VANCOUVER, Jan. 16, 2019 /CNW/ - B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) ("B2Gold" or the "Company") is pleased to announce record annual gold production and gold revenues for 2018, gold production and gold revenues for the fourth quarter of 2018, and 2019 annual production and cost guidance. All dollar figures are in United States dollars unless otherwise indicated.

2018 Full-Year Highlights
•Record annual consolidated gold production, of 953,504 ounces of gold, near the top end of the revised guidance range (of between 920,000 and 960,000 ounces) and exceeding the upper end of the original guidance range (of between 910,000 and 950,000 ounces), a significant increase of 322,939 ounces (51%) over the prior-year; marking the tenth consecutive year that B2Gold achieved record annual consolidated gold production
•Record annual consolidated gold revenue of $1.2 billion, a dramatic increase of 92% ($586 million) over 2017
•Annual consolidated cash flows from operating activities projected to increase to a record of approximately $450 million in 2018 (2017 - $155 million)
•The new Fekola Mine in Mali, in its first full-year of commercial production, continued to significantly outperform expectations, with gold production of 439,068 ounces, exceeding the upper limit of its already increased guidance range (of between 420,000 and 430,000 ounces)
•The Masbate Mine in the Philippines achieved record annual gold production of 216,498 ounces, exceeding the upper limit of its already increased guidance range (of between 200,000 and 210,000 ounces)
•On October 1, 2018, the Company repaid in full its $259 million aggregate principal amount of convertible senior subordinated notes on maturity; and by year-end the Company had reduced its total debt outstanding to approximately $480 million from $700 million at the beginning of the year
•On October 25, 2018, the Company announced a substantial increase in the gold mineral resource estimate for the Fekola Mine and positive results from the ongoing Fekola Mill Expansion Study
•In October 2018, the Company was granted the mine permit for the Limon Central Pit in Nicaragua and announced positive results from the Expansion Study at El Limon Mine
•Looking forward, B2Gold remains well positioned for continued strong operational and financial performance with production guidance of between 935,000 and 975,000 ounces of gold for 2019 with forecast cash operating costs (see "Non-IFRS Measures") of between $520 and $560 per ounce and all-in sustaining costs ("AISC") (see "Non-IFRS Measures") of between $835 and $875 per ounce (a budgeted increase in AISC of 6% over 2018 guidance); In addition, the Company will focus on organic growth through the expansion potential at existing mines, and at its exploration and development projects



2018 Operating Results

For B2Gold, 2018 was a year of transformational growth, highlighted by the first full-year of commercial production from its new large low-cost Fekola Mine in Mali (which had achieved commercial production on November 30, 2017) and record annual production from its Masbate Mine in the Philippines. For the tenth straight consecutive year, B2Gold achieved record annual consolidated gold production.

For full-year 2018, B2Gold's consolidated production was an annual record of 953,504 ounces of gold, near the top end of the revised guidance range (of between 920,000 and 960,000 ounces) and exceeding the upper end of the original guidance range (of between 910,000 and 950,000 ounces). Consolidated gold production for the year dramatically increased by 322,939 ounces (51%) compared to 2017. The new Fekola Mine continued to outperform expectations and exceeded the upper limit of its already increased production guidance range (of between 420,000 and 430,000 ounces) with gold production of 439,068 ounces in 2018. The Masbate Mine achieved another very strong year in 2018, producing an annual record 216,498 ounces of gold, and also exceeded the upper limit of its already increased production guidance range (of between 200,000 to 210,000 ounces). In addition, the Otjikoto Mine in Namibia had another solid year in 2018, producing 167,346 ounces of gold, above the mid-point of its production guidance range (of between 160,000 and 170,000 ounces). The strong operational performances by the Fekola, Masbate and Otjikoto mines more than offset production shortfalls relating to the Company's La Libertad and El Limon mines in Nicaragua (which represent 14% of the Company's 2018 consolidated gold production), whose operations have been negatively affected by consequences related to the national political unrest in that country.

In the fourth quarter of 2018, B2Gold's consolidated gold production was 231,687 ounces, slightly exceeding reforecast production and approximately in-line with the original budget. In the fourth quarter of 2017, including 72,903 ounces of pre-commercial production from Fekola, consolidated gold production was 240,753 ounces.

For full-year 2018, the Company expects to be at the lower end of its cost guidance ranges for consolidated cash operating costs of between $505 and $550 per ounce and consolidated AISC of between $780 and $830 per ounce. B2Gold will release its 2018 year-end consolidated financial statements after the North American markets close on March 12, 2019. Details of the consolidated cash operating costs per ounce and AISC per ounce will also be released at that time.

With the first full-year of gold production in 2018 from the Fekola Mine and the continued out-performance of the Masbate Mine, the resulting significant increase in gold production levels combined with low operating costs have dramatically increased B2Gold's production, revenues, cash from operations and free cash flows with ongoing benefits expected to continue for many years, based on current assumptions. For full-year 2018, the Company is projecting cash flow from operations of approximately $450 million. In 2017, cash flow from operations was $155 million.

Based on its strong financial results, the Company has been reducing its total debt outstanding throughout the course of 2018. The Company started 2018 with total debt outstanding of approximately $700 million (comprised of the drawn portion of the Revolving Credit Facility, convertible notes and equipment loans and leases). The Company has reduced its total debt outstanding to approximately $480 million by December 31, 2018 (including approximately $80 million in equipment loan financing), a reduction of $220 million for the year.

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