VANCOUVER, British Columbia, Feb. 21, 2024 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announces its operational and financial results for the fourth quarter and full year 2023. The Company previously released its gold production and gold revenue results for the fourth quarter and full year 2023. All dollar figures are in United States dollars unless otherwise indicated.

2023 Fourth Quarter and Full Year Highlights

Total gold production of 288,665 ounces in Q4 2023 : Total gold production in the fourth quarter of 2023 was 288,665 ounces, including 18,054 ounces of attributable production from Calibre Mining Corp. (“Calibre”). The Fekola, Masbate and Otjikoto mines all exceeded their expected production in the fourth quarter, with Otjikoto achieving record quarterly production of 81,111 ounces.

Total consolidated cash operating costs of $633 per gold ounce produced in Q4 2023 : Total consolidated cash operating costs (see “Non-IFRS Measures” ) (including estimated attributable results for Calibre) of $633 per gold ounce produced and consolidated cash operating costs from the Company’s three operating mines of $611 per gold ounce produced.

Total consolidated all-in sustaining costs of $1,257 per gold ounce sold in Q4 2023 : Total consolidated all-in sustaining costs (see “ Non-IFRS Measures ”) (including estimated attributable results for Calibre) of $1,257 per gold ounce sold and consolidated all-in sustaining costs from the Company’s three operating mines of $1,264 per gold ounce sold.

Achieved upper half of 2023 annual gold production guidance : Record annual total gold production of 1,061,060 ounces (including 68,717 attributable ounces from Calibre) for 2023, achieving the upper half of the annual guidance range of between 1,000,000 and 1,080,000 ounces, and marking the Company's eighth consecutive year of meeting or exceeding annual production guidance.

Below 2023 total consolidated cash operating cost guidance and achieved low end of 2023 all-in sustaining cost guidance range : Total consolidated cash operating costs for 2023 of $654 per gold ounce produced, well below the annual guidance range of between $670 and $730 per gold ounce primarily as a result of lower than expected fuel costs and a weaker Namibian dollar. Total consolidated all-in sustaining costs for 2023 of $1,201 per gold ounce sold, near the low end of the annual guidance range of between $1,195 and $1,255 per gold ounce.

Attributable net loss of $0.09 per share in Q4 2023; Adjusted attributable net income of $0.07 per share in Q4 2023 : Net loss attributable to the shareholders of the Company of $113 million ($0.09 per share); adjusted net income (see “ Non-IFRS Measures ”) attributable to the shareholders of the Company of $91 million ($0.07 per share). For 2023, net income attributable to the shareholders of the Company of $10 million ($0.01 per share) and adjusted net income (see “ Non-IFRS Measures ”) attributable to the shareholders of the Company of $347 million ($0.28 per share).

Operating cash flow before working capital adjustments of $221 million in Q4 2023 : Cash flow provided by operating activities before working capital adjustments was $221 million in the fourth quarter of 2023. Cash flow provided by operating activities before working capital adjustments was $834 million for the year ended December 31, 2023.

Strong financial position and liquidity : At December 31, 2023, the Company had cash and cash equivalents of $307 million and working capital (defined as current assets less current liabilities) of $397 million.

Construction at the Goose Project continues to progress on track, with the project remaining on schedule for first gold pour in the first quarter of 2025: Concrete and steel works in the mill area to date continue to progress ahead of schedule. Exterior cladding of the mill building and truck shop is complete, and cladding of the power house will start in the first quarter of 2024. Additionally, the ball mill will be set in place in the first quarter of 2024, approximately four months ahead of schedule. Following the successful completion of the 2023 sealift, construction of the 2024 winter ice road (“WIR”) is being finalized and scheduled to be fully operational by February 23, 2024, transporting all required materials from the Marine Laydown Area (“MLA”) to the Goose Project site by the end of April 2024.


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