VANCOUVER, BC, April 14, 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 first quarter of 2022. All dollar figures are in United States dollars unless otherwise indicated.

2022 First Quarter Highlights
Total gold production of 209,365 ounces (including 12,892 ounces of attributable production from Calibre Mining Corp. ("Calibre")), 5% (9,760 ounces) above budget, and consolidated gold production of 196,473 ounces from the Company's three operating mines, 4% (8,431 ounces) above budget, with solid performances from all the Company's three mines, with each mine exceeding its budgeted production for the first quarter of 2022
Consolidated gold revenue was $366 million on sales of 195,100 ounces at an average realized price of $1,874 per ounce
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 cash operating costs forecast to be between $620 - $660 per ounce (see "Non-IFRS Measures") and total consolidated all-in sustaining costs ("AISC") (see "Non-IFRS Measures") forecast to be between $1,010 - $1,050 per ounce
The Company announced an updated and significantly increased Mineral Resource estimate for the Anaconda area, comprised of the Menankoto permit and the Bantako North permit, located approximately 20 kilometres from the Fekola Mine; preliminary planning by the Company has demonstrated that a pit situated on the Anaconda area could provide saprolite (weathered) material to be trucked to and fed into the Fekola mill commencing as early as late 2022, subject to obtaining all necessary permits and completion of a final mine plan, with the potential to add an average of approximately 80,000 to 100,000 ounces per year to the Fekola mill's annual gold production
B2Gold's Namibian subsidiary was recognized by the Namibian Revenue Agency as the highest revenue contributor among "Overall Top Contributors" in calendar year 2021
Gold Production
Total gold production in the first quarter of 2022 was 209,365 ounces (including 12,892 ounces of attributable production from Calibre), above budget by 5% (9,760 ounces), and consolidated gold production from the Company's three operating mines was 196,473 ounces, above budget by 4% (8,431 ounces), with solid performances from the Company's three mines, with each mine exceeding its budgeted production for the first quarter of 2022 (see "Operations" section below). Due to the timing of higher-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. As expected, compared to the first quarter of 2021, total consolidated gold production was lower by 5% (11,279 ounces), due to the planned significant waste stripping campaign and lower mined ore tonnage at the Fekola Mine in the first quarter of 2022, as Phase 6 of the Fekola Pit continues to be developed in the first half of 2022.

The Company is currently compiling its consolidated cash operating costs and consolidated AISC results for the first quarter of 2022, which will be released along with its first quarter of 2022 financial results after the North American markets close on Tuesday, May 3, 2022.

For full-year 2022, 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) 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. Notwithstanding the ongoing sanctions on Mali announced by the Economic Community of West African States ("ECOWAS") on January 9, 2022, including closure of a number of the borders with Mali, the Fekola Mine continues to operate at full capacity and the Company expects to meet its 2022 production guidance for the Fekola Mine.

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. Based mainly on the weighting of production and timing of stripping activities, consolidated cash operating costs are expected to be between $760 - $800 per ounce in the first half of 2022, before significantly improving to between $490 - $530 per ounce during the second half of 2022. In addition, consolidated AISC are expected to be between $1,250 - $1,290 per ounce in the first half of 2022 before significantly improving to between $820 - $860 per ounce during the second half of 2022.

Gold Revenue
For the first quarter of 2022, consolidated gold revenue was $366 million on sales of 195,100 ounces at an average realized price of $1,874 per ounce, compared to $362 million on sales of 202,330 ounces at an average realized price of $1,791 per ounce in the first quarter of 2021. The slight increase in gold revenue of 1% ($4 million) was 5% attributable to the increase in the average realized gold price, offset by a 4% impact from the decrease in gold ounces sold (mainly due to the lower gold production).

Operations
Mine-by-mine gold production in the first quarter of 2022 (including the Company's estimated 25% attributable share of Calibre's production) was as follows:

Mine
Q1 2022 Gold Production (ounces) First-Half 2022 Forecast Gold Production (ounces) Second-Half 2022 Forecast Gold Production (ounces) Full-year 2022 Forecast Gold Production (ounces)
Fekola 101,648 220,000 - 230,000 350,000 - 370,000 570,000 - 600,000
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