VANCOUVER, British Columbia, Feb. 22, 2023 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announces its operational and financial results for the fourth quarter and full year 2022. The Company previously released its gold production and gold revenue results for the fourth quarter and full year 2022. All dollar figures are in United States dollars unless otherwise indicated.

2022 Fourth Quarter and Full Year Highlights

Total gold production of 367,870 ounces in Q4 2022, a quarterly record : Total gold production in the fourth quarter of 2022 of 367,870 ounces, including 15,101 ounces of attributable production from Calibre Mining Corp. (“Calibre”), a quarterly production record for B2Gold.

Total consolidated cash operating costs of $468 per gold ounce produced in Q4 2022 : Total consolidated cash operating costs (see “Non-IFRS Measures”) (including estimated attributable results for Calibre) of $468 per gold ounce produced and consolidated cash operating costs from the Company’s three operating mines of $440 per gold ounce produced.

Total consolidated all-in sustaining costs of $892 per gold ounce sold in Q4 2022 : Total consolidated all-in sustaining costs (see “ Non-IFRS Measures ”) (including estimated attributable results for Calibre) of $892 per gold ounce sold and consolidated all-in sustaining costs from the Company’s three operating mines of $876 per gold ounce sold.

Achieved full-year 2022 total gold production guidance : Based on the strong gold production in the fourth quarter of 2022, the Company achieved full year 2022 total gold production guidance. Total gold production in 2022 was 1,027,874 ounces (including 54,871 attributable ounces from Calibre), near the mid-point of the annual guidance range of between 990,000 and 1,050,000 ounces, the seventh consecutive year of meeting or exceeding annual production guidance.

Met full-year 2022 total consolidated cost guidance : Full year 2022 total consolidated cash operating costs of $660 per gold ounce produced, at the top end of the annual guidance range of between $620 and $660 per gold ounce. Full year 2022 total consolidated all-in sustaining costs of $1,033 per gold ounce sold, near the mid-point of the annual guidance range of between $1,010 and $1,050 per gold ounce.

Attributable net income of $0.15 per share in Q4 2022; Adjusted attributable net income of $0.11 per share in Q4 2022 : Net income attributable to the shareholders of the Company of $158 million ($0.15 per share); adjusted net income (see “ Non-IFRS Measures ”) attributable to the shareholders of the Company of $121 million ($0.11 per share).

Operating cash flow before working capital adjustments of $0.25 per share in Q4 2022 : Cash flow provided by operating activities before working capital adjustments (see “ Non-IFRS Measures ”) was $270 million ($0.25 per share) in the fourth quarter of 2022.

Robust financial position : At December 31, 2022, the Company had cash and cash equivalents of $652 million and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $802 million. Cash and cash equivalents increased by $102 million in the fourth quarter of 2022.

Fekola Complex study underway to deliver low capital intensity production growth : Commencing an engineering study of stand-alone 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 south plunging bodies of sulphide mineralization, which remain open down plunge.

Subsequent to year-end 2022, announced the acquisition of Sabina Gold & Silver Corp. ("Sabina") : On February 13, 2023, the Company entered into a definitive agreement pursuant to which it had agreed to acquire all of the issued and outstanding common shares of Sabina (the “Transaction”). B2Gold recognizes that respect and collaboration with the Kitikmeot Inuit Association is central to the license to operate in the Back River Gold District and will continue to prioritize developing the project in a manner that recognizes Indigenous input and concerns and brings long-term socio-economic benefits to the area.

Q1 2023 dividend of US$0.04 per share declared : On February 22, 2023, B2Gold's Board of Directors declared a cash dividend for the first quarter of 2023 of $0.04 per common share (or an expected $0.16 per share on an annualized basis), payable on March 17, 2023 to shareholders of record as of March 8, 2023.

Fourth Quarter and Full Year 2022 Results
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