VANCOUVER, BC, February 22, 2022 /CNW/ - B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) ("B2Gold" or the "Company") is pleased to announce its operational and financial results for the fourth quarter and full-year ending December 31, 2021. The Company previously released its gold production and gold revenue results for the fourth quarter and full-year 2021, in addition to its production and budget guidance for 2022. In 2022, the Company is forecasting total gold production of between 990,000 - 1,050,000 ounces. All dollar figures are in United States dollars unless otherwise indicated.

2021 Full-Year Highlights

Record annual total gold production of 1,047,414 ounces (including 59,819 ounces of attributable production from Calibre Mining Corp. ("Calibre")), marking the thirteenth consecutive year of record annual total gold production
Consolidated 2021 gold production from the Company's three operating mines of 987,595 ounces, near the top end of its revised guidance range (of between 965,000 – 995,000 ounces) and exceeding the upper end of its original guidance range (of between 920,000 – 970,000 ounces)
Annual consolidated gold revenues of $1.76 billion on sales of 981,401 ounces at an average realized gold price of $1,796 per ounce
Record annual gold production achieved by both the Masbate Mine of 222,227 ounces and Otjikoto Mine of 197,573 ounces
Total cash operating costs (see "Non-IFRS Measures") (including estimated attributable results for Calibre) of $535 per ounce produced, within the Company's guidance range (of between $500 - $540 per ounce), and total all-in sustaining costs ("AISC") (see "Non-IFRS Measures") (including estimated attributable results for Calibre) of $888 per ounce sold, within the Company's guidance range (of between $870 - $910 per ounce)
Consolidated cashflows provided by operating activities from the Company's three operating mines of $724 million, significantly exceeding the Company's last forecast of $650 million as a result of additional unbudgeted gold shipments and sales of approximately $25 million, lower cash tax payments of $40 million and the timing of other working capital outflows
Net income attributable to the shareholders of the Company of $420 million ($0.40 per share); adjusted net income (see "Non-IFRS Measures") attributable to the shareholders of the Company of $384 million ($0.36 per share)
For 2022, B2Gold remains well positioned for continued strong operational and financial performance with total gold production guidance of between 990,000 - 1,050,000 ounces (including 40,000 - 50,000 attributable ounces projected from Calibre) with total consolidated forecast cash operating costs of between $620 - $660 per ounce and total consolidated AISC of between $1,010 - $1,050 per ounce
Based on current assumptions, including a gold price of $1,800 per ounce, the Company expects to generate consolidated cashflows from operating activities of approximately $625 million in 2022, expected to be significantly weighted to the second half of 2022
An updated mineral resource estimate is expected to be completed for the Anaconda Area (comprised of the Menankoto Permit and the Bantako North Permit) in the first quarter of 2022; preliminary planning by the Company has demonstrated that a pit situated on the Anaconda Area could provide saprolite material to be trucked to and fed into the Fekola mill commencing in late 2022, subject to obtaining all necessary permits and completion of a final mine plan
On February 2, 2022 the Company announced that B2Gold's Malian subsidiary had received the new Menankoto permit, issued by the Government of Mali
2021 Fourth Quarter Highlights

Total gold production of 304,897 ounces (including 16,048 ounces of attributable production from Calibre) and consolidated gold production of 288,849 ounces from the Company's three operating mines
Consolidated gold revenues of $526 million on sales of 292,350 ounces at an average realized gold price of $1,800 per ounce
Record quarterly gold production achieved by the Otjikoto Mine of 78,681 ounces
Consolidated cashflows provided by operating activities from the Company's three operating mines of $266 million
Total cash operating costs (including estimated attributable results for Calibre) of $484 per ounce produced and total AISC (including estimated attributable results for Calibre) of $860 per ounce sold
Net income attributable to the shareholders of the Company of $137 million ($0.13 per share); adjusted net income attributable to the shareholders of the Company of $113 million ($0.11 per share)
On November 30, 2021, the Company completed the sale of its Kiaka and Toega projects in Burkina Faso to West African Resources ("WAF") for a combination of cash, WAF shares and production royalties
2021 Full-Year and Fourth Quarter Operational Results

Despite the continuing challenges of the COVID-19 pandemic, B2Gold had another remarkable year of strong operational performance in 2021, with the achievement of B2Gold's thirteenth consecutive year of record annual total gold production. The Company's total gold production for 2021 was an annual record of 1,047,414 ounces (including 59,819 ounces of attributable production from Calibre) (2020 – 1,040,737 ounces), near the upper end of its revised guidance range (of between 1,015,000 – 1,055,000 ounces) and exceeding the upper end of its original guidance range (of between 970,000 – 1,030,000 ounces). Consolidated gold production from the Company's three operating mines was 987,595 ounces (2020 - 995,258 ounces), near the top end of the revised guidance range (of between 965,000 – 995,000 ounces) and exceeding the upper end of the original guidance range (of between 920,000 – 970,000 ounces), with solid performances from each of the Company's three mines (see "Operations" section below), including both the Masbate and Otjikoto mines achieving record annual gold production in 2021. In addition, the Fekola Mine achieved another strong year in 2021, producing 567,795 ounces of gold, near the upper end of its revised guidance range (of between 560,000 - 570,000 ounces) and exceeding the upper end of its original guidance range (of between 530,000 - 560,000 ounces).

For the fourth quarter of 2021, the Company's total gold production was 304,897 ounces (including 16,048 ounces of attributable production from Calibre) and consolidated gold production from the Company's three operating mines was 288,849 ounces, both in-line with budget and 13% higher than the fourth quarter of 2020 resulting from higher gold production from the Fekola and Otjikoto mines, partially offset by lower gold production from the Masbate Mine.

For full-year 2021, total cash operating costs (including estimated attributable results for Calibre) were $535 per ounce produced ($528 per ounce sold), within the Company's guidance range (of between $500 - $540 per ounce) and $112 per ounce (26%) higher than 2020, and consolidated cash operating costs from the Company's three operating mines were $511 per ounce produced ($503 per ounce sold), within the Company's guidance range (of between $480 - $520 per ounce) and $105 per ounce (26%) higher than 2020. Cash operating costs per ounce produced were in-line with budget for 2021, as a result of offsetting factors, as the impact of the strong operating results from all of the Company's operations with above budget gold production was offset by inflation driven higher fuel costs, stronger local currencies and higher than budgeted processing of lower grade material at the Fekola Mine as low-grade stockpiles were used to provide additional unbudgeted mill feed required as a result of higher than budgeted processed tonnes. Compared to 2020, cash operating costs were higher due to higher input costs in 2021 resulting from higher pre-stripping activities, inflation driven higher fuel costs and higher import duties.

For the fourth quarter of 2021, total cash operating costs (including estimated attributable results for Calibre) were $484 per ounce produced ($433 per ounce sold), $79 per ounce (20%) higher than budget and in-line with the fourth quarter of 2020, and consolidated cash operating costs from the Company's three operating mines were $460 per ounce produced ($406 per ounce sold), $82 per ounce (22%) higher than budget and in-line with the fourth quarter of 2020. Consolidated cash operating costs for the fourth quarter of 2021 were higher than budget resulting from inflation pressures including higher fuel, reagents and consumables costs and stronger local currencies.

For full-year 2021, total AISC (including estimated attributable results for Calibre) were $888 per ounce sold, within the Company's guidance range (of between $870 - $910 per ounce) and $100 per ounce (13%) higher than 2020, and consolidated AISC from the Company's three operating mines were $874 per ounce sold, within the Company's guidance range (of between $860 - $900 per ounce) and $100 per ounce (13%) higher than 2020. The consolidated AISC were in-line with budget for 2021, reflecting higher than budgeted gold ounces sold, higher than budgeted gains on settled fuel derivatives, partially offset by higher than budgeted sustaining capital expenditures ($10 million).

For the fourth quarter of 2021, total AISC (including estimated attributable results for Calibre) were $860 per ounce sold, $82 per ounce (11%) higher than budget and $66 per ounce (7%) lower than the fourth quarter of 2020, and consolidated AISC from the Company's three operating mines were $844 per ounce sold, $81 per ounce (11%) higher than budget and $73 per ounce (8%) lower than the fourth quarter of 2020. The higher than budgeted AISC for the fourth quarter of 2021 reflect the higher than budgeted cash operating costs and higher than budgeted sustaining capital expenditures, partially offset by higher than budgeted gold ounces sold and gains on settled fuel derivatives. Higher than budgeted sustaining capital expenditures in the fourth quarter of 2021 reflected expenditures which were delayed from earlier quarters of 2021.

For 2022, B2Gold remains well positioned for continued strong operational and financial performance. The Company's total gold production is forecast to be between 990,000 - 1,050,000 ounces (including 40,000 - 50,000 attributable ounces projected from Calibre) in 2022, with total consolidated cash operating costs forecast to be between $620 - $660 per ounce and total consolidated AISC forecast to be between $1,010 - $1,050 per ounce. The Company's consolidated gold production from its three operating mines is forecast to be between 950,000 - 1,000,000 ounces in 2022, with consolidated cash operating costs forecast to be between $600 - $640 per ounce and consolidated AISC forecast to be between $1,000 - $1,040 per ounce. While the Company's 2022 production guidance does include estimated production from Cardinal, it does not include the potential upside to increase Fekola's gold production in 2022 from trucking material from the Anaconda area (comprised of the Menankoto Permit and the Bantako North Permit) (see "Operations" section below for additional discussion). Due to the timing of high-grade ore mining, consolidated gold production from the Company's three operating mines is expected to be significantly weighted to the second half of 2022; for the first half of 2022, consolidated gold production is forecast to be between 390,000 - 410,000 ounces, which is expected to increase significantly to between 560,000 - 590,000 ounces during the second half of 2022. Based mainly on the weighting of production and timing of stripping, consolidated cash operating costs are expected to be between $760 - $800 per ounce in the first half of 2022, before significantly improving to between $490 - $530 per ounce during the second half of 2022. In addition, consolidated AISC are expected to be between $1,250 - $1,290 per ounce in the first half of 2022 before significantly improving to between $820 - $860 per ounce during the second half of 2022.

Operating and capital costs across all of the Company's operations are forecast to increase in 2022, with significant impacts from global cost inflation. Consolidated cash operating costs per ounce produced are forecast to increase by approximately $120 per ounce, or 24% compared to 2021. Of this increase, $71 per ounce (or 59%), is due to inflation including fuel cost, mechanical components and labor cost increases, coupled with a stronger foreign exchange rate for the Namibian dollar. The remaining $49 per ounce (41%) of the increase in consolidated cash operating costs is driven by operational related factors including the continued ramp up to full production of the higher strip ratio Cardinal zone at the Fekola Mine, commencement of operations from the Wolfshag underground mine in the second half of 2022 and deeper open pits at the Fekola and Otjikoto mines. These impacts are partially offset by higher budgeted gold ounce production than 2021, led by the Fekola Mine. Consolidated AISC are budgeted to increase by approximately $150 per ounce, or 18%. Approximately 50% of this increase is due to the inflationary increases in cash operating costs noted above. The remaining increase is driven by the non-inflationary factors noted above as well as higher sustaining capital costs to support larger mining fleets and fleet maintenance as the open pits continue to grow and new sustaining capital projects including planned tailings storage facility raises at the Fekola and Masbate mines. The higher sustaining capital is offset partially by higher budgeted consolidated production, led by the Fekola Mine, and net lower capitalized pre-stripping costs.

Notwithstanding the ongoing sanctions on Mali announced by the Economic Community of West African States ("ECOWAS") on January 9, 2022, including closure of borders with Mali, the Fekola Mine continues to operate unimpeded and the Company expects to meet its 2022 production guidance for Fekola. The Fekola Mine appears well-positioned for any potential supply disruptions that might be caused by the border closures. Fuel supplies are not affected by the sanctions and continue passing through the border with Senegal and the Company continues to monitor alternative routings to bring in other critical supplies, if necessary. Gold sales from the Fekola Mine have continued and are expected to continue on an ordinary course basis.

2021 Full-Year and Fourth Quarter Financial Results

For full-year 2021, consolidated gold revenue was $1.76 billion on sales of 981,401 ounces at an average realized gold price of $1,796 per ounce, compared to $1.79 billion on sales of 1,006,455 ounces at an average realized gold price of $1,777 per ounce in 2020. The slight decrease in gold revenue of 1% ($0.03 billion) was due to a 2% decrease in gold ounces sold, partially offset by a 1% increase in the average realized gold price.

For the fourth quarter of 2021, consolidated gold revenue was $526 million on sales of 292,350 ounces at an average realized gold price of $1,800 per ounce, compared to $480 million on sales of 256,655 ounces at an average realized gold price of $1,868 per ounce in the fourth quarter of 2020. The increase in gold revenue of 10% ($46 million) was due to a 14% increase in gold ounces sold (mainly due to the higher gold production), partially offset by a 4% decrease in the average realized gold price.

For full-year 2021, consolidated cashflows from operating activities was $724 million, significantly exceeding the Company's last forecast of $650 million as a result of additional unbudgeted gold shipments and sales of approximately $25 million, lower cash tax payments of $40 million as noted below and the timing of other working capital outflows. Current income tax payments for 2021 totaled approximately $340 million (including $18 million which was settled by value-added tax offsets) and included approximately $140 million related to 2020 outstanding tax liability obligations (comprised mainly of Fekola outstanding 2020 tax liabilities of $75 million and Fekola 2020 priority dividend obligations of $46 million). Current income tax payments for 2021 were approximately $40 million lower than the original budgeted guidance of $380 million mainly due to $10 million lower than budgeted tax obligations at Otjikoto and a rollover amount of $20 million for Fekola tax installments which had been budgeted for the fourth quarter of 2021 but which is now expected to be paid by the second quarter of 2022. Compared to 2020, consolidated cashflows provided by operating activities was $227 million lower, reflecting lower gold revenues of $27 million, higher production costs of $86 million and higher non-cash working capital outflows for 2021, most significantly for current income and other taxes payables and value-added tax receivables.

Based on current assumptions, including a gold price of $1,800 per ounce, the Company expects to generate consolidated cashflows from operating activities of approximately $625 million in 2022, expected to be significantly weighted to the second half of 2022. In addition, the Company is forecasting to make total cash income tax payments in 2022 of approximately $290 million, including $71 million related to the outstanding 2021 current income tax and priority dividend obligations which are included in current income and other taxes payable at December 31, 2021.

For the fourth quarter of 2021, consolidated cashflows provided by operating activities was $266 million compared to $197 million in the fourth quarter of 2020. The increase over the fourth quarter of 2020 was mainly due to higher sales volumes (as a result of higher production).

For full-year 2021, net income was $461 million compared to $672 million for 2020. Net income attributable to the shareholders of the Company was $420 million ($0.40 per share) compared to $628 million ($0.60 per share) for 2020. In the third quarter of 2020, the Company identified a higher sustained long-term gold price as an indicator of impairment reversal for the Masbate Mine resulting in a net impairment reversal of $122 million (pre-tax $174 million impairment reversal less $52 million deferred tax expense). Adjusted net income attributable to the shareholders of the Company (see "Non-IFRS Measures") was $384 million ($0.36 per share) for 2021 compared to adjusted net income of $515 million ($0.49 per share) for 2020.

Net income for the fourth quarter of 2021 was $153 million compared to $174 million for the fourth quarter of 2020. Net income attributable to the shareholders of the Company was $137 million ($0.13 per share) compared to $168 million ($0.16 per share) for the fourth quarter of 2020. Adjusted net income attributable to the shareholders of the Company was $113 million ($0.11 per share) for the fourth quarter of 2021 compared to adjusted net income of $147 million ($0.14 per share) for the fourth quarter of 2020.

Liquidity and Capital Resources

B2Gold continues to maintain a strong financial position and liquidity. At December 31, 2021, the Company had cash and cash equivalents of $673 million (December 31, 2020 - $480 million) and working capital of $802 million (December 31, 2020 - $465 million). In addition, the Company's $600 million Revolving Credit Facility ("RCF") remains fully undrawn and available.

Due to the Company's strong net positive cash position, strong operating results and the current higher gold price environment, B2Gold's quarterly dividend rate is expected to be maintained at $0.04 per common share (or an annualized rate of $0.16 per common share), one of the highest dividend yields in the gold sector.

On December 16, 2021, the Company entered into a revised RCF agreement with its existing syndicate of banks. The maximum available for drawdown under the facility remains at $600 million with an accordion feature, available on the receipt of additional binding commitments, for a further $200 million. The RCF bears interest on a sliding scale of between LIBOR plus 2.00% to 2.50% based on the Company's consolidated net leverage ratio. Commitment fees for the undrawn portion of the facility are also on a sliding scale basis of between 0.45% and 0.563%. The term of the RCF is four years, maturing on December 16, 2025.

First Quarter 2022 Dividend

On February 22, 2022, B2Gold's Board of Directors declared a cash dividend for the first quarter of 2022 of $0.04 per common share (or an expected $0.16 per share on an annualized basis), payable on March 17, 2022 to shareholders of record as of March 9, 2022.

As part of the long-term strategy to maximize shareholder value, B2Gold expects to declare future quarterly dividends at the same level. This dividend is designated as an "eligible dividend" for the purposes of the Income Tax Act (Canada). Dividends paid by B2Gold to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.

The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with the B2Golds's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.

Operations

Mine-by-mine gold production in the fourth quarter and full-year 2021 (including the Company's estimated 33% share of Calibre's production) was as follows:

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