VANCOUVER, British Columbia, Jan. 18, 2023 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) is pleased to announce its gold production and gold revenue for the fourth quarter and full year 2022, in addition to its production and cost guidance for 2023. All dollar figures are in United States dollars unless otherwise indicated.
Fourth Quarter and Full Year 2022 Highlights
Total gold production quarterly record in Q4 2022: Total gold production in the fourth quarter of 2022 of 367,870 ounces, including 15,101 ounces of attributable production from Calibre Mining Corp. (“Calibre”), a quarterly production record for B2Gold.
Achieved upper half of 2022 annual gold production guidance: Total gold production for 2022 of 1,027,874 ounces (including 54,871 ounces of attributable production from Calibre), above the mid-point of 2022 guidance, the seventh consecutive year of meeting or exceeding annual production guidance.
Record quarterly production at Fekola in Q4 2022: Gold production from the Fekola Mine of 244,014 ounces in the fourth quarter of 2022, a quarterly record for the operation. High grade ore from Fekola open pit Phase 6 contributed to consecutive monthly production records in October and November 2022. Full year 2022 gold production from Fekola of 598,661 ounces, at the upper end of the annual guidance range of 570,000 to 600,000 ounces.
Strong operational quarter at Masbate: Gold production from the Masbate Mine of 48,687 ounces in the fourth quarter of 2022. Full year 2022 gold production from Masbate of 212,728 ounces, slightly below the revised guidance range of 215,000 to 225,000 ounces (but at the upper end of the original guidance range of 205,000 to 215,000 ounces).
Wolfshag underground production ramped up at Otjikoto: Gold production from the Otjikoto Mine of 60,068 ounces in the fourth quarter of 2022, with gold production benefitting from contribution of the Wolfshag underground mine. In December 2022, Otjikoto achieved a monthly record of 30,493 ounces of gold produced, setting the operation up well for production growth in 2023. Full year 2022 gold production from Otjikoto was 161,614 ounces, slightly below the revised guidance range of 165,000 to 175,000 ounces.
Strong quarterly gold revenue to finish the year: Consolidated gold revenue in the fourth quarter of 2022 of $592 million on sales of 339,355 ounces at an average realized gold price of $1,746 per ounce. For the full year 2022, consolidated gold revenue was $1,733 million on sales of 969,155 ounces at an average realized gold price of $1,788 per ounce.
Re-affirm full year 2022 total consolidated cost guidance: Total consolidated cash operating costs per ounce produced still expected to be at the upper end of the Company's original guidance range of $620 to $660 per gold ounce and total consolidated all-in sustaining costs (“AISC”) still expected to within the Company's original guidance range of $1,010 to $1,050 per gold ounce.
2023 Guidance Highlights
Total gold production expected to exceed one million ounces for a fourth straight year: Total gold production guidance of 1,000,000 to 1,080,000 ounces, including 60,000 to 70,000 ounces of attributable production from Calibre.
Total consolidated cash operating costs remain competitive: Total consolidated cash operating cost guidance of $670 to $730 per gold ounce, slightly higher than the 2022 guidance range due to minor inflationary impacts from fuel, labour, and other key consumables.
Capital investments at the Fekola Complex to drive the next stage of production growth in Mali: Total consolidated AISC guidance of $1,195 to $1,255 per gold ounce, reflecting the increased investments in Mali to support future growth of the Fekola Complex, and increased capital stripping expenditures at Fekola and Otjikoto. Elevated capital stripping expenditures in 2023 are anticipated to moderate in 2024.
Continued exploration investment across B2Gold’s highly prospective land packages: $64 million allocated to exploration in 2023, with the vast majority allocated to growth exploration expenditures to support the next phase of organic growth across the portfolio.
Fekola Regional (Anaconda area) stand-alone processing facility study results expected in the second quarter of 2023: Engineering study of a stand-alone mill and oxide processing facilities at Fekola Regional (Anaconda area) is expected in the second quarter of 2023. The study will be based on processing at least 4 million tonnes per annum ("Mtpa") of saprolite and transitional (oxide) resources, with an option to add fresh rock (sulphide) capabilities in the future. Initial analysis indicates that the combined Fekola and Fekola Regional (Anaconda area) processing facilities could have the potential to produce more than 800,000 ounces of gold per year commencing as early as 2026.
Financial position and capital returns program remain robust: The Company remains in a strong net positive cash position and paid a fourth quarter 2022 dividend of $0.04 per common share (annualized rate of $0.16 per common share), one of the highest dividend yields in the gold sector.
Fourth Quarter and Full Year 2022 Gold Production
Mine-by-mine gold production in the fourth quarter and full year 2022 (including the Company’s approximately 25% attributable share of Calibre’s production) was as follows:
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