2018 Outlook Provides for Very Strong Production Growth with Forecast Gold Production of Between 910,000 and 950,000 Ounces
Vancouver, British Columbia--(Newsfile Corp. - January 11, 2018) - 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 fourth quarter and full-year 2017 in addition to its production and cash cost guidance for 2018. All dollar figures are in United States dollars unless otherwise indicated.
2017 Full-Year Highlights
•Record annual consolidated gold production, for the ninth consecutive year, of 630,565 ounces of gold, (including 79,243 ounces of pre-commercial production from Fekola), exceeding the upper end of the revised guidance range (of 580,000 to 625,000 ounces) and surpassing the top end of the original guidance range (of 545,000 to 595,000 ounces)
•Annual consolidated gold revenue of $638.7 million (or an annual record of $739.5 million, including $100.9 million of pre-commercial sales from Fekola)
•Full-year consolidated cash operating costs per ounce (see “Non-IFRS Measures”) and all-in sustaining costs (“AISC”) per ounce (see “Non-IFRS Measures”) are expected to be at, or below, the low end of their cost guidance ranges of between $610 and $650 per ounce and between $940 and $970 per ounce, respectively
•Fekola Mine construction successfully completed in late September 2017, more than three months ahead of the original schedule
•Fekola Mine achieved commercial production on November 30, 2017, one month ahead of the revised schedule and four months ahead of the original schedule
•Fekola Mine gold production was 111,450 ounces in 2017 (including 79,243 ounces of pre-commercial production), far surpassing the upper end of its original guidance range (of 45,000 to 55,000 ounces) due to its early start-up and strong ramp-up performance
•With the planned first full year of production from the Fekola Mine, the outlook for 2018 provides for dramatic production growth of approximately 300,000 ounces versus 2017, as consolidated annual gold production is expected to increase significantly to between 910,000 and 950,000 ounces with cash operating costs and AISC of between $505 and $550 per ounce and between $780 and $830 per ounce, respectively
2017 Operating Results
For B2Gold, 2017 was an outstanding year of performance, with the achievement of another record year of consolidated gold production (for the ninth straight year), and the successful construction and commissioning of its flagship Fekola Mine in southwest Mali which achieved commercial production on November 30, 2017, one month ahead of the revised schedule and four months ahead of the original schedule. With the large, low-cost Fekola Mine now in production, B2Gold is well positioned in achieving transformational growth in 2018. In 2018, with the planned first full year of production from the Fekola Mine, consolidated gold production is forecast to be between 910,000 and 950,000 ounces (see "2018 Production Outlook and Cost Guidance" section). This represents an increase in annual consolidated gold production of approximately 300,000 ounces for B2Gold in 2018 versus 2017.
For full-year 2017, B2Gold's consolidated gold production was an annual record of 630,565 ounces (including 79,243 ounces of pre-commercial production from Fekola), exceeding the upper end of its revised guidance range (of 580,000 to 625,000 ounces) and surpassing the top end of its original guidance range (of 545,000 to 595,000 ounces). Consolidated gold production for the year also increased by 15% (or 80,142 ounces) over 2016. B2Gold's record performance in 2017 reflected the early start-up and strong ramp-up performance of the new Fekola Mine and the continued, very strong operational performances of both the Masbate Mine in the Philippines and Otjikoto Mine in Namibia. The Company expects its full-year 2017 consolidated cash operating costs per ounce and AISC per ounce to be at, or below, the low end of their cost guidance ranges of between $610 and $650 per ounce and between $940 and $970 per ounce, respectively. B2Gold will release its 2017 year-end consolidated financial statements before the North American markets open on March 15, 2018. Details of the consolidated cash operating costs per ounce and AISC per ounce will also be released at that time.
In the fourth quarter of 2017, B2Gold's consolidated gold production was a quarterly record of 240,753 ounces (including 72,903 ounces of pre-commercial production from Fekola), exceeding reforecast production by 5% (or 10,473 ounces) and significantly exceeding budget by 28% (or 52,141 ounces). Consolidated gold production for the quarter also increased by 71% (or 100,102 ounces) over the same quarter in 2016.
Mine-by-mine gold production in the fourth quarter and full-year 2017 was as follows:
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