An anonymous director reports

B2GOLD REPORTS Q3 2023 RESULTS; 2023 TOTAL GOLD PRODUCTION GUIDANCE REITERATED; FULL-YEAR CASH OPERATING COSTS FORECAST TO BE BELOW GUIDANCE RANGE AND FULL-YEAR ALL-IN SUSTAINING COSTS FORECAST TO BE AT THE LOW END OF GUIDANCE RANGE

B2Gold Corp. has released its operational and financial results for the third quarter of 2023. All dollar figures are in United States dollars unless otherwise indicated.

2023 third quarter highlights

• Total gold production of 242,838 ounces in Q3 2023, expected to increase in Q4 2023: Total gold production in Q3 2023 was 242,838 ounces, including 17,786 ounces of attributable production from Calibre Mining Corp. The Masbate and Otjikoto mines exceeded their expected production, which was offset by lower-than-expected production from the Fekola mine due to slightly lower grade recovery and lower mill feed grade stemming from ore production delays out of phase 6 of the Fekola pit following an intense precipitation event. Mining of the higher-grade ore in Fekola phase 6 resumed in October, 2023, and fourth quarter of 2023 Fekola mine production is expected to be significantly higher. All B2Gold operations are on track to meet or exceed annual production guidance ranges.
• Total consolidated cash operating costs of $706 per gold ounce sold in Q3 2023: Total consolidated cash operating costs (including estimated attributable results for Calibre) of $706 per gold ounce sold during the third quarter with consolidated cash operating costs from the company's three operating mines of $689 per gold ounce sold. Year-to-date total consolidated cash operating costs of $637 per gold ounce sold remain well below the annual guidance range.
• Total consolidated all-in sustaining costs of $1,272 per gold ounce sold in Q3 2023: Total consolidated all-in sustaining costs (including estimated attributable results for Calibre) of $1,272 per gold ounce sold during the third quarter. Year-to-date total consolidated all-in sustaining costs of $1,182 remain below the annual guidance range.
• Tracking well to 2023 total production and cost guidance: For full year 2023, the company's total gold production is forecast to be between one million and 1.08 million ounces (including 60,000 to 70,000 attributable ounces from Calibre). The company's total consolidated cash operating costs for the year (including estimated attributable results for Calibre) are forecast to be slightly below the guidance range of $670 and $730 per ounce and total consolidated all-in sustaining costs (including estimated attributable results for Calibre) are forecast to be at the low end of the guidance range of between $1,195 and $1,255 per ounce.
• Attributable net loss of three cents per share; adjusted attributable net income of five cents per share in Q3 2023: Net loss attributable to the shareholders of the company in Q3 2023 of $43.0-million (three cents per share), primarily related to the $112-million non-cash impairment on the Gramalote project as a result of the company's acquisition from AngloGold Ashanti Ltd. of the remaining 50-per-cent interest in the project; adjusted net income attributable to the shareholders of the company was $65-million (five cents per share).
• Operating cash flow before working capital adjustments of $191-million in Q3 2023: Cash flow provided by operating activities before working capital adjustments was $191-million in the third quarter of 2023.
• Robust financial position: At Sept. 30, 2023, the company had cash and cash equivalents of $310-million, working capital (defined as current assets less current liabilities) of $383-million, and minimal debt consisting of only equipment loans and lease obligations.
• Q3 2023 dividend of four cents per share declared: The company remains in a strong net positive cash position and paid a third quarter dividend of four cents per common share on Sept. 29, 2023 (annualized rate of 16 cents per common share). Dividends paid totalled $45-million in the third quarter.
• Goose project construction on budget and on track for first gold pour in Q1 2025: In the third quarter of 2023, the company completed phase 1 camp construction and the earthworks required to extend the airstrip. The first concrete pour was completed in July with concrete and steel work in the mill area progressing ahead of schedule. Erection of the structural steel for the mill area, power house and truck shop is well under way, and cladding of the mill area is under way. The 2023 sealift was completed successfully in mid-October, unloading all planned material sealift materials required for the successful construction, commissioning and mining of the Goose project.
• Consolidated the Gramalote project by acquiring AngloGold's 50-per-cent interest: On Sept. 18, 2023, the company announced it had entered into a purchase agreement with AngloGold to acquire AngloGold's 50-per-cent interest in the Gramalote project located in the Department of Antioquia, Colombia. B2Gold now owns 100 per cent of the Gramalote project. B2Gold's in-house projects team has commenced work on various smaller-scale project development plans, with the goal of identifying a higher-return project than the previously contemplated joint venture development plan.

Liquidity and capital resources

B2Gold continues to maintain a strong financial position and liquidity. At Sept. 30, 2023, the company had cash and cash equivalents of $310-million (Dec. 31, 2022 -- $652 million) and working capital (defined as current assets less current liabilities) of $383-million (Dec. 31, 2022 -- $802-million). At Sept. 30, 2023, the full amount of the company's $700-million revolving credit facility (RCF) was undrawn and available. Subsequent to the end of the third quarter of 2023, the company completed a drawdown of $50-million, leaving $650-million available for draw on its $700-million RCF.

Third quarter 2023 dividend

On Sept. 5, 2023, B2Gold's board of directors declared a cash dividend for the third quarter of 2023 of four cents per common share (or an expected 16 cents per share on an annualized basis), paid on Sept. 29, 2023. 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.

In the third quarter of 2023, the company implemented a dividend reinvestment plan (the DRIP). The DRIP provides B2Gold shareholders residing in Canada and the United States with the opportunity to have the cash dividends declared on all or some of their common shares automatically reinvested into additional common shares of the company on a continuing basis. Participation in the DRIP is optional and will not affect shareholders' cash dividends unless they elect to participate in the DRIP. Dividends are only payable as and when declared by the company's board of directors. The benefits of enrolling in the DRIP include the convenience of automatic reinvestment of dividends into reinvestment shares; flexibility to enroll some or all common shares in the DRIP; and ability to acquire reinvestment shares without paying any brokerage fees. Participants in the DRIP will acquire reinvestment shares from the company's treasury at a price equal to the volume weighted average price of the company's common shares on the Toronto Stock Exchange for the five consecutive trading days immediately preceding a dividend payment date, subject to a possible discount, in the company's sole discretion, of up to 5 per cent. For the dividend declared on Sept. 5, 2023, a discount of 3 per cent was offered.

Outlook

Based on a strong operational and financial first nine months of 2023, B2Gold is on track to meet its annual total gold production forecast of between one million and 1.08 million ounces (including 60,000 to 70,000 attributable ounces from Calibre) with total consolidated cash operating costs for the year (including estimated attributable results from Calibre) now forecast to be slightly below the original guidance range of between $670 and $730 per ounce and total consolidated all-in sustaining costs (including estimated attributable results for Calibre) are forecast to be at the low end of the original guidance range of between $1,195 and 1,255 per ounce.

In April, 2023, the company completed the acquisition of Sabina resulting in B2Gold acquiring Sabina's 100-per-cent-owned Back River gold district located in Nunavut, Canada. The Back River gold district consists of five mineral claims blocks along an 80-kilometre belt. The most advanced project in the district, Goose, is fully permitted, under construction and has been derisked with significant infrastructure currently in place. The Goose project has an estimated two-year construction period, which is expected to be completed in the first quarter of 2025. In addition, B2Gold believes there is significant untapped exploration potential across the 80-kilometre belt. B2Gold's management team has strong northern construction expertise and experience to deliver the fully permitted Goose project and the financial resources to develop the significant gold resource endowment at the Back River gold district into a large, long life mining complex.

In Mali, preliminary results of a Fekola complex optimization study indicate that there is an opportunity to either (1) extend the processing life of the Fekola mill, or (2) increase gold production through the construction of a new oxide processing plant. The company is progressing an engineering study to be released in the first quarter of 2024 that will outline the two development options to process gold from Fekola regional. In addition, Fekola complex optimization work continues to maximize project value from all the various oxide and sulphide material sources including the Fekola pit, Fekola underground, Cardinal pit, and the Bantako North, Menankoto, Bakolobi and Dandoko permits. Extending the oxide and sulphide processing life of the Fekola mill or construction of a new oxide processing plant is subject to delineation of additional mineral resources and development, completion of feasibility studies, and the receipt of all necessary regulatory approvals and permits.

Due to the company's strong financial position and available liquidity, strong operating results and cash flows, and the current higher gold price environment, B2Gold's quarterly dividend rate is expected to be maintained at four cents per common share (or an annualized rate of 16 cents per common share), which represents one of the highest dividend yields in the gold sector.

B2Gold is conducting another aggressive exploration campaign in 2023 with a budget of approximately $84-million (including $20-million at the recently acquired Back River gold district) with a significant proportion allocated to growth exploration expenditures to support the next phase of organic growth across the portfolio.

The company's continuing strategy is to continue to maximize profitable production from its mines, further advance its pipeline of development and exploration projects, evaluate new exploration, development and production opportunities, and continue to pay an industry leading dividend yield.

Appointment of Kelvin Dushnisky as chair of the board of directors of B2Gold

Following his election as a director of B2Gold on June 23, 2023, Kelvin Dushnisky was appointed as chair of the board of directors of the company. Mr. Dushnisky served as chief executive officer and a member of the board of directors of AngloGold from 2018 to 2020. There he led the execution of the organization's strategic priorities and oversaw a global portfolio of mining operations and projects in Africa, South America and Australia, along with exploration interests and investments in Canada and the United States. Prior to AngloGold, Mr. Dushnisky had a 16-year career with Barrick Gold Corp., ultimately as its president and a member of the Barrick board of directors. Prior to Barrick, Mr. Dushnisky held senior executive and board positions with a number of private and listed companies.

Third quarter 2023 financial results -- conference call details

B2Gold executives will host a conference call to discuss the results on Thursday, Nov. 9, 2023, at 10 a.m. PT/1 p.m. ET. Participants may dial in using the numbers provided herein.

Toll-free in U.S. and Canada:  1-800-319-4610

All other callers:  1-604-638-5340

The conference call will be available for playback for two weeks by dialling toll-free in the U.S. and Canada: 1-800-319-6413, replay access code 0474. All other callers: 1-604-638-9010, replay access code 0474.

About B2Gold Corp.

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, a mine 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 one million and 1.08 million ounces in 2023.

Qualified persons

Bill Lytle, senior vice-president and chief operating officer, a qualified person under National Instrument 43-101, has approved the scientific and technical information related to operations matters contained in this news release.

Brian Scott, PGeo, vice-president, geology and technical services, 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.

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