VANCOUVER, BC - B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) ('B2Gold' or the 'Company') is pleased to announce its operational and financial results for the second quarter and first half of 2022. The Company previously released its gold production and gold revenue results for the second quarter and first half of 2022. All dollar figures are in United States dollars unless otherwise indicated.
2022 Second Quarter Highlights
Total gold production of 223,623 ounces (including 14,765 ounces of attributable production from Calibre Mining Corp. ('Calibre')), slightly above budget by 1% (2,154 ounces), and consolidated gold production of 208,858 ounces from the Company's three operating mines, in line with budget
Consolidated gold revenue of $382 million on sales of 205,300 ounces at an average realized gold price of $1,861 per ounce
Fekola's mill throughput was a quarterly record of 2.42 million tonnes, 8% above budget and 6% higher than the second quarter of 2021
Total consolidated cash operating costs (see 'Non-IFRS Measures') (including estimated attributable results for Calibre) of $781 per ounce produced and consolidated cash operating costs from the Company's three operating mines of $766 per ounce produced, both 2% below budget
Total consolidated all-in sustaining costs ('AISC') (see 'Non-IFRS Measures') (including estimated attributable results for Calibre) of $1,111 per ounce sold and consolidated AISC from the Company's three operating mines of $1,109 per ounce sold, both well below budget by 7%
Net income attributable to the shareholders of the Company of $38 million ($0.04 per share); adjusted net income (see 'Non-IFRS Measures') attributable to the shareholders of the Company of $45 million ($0.04 per share)
On July 3, 2022, the Economic Community of West African States ('ECOWAS') removed the economic, financial and diplomatic sanctions imposed on Mali earlier in 2022 following the interim Malian Government's announcement of a two-year transition to presidential elections and the promulgation of a new electoral law. As a result, Mali's borders with its neighbours are now open to normal commercial traffic and ordinary supply routes are once again available
The Company remains in a strong net positive cash position and paid a second quarter dividend of $0.04 per common share (annualized rate of $0.16 per common share), representing one of the highest dividend yields in the gold sector
The Company recently announced the acquisition of Oklo Resources Limited ('Oklo'), which will provide B2Gold with an additional landholding of 1,405 km2 covering highly prospective greenstone belts in Mali, including Oklo's flagship Dandoko project (550 km2), located approximately 25 kilometres from each of the Fekola Mine and the Anaconda area. The transaction is expected to be completed in mid-September 2022
B2Gold published its sixth annual Responsible Mining Report entitled 'Raising the Bar', which details B2Gold's global economic contributions and its environmental, social, and governance management practices, together with the Company's performance against key indicators in 2021
2022 First Half Highlights
Total gold production of 432,988 ounces (including 27,657 ounces of attributable production from Calibre), above budget by 3% (11,914 ounces), and consolidated gold production of 405,331 ounces from the Company's three operating mines, above budget by 2% (7,383 ounces)
Consolidated gold revenue of $748 million on sales of 400,400 ounces at an average realized gold price of $1,867 per ounce
Total consolidated cash operating costs (including estimated attributable results for Calibre) of $742 per ounce produced, well below budget by 7%, and consolidated cash operating costs from the Company's three operating mines of $722 per ounce produced, well below budget by 8%
Total consolidated AISC (including estimated attributable results for Calibre) of $1,074 per ounce sold, significantly below budget by 15%, and consolidated AISC from the Company's three operating mines of $1,069 per ounce sold, significantly below budget by 16%
Net income attributable to the shareholders of the Company of $119 million ($0.11 per share); adjusted net income attributable to the shareholders of the Company of $110 million ($0.10 per share)
For full-year 2022, B2Gold remains well positioned for continued strong operational and financial performance and remains on track to achieve its total consolidated gold production guidance of between 990,000 - 1,050,000 ounces (including 40,000 - 50,000 attributable ounces projected from Calibre). Overall and after factoring in the positive operating results in the first half of 2022, the Company's total consolidated costs guidance ranges for full-year 2022 remain unchanged with total consolidated cash operating costs forecast to be at the upper end of the Company's guidance range of between $620 and $660 per ounce and total consolidated AISC forecast to be within the Company's guidance range of between $1,010 and $1,050 per ounce
Gramalote Project Update
Based on the preliminary results of the optimized feasibility study for the Gramalote gold project in Colombia (the 'Gramalote Project'), a joint venture between B2Gold and AngloGold Ashanti Limited ('AngloGold'), both partners have determined that the project does not currently meet their investment thresholds for development of the project at this time. Therefore, in conjunction with finalizing the Gramalote Feasibility Study by the end of the third quarter of 2022, B2Gold and AngloGold have jointly made the decision to review the alternatives for the Gramalote Project over the coming months.
Second Quarter and First Half of 2022 Operational Results
Total gold production in the second quarter of 2022 was 223,623 ounces (including 14,765 ounces of attributable production from Calibre), slightly above budget by 1% (2,154 ounces), and consolidated gold production from the Company's three operating mines was 208,858 ounces, in line with budget (see 'Operations' section below). Total consolidated gold production in the second quarter of 2022 was higher by 6% (12,011 ounces) compared to the second quarter of 2021, mainly due to record quarterly mill throughput achieved at the Fekola Mine in the second quarter of 2022. In addition, processed grade was higher at the Otjikoto Mine in the second quarter of 2022, due to significant waste stripping operations at both the Wolfshag and Otjikoto pits in the first half of 2021. Consolidated gold production from the Company's three operating mines is expected to be significantly weighted to the second half of 2022 primarily due to the timing of higher-grade ore mining.
For the second quarter of 2022, total consolidated cash operating costs (including estimated attributable results for Calibre) were $781 per ounce produced ($786 per ounce sold), slightly below budget by $14 per ounce produced (2%), and consolidated cash operating costs from the Company's three operating mines were $766 per ounce produced ($771 per ounce sold), slightly below budget by $17 per ounce produced (2%). Cash operating costs per ounce produced for the second quarter of 2022 were in line with budget as higher than budgeted realized fuel prices were offset by lower than budgeted mined tonnage. As expected, total consolidated cash operating costs were higher in the second quarter of 2022 compared to $664 per ounce produced ($675 per ounce sold) in the second quarter of 2021, and consolidated cash operating costs were higher in the second quarter of 2022 compared to $649 per ounce produced ($661 per ounce sold) in the second quarter of 2021, mainly as a result of higher costs for fuel and other consumables.
For the second quarter of 2022, total consolidated AISC (including estimated attributable results for Calibre) were $1,111 per ounce sold (Q2 2021 - $1,016 per ounce sold), well below budget by $78 per ounce sold (7%), and consolidated AISC from the Company's three operating mines were $1,109 per ounce sold (Q2 2021 - $1,011 per ounce sold), well below budget by $82 per ounce (7%). These favourable budget variances were attributable to lower than budgeted cash operating costs, higher than budgeted realized gains on the settlement of fuel derivatives and lower than budgeted sustaining capital expenditures, partially offset by lower than budgeted gold ounces sold.
For the first half of 2022, total gold production was 432,988 ounces (including 27,657 ounces of attributable production from Calibre), above budget by 3% (11,914 ounces), and comparable with the first half of 2021. Consolidated gold production from the Company's three operating mines was 405,331 ounces in the first half of 2022, above budget by 2% (7,383 ounces) and 1% (2,308 ounces) higher compared to the second half of 2021.
For the first half of 2022, total consolidated cash operating costs (including estimated attributable results for Calibre) were $742 per ounce produced ($723 per ounce sold), well below budget by $52 per ounce produced (7%) and consolidated cash operating costs from the Company's three operating mines were $722 per ounce produced ($702 per ounce sold), well below budget by $59 per ounce produced (8%). These favourable budget variances were attributable to higher than budgeted production and lower than budgeted mined tonnage partially offset by higher than budgeted realized fuel prices. As expected, total consolidated cash operating costs were higher in the first half of 2022 compared to $636 per ounce produced ($628 per ounce sold) in the first half of 2021, and consolidated cash operating costs were higher in the first half of 2022 compared to $615 per ounce produced ($606 per ounce sold) in the first half of 2021, mainly as a result of higher costs for fuel and other consumables.
For the first half of 2022, total consolidated AISC (including estimated attributable results for Calibre) were $1,074 per ounce sold (first half 2021 - $974 per ounce sold), significantly below budget by $193 per ounce sold (15%), and consolidated AISC from the Company's three operating mines were $1,069 per ounce sold (first half 2021 - $965 per ounce sold), significantly below budget by $205 per ounce sold (16%). These favourable budget variances were attributable to lower than budgeted cash operating costs, higher than budgeted realized gains on the settlement of fuel derivatives and lower sustaining capital expenditures. The lower sustaining capital expenditures are mainly a result of timing of expenditures and are expected to be incurred later in 2022.
For full-year 2022, B2Gold remains well positioned for continued strong operational and financial performance and remains on track to achieve its total gold production guidance of between 990,000 and 1,050,000 ounces (including 40,000 and 50,000 attributable ounces projected from Calibre). Due to the timing of high-grade ore mining, consolidated gold production from the Company's three operating mines is expected to increase significantly in the second half of 2022 to between 560,000 and 590,000 ounces.
Consolidated cash operating costs for the first half of 2022 were below the first half guidance range of between $760 and $800 per ounce. Based mainly on the weighting of production and timing of stripping, consolidated cash operating costs are still expected to significantly improve compared to the first half of 2022. After factoring in current fuel price increases at all sites, consolidated cash operating costs for the second half of 2022 are now expected to be between $550 and $590 per ounce (original second half guidance was between $490 to $530 per ounce). In addition, consolidated AISC for the first half of 2022 were significantly below the guidance range of between $1,250 and $1,290 per ounce. After factoring in current fuel price increases at all sites and the timing of remaining capital expenditures, consolidated AISC for the second half of 2022 are now expected to be between $960 and $1,000 per ounce (original second half guidance range was between $820 to $860 per ounce).
Overall and after factoring in the positive operating results in the first half of 2022, the Company's total consolidated costs guidance ranges for full-year 2022 remain unchanged. For full-year 2022, total consolidated cash operating costs are forecast to be at the upper end of the Company's guidance range of between $620 and $660 per ounce and total consolidated AISC are forecast to be within the Company's original guidance range of between $1,010 and $1,050 per ounce.
As previously disclosed, the Company's operations continue to be impacted by global cost inflation with fuel costs reflecting the most significant increases. However, despite these ongoing cost pressures, the draw downs of existing inventories, proactive management and the revised sequencing of some capital costs means that consolidated cash operating costs and AISC in the first half of 2022 were lower than budget and for full-year 2022, the Company expects to be at the upper end of its original total consolidated cash operating cost guidance range and within its original total consolidated AISC guidance range. The Company will continue to closely monitor the levels of cost inflation over the remainder of 2022. B2Gold's projects and operations continue to target long-term cash flow and value at industry leading costs per ounce of gold produced.
Second Quarter and First Half of 2022 Financial Results
For the second quarter of 2022, consolidated gold revenue was $382 million on sales of 205,300 ounces at an average realized gold price of $1,861 per ounce, compared to $363 million on sales of 200,071 ounces at an average realized gold price of $1,814 per ounce in the second quarter of 2021. The increase in gold revenue of 5% ($19 million) was attributable to a 2.5% increase in the average realized gold price and a 2.5% increase in gold ounces sold.
For the second quarter of 2022, cash flow provided by operating activities was $125 million compared to cash flow used by operating activities of $8 million in the second quarter of 2021. The significant increase of $133 million was mainly due to lower working capital outflows in the second quarter of 2022 (most significantly for current income taxes with cash taxes paid in the second quarter of 2022 being $138 million lower than the second quarter of 2021), higher gold revenues of $19 million, higher realized gains on fuel contracts of $9 million, partially offset by higher production costs of $26 million. Cash income and withholding tax payments in the second quarter of 2022 totaled $39 million (Q2 2021 - $177 million). In the second quarter of 2021, income tax payments were significantly higher as a result of tax installments to settle the final 2020 tax liability of $138 million (including payment of the final 2020 priority dividend of $47 million due to the State of Mali) after a record earnings year in 2020.
Based on current assumptions, including a realized gold price of $1,700 per ounce in the second half of 2022, the Company now expects to generate consolidated cashflows from operating activities of approximately $575 million for full-year 2022 (previous guidance at Q1 2022 was $625 million assuming an $1,800 per ounce gold price for full-year 2022), expected to be significantly weighted to the second half of 2022. The benefit of higher gold prices realized in the first half of 2022 is expected to be offset by the impacts of lower gold prices in the second half of 2022 as well as cost inflation and delays in the recovery of value-added tax receivables. In addition, based on current assumptions, the Company is forecasting to make total cash income and withholding tax payments (including priority dividend payments) for full-year 2022 of approximately $280 million.
Net income for the second quarter of 2022 was $41 million compared to $74 million for the second quarter of 2021. Net income attributable to the shareholders of the Company was $38 million ($0.04 per share) compared to $68 million ($0.07 per share) for the second quarter of 2021. Tax charges in the second quarter of 2022 included $22 million in withholding tax for a higher than anticipated intercompany dividend declared at the Fekola Mine and a $5 million deferred income tax charge driven by changes in foreign exchange rates. Adjusted net income attributable to the shareholders of the Company (see 'Non-IFRS Measures') was $45 million ($0.04 per share) compared to adjusted net income of $52 million ($0.05 per share) for the second quarter of 2021.
For the first half of 2022, consolidated gold revenue was $748 million on sales of 400,400 ounces at an average price of $1,867 per ounce compared to $725 million on sales of 402,401 ounces at an average price of $1,802 per ounce in the first half of 2021. The increase in gold revenue of 3% ($23 million) was attributable to a 4% increase in the average realized gold price, partially offset by a 1% decrease in gold ounces sold.
For the first half of 2022, cash flow provided by operating activities was $232 million compared to $138 million in the first half of 2021. The significant increase of $95 million was mainly due to lower working capital outflows in the first half of 2022 (most significantly for current income taxes with cash taxes paid in the first half of 2022 being $100 million lower than the first half of 2021), higher gold revenues of $22 million, higher realized gains on fuel contracts of $13 million, partially offset by higher production costs of $37 million. Cash income and withholding tax payments in the first half of 2022 totaled $98 million (first half of 2021 - $198 million), including approximately $27 million related to 2021 outstanding tax liability obligations. Based on current assumptions, including an average gold price of $1,700 per ounce for the balance of 2022, the Company is forecasting to make total cash income and withholding tax payments in 2022 of approximately $280 million.
For the first half of 2022, net income was $131 million compared to $173 million for the first half of 2021. Net income attributable to the shareholders of the Company was $119 million ($0.11 per share) compared to $160 million ($0.15 per share) for the first half of 2021. Tax charges in the second half of 2022 included $24 million in withholding tax (on intercompany dividends/management fees) and a $9 million deferred income tax charge driven by changes in foreign exchange rates. Adjusted net income attributable to the shareholders of the Company was $110 million ($0.10 per share) compared to adjusted net income of $150 million ($0.14 per share) for the first half of 2021.
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and liquidity. At June 30, 2022, the Company had cash and cash equivalents of $587 million (December 31, 2021 - $673 million) and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $775 million (December 31, 2021 - $802 million). In addition, the Company's $600 million Revolving Credit Facility ('RCF') remains fully undrawn and available.
On June 8, 2022, B2Gold's Board of Directors declared a cash dividend for the second quarter of 2022 of $0.04 per common share (or an expected $0.16 per share on an annualized basis), paid on June 29, 2022 to shareholders of record as of June 20, 2022.
Due to the Company's strong net positive cash position, strong operating results and the current higher gold price environment, B2Gold's quarterly dividend rate is expected to be maintained at $0.04 per common share (or an annualized rate of $0.16 per common share), one of the highest dividend yields in the gold sector. The declaration and payment of future quarterly dividends remains at the discretion of the Board and will depend on the Company's financial results, cash requirements, future prospects and other factors deemed relevant by the Board.
Contact:
Randall Chatwin
Senior Vice President
Legal & Corporate Communications
T: 604-681-8371
E: cdegeer@b2gold.com
Cherry De Geer
Director
Corporate Communications
T: 604-681-8371
E: rchatwin@b2gold.com
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 30, 2022 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; the impact of the COVID-19 pandemic on B2Gold's operations, including any restrictions or suspensions with respect to our operations and the effect of any such restrictions or suspensions on our financial and operational results; the ability of the Company to successfully maintain our operations if they are temporarily suspended, and to restart or ramp-up these operations efficiently and economically, the impact of COVID-19 on the Company's workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business, our planned capital and exploration expenditures; 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: B2Gold generating operating cashflows of approximately $575 million in 2022 which are expected to be significantly weighted to the second half of 2022; remaining well positioned for continued strong operational and financial performance for 2022; the completion of the acquisition of Oklo in mid-September 2022; projected gold production, cash operating costs and AISC on a consolidated and mine by mine basis in 2022, including production being weighted heavily to the second half of 2022; total consolidated gold production of between 990,000 and 1,050,000 ounces in 2022 with cash operating costs of between $620 and $660 per ounce and AISC of between $1,010 and $1,050 per ounce; the potential upside to increase Fekola's gold production in 2023 by trucking material from the Anaconda area or the Dandoko project, including the potential to add approximately 80,000 to 100,000 per year to Fekola's annual production profile, and for the Anaconda area or the Dandoko project to provide saprolite material to feed the Fekola mill starting in mid-2023; the timing and results of a Phase II study for the Anaconda area to review the project economics of trucking sulphide material to the Fekola mill as compared to constructing another stand-alone mill near Anaconda; the development of the Wolfshag underground mine at Otjikoto, including the results of such development and the costs and timing thereof; stope ore production at the Wolfshag underground mine at Otjikoto commencing in the fourth quarter of 2022; the potential payment of future dividends, including the timing and amount of any such dividends, and the expectation that quarterly dividends will be maintained at the same level; and B2Gold's attributable share of Calibre's production. 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 duration and extent of the COVID-19 pandemic, the effectiveness of preventative measures and contingency plans put in place by the Company to respond to the COVID-19 pandemic, including, but not limited to, social distancing, a non-essential travel ban, business continuity plans, and efforts to mitigate supply chain disruptions; escalation of travel restrictions on people or products and reductions in the ability of the Company to transport and refine dore; 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, including in response to the COVID-19 outbreak; 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: the duration and effects of COVID-19 on our operations and workforce; 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 Measures
This 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 Estimates
The 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. 
