,319


46,152

72,932

Dividends paid

(42,046)

(10,268)


(115,266)

(10,268)

Curiosity and dedication charges paid

(1,613)

(4,207)


(12,451)

(22,373)

Distributions to non-controlling pursuits

(9,206)


(9,206)

Principal funds on lease preparations

(727)

(842)


(3,637)

(3,146)

Restricted money motion

1,341

(69)


2,572

1,407

Money utilized by financing actions of constant operations

(15,264)

(111,974)


(278,865)

(187,699)

Money utilized by financing actions of discontinued operations

(40)


(364)

Money utilized by financing actions

(15,264)

(112,014)


(278,865)

(188,063)







Investing actions






Expenditures on mining pursuits:






Fekola Mine

(28,378)

(68,130)


(184,037)

(132,847)

Masbate Mine

(14,619)

(5,205)


(34,041)

(25,894)

Otjikoto Mine

(25,119)

(21,633)


(66,815)

(56,085)

Gramalote Challenge

(3,924)

(2,140)


(19,498)

(5,187)

Different exploration and improvement

(15,661)

(10,941)


(48,182)

(41,147)

Money proceeds from sale of Nicaraguan Group, web of transaction prices

15,525

51,530


15,525

51,530

Non-refundable deposit obtained on Toega Property


9,000

Money paid into reclamation accounts

(2,878)

(1,000)


(11,575)

(4,000)

Different

1,106

890


1,667

1,271

Money utilized by investing actions of constant operations

(73,948)

(56,629)


(337,956)

(212,359)

Money utilized by investing actions of discontinued operations

(2,141)


(54,431)

Money utilized by investing actions

(73,948)

(58,770)


(337,956)

(266,790)







Enhance (lower) in money and money equivalents

107,478

(25,879)


333,824

37,120







Impact of trade price modifications on money and money equivalents

6,747

1,311


5,265

724

Money and money equivalents, starting of interval

365,460

165,164


140,596

102,752

Money and money equivalents, finish of interval

$

479,685

$

140,596


$

479,685

$

140,596







B2GOLD CORP.
CONSOLIDATED BALANCE SHEETS
(Expressed in 1000’s of United States {dollars})


As at December 31,
2020

As at December 31,
2019

Belongings



Present



Money and money equivalents

$

479,685

$

140,596

Accounts receivable, prepaids and different

21,306

37,890

Worth-added and different tax receivables

11,797

11,070

Inventories

238,055

217,923

Belongings labeled as held on the market

11,855

22,021


762,698

429,500




Worth-added tax receivables

35,383

25,153

Mining pursuits



Owned by subsidiaries and joint operations

2,387,020

2,046,731

Investments in joint ventures and associates

76,235

130,736

Different property

76,496

49,615

Deferred revenue taxes

24,547

1,336


$

3,362,379

$

2,683,071

Liabilities



Present



Accounts payable and accrued liabilities

$

89,062

$

83,370

Present revenue and different taxes payable

154,709

53,396

Present portion of long-term debt

34,111

26,030

Different present liabilities

8,211

2,266


286,093

165,062




Lengthy-term debt

75,911

235,821

Mine restoration provisions

104,282

75,419

Deferred revenue taxes

220,903

145,590

Worker advantages obligation

5,874

4,736

Different long-term liabilities

8,726

4,791


701,789

631,419

Fairness



Shareholders’ fairness



Share capital



Issued: 1,051,138,175 frequent shares (Dec 31, 2019 – 1,030,399,987)

2,407,734

2,339,874

Contributed surplus

48,472

56,685

Collected different complete loss

(138,533)

(145,071)

Retained earnings (deficit)

254,343

(261,245)


2,572,016

1,990,243

Non-controlling pursuits

88,574

61,409


2,660,590

2,051,652


$

3,362,379

$

2,683,071




SOURCE B2Gold Corp.

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