VANCOUVER, BC, January 19, 2022 /CNW/ - B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) ("B2Gold" or the "Company") is pleased to announce its total gold production and consolidated gold revenues for the fourth quarter and full-year 2021, in addition to its production and budget guidance for 2022. All dollar figures are in United States dollars unless otherwise indicated.

2021 Gold Production and Revenue Highlights

Fourth quarter total gold production of 304,897 ounces (including 16,048 ounces of attributable production from Calibre Mining Corp. ("Calibre")) and consolidated gold production of 288,849 ounces from the Company's three operating mines
Fourth quarter consolidated gold revenues of $526 million on sales of 292,350 ounces at an average realized gold price of $1,800 per ounce
Record quarterly gold production achieved by the Otjikoto Mine of 78,681 ounces in the fourth quarter
Record annual total gold production of 1,047,414 ounces (including 59,819 ounces of attributable production from Calibre), marking the thirteenth consecutive year of record annual total gold production
Consolidated 2021 gold production from the Company's three operating mines of 987,595 ounces, near the top end of its revised guidance range (of between 965,000 – 995,000 ounces) and exceeding the upper end of its original guidance range (of between 920,000 – 970,000 ounces)
Annual consolidated gold revenues of $1.76 billion on sales of 981,401 ounces at an average realized gold price of $1,796 per ounce
Record annual gold production achieved by both the Masbate Mine of 222,227 ounces and Otjikoto Mine of 197,573 ounces
The Company's expects total consolidated cash operating costs (see "Non-IFRS Measures") to be within its guidance range of between $500 and $540 per ounce and total consolidated all-in sustaining costs ("AISC") (see "Non-IFRS Measures") to be at the upper end of its guidance range of between $870 and $910 per ounce
2022 Budget Highlights

For 2022, B2Gold remains well positioned for continued strong operational and financial performance with total gold production guidance of between 990,000 - 1,050,000 ounces (including 40,000 - 50,000 attributable ounces projected from Calibre) with total consolidated forecast cash operating costs of between $620 - $660 per ounce and total consolidated AISC of between $1,010 - $1,050 per ounce; consolidated cash operating costs per ounce and AISC per ounce are forecast to be higher than 2021 mainly due to higher budgeted prices for fuel, labour and other key consumables (attributable to the current inflationary environment), and a stronger budgeted Namibian dollar while the increase in AISC per ounce is also impacted by moderately higher planned sustaining capital expenditures
Due to the timing of high-grade ore mining, consolidated gold production from the Company's three operating mines is expected to be significantly weighted to the second half of 2022; for the first half of 2022, consolidated gold production is forecast to be between 390,000 – 410,000 ounces, which is expected to increase significantly to between 560,000 – 590,000 ounces during the second half of 2022
Following a very successful year for exploration in 2021, B2Gold is planning a year of aggressive exploration in 2022 with a budget of approximately $65 million (excluding Gramalote), including a record $29 million allocated to the Company's ongoing grassroots exploration programs
An updated mineral resource estimate is expected to be completed for the Cardinal zone (located within 500 metres of the current Fekola resource pit) in the first quarter of 2022
Based on current assumptions, including a gold price of $1,800 per ounce, the Company expects to generate cashflows from operating activities of approximately $625 million in 2022, expected to be significantly weighted to the second half of 2022
Gold Production

Despite the continuing challenges of the COVID-19 pandemic, B2Gold had another remarkable year of strong operational performance in 2021, with the achievement of B2Gold's thirteenth consecutive year of record annual total gold production. The Company's total gold production for 2021 was an annual record of 1,047,414 ounces (including 59,819 ounces of attributable production from Calibre) (2020 – 1,040,737 ounces), near the top end of its revised guidance range (of between 1,015,000 – 1,055,000 ounces) and exceeding the upper end of its original guidance range (of between 970,000 – 1,030,000 ounces). Consolidated gold production from the Company's three operating mines was 987,595 ounces (2020 - 995,258 ounces), near the top end of the revised guidance range (of between 965,000 – 995,000 ounces) and exceeding the upper end of the original guidance range (of between 920,000 – 970,000 ounces), with solid performances from the Company's three mines (see "Operations" section below), including both the Masbate and Otjikoto mines achieving record annual gold production in 2021. In addition, the Fekola Mine achieved another strong year in 2021, producing 567,795 ounces of gold, near the top end of its revised guidance range (of between 560,000 and 570,000 ounces) and exceeding the upper end of its original guidance range (of between 530,000 and 560,000 ounces).

The Company is currently compiling its final cash operating costs and AISC results for 2021 and will release its fourth quarter and full-year 2021 financial results after the North American markets close on Tuesday, February 22, 2022. For full-year 2021, the Company's total consolidated cash operating costs are expected to be within its guidance range of between $500 and $540 per ounce and total consolidated AISC are expected to be at the upper end of its guidance range of between $870 and $910 per ounce. The Company is still forecasting to meet its total consolidated cost per ounce guidance ranges even in the current inflationary cost environment, reflecting how well the Company's operating mines and their management teams performed in 2021.

For 2022, B2Gold remains well positioned for continued strong operational and financial performance. The Company's total gold production is forecast to be between 990,000 - 1,050,000 ounces (including 40,000 - 50,000 attributable ounces projected from Calibre) in 2022, with total consolidated cash operating costs forecast to be between $620 - $660 per ounce and total consolidated AISC forecast to be between $1,010 - $1,050 per ounce. The Company's consolidated gold production from its three operating mines is forecast to be between 950,000 - 1,000,000 ounces in 2022, with consolidated cash operating costs forecast to be between $600 - $640 per ounce and consolidated AISC forecast to be between $1,000 - $1,040 per ounce. While the Company's 2022 production guidance does include estimated production from Cardinal, it does not include the potential upside to increase Fekola's gold production in 2022 from trucking material from the Anaconda area (comprised of the Menankoto Permit1 and the Bantako North Permit) (see "2022 Production Outlook and Cost Guidance" section below).

The Company is monitoring the impact of sanctions on Mali announced by the Economic Community of West African States ("ECOWAS") on January 9, 2022, including closure of borders with Mali. These sanctions were in response to Mali's interim authorities' proposal of delaying elections to December 2025 instead of the previously agreed timeline of February 2022. Currently, the Fekola Mine continues to operate unimpeded and the Company expects to meet its 2022 production guidance for Fekola. The Fekola Mine appears well-positioned for any potential supply disruptions that might be caused by the border closures. The Company is in the search of alternative routings to bring in some critical supplies, if necessary. Fuel supplies are not affected by the sanctions and continue passing through the border with Senegal. Gold sales from the Fekola Mine are expected to continue on an ordinary course basis.

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1 Subject to the receipt of the new Menankoto Permit which the Company expects to be issued by the Mali Ministry of Mines and Petroleum in the near future.

Sustainability

Safety

The Company's excellent safety performance reflects the Company's longstanding commitment to continuous safety improvement and goal of sending everyone HOME-SAFE after every shift/work rotation. The Company's LTIFR and Severity rates (lost time and restricted work) are in-line with best in class (top 5%) of the safest performing mining companies globally. While the Company's TRIFR rate remained unchanged from 2020, it remains 54% lower than the International Council on Mining and Metals group average (32 companies) and rests within the top 5% of the safest performing companies within that group.

For a sixth consecutive year, the Company maintained a fatality free workplace and once again either reduced or maintained its low injury frequency rates as follows:

Lost time injury ("LTIFR"): 0.05 (16% reduction from 2020)
Total recordable injury frequency rate ("TRIFR"): 0.27 (0% neutral from 2020)
Severity: 3.46 (2% reduction from 2020)
Other notable safety performance highlights from 2021 include:

Masbate operations surpassing 3 years and +20 million LTI free hours worked
Otjikoto operations reducing TRIFR by 25%
Exploration/Projects reducing LTIFR by 52%, TRIFR by 85% and Severity by 88%
Continued successful management of COVID-19 through screening/testing and vaccination
Zero occupational hygiene claims (illness/diseases) for a third consecutive year
No fines or orders for non-compliance/violations of health and safety regulations for a fifth consecutive year
Third-party OHS Performance Standards Audits conducted at both Fekola and Otjikoto operations, with improvements reported
In 2022, the Company will continue to focus attention on key prevention initiatives to further reduce injury to align with its goal of sending every B2Gold employee or contractor HOME-SAFE after each and every shift/work rotation.

Environmental, Social and Governance Commitment

B2Gold is committed to delivering positive impacts in environmental, social and governance ("ESG") with its many stakeholders. In 2021, as a result of the Company's culture of health and safety and support for the communities where it operates, B2Gold was able to successfully respond to the challenges posed by COVID-19, contributing to community resilience and sustained positive economic impacts in the countries where it operates. As vaccines became available, B2Gold worked with authorities to implement vaccination clinics all operations. Vaccinations, combined with ongoing workforce monitoring and testing measures, and continued modified work protocols including revised workplace schedules and arrangements, social distancing, and mask and hygiene policies, ensured the ongoing health and safety of our workforce and communities.

In addition to community investment and development initiatives that B2Gold supports across its global operations, the Company also supports social initiatives at home, in Canada. This is managed through the B2Gold Canadian CSR Fund established in 2019. This fund supports registered charities in the Metro Vancouver area that address social issues related to health, children, and vulnerable populations. In 2021, the Company donated CAD$1 million to organizations that align with these priorities, including CAD$100,000 to the Red Cross to support those affected by the British Columbia floods.

In 2021, B2Gold joined the World Gold Council ("WGC"), the global authority on the gold market comprised of the world's leading gold mining companies. B2Gold is in the first year of implementation of the WGC's Responsible Gold Mining Principles, a comprehensive framework that addresses key environmental, social and governance issues for the gold mining sector.

More information on B2Gold's ESG management and performance, as well as its safety performance and economic contributions across its operations can be found on the Company's website and in its annual responsible mining report, "Raising the Bar".

Gold Revenue

For full-year 2021, consolidated gold revenue was $1.76 billion on sales of 981,401 ounces at an average realized gold price of $1,796 per ounce, compared to $1.79 billion on sales of 1,006,455 ounces at an average realized gold price of $1,777 per ounce in 2020. The slight decrease in gold revenue of 1% ($0.03 billion) was 2% attributable to the decrease in gold ounces sold, partially offset by a 1% impact from the increase in the average realized gold price.

For the fourth quarter of 2021, consolidated gold revenue was $526 million on sales of 292,350 ounces at an average realized gold price of $1,800 per ounce, compared to $480 million on sales of 256,655 ounces at an average realized gold price of $1,868 per ounce in the fourth quarter of 2020. The increase in gold revenue of 10% ($46 million) was 14% attributable to the increase in gold ounces sold (mainly due to the higher gold production), partially offset by a 4% impact from the decrease in the average realized gold price.

Operations

Mine-by-mine gold production in the fourth quarter and full-year 2021 (including the Company's estimated 33% share of Calibre's production) was as follows:

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