B2Gold Reports Strong Q1 2022 Results;
Total Gold Production of 209,365 oz, 5% Above Budget with
Cash Operating Costs and All-In Sustaining Costs Below Budget.

Vancouver, May 3, 2022 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold”
or the “Company”) is pleased to announce its operational and financial results for the first quarter of 2022.
The Company previously released its gold production and gold revenue results for the first quarter of 2022.
All dollar figures are in United States dollars unless otherwise indicated.
2022 First Quarter Highlights
• Total gold production of 209,365 ounces (including 12,892 ounces of attributable production from
Calibre Mining Corp. (“Calibre”)), 5% (9,760 ounces) above budget, and consolidated gold production
of 196,473 ounces from the Company’s three operating mines, 4% (8,431 ounces) above budget, with
solid performances from all the Company’s three mines, with each mine exceeding its budgeted
production for the first quarter of 2022
• Consolidated gold revenue was $366 million on sales of 195,100 ounces at an average realized price of
$1,874 per ounce
• Total consolidated cash operating costs (see “Non-IFRS Measures”) of $699 per ounce produced, wellbelow budget by $94 per ounce produced (12%), and total consolidated all-in sustaining costs (“AISC”)
(see “Non-IFRS Measures”) of $1,036 per ounce sold, significantly below budget by $318 per ounce
sold (23%) (including estimated attributable results for Calibre)
• Cash flow provided by operating activities before changes in non-cash working capital was $152
million ($0.14 per share) compared to $171 million ($0.16 per share) in the first quarter of 2021; cash
flow provided by operating activities after changes in non-cash working capital was $107 million ($0.10
per share) compared to $146 million ($0.14 per share) in the first quarter of 2021
• Net income attributable to the shareholders of the Company of $81 million ($0.08 per share); adjusted
net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company of $65 million
($0.06 per share)
• For 2022, B2Gold remains well positioned for continued strong operational and financial performance
with total gold production guidance of between 990,000 - 1,050,000 ounces (including 40,000 - 50,000
attributable ounces projected from Calibre) with total consolidated cash operating costs forecast to be
between $620 - $660 per ounce and total consolidated AISC forecast to be between $1,010 - $1,050
per ounce
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• The Company announced an updated and significantly increased Mineral Resource estimate for
the Anaconda area, comprised of the Menankoto permit and the Bantako North permit, located
approximately 20 kilometres from the Fekola Mine; preliminary planning has demonstrated that a pit
situated on the Anaconda area could provide saprolite (weathered) material to be trucked to and fed
into the Fekola mill commencing as early as late 2022, subject to obtaining all necessary permits and
completion of a final mine plan, with the potential to add an average of approximately 80,000 to
100,000 ounces per year to the Fekola mill’s annual gold production
• In April 2022, the Company acquired the Bakolobi permit in Mali from a local Malian company; covers
a 100 km2
area contiguous to both the Medinandi permit (Fekola Mine) and the Menankoto permit
• B2Gold’s Namibian subsidiary was recognized by the Namibian Revenue Agency as the highest
revenue contributor among “Overall Top Contributors” in calendar year 2021
2022 First Quarter Operational Results
Total gold production in the first quarter of 2022 was 209,365 ounces (including 12,892 ounces of
attributable production from Calibre), above budget by 5% (9,760 ounces), and consolidated gold
production from the Company’s three operating mines was 196,473 ounces, above budget by 4% (8,431
ounces), with solid performances from the Company’s three mines, with each mine exceeding its budgeted
production for the first quarter of 2022 (see “Operations” section below). Due to the timing of higher-grade
ore mining, consolidated gold production from the Company’s three operating mines is expected to be
significantly weighted to the second half of 2022. As expected, compared to the first quarter of 2021, total
consolidated gold production was lower by 5% (11,279 ounces), due to the planned significant waste
stripping campaign and lower mined ore tonnage at the Fekola Mine in the first quarter of 2022, as Phase
6 of the Fekola Pit continues to be developed in the first half of 2022.
For the first quarter of 2022, total consolidated cash operating costs (including estimated attributable results
for Calibre) were $699 per ounce produced ($656 per ounce sold), well-below budget by $94 per ounce
produced (12%), and consolidated cash operating costs from the Company’s three operating mines were
$676 per ounce produced ($630 per ounce sold), well-below budget by $103 per ounce produced (13%).
These favourable budget variances were attributable to higher than budgeted gold production, lower than
budgeted stripping costs and lower than budgeted realized fuel prices at the Fekola Mine, which were
partially offset by higher than budgeted fuel prices at the Masbate and Otjikoto mines. As expected, total
consolidated cash operating costs were higher in the first quarter of 2022 compared to $609 per ounce
produced ($582 per ounce sold) in the first quarter of 2021, and consolidated cash operating costs were
higher in the first quarter of 2022 compared to $581 per ounce produced ($552 per ounce sold) in the first
quarter of 2021, mainly as a result of the planned lower gold production and higher costs for fuel and other
consumables.
For the first quarter of 2022, total consolidated AISC (including estimated attributable results for Calibre)
were $1,036 per ounce sold (Q1 2021 - $932 per ounce sold), significantly below budget by $318 per ounce
sold (23%), and consolidated AISC from the Company’s three operating mines were $1,028 per ounce sold
(Q1 2021 - $919 per ounce sold), significantly below budget by $339 per ounce (25%). These favourable
budget variances were attributable to lower than budgeted cash operating costs, higher than budgeted gold ... see & read more on
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