VANCOUVER, British Columbia, Nov. 08, 2023 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announces its operational and financial results for the third quarter of 2023. All dollar figures are in United States dollars unless otherwise indicated.

2023 Third Quarter Highlights

Total gold production of 242,838 ounces in Q3 2023, expected to increase in Q4 2023 : Total gold production in Q3 2023 was 242,838 ounces, including 17,786 ounces of attributable production from Calibre Mining Corp. (“Calibre”). The Masbate and Otjikoto mines exceeded their expected production, which was offset by lower than expected production from the Fekola Mine due to slightly lower grade recovery and lower mill feed grade stemming from ore production delays out of Phase 6 of the Fekola pit following an intense precipitation event. Mining of the higher grade ore in Fekola Phase 6 resumed in October 2023 and fourth quarter of 2023 Fekola Mine production is expected to be significantly higher. All B2Gold operations are on track to meet or exceed annual production guidance ranges.

Total consolidated cash operating costs of $706 per gold ounce sold in Q3 2023 : Total consolidated cash operating costs (see “Non-IFRS Measures”) (including estimated attributable results for Calibre) of $706 per gold ounce sold during the third quarter with consolidated cash operating costs from the Company’s three operating mines of $689 per gold ounce sold. Year-to-date total consolidated cash operating costs of $637 per gold ounce sold remain well below the annual guidance range.

Total consolidated all-in sustaining costs of $1,272 per gold ounce sold in Q3 2023 : Total consolidated all-in sustaining costs (see “Non-IFRS Measures”) (including estimated attributable results for Calibre) of $1,272 per gold ounce sold during the third quarter. Year-to-date total consolidated all-in sustaining costs of $1,182 remain below the annual guidance range.

Tracking well to 2023 total production and cost guidance: For full-year 2023, the Company's total gold production is forecast to be between 1,000,000 and 1,080,000 ounces (including 60,000 to 70,000 attributable ounces from Calibre). The Company's total consolidated cash operating costs for the year (including estimated attributable results for Calibre) are forecast to be slightly below the guidance range of $670 and $730 per ounce and total consolidated all-in sustaining costs (including estimated attributable results for Calibre) are forecast to be at the low end of the guidance range of between $1,195 and $1,255 per ounce.

Attributable net loss of $0.03 per share; Adjusted attributable net income of $0.05 per share in Q3 2023 : Net loss attributable to the shareholders of the Company in Q3 2023 of $43.0 million ($0.03 per share), primarily related to the $112 million non-cash impairment on the Gramalote Project as a result of the Company’s acquisition from AngloGold Ashanti Limited (“AngloGold”) of the remaining 50% interest in the project; adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company was $65 million ($0.05 per share).

Operating cash flow before working capital adjustments of $191 million in Q3 2023 : Cash flow provided by operating activities before working capital adjustments was $191 million in the third quarter of 2023.

Robust financial position : At September 30, 2023, the Company had cash and cash equivalents of $310 million, working capital (defined as current assets less current liabilities) of $383 million, and minimal debt consisting of only equipment loans and lease obligations.

Q3 2023 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 on September 29, 2023 (annualized rate of $0.16 per common share). Dividends paid totalled $45 million in the third quarter.

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