VANCOUVER, BC, November 1, 2022 /CNW/ - B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) ("B2Gold" or the "Company") announces its operational and financial results for the third quarter of 2022. The Company previously released its gold production and gold revenue results for the third quarter of 2022. All dollar figures are in United States dollars unless otherwise indicated.

2022 Third Quarter and Year-to-Date Summary
Total gold production of 227,016 ounces in Q3 2022, expected to increase significantly in Q4 2022: Lower than expected production at the Fekola and Otjikoto mines in the third quarter of 2022 due to temporary mining sequence changes (see "Operations" discussion). Strong production anticipated in the fourth quarter of 2022 at both operations. At Fekola, ore production from Fekola open-pit Phase 6 has commenced and is forecast to average between 3.4 to 3.5 grams per tonne ("g/t") gold. Over the full fourth quarter of 2022, gold grade mined is anticipated to average over 3.0 g/t gold at Fekola. At Otjikoto, gold production is anticipated to benefit as mining has reached a higher-grade zone in the Otjikoto pit and with stope ore production from the Wolfshag Underground mine.

Total consolidated cash operating costs of $824 per gold ounce sold in Q3 2022, expected to be significantly lower in Q4 2022: Total consolidated cash operating costs (see "Non-IFRS Measures") (including estimated attributable results for Calibre Mining Corp. ("Calibre"), which accounts for approximately 5% of B2Gold's total gold production in 2022) of $824 per gold ounce sold and consolidated cash operating costs from the Company's three operating mines of $810 per gold ounce sold. Year-to-date total consolidated cash operating costs of $760 per gold ounce sold in line with expectations after a strong first half of 2022.

Total consolidated all-in sustaining costs of $1,169 per gold ounce sold in Q3 2022, expected to be significantly lower in Q4 2022: Total consolidated all-in sustaining costs (see "Non-IFRS Measures") (including estimated attributable results for Calibre) of $1,169 per gold ounce sold and consolidated all-in sustaining costs from the Company's three operating mines of $1,154 per gold ounce sold. Year-to-date total consolidated all-in sustaining costs of $1,108 per gold ounce sold is slightly better than expected after a strong first half of 2022. Total consolidated all-in sustaining costs are anticipated to benefit in Q4 2022 from higher grade ore being processed at Fekola and Otjikoto.

Maintain full-year 2022 total gold production and total consolidated cost guidance: Based on the year-to-date cost performance and strong anticipated gold production in Q4 2022, the Company re-affirms full year 2022 total gold production and total consolidated cost guidance. Total gold production is expected to be between 990,000 and 1,050,000 ounces (including 40,000 and 50,000 attributable ounces projected from Calibre). Total consolidated cash operating costs are expected to be at the upper end of the Company's original guidance range of between $620 and $660 per gold ounce and total consolidated all-in sustaining costs are expected to within the Company's original guidance range of between $1,010 and $1,050 per gold ounce.

Attributable net loss of $(0.02) per share; adjusted attributable net income of $0.03 per share in Q3 2022: Net loss attributable to the shareholders of the Company of $(23) million ($(0.02) per share); adjusted net income (see "Non-IFRS Measures") attributable to the shareholders of the Company of $32 million ($0.03 per share).

Operating cash flow before working capital adjustments of $0.13 per share in Q3 2022: Cash flow provided by operating activities before working capital adjustments was $139 million ($0.13 per share) in the third quarter of 2022.

Robust financial position: At September 30, 2022, the Company had cash and cash equivalents of $549 million and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $725 million.

Q3 2022 dividend of $0.04 per share declared: The Company remains in a strong net positive cash position and paid a third quarter dividend of $0.04 per common share (annualized rate of $0.16 per common share), representing a 5.0% yield as of September 30, 2022.

Completed acquisition of Oklo Resources Limited ("Oklo"): The Company completed the acquisition of Oklo on September 20, 2022, providing B2Gold with an additional landholding of 1,405 km2 covering highly prospective greenstone belts in Mali, including Oklo's flagship Dandoko project (550 km2), located approximately 25 kilometres from each of the Fekola Mine and the Anaconda area.

Fekola Complex study underway to deliver low capital intensity production growth: Commencing a feasibility level engineering study of stand-alone mill and oxide processing facilities at the Anaconda area. The study will be based on processing at least 4 million tonnes per annum ("Mtpa") of saprolite and transitional (oxide) resources, with an option to add fresh rock (sulphide) capabilities in the future. Results of this study are expected in the second quarter of 2023. Conceptual analysis indicates that the combined Fekola and Anaconda processing facilities could have the potential to produce more than 800,000 ounces of gold per year commencing as early as 2026.

Continued investment in near-mine exploration in Mali: The Company is drilling to infill and extend the saprolite resource area and to follow up on the sulphide mineralization at the Anaconda area, including the Mamba and Adder zones, and several other targets below the saprolite mineralization. The good grade and width combinations at the Anaconda area continue to provide a strong indication of the potential for Fekola-style south plunging bodies of sulphide mineralization, which remains open down plunge. Seven drill rigs are currently drilling in the Anaconda area and one drill rig is currently operating on Bakolobi. On the Mamba zone, drill results are particularly significant as they confirm the continuity of high grade sulphide mineralization 110 metres below the limit of the updated Mineral Resource pit boundaries. In the main Anaconda area Mineral Resource pit, drill results demonstrate the potential to add sulphide Mineral Resources beneath the currently defined saprolite resources, where the mineralization remains open at depth.

B2Gold and joint venture partner AngloGold Ashanti Limited ("AngloGold") intend to initiate a joint sales process for Gramalote: B2Gold and partner AngloGold have completed a comprehensive review of the alternatives relating to the Gramalote project and consider that the interests of all stakeholders would be best served by finding a buyer for the project. The partners intend to commence a joint sales process for the Gramalote project in the fourth quarter of 2022.

Third Quarter and Year-to-Date 2022 Results
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