VANCOUVER, Nov. 5, 2019 /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 third quarter and first nine months of 2019. All dollar figures are in United States dollars unless otherwise indicated. B2Gold is also pleased to announce that, as part of the Company's long-term strategy to maximize shareholder value, the board of directors of the Company (the "Board of Directors") declared B2Gold's first dividend of $0.01 per common share, and expects to declare future dividends quarterly at the same level, which on an annualized basis would amount to $0.04 per common share (see "B2Gold Declares First Dividend" section below).

On October 15, 2019, B2Gold and Calibre Mining Corp. ("Calibre") completed the transaction for B2Gold to restructure its interests in, and for Calibre to acquire, El Limon and La Libertad mines (see "B2Gold and Calibre Join Forces in Nicaragua" section below). Accordingly, the Company has classified its El Limon and La Libertad mines as discontinued operations for the three and nine months ended September 30, 2019 and 2018 for financial reporting purposes.

2019 Third Quarter Highlights
•Record quarterly consolidated gold production of 258,200 ounces (including El Limon and La Libertad) well-above budget by 7% (15,807 ounces) and 7% (16,160 ounces) over the same period last year with solid performances from all of the Company's operations
•Consolidated gold revenues from continuing operations of $311 million on sales of 208,900 ounces (2% or 3,801 ounces above budget); consolidated gold revenues (see "Non-IFRS Measures") of $382 million on sales of 256,670 ounces, including gold sales from El Limon and La Libertad
•Consolidated cash operating costs (see "Non-IFRS Measures") from continuing operations of $443 per ounce produced ($433 per ounce sold), well-below budget by $47 per ounce (10%); including El Limon and La Libertad, consolidated cash operating costs of $507 per ounce produced ($507 per ounce sold), below budget by $36 per ounce (7%)
•Consolidated all-in sustaining costs ("AISC") (see "Non-IFRS Measures") from continuing operations of $755 per ounce sold, below budget by $10 per ounce (1%); including El Limon and La Libertad, consolidated AISC of $807 per ounce sold, in-line with budget
•Consolidated cash flow provided by operating activities of $168 million (including $30 million from discontinued operations) compared to $143 million (including $7 million from discontinued operations) in the prior-year quarter
•Net income attributable to the shareholders of the Company of $56 million ($0.05 per share); adjusted net income attributable to the shareholders (see "Non-IFRS Measures") of the Company of $89 million ($0.09 per share)
•For the fourth quarter of 2019, B2Gold's Board of Directors declared its first dividend of $0.01 per common share and expects to declare future dividends quarterly at the same level (which on an annualized basis would amount to $0.04 per common share), subject to authorization of the Board of Directors and all applicable laws
•Otjikoto Mine continued its remarkable safety performance, extending the number of days without a lost-time-injury ("LTI") to 552 days (4.6 million man-hours) at the end of the third quarter of 2019
•On October 15, 2019, B2Gold and Calibre completed an agreement for B2Gold to restructure its interests in, and for Calibre to acquire, El Limon and La Libertad gold mines for aggregate consideration of $100 million (subject to an additional payment for net working capital acquired)


2019 First Nine Months Highlights
•Record year-to-date consolidated gold production of 735,079 ounces (including El Limon and La Libertad), 7% (45,705 ounces) above budget and 2% (13,262 ounces) over the same period last year
•Consolidated gold revenues from continuing operations of $842 million on sales of 616,000 ounces (5% or 31,382 ounces above budget); consolidated gold revenues (see "Non-IFRS Measures") of $994 million on sales of 725,028 ounces, including gold sales from El Limon and La Libertad
•Consolidated cash operating costs from continuing operations of $451 per ounce produced ($452 per ounce sold), well-below budget by $45 per ounce (9%); including El Limon and La Libertad, consolidated cash operating costs of $527 per ounce produced ($531 per ounce sold), below budget by $33 per ounce (6%)
•Consolidated AISC from continuing operations of $768 per ounce sold, well-below budget by $70 per ounce (8%); including El Limon and La Libertad, consolidated AISC of $855 per ounce sold, below budget by $54 per ounce (6%)
•Consolidated cash flow provided by operating activities of $347 million (including $41 million from discontinued operations)
•Net income attributable to the shareholders of the Company of $116 million ($0.11 per share); adjusted net income attributable to the shareholders of the Company of $169 million ($0.17 per share)
•Debt repayments totaling $100 million on the outstanding balance of the Company's revolving credit facility ("RCF") with a further $100 million expected to be repaid in the fourth quarter of 2019, which will leave an estimated drawn balance on the RCF of $200 million at December 31, 2019, and an estimated available balance of $400 million; total debt outstanding at December 31, 2019, including equipment loans and leases, is forecast to be approximately $260 million, a reduction in the year of $220 million from opening total debt of approximately $480 million
•For full-year 2019, the Company forecasts consolidated gold production to come in towards the midpoint of its previously stated guidance range of between 935,000 and 975,000 ounces, with cash operating costs forecast to be at or below the lower end of the Company's $520 and $560 per ounce guidance range and AISC to be within the Company's $835 and $875 per ounce guidance range
•New large-scale off-grid Fekola Solar Plant Project approved by the B2Gold Board of Directors, scheduled for completion in August 2020; expected to provide significant operating cost reductions (estimated to reduce Fekola's processing costs by approximately 7%)
•On March 26, 2019, the Company announced positive results from the Expansion Study Preliminary Economic Assessment ("PEA") for the Fekola Mine, including significant estimated increases in average annual gold production to over 550,000 ounces per year during the five-year period 2020-2024, and is proceeding with an expansion project to increase Fekola's processing throughput by 1.5 million tonnes per annum ("Mtpa") to 7.5 Mtpa from an assumed base rate of 6 Mtpa
•Based on B2Gold's current projections, production at the Fekola Mine in 2020 is projected to be approximately 600,000 ounces of gold (primarily due to the addition of a larger mining fleet at Fekola and the optimization of the mining sequence in early 2020, prior to completion of the mill expansion); following completion of the mill expansion, production from the Fekola Mine is projected to average 550,000 ounces of gold over the next five years based on current assumptions
•On September 16, 2019, the Company announced positive drill results from the Mamba zone which is located within the Anaconda area approximately 20 kilometres from the Fekola Mine, as well as positive infill drill results from the Fekola Mineral Resource area and step out results north of the Fekola resource


2019 Third Quarter and First Nine Months Operational Results

Consolidated gold production from continuing operations totaled 213,278 ounces in the third quarter of 2019, above budget by 4% (8,788 ounces) and the prior-year quarter by 3% (6,331 ounces). Including El Limon and La Libertad, consolidated gold production in the third quarter of 2019 was a quarterly record of 258,200 ounces, well-above budget by 7% (15,807 ounces) and 7% (16,160 ounces) higher compared to the prior-year quarter, with solid performances from all of the Company's operations. Gold production from each of the Company's mines exceeded their targeted production for the quarter. In addition, based on Fekola's strong year-to-date performance, the Company has revised Fekola's production guidance range higher to be between 445,000 to 455,000 ounces of gold (original guidance range was between 420,000 to 430,000 ounces).

Consolidated cash operating costs from continuing operations in the third quarter of 2019 were $443 per ounce produced ($433 per ounce sold), well-below budget by $47 per ounce (10%) and comparable with the third quarter of 2018. The favourable budget variance was mainly attributable to higher-than-budgeted production. Including El Limon and La Libertad, consolidated cash operating costs were $507 per ounce produced ($507 per ounce sold), below budget by $36 per ounce (7%) and comparable with the prior-year quarter.

Consolidated AISC from continuing operations in the third quarter of 2019 were $755 per ounce sold (Q3 2018 - $644 per ounce sold), below budget by $10 per ounce (1%). Including El Limon and La Libertad, consolidated AISC were $807 per ounce sold (Q3 2018 - $717 per ounce sold), in-line with budget.

Year-to-date, consolidated gold production from continuing operations totaled 622,710 ounces, well-above budget by 7% (39,181 ounces). Including El Limon and La Libertad, consolidated gold production was a year-to-date record of 735,079 ounces, well-above budget by 7% (45,705 ounces) and 2% (13,262 ounces) higher compared to the first nine months of 2018.

Year-to-date, consolidated cash operating costs from continuing operations were $451 per ounce produced ($452 per ounce sold) (first nine months of 2018 - $416 per ounce produced), well-below budget by $45 per ounce (9%). Including El Limon and La Libertad mines, consolidated cash operating costs were $527 per ounce produced ($531 per ounce sold), below budget by $33 per ounce (6%).

Year-to-date, consolidated AISC from continuing operations were $768 per ounce sold (year-to-date 2018 - $640 per ounce sold), well-below budget by $70 per ounce (8%). Including El Limon and La Libertad mines, consolidated AISC were $855 per ounce sold, below budget by $54 per ounce (6%).

B2Gold remains well positioned for continued strong operational and financial performance in 2019. For full-year 2019, the Company forecasts consolidated gold production to come in towards the midpoint of its previously stated guidance range of between 935,000 and 975,000 ounces. The gold production outperformance experienced in the first nine months of 2019 together with the uplift in guidance for Fekola are anticipated to more than offset the Company's reduced share of production from El Limon and La Libertad following their sale to Calibre on October 15, 2019. Consolidated cash costs are projected to remain low in 2019 with cash operating costs forecast to be at or below the lower end of the Company's $520 and $560 per ounce guidance range and AISC to be within the Company's $835 and $875 per ounce guidance range.

B2Gold and Calibre Join Forces in Nicaragua

On October 15, 2019, B2Gold completed the sale of El Limon and La Libertad gold mines, the Pavon gold project and additional mineral concessions in Nicaragua (collectively, the "Nicaragua Assets") to Calibre for aggregate consideration of $100 million (consisting of a combination of cash, common shares and a convertible debenture) (the "Calibre Transaction"), plus an additional payment for net working capital acquired under the share purchase agreement for the Calibre Transaction. As a result of closing the Calibre Transaction, B2Gold now holds approximately 30% of the total issued and outstanding Calibre common shares.

2019 Third Quarter and First Nine Months Financial Results

Consolidated gold revenue from continuing operations for the third quarter of 2019 was $311 million on sales of 208,900 ounces at an average price of $1,488 per ounce compared to $280 million on sales of 232,209 ounces at an average price of $1,206 per ounce in the third quarter of 2018. The increase in gold revenue of $31 million (11%) was attributable to a 23% increase in the average realized gold price partially offset by a 10% decrease in the gold ounces sold (due to the timing of gold sales). Including El Limon and La Libertad, consolidated gold revenue was $382 million on sales of 256,670 ounces at an average realized price of $1,489 per ounce.

Cash flow provided by operating activities from continuing operations was $138 million in the third quarter of 2019 compared to $137 million in the prior-year quarter. Cash flow provided by operating activities (including discontinued operations) was $168 million in the third quarter of 2019 compared to $143 million in the third quarter of 2018, an increase of $25 million.

For the third quarter of 2019, net income attributable to the shareholders of the Company was $56 million ($0.05 per share) compared to $11 million ($0.01 per share) in the prior-year quarter. Adjusted net income attributable to the shareholders of the Company was $89 million ($0.09 per share) compared to $38 million ($0.04 per share) in the third quarter of 2018.

Year-to-date, consolidated gold revenue from continuing operations was $842 million on sales of 616,000 ounces at an average price of $1,367 per ounce compared to $821 million on sales of 645,667 ounces at an average price of $1,271 per ounce in the first nine months of 2018. The $21 million (3%) increase in gold revenue was attributable to an 8% increase in the average realized gold price partially offset by a 5% decrease in the gold ounces sold (due to the timing of gold sales). Including El Limon and La Libertad, consolidated gold revenue was $994 million on sales of 725,028 ounces at an average realized price of $1,371 per ounce.

Cash flow provided by operating activities from continuing operations was $306 million in the first nine months of 2019 compared to $355 million in same period last year. Cash flow provided by operating activities (including discontinued operations) was $347 million in the first nine months of 2019 compared to $377 million in the first nine months of 2018. The decrease mainly reflects higher income tax installment payments, partially offset by higher revenues.

For the first nine months of 2019, net income attributable to the shareholders of the Company was $116 million ($0.11 per share) compared to $88 million ($0.09 per share) in the same period last year. Adjusted net income attributable to the shareholders of the Company was $169 million ($0.17 per share) compared to $138 million ($0.14 per share) in the first nine months of 2018.

B2Gold Declares First Dividend

B2Gold is also pleased to announce that, as part of the Company's long-term strategy to maximize shareholder value, on November 5, 2019, the Board of Directors of the Company declared B2Gold's first quarterly dividend of $0.01 per common share, which will be paid on December 13, 2019, to shareholders of record as at the close of business on November 29, 2019. 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.

Following the payment of this dividend, the Board of Directors expects to declare future dividends quarterly at the same level, in the amount of $0.01 per common share, and has determined that this anticipated level of quarterly dividend is appropriate based on the Company's current financial performance, liquidity and outlook. Subject to authorization by the Board of Directors and compliance with all applicable laws, the record date for future dividends is anticipated to be set as of the last business day of March, June, September and December in each year and the payment date in each case is anticipated to be approximately two weeks from such record date. The exact record date and other details of future dividends, if any, will be announced by the Company separately at such time any dividend is declared and authorized by the Board of Directors.

The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board of Directors, 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 Company'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 of Directors 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.

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