B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or
the “Company”) announces its operational and financial results for
the second quarter of 2024. All dollar figures are in United States
dollars unless otherwise indicated.
2024 Second Quarter
Highlights
- Total gold production of 212,508 ounces: Total
gold production in the second quarter of 2024 was 212,508 ounces,
including 8,267 ounces of attributable production from Calibre
Mining Corp. (“Calibre”). Production at the Fekola Mine in the
second quarter of 2024 was below expectations as a result of damage
to an excavator and the delay in receiving replacement equipment
which impacted equipment availability for the second quarter of
2024, reducing tonnes mined. These equipment availability issues
are being addressed and mining rates are expected to improve by the
end of the third quarter of 2024.
- Total consolidated cash operating costs of
$839 per gold ounce produced, at the low
end of the annual guidance range: Total consolidated cash
operating costs (see “Non-IFRS Measures”) (including estimated
attributable results for Calibre) of $839 per gold ounce produced
during the second quarter of 2024 with consolidated cash operating
costs from the Company’s three operating mines of $808 per gold
ounce produced.
- Total consolidated all-in sustaining costs of $1,267
per gold ounce sold, below the annual guidance range:
Total consolidated all-in sustaining costs (see “Non-IFRS
Measures”) (including estimated attributable results for Calibre)
of $1,267 per gold ounce sold for the second quarter of 2024 with
consolidated all-in sustaining costs from the Company’s three
operating mines of $1,244 per gold ounce sold.
- Total gold production for 2024 now expected to be
between 800,000 and 870,000 ounces (including 20,000 ounces of
attributable production from Calibre): Total gold
production for 2024 is expected to be impacted by the delay in
mining higher-grade ore from Phase 7 of the Fekola pit due to
equipment availability issues, resulting in an expected decrease of
approximately 50,000 ounces in Fekola production for full year
2024. Mining and processing of these ounces is now expected in the
first half of 2025. Lower anticipated Fekola production is
partially offset by increased gold production guidance at Masbate
and Otjikoto, by 10,000 ounces combined. In addition, following the
sale of a portion of the Company's equity interest in Calibre in
June 2024, the Company will stop reporting its share of
attributable Calibre production going forward. In 2024, B2Gold now
expects total gold production to be between 800,000 and 870,000
ounces (including 20,000 ounces of attributable production from
Calibre). The previous 2024 total gold production range of between
860,000 and 940,000 ounces included 40,000 to 50,000 ounces of
attributable production from Calibre.
- Total consolidated all-in sustaining costs (including
attributable results for Calibre) for 2024 now expected to be
between $1,420 and $1,480 per ounce: Total consolidated
all-in sustaining costs (including attributable results for
Calibre) for 2024 are now forecast to be between $1,420 and $1,480
per ounce (original guidance range of between $1,360 and $1,420 per
ounce).
- Attributable net loss of
$0.02 per share; adjusted attributable net income of $0.06 per
share: Net loss attributable to the shareholders of the
Company in the second quarter of 2024 of $24 million ($0.02 per
share), primarily the result of a non-cash impairment of the Fekola
Complex; adjusted net income (see “Non-IFRS Measures”) attributable
to the shareholders of the Company of $78 million ($0.06 per
share).
- Operating cash flow before
working capital adjustments of $192 million: Cash flow
provided by operating activities before working capital adjustments
was $192 million in the second quarter of 2024.
- Strong financial position
and liquidity: At June 30, 2024, the Company had cash and
cash equivalents of $467 million and working capital (defined as
current assets less assets classified as held for sale and current
liabilities) of $600 million.
- Q3 2024 dividend of $0.04
per share declared: On August 8, 2024, B2Gold's Board of
Directors declared a cash dividend for the third quarter of 2024 of
$0.04 per common share (or an expected $0.16 per share on an
annualized basis), payable on September 23, 2024, to shareholders
of record as of September 10, 2024.
- All planned construction
for the first half of 2024 necessary to produce gold at the Goose
Project by the end of Q2 2025 now complete and project development
remains on schedule: B2Gold successfully completed the
2024 Winter Ice Road (“WIR”) campaign in the second quarter of 2024
and has delivered all necessary items from the Marine Laydown Area
(“MLA”) to complete the construction of the Goose Project in the
second quarter of 2025. The key construction items completed in the
second quarter included the construction of three additional fuel
storage tanks at the MLA to increase fuel storage capacity to more
than 80 million liters of fuel, which are anticipated to begin to
receive fuel in August 2024; the construction of three additional
fuel storage tanks at the Goose Project site to increase fuel
storage capacity to more than 80 million liters of fuel, of which
two of the three tanks have been completed with the third tank
expected to be completed in the third quarter of 2024; and the
purchase of materials necessary to complete construction and the
staging of those materials for shipment to the MLA during the 2024
sealift.
- Positive Preliminary
Economic Assessment (“PEA”) results for the
Gramalote Project; feasibility work has commenced: On June
18, 2024, the Company released the results of a positive PEA on its
100% owned Gramalote Project located in the Department of
Antioquia, Colombia. Highlights of the PEA include a significant
production profile with average annual gold production of 185,000
ounces over a 12.5 year project life and strong project economics
with an after-tax net present value discounted at 5% (“NPV5%”) of
$778 million and an after-tax internal rate of return (“IRR”) of
20.6%. B2Gold has commenced feasibility work with the goal of
completing a feasibility study by mid-2025.
- Initial Inferred Mineral
Resource Estimate announced for the Springbok Zone of the Antelope
deposit at the Otjikoto Mine: On June 20, 2024, the
Company released an initial Inferred Mineral Resource Estimate for
the Springbok Zone, the southernmost shoot of the recently
discovered Antelope deposit, located approximately three kilometers
(“km”) south of the Otjikoto Phase 5 open pit at the Otjikoto Mine
in Namibia. The Company determined that the initial Inferred
Mineral Resource Estimate was sufficient to initiate a PEA on
development of the deposit by underground mining methods, similar
to the Wolfshag deposit. Subject to the receipt of a positive PEA
and permit, mining of the Springbok Zone, coupled with the
exploration potential of the greater Antelope deposit, could begin
to contribute to gold production at Otjikoto in 2026.
- Partnered with Sandbox Royalties Corp. (“Sandbox”) to
create Versamet Royalties Corporation (“Versamet”); B2Gold expected
to receive $90 million equity interest in Versamet: On
June 5, 2024, B2Gold entered into a purchase and sale agreement to
sell a portfolio of 10 precious and base metals royalties to
Sandbox, a private returns-focused metals royalty company, for
consideration of 153.2 million common shares at a price of C$0.80
per share, representing an equity ownership interest in Versamet of
33.0% valued at approximately $90 million.
Second Quarter 2024 Results
| |
Three months ended |
Six months ended |
| |
June 30, |
June 30, |
|
|
2024 |
|
2023 |
2024 |
2023 |
| |
|
|
|
|
| Gold revenue ($ in
thousands) |
492,569 |
|
470,854 |
954,013 |
944,410 |
| Net (loss) income ($ in
thousands) |
(34,777) |
|
91,850 |
13,704 |
193,754 |
| (Loss) earnings per share –
basic(1) ($/ share) |
(0.02) |
|
0.06 |
0.01 |
0.14 |
| (Loss) earnings per share –
diluted(1) ($/ share) |
(0.02) |
|
0.06 |
0.01 |
0.14 |
| Cash provided by operating
activities ($ thousands) |
62,432 |
|
194,983 |
773,159 |
398,806 |
| Average realized gold price
($/ ounce) |
2,343 |
|
1,969 |
2,202 |
1,934 |
| Adjusted net income(1)(2) ($
in thousands) |
78,449 |
|
85,804 |
159,952 |
191,666 |
| Adjusted earnings per
share(1)(2) – basic ($) |
0.06 |
|
0.07 |
0.12 |
0.16 |
| Consolidated
operations results: |
|
|
|
|
| Gold sold (ounces) |
210,228 |
|
239,100 |
433,206 |
488,250 |
| Gold produced (ounces) |
204,241 |
|
245,961 |
418,580 |
496,680 |
| Production costs ($ in
thousands) |
151,299 |
|
152,762 |
308,044 |
280,366 |
| Cash operating costs(2) ($/
gold ounce sold) |
720 |
|
639 |
711 |
574 |
| Cash operating costs(2) ($/
gold ounce produced) |
808 |
|
607 |
762 |
591 |
| Total cash costs(2) ($/ gold
ounce sold) |
877 |
|
777 |
857 |
714 |
| All-in sustaining costs(2) ($/
gold ounce sold) |
1,244 |
|
1,210 |
1,296 |
1,128 |
| Operations results
including equity investment in Calibre: |
|
|
|
|
| Gold sold (ounces) |
218,495 |
|
255,897 |
452,850 |
521,189 |
| Gold produced (ounces) |
212,508 |
|
262,701 |
438,224 |
529,557 |
| Production costs ($ in
thousands) |
164,520 |
|
170,577 |
333,170 |
313,946 |
| Cash operating costs(2) ($/
gold ounce sold) |
753 |
|
667 |
736 |
602 |
| Cash operating costs(2) ($/
gold ounce produced) |
839 |
|
636 |
785 |
618 |
| Total cash costs(2) ($/ gold
ounce sold) |
908 |
|
800 |
879 |
738 |
| All-in sustaining costs(2) ($/
gold ounce sold) |
1,267 |
|
1,214 |
1,308 |
1,135 |
(1) Attributable to the shareholders of the
Company.(2) Non-IFRS measure. For a description of how these
measures are calculated and a reconciliation of these measures to
the most directly comparable measures specified, defined or
determined under IFRS and presented in the Company’s financial
statements, refer to “Non-IFRS Measures”.
Liquidity and Capital
Resources
B2Gold continues to maintain a strong financial
position and liquidity. At June 30, 2024, the Company had cash and
cash equivalents of $467 million (December 31, 2023 - $307 million)
and working capital (defined as current assets less assets
classified as held for sale and current liabilities) of $600
million (December 31, 2023 - $397 million). At June 30, 2024,
the full amount of the Company's $700 million revolving credit
facility was undrawn and available.
Third Quarter 2024 Dividend
On August 8, 2024, B2Gold’s Board of Directors
(the “Board”) declared a cash dividend for the third quarter of
2024 (the “Q3 2024 Dividend”) of $0.04 per common share (or an
expected $0.16 per share on an annualized basis), payable on
September 23, 2024, to shareholders of record as of September 10,
2024.
In 2023, the Company implemented a Dividend
Reinvestment Plan (“DRIP”). For the purposes of the Q3 2024
Dividend, the Company is pleased to announce that a discount of 3%
will be applied to calculate the Average Market Price (as defined
in the DRIP) of its common shares issued from treasury. However,
the Company may, from time to time, in its discretion, change or
eliminate any applicable discount, which would be publicly
announced, all in accordance with the terms and conditions of the
DRIP. Participation in the DRIP is optional. In order to
participate in the DRIP in time for the Q3 2024 Dividend,
registered shareholders must deliver a properly completed
enrollment form to Computershare Trust Company of Canada by no
later than 4:00 p.m. (Toronto time) on September 16, 2024.
Beneficial shareholders who wish to participate in the DRIP should
contact their financial advisor, broker, investment dealer, bank,
financial institution, or other intermediary through which they
hold common shares well in advance of the above date for
instructions on how to enroll in the DRIP.
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.
The declaration and payment of future dividends
and the amount of any such dividends will be subject to the
determination of the Board, 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 B2Gold'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 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.
For more information regarding the DRIP and
enrollment in the DRIP, please refer to the Company's website at
https://www.b2gold.com/investors/stock_info/.
This news release does not constitute an offer
to sell or the solicitation of an offer to buy securities in any
jurisdiction nor will there be any sale of these securities in any
province, state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such province, state or
jurisdiction.
The Company has filed a registration statement
relating to the DRIP with the U.S. Securities and Exchange
Commission that may be obtained under the Company's profile on the
U.S. Securities and Exchange Commission's website at
http://www.sec.gov/EDGAR or by contacting the Company using the
contact information at the end of this news release.
Operations
Fekola Complex - Mali
| |
Three months ended |
Six months ended |
| |
June 30, |
June 30, |
|
|
2024 |
2023 |
2024 |
2023 |
| |
|
|
|
|
| Gold revenue ($ in
thousands) |
270,592 |
281,672 |
526,910 |
595,897 |
| Gold sold (ounces) |
115,288 |
142,850 |
239,116 |
307,900 |
| Average realized gold price
($/ ounce) |
2,347 |
1,972 |
2,204 |
1,935 |
| Tonnes of ore milled |
2,520,377 |
2,324,043 |
4,983,240 |
4,595,934 |
| Grade (grams/ tonne) |
1.51 |
2.24 |
1.57 |
2.36 |
| Recovery (%) |
92.8 |
91.8 |
92.7 |
91.9 |
| Gold production (ounces) |
111,583 |
152,427 |
230,724 |
318,291 |
| Production costs ($ in
thousands) |
81,481 |
79,245 |
166,586 |
156,906 |
| Cash operating costs(1) ($/
gold ounce sold) |
707 |
555 |
697 |
510 |
| Cash operating costs(1) ($/
gold ounce produced) |
839 |
538 |
766 |
509 |
| Total cash costs(1) ($/ gold
ounce sold) |
895 |
721 |
873 |
673 |
| All-in sustaining costs(1) ($/
gold ounce sold) |
1,258 |
1,165 |
1,351 |
1,057 |
| Capital expenditures ($ in
thousands) |
53,179 |
74,151 |
133,741 |
127,946 |
| Exploration ($ in
thousands) |
838 |
— |
2,140 |
1,706 |
(1) Non-IFRS measure. For a description of how
these measures are calculated and a reconciliation of these
measures to the most directly comparable measures specified,
defined or determined under IFRS and presented in the Company’s
financial statements, refer to “Non-IFRS Measures”.
The Fekola Mine in Mali (owned 80% by the
Company and 20% by the State of Mali) produced 111,583 ounces of
gold in the second quarter of 2024, slightly below expectations due
to the delayed timing of mining of high-grade ore as compared to
expectations, resulting in less high-grade ore processed during the
second quarter of 2024. For the second quarter of 2024, mill feed
grade was 1.51 grams per tonne (“g/t”), mill throughput was 2.52
million tonnes, and gold recovery averaged 92.8%. Damage to an
excavator and the subsequent need for replacement equipment
impacted equipment availability for the second quarter of 2024,
reducing tonnes mined. These equipment availability issues are
being addressed through the delivery of a new excavator, and mining
rates are expected to improve by the end of the third quarter of
2024. The reduction in mining rate capacity experienced in 2024 is
anticipated to impact the availability of higher-grade ore from
Phase 7 of the Fekola pit during the second half of 2024 resulting
in an expected decrease of approximately 50,000 ounces in Fekola
production for full year 2024. Mining and processing of these
ounces is now expected in the first half of 2025. Ore volumes and
grades continue to reconcile well with modeled values.
The Fekola Mine’s cash operating costs (see
“Non-IFRS Measures”) for the second quarter of 2024 were $839 per
gold ounce produced ($707 per gold ounce sold). Cash operating
costs per gold ounce produced for the second quarter of 2024 were
lower than expected as a result of lower fuel costs, higher mill
throughput, higher gold recovery and lower mining costs as a result
of lower than anticipated mined tonnage due to equipment
availability.
All-in sustaining costs (see “Non-IFRS
Measures”) for the second quarter of 2024 were $1,258 per gold
ounce sold. All-in sustaining costs were lower than expected as a
result of lower than anticipated production costs per gold ounce
sold and lower than expected sustaining capital expenditures
partially offset by higher gold royalties resulting from a higher
than anticipated average realized gold price. The lower sustaining
capital expenditures were mainly due to timing of expenditures and
are expected to be incurred later in 2024.
Capital expenditures in the second quarter of
2024 totalled $53 million primarily consisting of $13 million for
deferred stripping, $9 million for mobile equipment purchases and
rebuilds, $9 million for the construction of a new tailings storage
facility, $15 million for Fekola underground development, $4
million for solar plant expansion and $2 million for power
generation.
As a result of the delay in accessing
higher-grade ounces from Phase 7 of the Fekola pit, the Fekola Mine
is now expected to produce between 420,000 and 450,000 ounces of
gold in 2024 (original guidance of between 470,000 and 500,000
ounces) at cash operating costs of between $870 and $930 per ounce
(original guidance of between $835 and $895 per ounce) and all-in
sustaining costs of between $1,510 and $1,570 per ounce (original
guidance of between $1,420 and $1,480 per ounce).
Fekola Regional Development
The Fekola Complex is comprised of the Fekola
Mine (Medinandi permit hosting the Fekola and Cardinal pits and
Fekola underground) and Fekola Regional (Anaconda Area (Bantako,
Menankoto, and Bakolobi permits) and the Dandoko permit).
The development of Fekola Regional is expected
to demonstrate positive economics through the enhancement of the
overall production profile and the extension of mine life of the
Fekola Complex. Based on B2Gold's preliminary planning, Fekola
Regional could provide selective higher-grade saprolite material
(average annual grade of up to 2.2 g/t gold) to be trucked
approximately 20 km and fed into the Fekola mill at a rate of up to
1.5 million tonnes per annum (“Mtpa”). Trucking of selective higher
grade saprolite material from the Anaconda Area to the Fekola mill
will increase the ore processed and has the potential to generate
approximately 80,000 to 100,000 ounces of additional gold
production per year from Fekola Regional sources.
Receipt of a mining permit for the Fekola
Regional licenses remains outstanding. The Company expects to apply
for such a permit in the third quarter of 2024 following the
finalization of the implementation decree for the new 2023 Mining
Code by the State of Mali in July 2024. Throughout the first half
of 2024, B2Gold has continued to hold meetings with the
representatives of the Government of Mali regarding the 2023 Mining
Code and the parties are close to finalizing an agreement that will
cover the future operation of the Fekola Complex. The Government of
Mali has expressed their desire for B2Gold to rapidly progress the
development of Fekola Regional and committed to assisting the
Company in such development. Importantly, the haul road from Fekola
Regional to the Fekola Mine is operational as construction of the
haul roads and mining infrastructure (warehouse, workshop, fuel
depot and offices) was completed on schedule in 2023.
The known and estimated changes to the financial
framework of the Fekola Complex as impacted by the 2023 Mining Code
and the ongoing discussions with the State of Mali as to its
application are considered to be updated indicators of impairment
for the Fekola Complex assets. The Company’s analysis concluded
that the Fekola Complex was impaired resulting in a non-cash net
impairment charge of $194 million in Q2 2024 and a corresponding
reduction in the carrying value of the Fekola Complex assets at the
balance sheet date. As of June 30, 2024, the carrying value of
the Fekola Complex’s mining interests was $985 million. Significant
exploration potential remains across the Fekola Complex to further
extend the mine life. It is anticipated that exploration drilling
will recommence in Mali in the second half of 2024.
Masbate Mine – The Philippines
| |
Three months ended |
Six months ended |
| |
June 30, |
June 30, |
| |
2024 |
2023 |
2024 |
2023 |
| |
|
|
|
|
| Gold revenue ($ in
thousands) |
109,083 |
111,291 |
208,050 |
168,283 |
| Gold sold (ounces) |
46,600 |
56,700 |
94,300 |
86,350 |
| Average realized gold price
($/ ounce) |
2,341 |
1,963 |
2,206 |
1,949 |
| Tonnes of ore milled |
2,043,057 |
2,000,360 |
4,212,519 |
4,069,402 |
| Grade (grams/ tonne) |
0.94 |
1.03 |
0.96 |
0.99 |
| Recovery (%) |
72.4 |
74.3 |
72.4 |
73.9 |
| Gold production (ounces) |
44,515 |
49,478 |
94,297 |
95,842 |
| Production costs ($ in
thousands) |
37,602 |
48,170 |
80,373 |
73,163 |
| Cash operating costs(1) ($/
gold ounce sold) |
807 |
850 |
852 |
847 |
| Cash operating costs(1) ($/
gold ounce produced) |
876 |
817 |
854 |
849 |
| Total cash costs(1) ($/ gold
ounce sold) |
955 |
960 |
983 |
971 |
| All-in sustaining costs(1) ($/
gold ounce sold) |
1,135 |
1,091 |
1,177 |
1,169 |
| Capital expenditures ($ in
thousands) |
6,507 |
6,098 |
15,037 |
15,051 |
| Exploration ($ in
thousands) |
928 |
1,008 |
1,749 |
1,967 |
(1) Non-IFRS measure. For a description of how
these measures are calculated and a reconciliation of these
measures to the most directly comparable measures specified,
defined or determined under IFRS and presented in the Company’s
financial statements, refer to “Non-IFRS Measures”.
The Masbate Mine in the Philippines continued
its strong performance with second quarter of 2024 gold production
of 44,515 ounces, slightly above expectations. For the second
quarter of 2024, mill feed grade was 0.94 g/t, mill throughput was
2.04 million tonnes, and gold recovery averaged 72.4%, lower than
expected. Lower gold recovery was a result of mining additional
lower recovery high-grade sulphide ore during the second quarter of
2024. Actual gold recovery for the second quarter of 2024 remained
in line with modeled recovery values for the ore mined.
The Masbate Mine's cash operating costs (see
“Non-IFRS Measures”) for the second quarter of 2024 were $876 per
gold ounce produced ($807 per gold ounce sold). Cash operating
costs per gold ounce produced for the second quarter of 2024 were
lower than expected as a result of higher gold production and lower
than anticipated mining and processing costs due to higher
productivity and lower diesel and heavy fuel oil costs.
All-in sustaining costs (see “Non-IFRS
Measures”) for the second quarter of 2024 were $1,135 per ounce
sold. All-in sustaining costs for the second quarter of 2024 were
lower than expected as a result of lower than anticipated
production costs per gold ounce sold.
Capital expenditures in the second quarter of
2024 totalled $7 million, primarily consisting of $2 million for
mobile equipment purchases and rebuilds, $2 million for process
plant maintenance, $1 million for expansion of the existing
tailings storage facility and $1 million for deferred
stripping.
The Masbate Mine is now expected to produce
between 175,000 and 195,000 ounces of gold in 2024 (original
guidance of between 170,000 and 190,000 ounces) at cash operating
costs of between $910 and $970 per ounce (original guidance of
between $945 and $1,005 per ounce) and all-in sustaining costs of
between $1,260 and $1,320 per ounce (original guidance of between
$1,300 and $1,360 per ounce). Gold production is scheduled to be
relatively consistent throughout 2024. For 2024, Masbate is
expected to process 7.9 million tonnes of ore at an average grade
of 0.93 g/t with a process gold recovery of 76.0%. Mill feed will
be a blend of mined fresh ore and low-grade ore stockpiles.
Otjikoto Mine - Namibia
| |
Three months ended |
Six months ended |
| |
June 30, |
June 30, |
|
|
2024 |
2023 |
2024 |
2023 |
| |
|
|
|
|
| Gold revenue ($ in
thousands) |
112,894 |
77,891 |
219,053 |
180,230 |
| Gold sold (ounces) |
48,340 |
39,550 |
99,790 |
94,000 |
| Average realized gold price
($/ ounce) |
2,335 |
1,969 |
2,195 |
1,917 |
| Tonnes of ore milled |
850,649 |
875,055 |
1,677,126 |
1,699,007 |
| Grade (grams/ tonne) |
1.79 |
1.59 |
1.76 |
1.53 |
| Recovery (%) |
98.6 |
98.7 |
98.5 |
98.7 |
| Gold production (ounces) |
48,143 |
44,056 |
93,559 |
82,547 |
| Production costs ($ in
thousands) |
32,216 |
25,347 |
61,085 |
50,297 |
| Cash operating costs(1) ($/
gold ounce sold) |
666 |
641 |
612 |
535 |
| Cash operating costs(1) ($/
gold ounce produced) |
673 |
611 |
658 |
609 |
| Total cash costs(1) ($/ gold
ounce sold) |
760 |
720 |
700 |
612 |
| All-in sustaining costs(1) ($/
gold ounce sold) |
1,044 |
1,187 |
1,000 |
1,024 |
| Capital expenditures ($ in
thousands) |
11,706 |
15,630 |
25,519 |
32,976 |
| Exploration ($ in
thousands) |
1,514 |
996 |
3,303 |
1,490 |
(1) Non-IFRS measure. For a description of how
these measures are calculated and a reconciliation of these
measures to the most directly comparable measures specified,
defined or determined under IFRS and presented in the Company’s
financial statements, refer to “Non-IFRS Measures”.
The Otjikoto Mine in Namibia, in which the
Company holds a 90% interest, continued to outperform during the
second quarter of 2024, producing 48,143 ounces of gold, above
expectations as a result of higher than anticipated mill feed
grade. For the second quarter of 2024, mill feed grade was 1.79
g/t, mill throughput was 0.85 million tonnes, and gold recovery
averaged 98.6%.
Ore production from the Wolfshag underground
mine for the second quarter of 2024 averaged over 1,500 tonnes per
day at an average grade of 4.69 g/t gold. As of the beginning of
2024, the Probable Mineral Reserve estimate for the Wolfshag
deposit included 100,000 ounces of gold in 0.6 million tonnes of
ore at an average grade of 5.02 g/t gold. Open pit mining
operations at the Otjikoto Mine will continue to ramp down in 2024
and conclude in 2025, while processing operations are expected to
continue until economically viable stockpiles are exhausted in
2031. Underground operations are currently projected to continue
until 2026 with potential to extend underground operations if the
ongoing underground exploration program is successful in
identifying more underground mineral deposits.
On January 31, 2024, the Company announced
positive exploration drilling results from the Antelope deposit at
the Otjikoto Mine. The Antelope deposit, which comprises the
Springbok Zone, the Oryx Zone, and a possible third structure,
Impala, subject to further confirmatory drilling, is located
approximately three km south of the Otjikoto open pit. On June 20,
2024, the Company announced an initial Inferred Mineral Resource
estimate for the Springbok Zone, the southernmost shoot of the
recently discovered Antelope deposit. Over 36,000 meters have been
drilled into the Springbok Zone to date, with 33 holes totaling
16,950 meters completed in 2024, to establish the 50 x 50 meter
spacing that informs this initial Inferred Mineral Resource
estimate. Recent drilling at the Springbok Zone remains open
southward, indicating additional exploration potential beyond the
currently defined resource. The Company determined that the initial
Inferred Mineral Resource estimate of 1.75 million tonnes grading
6.91 g/t gold for a total of 390,000 ounces of gold was sufficient
to initiate a PEA on development of the deposit by underground
mining methods, similar to the Wolfshag deposit. Subject to receipt
of a positive PEA and permit, mining of the Springbok Zone, coupled
with the exploration potential of the greater Antelope deposit,
could begin to contribute to gold production at Otjikoto in 2026.
The Antelope deposit has the potential to be developed as an
underground mining operation, which could complement the expected
processing of low-grade stockpiles at the Otjikoto mill from 2026
to 2031. Mineral Resources that are not Mineral Reserves do not
have demonstrated economic viability. There is no guarantee that
all or any part of the Mineral Resource will be converted into a
Mineral Reserve. Inferred Mineral Resources are considered too
geologically speculative to have mining and economic considerations
applied to them that would enable them to be categorized as Mineral
Reserves.
The Otjikoto Mine's cash operating costs (see
“Non-IFRS Measures”) for the second quarter of 2024 were $673 per
gold ounce produced ($666 per ounce gold sold). Cash operating
costs per gold ounce produced for the second quarter of 2024 were
higher than anticipated due to lower than expected credits for
deferred stripping resulting from more ore being mined than
anticipated and lower capitalized underground development credits
for the second quarter of 2024.
All-in sustaining costs (see “Non-IFRS
Measures”) for the second quarter of 2024 were $1,044 per gold
ounce sold. All-in sustaining costs for the second quarter of 2024
were slightly higher than expected as a result of higher than
expected cash operating costs and higher gold royalties due to a
higher than anticipated average realized gold price, partially
offset by lower than expected sustaining capital expenditures and
higher than anticipated gold ounces sold.
Capital expenditures for the second quarter of
2024 totalled $12 million, consisting of $9 million for deferred
stripping in the Otjikoto pit, $2 million for Wolfshag underground
mine development and $1 million for mining equipment rebuilds.
The Otjikoto Mine is now expected to produce
between 185,000 and 205,000 ounces of gold in 2024 (original
guidance of between 180,000 and 200,000 ounces) at cash operating
costs in the upper end of its guidance range of between $685 and
$745 per ounce and all-in sustaining costs of between $960 and
$1,020 per ounce. Gold production at Otjikoto is expected to be
relatively consistent throughout 2024. For 2024, Otjikoto is
expected to process a total of 3.4 million tonnes of ore at an
average grade of 1.77 g/t gold with a process gold recovery of
98.0%. Processed ore will be sourced from the Otjikoto pit and the
Wolfshag underground mine, supplemented by existing medium and
high-grade ore stockpiles.
Goose Project Development
The Back River Gold District consists of five
mineral claims blocks along an 80 km belt. Construction is underway
at the most advanced project in the district, the Goose Project,
and has been de-risked with significant infrastructure currently in
place.
B2Gold recognizes that respect and collaboration
with the Kitikmeot Inuit Association (“KIA”) 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 Inuit priorities, addresses concerns, and brings
long-term socio-economic benefits to the Kitikmeot Region. B2Gold
looks forward to continuing to build on its strong collaboration
with the KIA and Kitikmeot Communities.
As announced in May 2024, development of the
open pit and underground was slightly behind schedule due to
equipment availability (commissioning and availability of the open
pit equipment), adverse weather conditions and the prioritization
of critical path construction activities. An additional three
months of mining was added to the schedule to ensure that the
Umwelt open pit, underground development and crown pillar
activities align and that there is significant tailings storage
capacity in the Echo open pit. With the schedule change, the mill
is expected to start wet commissioning in the second quarter of
2025 with ramp up to full production in the third quarter of 2025.
This does not impact the other facets of the project and staffing
tables have been adjusted to ensure that capital is conserved. The
Company continues to estimate that gold production in calendar year
2025 will be between 120,000 ounces and 150,000 ounces (previously
estimated to be between 220,000 ounces and 260,000 ounces).
Importantly, the updated mining schedule does not impact the total
number of gold ounces the Company expects to produce over the life
of mine of the Goose Project. The updated production profile has
resulted in the Company estimating that average annual gold
production from 2026 to 2030 will increase to be in excess of
310,000 ounces per year (previously estimated at 300,000 ounces per
year).
B2Gold successfully completed the 2024 WIR
campaign in the second quarter of 2024 and has delivered all
necessary materials from the MLA to complete the construction of
the Goose Project. All planned construction for the first half of
2024 that is necessary to produce gold by the end of the second
quarter of 2025 has been completed and project development remains
on schedule. The key construction items that were completed in the
second quarter included the installation of Phase 2 of the Goose
Project accommodation complex, which expanded camp capacity to more
than 600 beds; the construction of three additional fuel storage
tanks at the MLA to increase fuel storage capacity to more than 80
million liters of fuel, which are anticipated to begin to receive
fuel in August 2024; the construction of three additional fuel
storage tanks at the Goose Project site to increase fuel storage
capacity to more than 80 million liters of fuel, of which two of
the three tanks have been completed with the third tank expected to
be completed in the third quarter of 2024; the purchase of
materials necessary to complete construction and the staging of
those materials for shipment to the MLA, with ten ships and one
barge having been scheduled (seven ships with dry cargo of more
than 120,000m3 and three ships with more than 80 million liters of
fuel) and prepared to depart for the MLA during the 2024 sealift in
August and September; the purchase of additional trucks for the
2025 WIR campaign, with a total of 105 trucks now available; the
placement of more than 75% of the concrete, with more than 90% of
the concrete expected to be placed by the end of the third quarter
of 2024; the placement of all E-houses on the mill pad with
electricians now working on connecting power to various components;
piping work focused on the fuel storage tanks and the final Heavy
Mechanical Equipment workshop; and the development of access for
placement of piping and barge for fresh water system, with
installation expected in the third quarter of 2024.
Development of the open pit and underground
remain on the critical path to ensure that adequate material is
available for start up and that the Echo pit is available for
tailings placement. The open pit started slowly, but showed good
progress in the second quarter of 2024, meeting production targets,
and is anticipated to be ready to receive tailings when the mill
starts. The underground mine remains on schedule for commencement
of production by the end of the second quarter of 2025. B2Gold is
currently reviewing final options for mining of the crown pillar
and maximizing volumes of the Echo pit.
After completing a detailed design review of the
Goose Project, B2Gold announced in January 2024 a revised
construction capital estimate to C$1,050 million. In addition,
before wet commissioning the Company estimated it will spend an
additional C$200 million on underground development, deferred
stripping and sustaining capital, as well as an additional C$205
million for fuels, reagents, and other working capital items
necessary to build up site inventory levels due to the seasonality
of the project logistics. In the second quarter of 2024, the
Company incurred cash expenditures of $128 million (C$175 million)
for the Goose Project on construction and mine development
activities and $43 million (C$58 million) on supplies inventory.
After successful completion of the 2024 WIR, it is anticipated that
cash expenditures on construction and mine development activities
will be lower in the second half of 2024 compared to the cash
expenditures incurred in the first half of 2024.
B2Gold is currently updating the total
construction capital estimate to incorporate the (previously
announced) three month delay in commencement of operations and
additional costs associated with logistics of shipping materials to
the Goose Project site via air transport. A final updated budget is
expected to be released in early September 2024.
Gramalote Project
Development
On June 18, 2024, the Company announced positive
PEA results on its 100% owned Gramalote Project located in the
Department of Antioquia, Colombia. Based on the preliminary results
completed in 2022, the contemplated larger-scale project with
AngloGold Ashanti Ltd. did not meet the combined investment return
thresholds for development. In 2023, B2Gold completed a detailed
review of the Gramalote Project with the goal of identifying a
higher-return project than the previously contemplated joint
venture development plan. The results of the review allowed the
Company to determine the optimal parameters and assumptions for the
PEA.
The PEA, with an effective date of April 1,
2024, was prepared by B2Gold and evaluates recovery of gold from an
open pit mining operation that will move up to approximately 97,000
tonnes per day (“tpd”) (35.3 Mtpa) with an approximately 16,500 tpd
(6.0 Mtpa) processing plant that includes crushing, grinding,
flotation, with fine grinding of the flotation concentrate and
agitated leaching of the flotation concentrate followed by a
carbon-in-pulp recovery process to process doré bullion. The
Mineral Resource estimate for the Gramalote Project that formed the
basis for the PEA includes Indicated Mineral Resources of 192.2
million tonnes grading 0.68 g/t gold for a total of 4,210,000
ounces of gold and Inferred Mineral Resources of 85.4 million
tonnes grading 0.54 g/t gold for a total of 1,480,000 ounces of
gold.
The PEA outlines a significant production
profile with average annual gold production of 185,000 ounces over
a 12.5 year project life with a low-cost structure and favorable
metallurgical characteristics. Additionally, the PEA outlines
strong project economics with an after-tax NPV5% of $778 million
and an after-tax IRR of 20.6%, with a project payback on
pre-production capital of 3.1 years, and an estimated
pre-production capital cost for the project of $807 million
(including approximately $93 million for mining equipment and $63
million for contingency). A robust amount of historical drilling
and engineering studies have been completed on the Gramalote
Project, which significantly de-risks future project development.
Based on the positive results from the PEA, B2Gold believes that
the Gramalote Project has the potential to become a medium-scale,
low-cost open pit gold mine.
The PEA is preliminary in nature and includes a
small amount of Inferred Mineral Resources that are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as Mineral
Reserves, and there is no certainty that the PEA based on these
Mineral Resources will be realized. Mineral Resources that are not
Mineral Reserves do not have demonstrated economic viability.
B2Gold has commenced feasibility work with the
goal of completing a feasibility study by mid-2025 and a $10
million budget has been approved by the Board. Due to the work
completed for previous studies, the work remaining to finalize a
feasibility study for the updated medium-scale project is not
extensive. The main work programs for the feasibility study include
geotechnical and environmental site investigations for the
processing plant and waste dump footprints, as well as capital and
operating cost estimates.
The Gramalote Project will continue to advance
resettlement programs, establish coexistence programs for small
miners, work on health, safety and environmental projects and
continue to work with the government and local communities on
social programs.
Due to the desired modifications to the
processing plant and infrastructure locations, a Modified
Environment Impact Study is required. B2Gold has commenced work on
the modifications to the Environment Impact Study and expect it to
be completed and submitted shortly following the completion of the
feasibility study. If the final economics of the feasibility study
are positive and B2Gold makes the decision to develop the Gramalote
Project as an open pit gold mine, B2Gold would utilize its proven
internal mine construction team to build the mine and mill
facilities.
Outlook
Total gold production for 2024 is forecast to be
between 800,000 and 870,000 ounces, including 20,000 ounces of
attributable gold production from Calibre.
Based on current estimates, consolidated gold
production in 2025 is expected to materially improve, driven by a
significant increase in gold production from the Fekola Complex,
relative to 2024, as a result of the scheduled mining and
processing of higher-grade ore from the Fekola and Cardinal pits
made accessible by the meaningful stripping campaign that will be
undertaken throughout 2024, the expected full year contribution of
higher-grade ore from Fekola Regional which is anticipated to
contribute between 80,000 to 100,000 ounces of additional
production, and commencement of mining the higher-grade Fekola
underground (subject to receipt of necessary permits for Fekola
Regional and Fekola underground).
Upon completion of construction activities at
the Goose Project, the mine is expected to commence gold production
in the second quarter of 2025 and contribute between 120,000 and
150,000 ounces of gold production in calendar year 2025. Over the
first five full calendar years of operation from 2026 to 2030, the
average annual gold production for the Goose Project is estimated
to be in excess of 310,000 ounces of gold per year.
The positive PEA results on the Company’s 100%
owned Gramalote Project, located in the Department of Antioquia,
Colombia, outlines a significant production profile with average
annual gold production of 234,000 ounces per year for the first
five years of production, and strong project economics with an
after-tax NPV5% of $778 million and an after-tax IRR of 20.6% over
a 12.5 year project life. As a result, B2Gold has commenced
feasibility work with the goal of completing a feasibility study by
mid-2025 and a $10 million budget has been approved by the
Board.
Following the release of an initial Inferred
Mineral Resource Estimate for the Springbok Zone, the southernmost
shoot of the recently discovered Antelope deposit, in the second
quarter of 2024, the Company has commenced a PEA which is expected
to be completed in the first half of 2025. Subject to receipt of a
positive PEA and permit, mining of the Springbok Zone, coupled with
the exploration potential of the greater Antelope deposit, could
begin to contribute to gold production at Otjikoto in 2026. The
Antelope deposit has the potential to supplement the processing of
low-grade stockpiles at the Otjikoto Mine through 2031, with the
goal of increasing gold production levels to over 100,000 ounces
per year from 2026 through 2031.
The Company's ongoing strategy is to continue to
maximize profitable production from its existing mines, maintain a
strong financial position, realize the significant potential
increase in gold production from the Company’s existing development
projects, continue exploration programs across the Company’s robust
land packages, evaluate new exploration, development and production
opportunities, and continue to return capital to shareholders.
Second Quarter 2024 Financial Results -
Conference Call Details
B2Gold executives will host a conference call to
discuss the results on Friday, August 9, 2024, at 8:00 am PT /
11:00 am ET.
Participants may register for the conference
call here: registration link. Upon registering, participants will
receive a calendar invitation by email with dial in details and a
unique PIN. This will allow participants to bypass the operator
queue and connect directly to the conference. Registration will
remain open until the end of the conference call. Participants may
also dial in using the numbers below:
- Toll-free in U.S. and Canada: +1
(844) 763-8274
- All other callers: +1 (647)
484-8814
The conference call will be available for
playback for two weeks by dialing toll-free in the U.S. and Canada:
+1 (855) 669-9658, replay access code 5652344. All other callers:
+1 (412) 317-0088, replay access code 5652344.
About B2Gold
B2Gold is a low-cost international senior gold
producer headquartered in Vancouver, Canada. Founded in 2007,
today, B2Gold has operating gold mines in Mali, Namibia and the
Philippines, the Goose Project under construction in northern
Canada and numerous development and exploration projects in various
countries including Mali, Colombia and Finland. B2Gold forecasts
total consolidated gold production of between 800,000 and 870,000
ounces in 2024.
Qualified Persons
Bill Lytle, Senior Vice President and Chief
Operating Officer, a qualified person under NI 43-101, has approved
the scientific and technical information related to operations
matters contained in this news release.
Andrew Brown, P. Geo., Vice President,
Exploration, a qualified person under NI 43-101, has approved the
scientific and technical information related to exploration and
mineral resource matters contained in this news release.
ON BEHALF OF B2GOLD CORP.
“Clive T.
Johnson” President and Chief Executive
Officer
Source: B2Gold Corp.
The Toronto Stock Exchange and NYSE American LLC
neither approve nor disapprove the information contained in this
news release.
Production results and production guidance
presented in this news release reflect total production at the
mines B2Gold operates on a 100% project basis. Please see our
Annual Information Form dated March 14, 2024 for a discussion of
our ownership interest in the mines B2Gold operates.
This news release includes certain
"forward-looking information" and "forward-looking statements"
(collectively forward-looking statements") within the meaning of
applicable Canadian and United States securities legislation,
including: projections; outlook; guidance; forecasts; estimates;
and other statements regarding future or estimated financial and
operational performance, gold production and sales, revenues and
cash flows, and capital costs (sustaining and non-sustaining) and
operating costs, including projected cash operating costs and AISC,
and budgets on a consolidated and mine by mine basis; future or
estimated mine life, metal price assumptions, ore grades or
sources, gold recovery rates, stripping ratios, throughput, ore
processing; statements regarding anticipated exploration, drilling,
development, construction, permitting and other activities or
achievements of B2Gold; and including, without limitation:
remaining well positioned for continued strong operational and
financial performance in 2024; projected gold production, cash
operating costs and AISC on a consolidated and mine by mine basis
in 2024; total consolidated gold production of between 800,000 and
870,000 ounces (including 20,000 attributable ounces from Calibre)
in 2024, with cash operating costs of between $835 and $895 per
ounce and AISC of between $1,420 and $1,480 per ounce; B2Gold's
continued prioritization of developing the Goose Project in a
manner that recognizes Indigenous input and concerns and brings
long-term socio-economic benefits to the area; the Goose Project
capital cost being approximately C$1,050 million and the net cost
of open pit and underground development, deferred stripping, and
sustaining capital expenditures to be incurred prior to first gold
production being approximately C$200 million and the cost for
reagents and other working capital items being C$205 million; the
Goose Project producing approximately 310,000 ounces of gold per
year for the first five years; the potential for first gold
production in the second quarter of 2025 from the Goose Project;
the Company's consolidated gold production to be relatively
consistent throughout 2024; Fekola Regional production now expected
to commence at the beginning of 2025; the potential receipt of a
mining permit for Fekola Regional licenses later in 2024; the
impact of the 2023 Mining Code in Mali; the status of the
negotiations with the Government of Mali and the results thereof;
the potential for the Antelope deposit to be developed as an
underground operation and contribute gold during the low-grade
stockpile processing in 2026 through 2031; the timing and results
of the PEA on the Antelope deposit and the potential for the
Antelope Zone to contribute to the Otjikoto production profile; the
results and estimates in the Gramalote PEA, including the project
life, average annual gold production, processing rate, capital
cost, net present value, after-tax net cash flow and payback; the
timing and results of a feasibility study on the Gramalote Project;
and the potential to develop the Gramalote Project as an open pit
gold mine. All statements in this news release that address events
or developments that we expect to occur in the future are
forward-looking statements. Forward-looking statements are
statements that are not historical facts and are generally,
although not always, identified by words such as "expect", "plan",
"anticipate", "project", "target", "potential", "schedule",
"forecast", "budget", "estimate", "intend" or "believe" and similar
expressions or their negative connotations, or that events or
conditions "will", "would", "may", "could", "should" or "might"
occur. All such forward-looking statements are based on the
opinions and estimates of management as of the date such statements
are made.
Forward-looking statements necessarily involve
assumptions, risks and uncertainties, certain of which are beyond
B2Gold's control, including risks associated with or related to:
the volatility of metal prices and B2Gold's common shares; changes
in tax laws; the dangers inherent in exploration, development and
mining activities; the uncertainty of reserve and resource
estimates; not achieving production, cost or other estimates;
actual production, development plans and costs differing materially
from the estimates in B2Gold's feasibility and other studies; the
ability to obtain and maintain any necessary permits, consents or
authorizations required for mining activities; environmental
regulations or hazards and compliance with complex regulations
associated with mining activities; climate change and climate
change regulations; the ability to replace mineral reserves and
identify acquisition opportunities; the unknown liabilities of
companies acquired by B2Gold; the ability to successfully integrate
new acquisitions; fluctuations in exchange rates; the availability
of financing; financing and debt activities, including potential
restrictions imposed on B2Gold's operations as a result thereof and
the ability to generate sufficient cash flows; operations in
foreign and developing countries and the compliance with foreign
laws, including those associated with operations in Mali, Namibia,
the Philippines and Colombia and including risks related to changes
in foreign laws and changing policies related to mining and local
ownership requirements or resource nationalization generally;
remote operations and the availability of adequate infrastructure;
fluctuations in price and availability of energy and other inputs
necessary for mining operations; shortages or cost increases in
necessary equipment, supplies and labour; regulatory, political and
country risks, including local instability or acts of terrorism and
the effects thereof; the reliance upon contractors, third parties
and joint venture partners; the lack of sole decision-making
authority related to Filminera Resources Corporation, which owns
the Masbate Project; challenges to title or surface rights; the
dependence on key personnel and the ability to attract and retain
skilled personnel; the risk of an uninsurable or uninsured loss;
adverse climate and weather conditions; litigation risk;
competition with other mining companies; community support for
B2Gold's operations, including risks related to strikes and the
halting of such operations from time to time; conflicts with small
scale miners; failures of information systems or information
security threats; the ability to maintain adequate internal
controls over financial reporting as required by law, including
Section 404 of the Sarbanes-Oxley Act; compliance with
anti-corruption laws, and sanctions or other similar measures;
social media and B2Gold's reputation; risks affecting Calibre
having an impact on the value of the Company's investment in
Calibre, and potential dilution of our equity interest in Calibre;
as well as other factors identified and as described in more detail
under the heading "Risk Factors" in B2Gold's most recent Annual
Information Form, B2Gold's current Form 40-F Annual Report and
B2Gold's other filings with Canadian securities regulators and the
U.S. Securities and Exchange Commission (the "SEC"), which may be
viewed at www.sedar.com and www.sec.gov, respectively (the
"Websites"). The list is not exhaustive of the factors that may
affect B2Gold's forward-looking statements.
B2Gold's forward-looking statements are based on
the applicable assumptions and factors management considers
reasonable as of the date hereof, based on the information
available to management at such time. These assumptions and factors
include, but are not limited to, assumptions and factors related to
B2Gold's ability to carry on current and future operations,
including: development and exploration activities; the timing,
extent, duration and economic viability of such operations,
including any mineral resources or reserves identified thereby; the
accuracy and reliability of estimates, projections, forecasts,
studies and assessments; B2Gold's ability to meet or achieve
estimates, projections and forecasts; the availability and cost of
inputs; the price and market for outputs, including gold; foreign
exchange rates; taxation levels; the timely receipt of necessary
approvals or permits; the ability to meet current and future
obligations; the ability to obtain timely financing on reasonable
terms when required; the current and future social, economic and
political conditions; and other assumptions and factors generally
associated with the mining industry.
B2Gold's forward-looking statements are based on
the opinions and estimates of management and reflect their current
expectations regarding future events and operating performance and
speak only as of the date hereof. B2Gold does not assume any
obligation to update forward-looking statements if circumstances or
management's beliefs, expectations or opinions should change other
than as required by applicable law. There can be no assurance that
forward-looking statements will prove to be accurate, and actual
results, performance or achievements could differ materially from
those expressed in, or implied by, these forward-looking
statements. Accordingly, no assurance can be given that any events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do, what benefits or liabilities B2Gold
will derive therefrom. For the reasons set forth above, undue
reliance should not be placed on forward-looking statements.
Non-IFRS MeasuresThis news release includes
certain terms or performance measures commonly used in the mining
industry that are not defined under International Financial
Reporting Standards ("IFRS"), including "cash operating costs" and
"all-in sustaining costs" (or "AISC"). Non-IFRS measures do not
have any standardized meaning prescribed under IFRS, and therefore
they may not be comparable to similar measures employed by other
companies. The data presented is intended to provide additional
information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS and should be read in conjunction with B2Gold's consolidated
financial statements. Readers should refer to B2Gold's Management
Discussion and Analysis, available on the Websites, under the
heading "Non-IFRS Measures" for a more detailed discussion of how
B2Gold calculates certain of such measures and a reconciliation of
certain measures to IFRS terms.
Cautionary Statement Regarding Mineral Reserve
and Resource EstimatesThe disclosure in this news release was
prepared in accordance with Canadian National Instrument 43-101,
which differs significantly from the requirements of the United
States Securities and Exchange Commission ("SEC"), and resource and
reserve information contained or referenced in this news release
may not be comparable to similar information disclosed by public
companies subject to the technical disclosure requirements of the
SEC. Historical results or feasibility models presented herein are
not guarantees or expectations of future performance.
|
B2GOLD CORP.CONDENSED INTERIM CONSOLIDATED
STATEMENTS OF OPERATIONSFOR THE THREE AND SIX
MONTHS ENDED JUNE 30(Expressed in thousands of United
States dollars, except per share amounts)(Unaudited) |
| |
| |
|
For the threemonths
endedJune 30, 2024 |
|
|
For the threemonths endedJune 30, 2023 |
|
|
For the six months ended June 30,
2024 |
|
|
For the six months ended June 30, 2023 |
|
| |
|
|
|
|
|
|
|
|
|
Gold revenue |
|
$ |
492,569 |
|
|
$ |
470,854 |
|
|
$ |
954,013 |
|
|
$ |
944,410 |
|
| |
|
|
|
|
|
|
|
|
| Cost of
sales |
|
|
|
|
|
|
|
|
|
Production costs |
|
|
(151,299 |
) |
|
|
(152,762 |
) |
|
|
(308,044 |
) |
|
|
(280,366 |
) |
|
Depreciation and depletion |
|
|
(95,008 |
) |
|
|
(94,662 |
) |
|
|
(185,454 |
) |
|
|
(191,820 |
) |
|
Royalties and production taxes |
|
|
(33,089 |
) |
|
|
(33,111 |
) |
|
|
(63,116 |
) |
|
|
(68,272 |
) |
| Total cost of
sales |
|
|
(279,396 |
) |
|
|
(280,535 |
) |
|
|
(556,614 |
) |
|
|
(540,458 |
) |
| |
|
|
|
|
|
|
|
|
| Gross
profit |
|
|
213,173 |
|
|
|
190,319 |
|
|
|
397,399 |
|
|
|
403,952 |
|
| |
|
|
|
|
|
|
|
|
| General and
administrative |
|
|
(12,968 |
) |
|
|
(13,921 |
) |
|
|
(27,106 |
) |
|
|
(28,106 |
) |
| Share-based payments |
|
|
(4,792 |
) |
|
|
(4,591 |
) |
|
|
(9,746 |
) |
|
|
(11,445 |
) |
| Impairment of long-lived
assets |
|
|
(215,216 |
) |
|
|
(4,885 |
) |
|
|
(215,216 |
) |
|
|
(4,885 |
) |
| Gain on sale of mining
interests |
|
|
48,662 |
|
|
|
— |
|
|
|
48,662 |
|
|
|
— |
|
| Gain on sale of shares in
associate |
|
|
16,822 |
|
|
|
— |
|
|
|
16,822 |
|
|
|
— |
|
| Non-recoverable input
taxes |
|
|
(2,695 |
) |
|
|
(1,139 |
) |
|
|
(6,999 |
) |
|
|
(3,046 |
) |
| Share of net income of
associates |
|
|
2,582 |
|
|
|
7,009 |
|
|
|
4,679 |
|
|
|
11,988 |
|
| Foreign exchange losses |
|
|
(11,356 |
) |
|
|
(2,253 |
) |
|
|
(13,735 |
) |
|
|
(2,849 |
) |
| Community relations |
|
|
(442 |
) |
|
|
(1,722 |
) |
|
|
(931 |
) |
|
|
(2,725 |
) |
| Write-down of mining
interests |
|
|
(636 |
) |
|
|
— |
|
|
|
(636 |
) |
|
|
(16,457 |
) |
| Restructuring charges |
|
|
— |
|
|
|
(7,080 |
) |
|
|
— |
|
|
|
(7,080 |
) |
| Other expense |
|
|
(2,322 |
) |
|
|
(2,598 |
) |
|
|
(7,754 |
) |
|
|
(4,289 |
) |
| Operating
income |
|
|
30,812 |
|
|
|
159,139 |
|
|
|
185,439 |
|
|
|
335,058 |
|
| |
|
|
|
|
|
|
|
|
| Interest and financing
expense |
|
|
(7,465 |
) |
|
|
(2,916 |
) |
|
|
(17,036 |
) |
|
|
(5,842 |
) |
| Interest income |
|
|
7,671 |
|
|
|
6,035 |
|
|
|
13,126 |
|
|
|
11,854 |
|
| Change in fair value of gold
stream |
|
|
(8,387 |
) |
|
|
(1,100 |
) |
|
|
(19,239 |
) |
|
|
(1,100 |
) |
| Gains (losses) on dilution of
associate |
|
|
998 |
|
|
|
— |
|
|
|
(8,984 |
) |
|
|
— |
|
| Gains on derivative
instruments |
|
|
429 |
|
|
|
782 |
|
|
|
704 |
|
|
|
425 |
|
| Other income (expense) |
|
|
12 |
|
|
|
(2,518 |
) |
|
|
155 |
|
|
|
(4,118 |
) |
| Income from operations
before taxes |
|
|
24,070 |
|
|
|
159,422 |
|
|
|
154,165 |
|
|
|
336,277 |
|
| |
|
|
|
|
|
|
|
|
| Current income tax,
withholding and other taxes |
|
|
(96,697 |
) |
|
|
(71,205 |
) |
|
|
(158,281 |
) |
|
|
(147,945 |
) |
| Deferred income tax
recovery |
|
|
37,850 |
|
|
|
3,633 |
|
|
|
17,820 |
|
|
|
5,422 |
|
| Net (loss) income for
the period |
|
$ |
(34,777 |
) |
|
$ |
91,850 |
|
|
$ |
13,704 |
|
|
$ |
193,754 |
|
| |
|
|
|
|
|
|
|
|
| Attributable
to: |
|
|
|
|
|
|
|
|
|
Shareholders of the Company |
|
$ |
(24,004 |
) |
|
$ |
80,418 |
|
|
$ |
15,747 |
|
|
$ |
166,391 |
|
|
Non-controlling interests |
|
|
(10,773 |
) |
|
|
11,432 |
|
|
|
(2,043 |
) |
|
|
27,363 |
|
| Net (loss) income for
the period |
|
$ |
(34,777 |
) |
|
$ |
91,850 |
|
|
$ |
13,704 |
|
|
$ |
193,754 |
|
| |
|
|
|
|
|
|
|
|
| (Loss) earnings per
share (attributable to shareholders of the Company) |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.02 |
) |
|
$ |
0.06 |
|
|
$ |
0.01 |
|
|
$ |
0.14 |
|
|
Diluted |
|
$ |
(0.02 |
) |
|
$ |
0.06 |
|
|
$ |
0.01 |
|
|
$ |
0.14 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average
number of common shares
outstanding (in thousands) |
|
|
|
|
|
|
|
|
|
Basic |
|
|
1,307,176 |
|
|
|
1,251,832 |
|
|
|
1,305,183 |
|
|
|
1,164,104 |
|
|
Diluted |
|
|
1,307,176 |
|
|
|
1,257,804 |
|
|
|
1,308,746 |
|
|
|
1,169,853 |
|
|
B2GOLD CORP.CONDENSED INTERIM CONSOLIDATED
STATEMENTS OF CASH FLOWSFOR THE THREE AND SIX
MONTHS ENDED JUNE 30(Expressed in thousands of United
States dollars)(Unaudited) |
| |
| |
|
For the threemonths
endedJune 30, 2024 |
|
|
For the threemonths endedJune 30, 2023 |
|
|
For the six months ended June 30,
2024 |
|
|
For the six months ended June 30, 2023 |
|
| Operating
activities |
|
|
|
|
|
|
|
|
|
Net (loss) income for the period |
|
$ |
(34,777 |
) |
|
$ |
91,850 |
|
|
$ |
13,704 |
|
|
$ |
193,754 |
|
|
Mine restoration provisions settled |
|
|
(650 |
) |
|
|
(579 |
) |
|
|
(941 |
) |
|
|
(579 |
) |
|
Non-cash charges, net |
|
|
227,042 |
|
|
|
107,409 |
|
|
|
378,364 |
|
|
|
228,941 |
|
|
Proceeds from prepaid sales |
|
|
— |
|
|
|
— |
|
|
|
500,023 |
|
|
|
— |
|
|
Changes in non-cash working capital |
|
|
(79,709 |
) |
|
|
15,052 |
|
|
|
(57,724 |
) |
|
|
21,278 |
|
|
Changes in long-term inventory |
|
|
(13,298 |
) |
|
|
— |
|
|
|
(9,146 |
) |
|
|
— |
|
|
Changes in long-term value added tax receivables |
|
|
(36,176 |
) |
|
|
(18,749 |
) |
|
|
(51,121 |
) |
|
|
(44,588 |
) |
|
Cash provided by operating activities |
|
|
62,432 |
|
|
|
194,983 |
|
|
|
773,159 |
|
|
|
398,806 |
|
| |
|
|
|
|
|
|
|
|
| Financing
activities |
|
|
|
|
|
|
|
|
|
Repayment of revolving credit facility |
|
|
— |
|
|
|
— |
|
|
|
(150,000 |
) |
|
|
— |
|
|
Extinguishment of gold stream and construction financing
obligations |
|
|
— |
|
|
|
(111,819 |
) |
|
|
— |
|
|
|
(111,819 |
) |
|
Repayment of equipment loan facilities |
|
|
(3,519 |
) |
|
|
(2,887 |
) |
|
|
(5,906 |
) |
|
|
(6,465 |
) |
|
Interest and commitment fees paid |
|
|
(1,090 |
) |
|
|
(1,118 |
) |
|
|
(4,669 |
) |
|
|
(2,120 |
) |
|
Cash proceeds from stock option exercises |
|
|
1,357 |
|
|
|
3,464 |
|
|
|
2,445 |
|
|
|
5,908 |
|
|
Dividends paid |
|
|
(45,869 |
) |
|
|
(51,730 |
) |
|
|
(91,858 |
) |
|
|
(94,706 |
) |
|
Principal payments on lease arrangements |
|
|
(1,140 |
) |
|
|
(2,046 |
) |
|
|
(2,588 |
) |
|
|
(3,489 |
) |
|
Distributions to non-controlling interests |
|
|
(2,708 |
) |
|
|
(2,198 |
) |
|
|
(7,288 |
) |
|
|
(4,280 |
) |
|
Other |
|
|
691 |
|
|
|
770 |
|
|
|
962 |
|
|
|
1,587 |
|
|
Cash used by financing activities |
|
|
(52,278 |
) |
|
|
(167,564 |
) |
|
|
(258,902 |
) |
|
|
(215,384 |
) |
| |
|
|
|
|
|
|
|
|
| Investing
activities |
|
|
|
|
|
|
|
|
|
Expenditures on mining interests: |
|
|
|
|
|
|
|
|
|
Fekola Mine |
|
|
(53,179 |
) |
|
|
(74,151 |
) |
|
|
(133,741 |
) |
|
|
(127,946 |
) |
|
Masbate Mine |
|
|
(6,507 |
) |
|
|
(6,098 |
) |
|
|
(15,037 |
) |
|
|
(15,051 |
) |
|
Otjikoto Mine |
|
|
(11,706 |
) |
|
|
(15,630 |
) |
|
|
(25,519 |
) |
|
|
(32,976 |
) |
|
Goose Project |
|
|
(127,704 |
) |
|
|
(68,612 |
) |
|
|
(245,155 |
) |
|
|
(68,612 |
) |
|
Fekola Regional Properties |
|
|
(4,924 |
) |
|
|
(15,035 |
) |
|
|
(9,425 |
) |
|
|
(29,810 |
) |
|
Gramalote Project |
|
|
(3,560 |
) |
|
|
(1,204 |
) |
|
|
(6,870 |
) |
|
|
(1,714 |
) |
|
Other exploration |
|
|
(11,572 |
) |
|
|
(24,552 |
) |
|
|
(20,412 |
) |
|
|
(40,543 |
) |
|
Cash proceeds on sale of investment in associate |
|
|
100,302 |
|
|
|
— |
|
|
|
100,302 |
|
|
|
— |
|
|
Cash proceeds on sale of long-term investment |
|
|
18,661 |
|
|
|
— |
|
|
|
18,661 |
|
|
|
— |
|
|
Purchase of long-term investment |
|
|
(6,252 |
) |
|
|
(16,764 |
) |
|
|
(6,252 |
) |
|
|
(31,880 |
) |
|
Funding of reclamation accounts |
|
|
(1,676 |
) |
|
|
(1,351 |
) |
|
|
(2,705 |
) |
|
|
(2,640 |
) |
|
Loan to associate |
|
|
— |
|
|
|
— |
|
|
|
(1,496 |
) |
|
|
— |
|
|
Cash acquired on acquisition of Sabina Gold & Silver Corp. |
|
|
— |
|
|
|
38,083 |
|
|
|
— |
|
|
|
38,083 |
|
|
Transaction costs paid on acquisition of Sabina Gold & Silver
Corp. |
|
|
— |
|
|
|
(6,672 |
) |
|
|
— |
|
|
|
(6,672 |
) |
|
Other |
|
|
(295 |
) |
|
|
101 |
|
|
|
(340 |
) |
|
|
(3,212 |
) |
|
Cash used by investing activities |
|
|
(108,412 |
) |
|
|
(191,885 |
) |
|
|
(347,989 |
) |
|
|
(322,973 |
) |
| |
|
|
|
|
|
|
|
|
| (Decrease) increase in
cash and cash equivalents |
|
|
(98,258 |
) |
|
|
(164,466 |
) |
|
|
166,268 |
|
|
|
(139,551 |
) |
| |
|
|
|
|
|
|
|
|
| Effect of exchange rate
changes on cash and cash equivalents |
|
|
(2,716 |
) |
|
|
(3,067 |
) |
|
|
(6,323 |
) |
|
|
(6,188 |
) |
| Cash and cash
equivalents, beginning of period |
|
|
567,814 |
|
|
|
673,740 |
|
|
|
306,895 |
|
|
|
651,946 |
|
| Cash and cash
equivalents, end of period |
|
$ |
466,840 |
|
|
$ |
506,207 |
|
|
$ |
466,840 |
|
|
$ |
506,207 |
|
|
B2GOLD CORP.CONDENSED INTERIM CONSOLIDATED
BALANCE SHEETS(Expressed in thousands of United States
dollars)(Unaudited) |
| |
| |
|
As at June 30,2024 |
|
|
As at December 31,2023 |
|
| Assets |
|
|
|
|
| Current |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
466,840 |
|
|
$ |
306,895 |
|
|
Accounts receivable, prepaids and other |
|
|
41,330 |
|
|
|
27,491 |
|
|
Value-added and other tax receivables |
|
|
31,368 |
|
|
|
29,848 |
|
|
Inventories |
|
|
376,822 |
|
|
|
346,495 |
|
|
Assets classified as held for sale |
|
|
10,230 |
|
|
|
— |
|
| |
|
|
926,590 |
|
|
|
710,729 |
|
| |
|
|
|
|
| Long-term
investments |
|
|
123,764 |
|
|
|
86,007 |
|
| Value-added tax
receivables |
|
|
250,171 |
|
|
|
199,671 |
|
| Mining
interests |
|
|
3,616,534 |
|
|
|
3,563,490 |
|
| Investments in
associates |
|
|
74,193 |
|
|
|
134,092 |
|
| Long-term
inventories |
|
|
102,609 |
|
|
|
100,068 |
|
| Other
assets |
|
|
72,346 |
|
|
|
63,635 |
|
| Deferred income
taxes |
|
|
16,645 |
|
|
|
16,927 |
|
| |
|
$ |
5,182,852 |
|
|
$ |
4,874,619 |
|
| Liabilities |
|
|
|
|
| Current |
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
178,528 |
|
|
$ |
167,117 |
|
|
Current income and other taxes payable |
|
|
113,685 |
|
|
|
120,679 |
|
|
Current portion of long-term debt |
|
|
14,857 |
|
|
|
16,256 |
|
|
Current portion of mine restoration provisions |
|
|
2,109 |
|
|
|
3,050 |
|
|
Other current liabilities |
|
|
7,155 |
|
|
|
6,369 |
|
| |
|
|
316,334 |
|
|
|
313,471 |
|
| |
|
|
|
|
| Long-term
debt |
|
|
25,651 |
|
|
|
175,869 |
|
| Gold stream
obligation |
|
|
158,839 |
|
|
|
139,600 |
|
| Prepaid gold
sales |
|
|
517,723 |
|
|
|
— |
|
| Mine restoration
provisions |
|
|
104,798 |
|
|
|
104,607 |
|
| Deferred income
taxes |
|
|
170,004 |
|
|
|
188,106 |
|
| Employee benefits
obligation |
|
|
21,135 |
|
|
|
19,171 |
|
| Other long-term
liabilities |
|
|
23,777 |
|
|
|
23,820 |
|
| |
|
|
1,338,261 |
|
|
|
964,644 |
|
| Equity |
|
|
|
|
| Shareholders’
equity |
|
|
|
|
|
Share capital |
|
|
3,485,034 |
|
|
|
3,454,811 |
|
|
Contributed surplus |
|
|
79,721 |
|
|
|
84,970 |
|
|
Accumulated other comprehensive loss |
|
|
(118,447 |
) |
|
|
(125,256 |
) |
|
Retained earnings |
|
|
309,332 |
|
|
|
395,854 |
|
| |
|
|
3,755,640 |
|
|
|
3,810,379 |
|
| Non-controlling
interests |
|
|
88,951 |
|
|
|
99,596 |
|
| |
|
|
3,844,591 |
|
|
|
3,909,975 |
|
| |
|
$ |
5,182,852 |
|
|
$ |
4,874,619 |
|
| |
|
|
|
|
NON-IFRS MEASURES
Cash operating costs per gold ounce sold
and total cash costs per gold ounce sold
‘‘Cash operating costs per gold ounce’’ and
“total cash costs per gold ounce” are common financial performance
measures in the gold mining industry but, as non-IFRS measures,
they do not have a standardized meaning under IFRS and therefore
may not be comparable to similar measures presented by other
issuers. Management believes that, in addition to conventional
measures prepared in accordance with IFRS, certain investors use
this information to evaluate our performance and ability to
generate cash flow. Accordingly, these measures are intended to
provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS. The measures, along with sales, are
considered to be a key indicator of the Company’s ability to
generate earnings and cash flow from its mining operations.
Cash cost figures are calculated on a sales
basis in accordance with a standard developed by The Gold
Institute, which was a worldwide association of suppliers of gold
and gold products and included leading North American gold
producers. The Gold Institute ceased operations in 2002, but the
standard is the accepted standard of reporting cash cost of
production in North America. Adoption of the standard is voluntary
and the cost measures presented may not be comparable to other
similarly titled measures of other companies. Other companies may
calculate these measures differently. Cash operating costs and
total cash costs per gold ounce sold are derived from amounts
included in the statement of operations and include mine site
operating costs such as mining, processing, smelting, refining,
transportation costs, royalties and production taxes, less silver
by-product credits. The tables below show a reconciliation of cash
operating costs per gold ounce sold and total cash costs per gold
ounce sold to production costs as extracted from the unaudited
condensed interim consolidated financial statements on a
consolidated and a mine-by-mine basis (dollars in thousands):
| |
For the three months ended June 30, 2024 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
81,481 |
37,602 |
32,216 |
151,299 |
13,221 |
164,520 |
| Royalties and production
taxes |
21,655 |
6,910 |
4,524 |
33,089 |
711 |
33,800 |
| |
|
|
|
|
|
|
| Total cash costs |
103,136 |
44,512 |
36,740 |
184,388 |
13,932 |
198,320 |
| |
|
|
|
|
|
|
| Gold sold (ounces) |
115,288 |
46,600 |
48,340 |
210,228 |
8,267 |
218,495 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce sold) |
707 |
807 |
666 |
720 |
1,599 |
753 |
| |
|
|
|
|
|
|
| Total cash costs per ounce ($/
gold ounce sold) |
895 |
955 |
760 |
877 |
1,685 |
908 |
| |
For the three months ended June 30, 2023 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
79,245 |
48,170 |
25,347 |
152,762 |
17,815 |
170,577 |
| Royalties and production
taxes |
23,686 |
6,285 |
3,140 |
33,111 |
1,078 |
34,189 |
| |
|
|
|
|
|
|
| Total cash costs |
102,931 |
54,455 |
28,487 |
185,873 |
18,893 |
204,766 |
| |
|
|
|
|
|
|
| Gold sold (ounces) |
142,850 |
56,700 |
39,550 |
239,100 |
16,797 |
255,897 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce sold) |
555 |
850 |
641 |
639 |
1,061 |
667 |
| |
|
|
|
|
|
|
| Total cash costs per ounce ($/
gold ounce sold) |
721 |
960 |
720 |
777 |
1,125 |
800 |
| |
For the six months ended June 30, 2024 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
166,586 |
80,373 |
61,085 |
308,044 |
25,126 |
333,170 |
| Royalties and production
taxes |
42,050 |
12,300 |
8,766 |
63,116 |
1,565 |
64,681 |
| |
|
|
|
|
|
|
| Total cash costs |
208,636 |
92,673 |
69,851 |
371,160 |
26,691 |
397,851 |
| |
|
|
|
|
|
|
| Gold sold (ounces) |
239,116 |
94,300 |
99,790 |
433,206 |
19,644 |
452,850 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce sold) |
697 |
852 |
612 |
711 |
1,279 |
736 |
| |
|
|
|
|
|
|
| Total cash costs per ounce ($/
gold ounce sold) |
873 |
983 |
700 |
857 |
1,359 |
879 |
| |
For the six months ended June 30, 2023 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
156,906 |
73,163 |
50,297 |
280,366 |
33,580 |
313,946 |
| Royalties and production
taxes |
50,352 |
10,698 |
7,222 |
68,272 |
2,332 |
70,604 |
| |
|
|
|
|
|
|
| Total cash costs |
207,258 |
83,861 |
57,519 |
348,638 |
35,912 |
384,550 |
| |
|
|
|
|
|
|
| Gold sold (ounces) |
307,900 |
86,350 |
94,000 |
488,250 |
32,939 |
521,189 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce sold) |
510 |
847 |
535 |
574 |
1,019 |
602 |
| |
|
|
|
|
|
|
| Total cash costs per ounce ($/
gold ounce sold) |
673 |
971 |
612 |
714 |
1,090 |
738 |
| |
|
|
|
|
|
|
Cash operating costs per gold ounce
produced
In addition to cash operating costs on a per
gold ounce sold basis, the Company also presents cash operating
costs on a per gold ounce produced basis. Cash operating costs per
gold ounce produced is derived from amounts included in the
statement of operations and include mine site operating costs such
as mining, processing, smelting, refining, transportation costs,
less silver by-product credits. The tables below show a
reconciliation of cash operating costs per gold ounce produced to
production costs as extracted from the unaudited condensed interim
consolidated financial statements on a consolidated and a
mine-by-mine basis (dollars in thousands):
| |
For the three months ended June 30, 2024 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
81,481 |
37,602 |
32,216 |
151,299 |
13,221 |
164,520 |
| Inventory sales
adjustment |
12,097 |
1,412 |
168 |
13,677 |
— |
13,677 |
| |
|
|
|
|
|
|
| Cash operating costs |
93,578 |
39,014 |
32,384 |
164,976 |
13,221 |
178,197 |
| |
|
|
|
|
|
|
| Gold produced (ounces) |
111,583 |
44,515 |
48,143 |
204,241 |
8,267 |
212,508 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce produced) |
839 |
876 |
673 |
808 |
1,599 |
839 |
| |
For the three months ended June 30, 2023 |
|
|
Fekola Mine |
Masbate Mine |
|
Otjikoto Mine |
Total |
|
Calibre equity investment |
Grand Total |
|
| |
$ |
$ |
$ |
$ |
|
$ |
$ |
|
| |
|
|
|
|
|
|
|
Production costs |
79,245 |
48,170 |
|
25,347 |
152,762 |
|
17,815 |
170,577 |
|
| Inventory sales
adjustment |
2,698 |
(7,757 |
) |
1,587 |
(3,472 |
) |
— |
(3,472 |
) |
| |
|
|
|
|
|
|
| Cash operating costs |
81,943 |
40,413 |
|
26,934 |
149,290 |
|
17,815 |
167,105 |
|
| |
|
|
|
|
|
|
| Gold produced (ounces) |
152,427 |
49,478 |
|
44,056 |
245,961 |
|
16,740 |
262,701 |
|
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce produced) |
538 |
817 |
|
611 |
607 |
|
1,064 |
636 |
|
| |
For the six months ended June 30, 2024 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Production costs |
166,586 |
80,373 |
61,085 |
308,044 |
25,126 |
333,170 |
| Inventory sales
adjustment |
10,175 |
188 |
440 |
10,803 |
— |
10,803 |
| |
|
|
|
|
|
|
| Cash operating costs |
176,761 |
80,561 |
61,525 |
318,847 |
25,126 |
343,973 |
| |
|
|
|
|
|
|
| Gold produced (ounces) |
230,724 |
94,297 |
93,559 |
418,580 |
19,644 |
438,224 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce produced) |
766 |
854 |
658 |
762 |
1,279 |
785 |
| |
For the six months ended June 30, 2023 |
| |
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
|
Production costs |
156,906 |
73,163 |
50,297 |
|
280,366 |
33,580 |
313,946 |
| Inventory sales
adjustment |
5,216 |
8,180 |
(62 |
) |
13,334 |
— |
13,334 |
| |
|
|
|
|
|
|
| Cash operating costs |
162,122 |
81,343 |
50,235 |
|
293,700 |
33,580 |
327,280 |
| |
|
|
|
|
|
|
| Gold produced (ounces) |
318,291 |
95,842 |
82,547 |
|
496,680 |
32,877 |
529,557 |
| |
|
|
|
|
|
|
| Cash operating costs per ounce
($/ gold ounce produced) |
509 |
849 |
609 |
|
591 |
1,021 |
618 |
| |
|
|
|
|
|
|
|
All-in sustaining costs per gold
ounce
In June 2013, the World Gold Council, a
non-regulatory association of the world’s leading gold mining
companies established to promote the use of gold to industry,
consumers and investors, provided guidance for the calculation of
the measure “all-in sustaining costs per gold ounce”, but as a
non-IFRS measure, it does not have a standardized meaning under
IFRS and therefore may not be comparable to similar measures
presented by other issuers. The original World Gold Council
standard became effective January 1, 2014 with further updates
announced on November 16, 2018 which were effective starting
January 1, 2019.
Management believes that the all-in sustaining
costs per gold ounce measure provides additional insight into the
costs of producing gold by capturing all of the expenditures
required for the discovery, development and sustaining of gold
production and allows the Company to assess its ability to support
capital expenditures to sustain future production from the
generation of operating cash flows. Management believes that, in
addition to conventional measures prepared in accordance with IFRS,
certain investors use this information to evaluate the Company's
performance and ability to generate cash flow. Accordingly, it is
intended to provide additional information and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. Adoption of the
standard is voluntary and the cost measures presented may not be
comparable to other similarly titled measures of other companies.
The Company has applied the principles of the World Gold Council
recommendations and has reported all-in sustaining costs on a sales
basis. Other companies may calculate these measures
differently.
B2Gold defines all-in sustaining costs per ounce
as the sum of cash operating costs, royalties and production taxes,
capital expenditures and exploration costs that are sustaining in
nature, sustaining lease expenditures, corporate general and
administrative costs, share-based payment expenses related to
restricted share units/deferred share units/performance share
units/restricted phantom units ("RSUs/DSUs/PSUs/RPUs"), community
relations expenditures, reclamation liability accretion and
realized (gains) losses on fuel derivative contracts, all divided
by the total gold ounces sold to arrive at a per ounce figure.
The table below shows a reconciliation of all-in
sustaining costs per ounce to production costs as extracted from
the unaudited condensed interim consolidated financial statements
on a consolidated and a mine-by-mine basis for the three months
ended June 30, 2024 (dollars in thousands):
| |
For the three months ended June 30, 2024 |
|
|
Fekola Mine |
|
Masbate Mine |
|
Otjikoto Mine |
|
Corporate |
Total |
|
Calibre equity investment |
Grand Total |
|
| |
$ |
|
$ |
|
$ |
|
$ |
$ |
|
$ |
$ |
|
| |
|
|
|
|
|
|
|
| Production costs |
81,481 |
|
37,602 |
|
32,216 |
|
— |
151,299 |
|
13,221 |
164,520 |
|
| Royalties and production
taxes |
21,655 |
|
6,910 |
|
4,524 |
|
— |
33,089 |
|
711 |
33,800 |
|
| Corporate administration |
2,548 |
|
548 |
|
1,406 |
|
8,466 |
12,968 |
|
902 |
13,870 |
|
| Share-based payments –
RSUs/DSUs/PSUs/RPUs(1) |
34 |
|
— |
|
— |
|
4,023 |
4,057 |
|
— |
4,057 |
|
| Community relations |
106 |
|
17 |
|
319 |
|
— |
442 |
|
— |
442 |
|
| Reclamation liability
accretion |
458 |
|
313 |
|
252 |
|
— |
1,023 |
|
— |
1,023 |
|
| Realized gains on derivative
contracts |
(202 |
) |
(108 |
) |
— |
|
— |
(310 |
) |
— |
(310 |
) |
| Sustaining lease
expenditures |
83 |
|
309 |
|
236 |
|
512 |
1,140 |
|
— |
1,140 |
|
| Sustaining capital
expenditures(2) |
38,065 |
|
6,428 |
|
11,605 |
|
— |
56,098 |
|
637 |
56,735 |
|
| Sustaining mine
exploration(2) |
838 |
|
864 |
|
(76 |
) |
— |
1,626 |
|
— |
1,626 |
|
| |
|
|
|
|
|
|
|
| Total all-in sustaining
costs |
145,066 |
|
52,883 |
|
50,482 |
|
13,001 |
261,432 |
|
15,471 |
276,903 |
|
| |
|
|
|
|
|
|
|
| Gold sold (ounces) |
115,288 |
|
46,600 |
|
48,340 |
|
— |
210,228 |
|
8,267 |
218,495 |
|
| |
|
|
|
|
|
|
|
| All-in sustaining cost per
ounce ($/ gold ounce sold) |
1,258 |
|
1,135 |
|
1,044 |
|
— |
1,244 |
|
1,871 |
1,267 |
|
1) Included as a component of Share-based
payments on the Statement of operations. (2) Refer to Sustaining
capital expenditures and Sustaining mine exploration
reconciliations below.
The table below shows a reconciliation of
sustaining capital expenditures to operating mine capital
expenditures as extracted from the unaudited condensed interim
consolidated financial statements for the three months ended June
30, 2024 (dollars in thousands):
| |
For the three months ended June 30, 2024 |
|
|
Fekola Mine |
|
Masbate Mine |
|
Otjikoto Mine |
|
Total |
|
Calibre equity investment |
Grand Total |
|
| |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
$ |
|
| |
|
|
|
|
|
|
| Operating mine capital
expenditures |
53,179 |
|
6,507 |
|
11,706 |
|
71,392 |
|
637 |
72,029 |
|
| Fekola underground |
(14,772 |
) |
— |
|
— |
|
(14,772 |
) |
— |
(14,772 |
) |
| Road construction |
(342 |
) |
— |
|
— |
|
(342 |
) |
— |
(342 |
) |
| Land acquisitions |
— |
|
(49 |
) |
— |
|
(49 |
) |
— |
(49 |
) |
| Other |
— |
|
(30 |
) |
(101 |
) |
(131 |
) |
— |
(131 |
) |
| |
|
|
|
|
|
|
| Sustaining capital
expenditures |
38,065 |
|
6,428 |
|
11,605 |
|
56,098 |
|
637 |
56,735 |
|
| |
The table below shows a reconciliation of
sustaining mine exploration to operating mine exploration as
extracted from the unaudited condensed interim consolidated
financial statements for the three months ended June 30, 2024
(dollars in thousands):
| |
For the three months ended June 30, 2024 |
|
|
Fekola Mine |
Masbate Mine |
|
Otjikoto Mine |
|
Total |
|
Calibre equity investment |
Grand Total |
|
| |
$ |
$ |
|
$ |
|
$ |
|
$ |
$ |
|
| |
|
|
|
|
|
|
| Operating mine
exploration |
838 |
928 |
|
1,514 |
|
3,280 |
|
— |
3,280 |
|
| Regional exploration |
— |
(64 |
) |
(1,590 |
) |
(1,654 |
) |
— |
(1,654 |
) |
| |
|
|
|
|
|
|
| Sustaining mine
exploration |
838 |
864 |
|
(76 |
) |
1,626 |
|
— |
1,626 |
|
| |
The table below shows a reconciliation of all-in
sustaining costs per ounce to production costs as extracted from
the unaudited condensed interim consolidated financial statements
on a consolidated and a mine-by-mine basis for the three months
ended June 30, 2023 (dollars in thousands):
| |
For the three months ended June 30, 2023 |
|
|
Fekola Mine |
|
Masbate Mine |
|
Otjikoto Mine |
|
Corporate |
Total |
|
Calibre equity investment |
Grand Total |
|
| |
$ |
|
$ |
|
$ |
|
$ |
$ |
|
$ |
$ |
|
| |
|
|
|
|
|
|
|
| Production costs |
79,245 |
|
48,170 |
|
25,347 |
|
— |
152,762 |
|
17,815 |
170,577 |
|
| Royalties and production
taxes |
23,686 |
|
6,285 |
|
3,140 |
|
— |
33,111 |
|
1,078 |
34,189 |
|
| Corporate administration |
2,403 |
|
640 |
|
1,176 |
|
9,836 |
14,055 |
|
574 |
14,629 |
|
| Share-based payments –
RSUs/DSUs/PSUs/RPUs(1) |
— |
|
— |
|
— |
|
3,838 |
3,838 |
|
— |
3,838 |
|
| Community relations |
1,370 |
|
41 |
|
311 |
|
— |
1,722 |
|
— |
1,722 |
|
| Reclamation liability
accretion |
357 |
|
278 |
|
277 |
|
— |
912 |
|
— |
912 |
|
| Realized gains on derivative
contracts |
(688 |
) |
(642 |
) |
(209 |
) |
— |
(1,539 |
) |
— |
(1,539 |
) |
| Sustaining lease
expenditures |
981 |
|
303 |
|
297 |
|
465 |
2,046 |
|
— |
2,046 |
|
| Sustaining capital
expenditures(2) |
59,032 |
|
5,752 |
|
15,630 |
|
— |
80,414 |
|
1,933 |
82,347 |
|
| Sustaining mine
exploration(2) |
— |
|
1,008 |
|
996 |
|
— |
2,004 |
|
— |
2,004 |
|
| |
|
|
|
|
|
|
|
| Total all-in sustaining
costs |
166,386 |
|
61,835 |
|
46,965 |
|
14,139 |
289,325 |
|
21,400 |
310,725 |
|
| |
|
|
|
|
|
|
|
| Gold sold (ounces) |
142,850 |
|
56,700 |
|
39,550 |
|
— |
239,100 |
|
16,797 |
255,897 |
|
| |
|
|
|
|
|
|
|
| All-in sustaining cost per ounce
($/ gold ounce sold) |
1,165 |
|
1,091 |
|
1,187 |
|
— |
1,210 |
|
1,274 |
1,214 |
|
(1) Included as a component of Share-based
payments on the Statement of operations. (2) Refer to Sustaining
capital expenditures and Sustaining mine exploration
reconciliations below
The table below shows a reconciliation of
sustaining capital expenditures to operating mine capital
expenditures as extracted from the unaudited condensed interim
consolidated financial statements for the three months ended June
30, 2023 (dollars in thousands):
| |
For the three months ended June 30, 2023 |
|
|
Fekola Mine |
|
Masbate Mine |
|
Otjikoto Mine |
Total |
|
Calibre equity investment |
Grand Total |
|
| |
$ |
|
$ |
|
$ |
$ |
|
$ |
$ |
|
| |
|
|
|
|
|
|
| Operating mine capital
expenditures |
74,151 |
|
6,098 |
|
15,630 |
95,879 |
|
1,933 |
97,812 |
|
| Road construction |
(2,657 |
) |
— |
|
— |
(2,657 |
) |
— |
(2,657 |
) |
| Fekola underground |
(12,462 |
) |
— |
|
— |
(12,462 |
) |
— |
(12,462 |
) |
| Other |
— |
|
(346 |
) |
— |
(346 |
) |
— |
(346 |
) |
| |
|
|
|
|
|
|
| Sustaining capital
expenditures |
59,032 |
|
5,752 |
|
15,630 |
80,414 |
|
1,933 |
82,347 |
|
The table below shows a reconciliation of
sustaining mine exploration to operating mine exploration as
extracted from the unaudited condensed interim consolidated
financial statements for the three months ended June 30, 2023
(dollars in thousands):
| |
For the three months ended June 30, 2023 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Operating mine
exploration |
— |
1,008 |
996 |
2,004 |
— |
2,004 |
| Regional exploration |
— |
— |
— |
— |
— |
— |
| |
|
|
|
|
|
|
| Sustaining mine
exploration |
— |
1,008 |
996 |
2,004 |
— |
2,004 |
| |
The table below shows a reconciliation of all-in
sustaining costs per ounce to production costs as extracted from
the unaudited condensed interim consolidated financial statements
on a consolidated and a mine-by-mine basis for the six months ended
June 30, 2024 (dollars in thousands):
| |
For the six months ended June 30, 2024 |
|
|
Fekola Mine |
|
Masbate Mine |
|
Otjikoto Mine |
|
Corporate |
Total |
|
Calibre equity investment |
Grand Total |
|
| |
$ |
|
$ |
|
$ |
|
$ |
$ |
|
$ |
$ |
|
| |
|
|
|
|
|
|
|
| Production costs |
166,586 |
|
80,373 |
|
61,085 |
|
— |
308,044 |
|
25,126 |
333,170 |
|
| Royalties and production
taxes |
42,050 |
|
12,300 |
|
8,766 |
|
— |
63,116 |
|
1,565 |
64,681 |
|
| Corporate administration |
5,275 |
|
1,062 |
|
2,886 |
|
17,883 |
27,106 |
|
1,463 |
28,569 |
|
| Share-based payments –
RSUs/DSUs/PSUs/RPUs(1) |
67 |
|
— |
|
— |
|
8,996 |
9,063 |
|
— |
9,063 |
|
| Community relations |
251 |
|
30 |
|
650 |
|
— |
931 |
|
— |
931 |
|
| Reclamation liability
accretion |
893 |
|
614 |
|
490 |
|
— |
1,997 |
|
— |
1,997 |
|
| Realized gains on derivative
contracts |
(420 |
) |
(252 |
) |
(31 |
) |
— |
(703 |
) |
— |
(703 |
) |
| Sustaining lease
expenditures |
167 |
|
627 |
|
790 |
|
1,004 |
2,588 |
|
— |
2,588 |
|
| Sustaining capital
expenditures(2) |
105,935 |
|
14,677 |
|
24,503 |
|
— |
145,115 |
|
2,392 |
147,507 |
|
| Sustaining mine
exploration(2) |
2,140 |
|
1,598 |
|
626 |
|
— |
4,364 |
|
— |
4,364 |
|
| |
|
|
|
|
|
|
|
| Total all-in sustaining
costs |
322,944 |
|
111,029 |
|
99,765 |
|
27,883 |
561,621 |
|
30,546 |
592,167 |
|
| |
|
|
|
|
|
|
|
| Gold sold (ounces) |
239,116 |
|
94,300 |
|
99,790 |
|
— |
433,206 |
|
19,644 |
452,850 |
|
| |
|
|
|
|
|
|
|
| All-in sustaining cost per
ounce ($/ gold ounce sold) |
1,351 |
|
1,177 |
|
1,000 |
|
— |
1,296 |
|
1,555 |
1,308 |
|
(1) Included as a component of Share-based
payments on the Statement of operations. (2) Refer to Sustaining
capital expenditures and Sustaining mine exploration
reconciliations below.
The table below shows a reconciliation of
sustaining capital expenditures to operating mine capital
expenditures as extracted from the unaudited condensed interim
consolidated financial statements for the six months ended June 30,
2024 (dollars in thousands):
| |
For the six months ended June 30, 2024 |
|
|
Fekola Mine |
|
Masbate Mine |
|
Otjikoto Mine |
|
Total |
|
Calibre equity investment |
Grand Total |
|
| |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
$ |
|
| |
|
|
|
|
|
|
| Operating mine capital
expenditures |
133,741 |
|
15,037 |
|
25,519 |
|
174,297 |
|
2,392 |
176,689 |
|
| Fekola underground |
(25,876 |
) |
— |
|
— |
|
(25,876 |
) |
— |
(25,876 |
) |
| Road construction |
(1,930 |
) |
— |
|
— |
|
(1,930 |
) |
— |
(1,930 |
) |
| Land acquisitions |
— |
|
(120 |
) |
— |
|
(120 |
) |
— |
(120 |
) |
| Other |
— |
|
(240 |
) |
(1,016 |
) |
(1,256 |
) |
— |
(1,256 |
) |
| |
|
|
|
|
|
|
| Sustaining capital
expenditures |
105,935 |
|
14,677 |
|
24,503 |
|
145,115 |
|
2,392 |
147,507 |
|
| |
The table below shows a reconciliation of
sustaining mine exploration to operating mine exploration as
extracted from the unaudited condensed interim consolidated
financial statements for the six months ended June 30, 2024
(dollars in thousands):
| |
For the six months ended June 30, 2024 |
|
|
Fekola Mine |
Masbate Mine |
|
Otjikoto Mine |
|
Total |
|
Calibre equity investment |
Grand Total |
|
| |
$ |
$ |
|
$ |
|
$ |
|
$ |
$ |
|
| |
|
|
|
|
|
|
| Operating mine
exploration |
2,140 |
1,749 |
|
3,303 |
|
7,192 |
|
— |
7,192 |
|
| Regional exploration |
— |
(151 |
) |
(2,677 |
) |
(2,828 |
) |
— |
(2,828 |
) |
| |
|
|
|
|
|
|
| Sustaining mine
exploration |
2,140 |
1,598 |
|
626 |
|
4,364 |
|
— |
4,364 |
|
| |
The tables below show a reconciliation of all-in
sustaining costs per ounce to production costs as extracted from
the unaudited condensed interim consolidated financial statements
on a consolidated and a mine-by-mine basis for the six months ended
June 30, 2023 (dollars in thousands):
| |
For the six months ended June 30, 2023 |
|
|
Fekola Mine |
|
Masbate Mine |
|
Otjikoto Mine |
|
Corporate |
Total |
|
Calibre equity investment |
Grand Total |
|
| |
$ |
|
$ |
|
$ |
|
$ |
$ |
|
$ |
$ |
|
| |
|
|
|
|
|
|
|
| Production costs |
156,906 |
|
73,163 |
|
50,297 |
|
— |
280,366 |
|
33,580 |
313,946 |
|
| Royalties and production
taxes |
50,352 |
|
10,698 |
|
7,222 |
|
— |
68,272 |
|
2,332 |
70,604 |
|
| Corporate administration |
5,364 |
|
1,139 |
|
2,880 |
|
18,857 |
28,240 |
|
1,323 |
29,563 |
|
| Share-based payments –
RSUs/DSUs/PSUs/RPUs(1) |
— |
|
— |
|
— |
|
8,157 |
8,157 |
|
— |
8,157 |
|
| Community relations |
2,044 |
|
99 |
|
582 |
|
— |
2,725 |
|
— |
2,725 |
|
| Reclamation liability
accretion |
738 |
|
569 |
|
571 |
|
— |
1,878 |
|
— |
1,878 |
|
| Realized gains on derivative
contracts |
(1,459 |
) |
(1,814 |
) |
(697 |
) |
— |
(3,970 |
) |
— |
(3,970 |
) |
| Sustaining lease
expenditures |
1,045 |
|
610 |
|
920 |
|
914 |
3,489 |
|
— |
3,489 |
|
| Sustaining capital
expenditures(2) |
108,808 |
|
14,528 |
|
32,976 |
|
— |
156,312 |
|
3,939 |
160,251 |
|
| Sustaining mine
exploration(2) |
1,706 |
|
1,967 |
|
1,490 |
|
— |
5,163 |
|
— |
5,163 |
|
| |
|
|
|
|
|
|
|
| Total all-in sustaining
costs |
325,504 |
|
100,959 |
|
96,241 |
|
27,928 |
550,632 |
|
41,174 |
591,806 |
|
| |
|
|
|
|
|
|
|
| Gold sold (ounces) |
307,900 |
|
86,350 |
|
94,000 |
|
— |
488,250 |
|
32,939 |
521,189 |
|
| |
|
|
|
|
|
|
|
| All-in sustaining cost per
ounce ($/ gold ounce sold) |
1,057 |
|
1,169 |
|
1,024 |
|
— |
1,128 |
|
1,250 |
1,135 |
|
(1) Included as a component of Share-based
payments on the Statement of operations. (2) Refer to Sustaining
capital expenditures and Sustaining mine exploration
reconciliations below
The table below shows a reconciliation of
sustaining capital expenditures to operating mine capital
expenditures as extracted from the unaudited condensed interim
consolidated financial statements for the six months ended June 30,
2023 (dollars in thousands):
| |
For the six months ended June 30, 2023 |
|
|
Fekola Mine |
|
Masbate Mine |
|
Otjikoto Mine |
Total |
|
Calibre equity investment |
Grand Total |
|
| |
$ |
|
$ |
|
$ |
$ |
|
$ |
$ |
|
| |
|
|
|
|
|
|
| Operating mine capital
expenditures |
127,946 |
|
15,051 |
|
32,976 |
175,973 |
|
3,939 |
179,912 |
|
| Road construction |
(5,067 |
) |
— |
|
— |
(5,067 |
) |
— |
(5,067 |
) |
| Fekola underground study |
(14,071 |
) |
— |
|
— |
(14,071 |
) |
— |
(14,071 |
) |
| Other |
— |
|
(523 |
) |
— |
(523 |
) |
— |
(523 |
) |
| |
|
|
|
|
|
|
| Sustaining capital
expenditures |
108,808 |
|
14,528 |
|
32,976 |
156,312 |
|
3,939 |
160,251 |
|
| |
The table below shows a reconciliation of
sustaining mine exploration to operating mine exploration as
extracted from the unaudited condensed interim consolidated
financial statements for the six months ended June 30, 2023
(dollars in thousands):
| |
For the six months ended June 30, 2023 |
|
|
Fekola Mine |
Masbate Mine |
Otjikoto Mine |
Total |
Calibre equity investment |
Grand Total |
| |
$ |
$ |
$ |
$ |
$ |
$ |
| |
|
|
|
|
|
|
| Operating mine
exploration |
1,706 |
1,967 |
1,490 |
5,163 |
— |
5,163 |
| Regional exploration |
— |
— |
— |
— |
— |
— |
| |
|
|
|
|
|
|
| Sustaining mine
exploration |
1,706 |
1,967 |
1,490 |
5,163 |
— |
5,163 |
| |
Adjusted net income and adjusted
earnings per share - basic
Adjusted net income and adjusted earnings per
share – basic are non-IFRS measures that do not have a standardized
meaning prescribed by IFRS and therefore may not be comparable to
similar measures presented by other issuers. The Company defines
adjusted net income as net income attributable to shareholders of
the Company adjusted for non-recurring items and also significant
recurring non-cash items. The Company defines adjusted earnings per
share – basic as adjusted net income divided by the basic weighted
number of common shares outstanding.
Management believes that the presentation of
adjusted net income and adjusted earnings per share - basic is
appropriate to provide additional information to investors
regarding items that we do not expect to continue at the same level
in the future or that management does not believe to be a
reflection of the Company's ongoing operating performance.
Management further believes that its presentation of these non-IFRS
financial measures provide information that is useful to investors
because they are important indicators of the strength of our
operations and the performance of our core business. Accordingly,
it is intended to provide additional information and should not be
considered in isolation as a substitute for measures of performance
prepared in accordance with IFRS. Other companies may calculate
this measure differently.
A reconciliation of net income to adjusted net income as
extracted from the unaudited condensed interim consolidated
financial statements is set out in the table below:
| |
Three months ended |
Six months ended |
| |
June 30, |
June 30, |
|
|
2024 |
2023 |
2024 |
2023 |
| |
$ |
$ |
$ |
$ |
| |
(000’s) |
(000’s) |
(000’s) |
(000’s) |
| |
|
|
|
|
|
Net (loss) income attributable to shareholders of the Company for
the period: |
(24,004 |
) |
80,418 |
|
15,747 |
|
166,391 |
|
| |
|
|
|
|
| Adjustments for non-recurring and
significant recurring non-cash items: |
|
|
|
|
|
Impairment of long-lived assets |
197,141 |
|
4,885 |
|
197,141 |
|
4,885 |
|
|
Write-down of mining interests |
636 |
|
— |
|
636 |
|
16,419 |
|
|
Gain on sale of shares in associate |
(16,822 |
) |
— |
|
(16,822 |
) |
— |
|
|
Gain on sale of mining interests |
(48,662 |
) |
— |
|
(48,662 |
) |
— |
|
|
Unrealized (gains) losses on derivative instruments |
(119 |
) |
757 |
|
(1 |
) |
3,545 |
|
|
Office lease termination costs |
— |
|
— |
|
— |
|
1,946 |
|
|
Loan receivable provision |
— |
|
2,085 |
|
— |
|
2,085 |
|
|
Change in fair value of gold stream |
8,387 |
|
1,100 |
|
19,239 |
|
1,100 |
|
|
(Gain) loss on dilution of associate |
(998 |
) |
— |
|
8,984 |
|
— |
|
|
Deferred income tax recovery |
(37,110 |
) |
(3,441 |
) |
(16,310 |
) |
(4,705 |
) |
| |
|
|
|
|
| Adjusted net income
attributable to shareholders of the Company for the
period |
78,449 |
|
85,804 |
|
159,952 |
|
191,666 |
|
| |
|
|
|
|
| Basic weighted average number of
common shares outstanding (in thousands) |
1,307,176 |
|
1,251,832 |
|
1,305,183 |
|
1,164,104 |
|
| |
|
|
|
|
| Adjusted net earnings
attributable to shareholders of the Company per share–basic
($/share) |
0.06 |
|
0.07 |
|
0.12 |
|
0.16 |
|
For more information on B2Gold please visit the Company website at www.b2gold.com or contact:
Michael McDonald
VP, Investor Relations & Corporate Development
+1 604-681-8371
investor@b2gold.com
Cherry DeGeer
Director, Corporate Communications
+1 604-681-8371
investor@b2gold.com
B2Gold (TSX:BTO)
Historical Stock Chart
Von Okt 2024 bis Nov 2024
B2Gold (TSX:BTO)
Historical Stock Chart
Von Nov 2023 bis Nov 2024
