VANCOUVER, British Columbia, Aug. 02, 2023 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announces its operational and financial results for the second quarter of 2023. All dollar figures are in United States dollars unless otherwise indicated.

2023 Second Quarter Highlights

Total gold production of 262,701 ounces in Q2 2023, in-line with expectations for the quarter : Total gold production of 262,701 ounces, including 16,740 ounces of attributable production from Calibre Mining Corp. (“Calibre”). The Fekola Mine produced 152,427 ounces in the quarter, benefitting from a favorable mine phasing sequence in the second quarter, with Phase 6 of the Fekola pit providing high-grade ore to the process plant. All B2Gold operations are on track to meet or exceed annual production guidance ranges.

Total consolidated cash operating costs of $ 667 per gold ounce sold in Q2 2023, below the annual guidance range : Total consolidated cash operating costs (see “Non-IFRS Measures”) (including estimated attributable results for Calibre) of $667 per gold ounce sold during the quarter. Consolidated cash operating costs from the Company’s three operating mines of $639 per gold ounce sold.



Total consolidated all-in sustaining costs of $1,214 per gold ounce sold in Q2 2023, below the midpoint of the annual guidance range : Total consolidated all-in sustaining costs (see “Non-IFRS Measures”) (including estimated attributable results for Calibre) of $1,214 per gold ounce sold. Consolidated all-in sustaining costs from the Company’s three operating mines of $1,210 per gold ounce sold.

Attributable net income of $0.06 per share; Adjusted attributable net income of $0.07 per share in Q2 2023 : Net income attributable to the shareholders of the Company of $80 million ($0.06 per share); adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company of $86 million ($0.07 per share).

Operating cash flow before working capital adjustments of $199 million in Q2 2023 : Cash flow provided by operating activities before working capital adjustments was $199 million in the second quarter of 2023.

Robust financial position : At June 30, 2023, the Company had cash and cash equivalents of $506 million and working capital (defined as current assets less current liabilities) of $570 million.

Q2 2023 dividend of $0.04 per share declared : The Company remains in a strong net positive cash position and paid a second quarter dividend of $0.04 per common share on June 27, 2023 (annualized rate of $0.16 per common share).

Completed acquisition of Sabina Gold and Silver Corp. (“Sabina”); Goose Project construction on-track for mill completion and first gold production in Q1 2025 : In the second quarter of 2023 the Company completed its inaugural winter ice road season, extinguished certain of Sabina’s construction financing obligations and received all critical materials that were necessary to maintain the schedule for construction completion of the mill and first gold production at the Goose Project in the first quarter of 2025. Currently, camp construction is partially complete, generators are being installed, and construction workshops are being erected. The Company has also decided to move to an owner-operated construction model versus a fixed priced EPC contract for the construction of the process plant, which will reduce costs and result in a mill with higher availability and lower sustaining capital requirements. Using B2Gold's owner-operated team also allows for flexibility in construction and the ability to prioritize construction activities as needed.

Updated and significantly increased Mineral Resource Estimate for the Anaconda Area announced: On June 21, 2023, the Company announced an updated Mineral Resource estimate that includes a significant increase in the laterite, saprolite and saprock (collectively “oxide”) Mineral Resources, and an initial sulphide Indicated Mineral Resource estimate for the Anaconda Area.

Second Quarter 2023 Results

Three months ended Six months ended
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