VANCOUVER, BC, October 17, 2022 /CNW/ - B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) ("B2Gold" or the "Company") is pleased to announce its gold production and gold revenue for the third quarter of 2022. All dollar figures are in United States dollars unless otherwise indicated.
2022 Third Quarter Highlights
On track to meet annual gold production guidance: Total gold production in the third quarter of 2022 of 227,016 ounces, including 12,113 ounces of attributable production from Calibre Mining Corp. ("Calibre"), less than planned due to challenges at Fekola and Otjikoto as discussed below. Total gold production for 2022 still anticipated to be between 990,000 to 1,050,000 ounces.
Fekola to benefit from access to higher grade ore in Q4 2022: Gold production from the Fekola Mine of 129,933 ounces in the third quarter of 2022. Fekola experienced a challenging rainy season which delayed access to higher grade ore from Fekola Phase 6. The ore from Fekola Phase 6, which is currently being mined in the fourth quarter of 2022, is anticipated to average between 3.4 to 3.5 grams per tonne ("g/t") gold.
Consistent operational quarter at Masbate: Gold production from the Masbate Mine of 49,902 ounces in the third quarter of 2022. Masbate remains on target to achieve the previously revised 2022 guidance of between 215,000 and 225,000 ounces of gold.
Wolfshag Underground development ore production commenced at Otjikoto: Gold production from the Otjikoto Mine of 35,068 ounces in the third quarter of 2022, less than anticipated due to a delay in bringing the Wolfshag Underground mine into production. Gold production is forecast to significantly increase in the fourth quarter of 2022 when mining reaches a higher grade zone in the Otjikoto pit and stope ore production commences from the Wolfshag Underground mine.
Fekola Complex feasibility study underway to deliver low capital intensity production growth: Commencing a feasibility level 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.
Financial position and capital returns program remain robust: The Company remains in a strong net positive cash position and paid a third quarter dividend of $0.04 per common share (annualized rate of $0.16 per common share), one of the highest dividend yields in the gold sector.
Third Quarter 2022 Gold Production and Full Year 2022 Outlook
Mine-by-mine gold production in the third quarter and first nine months of 2022 (including the Company's approximately 25% attributable share of Calibre's production) was as follows:
Gold Production
Mine Q3 2022 YTD 2022 FY 2022 Revised Guidance
Fekola oz 129,933 354,647 570,000 - 600,000
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