VANCOUVER, BC, May 4, 2021 /CNW/ - 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 2021. The Company previously released its gold production and gold revenue results for the first quarter of 2021. All dollar figures are in United States dollars unless otherwise indicated.

2021 First Quarter Highlights

• Total gold production of 220,644 ounces (including 15,001 ounces of attributable production from Calibre Mining Corp. ("Calibre")), 9% (18,542 ounces) above budget, and consolidated gold production of 205,643 ounces from the Company's three operating mines, 9% (17,291 ounces) above budget
• Consolidated gold revenue was $362 million on sales of 202,330 ounces at an average price of $1,791 per ounce
• Consolidated cash flow provided by operating activities from the Company's three operating mines of $146 million ; B2Gold maintains a strong financial position and liquidity with cash and cash equivalents of $513 million as at March 31, 2021
• Total consolidated cash operating costs (see "Non-IFRS Measures") of $609 per ounce produced, well-below budget by $54 per ounce produced (8%), and total consolidated all-in sustaining costs ("AISC") (see "Non-IFRS Measures") of $932 per ounce sold, significantly below budget by $146 per ounce sold (14%) (including estimated attributable results for Calibre)
• Net income attributable to the shareholders of the Company of $92 million ( $0.09 per share); adjusted net income (see "Non-IFRS Measures") attributable to the shareholders of the Company of $97 million ( $0.09 per share)
• No Lost-Time-Injury ("LTI") incidents at the Company's operating mines in the first quarter of 2021, extending the number of days without an LTI to 437 days for Fekola, 866 days for Masbate and 154 days for Otjikoto as at March 31, 2021
• Following the successful completion of the Fekola mill expansion to 7.5 million tonnes per annum ("Mtpa") in September 2020 , Fekola's mill throughput was a quarterly record of 2.07 million tonnes in the first quarter of 2021, 9% above budget and 19% higher than the first quarter of 2020
• For full-year 2021, B2Gold remains well positioned for continued strong operational and financial performance with total gold production guidance of between 970,000 - 1,030,000 ounces (including 50,000 – 60,000 attributable ounces projected from Calibre) with total consolidated forecast cash operating costs of between $500 - $540 per ounce and total consolidated AISC of between $870 - $910 per ounce
• Based on current assumptions, including a gold price of $1,800 per ounce, the Company expects to generate cashflows from operating activities of approximately $630 million for the full-year 2021
• Selected as the recipient of five additional mining industry awards in the Philippines and Mali

The Company continues to address the COVID-19 pandemic and minimize its potential impact at B2Gold's operations. B2Gold places the safety and well-being of its workforce and all stakeholders as its highest priority and continues to encourage input from all its stakeholders as the COVID-19 situation evolves. The Company continues to implement measures and precautionary steps to manage and respond to the risks associated with COVID-19 to ensure the safety of B2Gold's employees, contractors, suppliers and surrounding communities where the Company works while continuing to operate. The Company is continually updating these plans and response measures based on the safety and well-being of its workforce, the severity of the pandemic in areas where it operates, global response measures, government restrictions and extensive community consultation. The Company is working closely with national and local authorities, including labour unions, and continues to closely monitor each site's situation, including public and employee sentiment to ensure that stakeholders are in alignment with continued safe operation of its mines.

2021 First Quarter Operational Results

Total consolidated gold production in the first quarter of 2021 was 220,644 ounces (including 15,001 ounces of attributable production from Calibre), above budget by 9% (18,542 ounces), with solid performances from the Company's three operating mines which all exceeded their budgeted production together with lower than budgeted cash operating costs per ounce and AISC for the first quarter. The Fekola Mine in Mali continued its strong operational performance through the first quarter of 2021, producing 125,088 ounces of gold, 7% (8,088 ounces) above budget, as the Fekola processing facilities continued to outperform. Following the successful completion of the Fekola mill expansion to 7.5 Mtpa (an increase of 1.5 Mtpa from an assumed base rate of 6 Mtpa) in September 2020 , mill throughput was a quarterly record of 2.07 million tonnes in the first quarter of 2021, 9% above budget and 19% higher than the first quarter of 2020. The Masbate Mine in the Philippines also had a strong start to the year with first quarter of 2021 gold production of 57,513 ounces, well-above budget by 14% (6,852 ounces). The Otjikoto Mine in Namibia performed well during the first quarter of 2021, producing 23,042 ounces of gold, 11% (2,351 ounces) above budget, with processed tonnes, grade and recoveries all slightly better than budget. As expected, compared to the first quarter of 2020, total consolidated gold production was lower by 17% (44,218 ounces), due to planned significant waste stripping campaigns at both the Fekola and Otjikoto mines, scheduled for the first half of 2021 (for Phase 5 and Phase 6 of the Fekola Pit, and Phase 3 of each of the Wolfshag and Otjikoto pits). Gold production is expected to significantly increase in the second half of 2021, when mining at Fekola reaches the higher-grade zones of the Fekola Pit and mining at Otjikoto reaches the higher-grade zone at the base of the Wolfshag Pit.

For the first quarter of 2021, total consolidated cash operating costs (including estimated attributable results for Calibre) were $609 per ounce produced ( $582 per ounce sold), well-below budget by $54 per ounce produced (8%), mainly as a result of higher than budgeted gold production. As expected, total consolidated cash operating costs were higher in the first quarter of 2021 compared to the quarterly record low total consolidated cash operating costs of $389 per ounce produced ( $405 per ounce sold) in the first quarter of 2020, mainly as a result of the planned lower gold production and higher period stripping activities, fuel costs and import duties.

Total consolidated AISC for the first quarter of 2021 were $932 per ounce sold (Q1 2020 - $721 per ounce sold), significantly below budget by $146 per ounce sold (14%), mainly attributable to the lower than budgeted cash operating costs, higher than budgeted ounces sold, and lower than budgeted general and administrative costs and sustaining capital expenditures. The lower than budgeted sustaining capital expenditures are mainly due to timing of expenditures and are expected to be incurred later in 2021.

For full-year 2021, the Company's total gold production is forecast to be between 970,000 - 1,030,000 ounces (including 50,000 - 60,000 attributable ounces projected from Calibre), with total consolidated cash operating costs forecast to be between $500 - $540 per ounce and total consolidated AISC forecast to be between $870 - $910 per ounce. The Company's 2021 production guidance does not include the potential upside to increase Fekola's gold production in 2021 from the nearby Cardinal resource and the higher than budgeted processing capacity currently being investigated.

For full-year 2021, the Company's consolidated gold production from its three operating mines is expected to be significantly weighted to the second half of 2021 due to planned significant waste stripping at both the Fekola and Otjikoto mines in the first half of 2021. For the first half of 2021, consolidated gold production is expected to be between 365,000 – 385,000 ounces, which is expected to increase significantly to between 555,000 – 585,000 ounces during the second half of 2021 when mining reaches the higher grade portion of Phase 5 of the Fekola Pit and Phase 3 of the Wolfshag Pit. Based mainly on the weighting of production and timing of stripping, consolidated cash operating costs are expected to be between $620 - $660 per ounce in the first half of 2021, before significantly improving to between $380 - $420 per ounce during the second half of 2021. In addition, consolidated AISC are expected to be between $1,040 - $1,080 per ounce in the first half of 2021, before significantly improving to between $745 - $785 per ounce during the second half of 2021.

2021 First Quarter Financial Results

For the first quarter of 2021, consolidated gold revenue was $362 million on sales of 202,330 ounces at an average price of $1,791 per ounce, compared to $380 million on sales of 239,500 ounces at an average price of $1,588 per ounce in the first quarter of 2020. The decrease in gold revenue of $18 million (5%) was 16% attributable to the decrease in gold ounces sold (mainly due to the lower gold production), partially offset by an 11% impact from the increase in the average realized gold price.

For the first quarter of 2021, cash flow provided by operating activities was $146 million , lower, as expected, compared to $216 million in the first quarter of 2020. The decrease of $70 million was mainly due to lower revenues of $18 million , higher production costs of $20 million and higher working capital outflows in the first quarter of 2021 for value-added and other tax receivables and current income and other taxes payable.

Net income for the first quarter of 2021 was $99 million compared to $83 million for the first quarter of 2020. Net income attributable to the shareholders of the Company was $92 million ( $0.09 per share) compared to $72 million ( $0.07 per share) for the first quarter of 2020. Adjusted net income attributable to the shareholders of the Company (see "Non-IFRS Measures") was $97 million ( $0.09 per share) compared to adjusted net income of $95 million ( $0.09 per share) for the first quarter of 2020.

Liquidity and Capital Resources

B2Gold continues to maintain a strong financial position and liquidity. At March 31, 2021 , the Company had cash and cash equivalents of $513 million ( December 31, 2020 - $480 million ) and working capital of $536 million ( December 31, 2020 - $465 million ). In addition, the Company's $600 million Revolving Credit Facility remains fully undrawn and available.

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.

In 2021, the Company expects to generate cashflows from operating activities of approximately $630 million , based on current assumptions including an average gold price of $1,800 per ounce. Approximately $500 million of this total is expected to be generated in the second half of 2021, when the Company starts mining from the higher grade areas of the Fekola Pit and mining at Otjikoto reaches the higher grade zone at the base of the Wolfshag Pit. The Company's operating cashflows in the second quarter of 2021 are forecast to be impacted, as expected, by the settlement of the Company's 2020 year-end income tax and Fekola priority dividend obligations and other tax installment payments totaling approximately $140 million .

Operations

Mine-by-mine gold production in the first quarter of 2021 (including the Company's estimated 33% share of Calibre's production) was as follows:

Mine-by-mine cash operating costs per ounce (on a per ounce of gold produced basis) in the first quarter of 2021 were as follows (presented on a 100% basis):

Mine-by-mine cash operating costs per ounce (on a per ounce of gold sold basis) in the first quarter of 2021 were as follows (presented on a 100% basis):

Mine-by-mine AISC (on a per ounce of gold sold basis) in the first quarter of 2021 were as follows (presented on a 100% basis):

Fekola Gold Mine - Mali

The Fekola Mine in Mali continued its strong operational performance through the first quarter of 2021, producing 125,088 ounces of gold, 7% (8,088 ounces) above budget, as the Fekola processing facilities continued to outperform. Following the successful completion of the Fekola mill expansion to 7.5 Mtpa (an increase of 1.5 Mtpa from an assumed base rate of 6 Mtpa) in September 2020 , mill throughput was a quarterly record of 2.07 million tonnes in the first quarter of 2021, which was 9% above budget and 19% higher than the first quarter of 2020. Fekola's higher than budgeted mill throughput was mainly due to favourable ore fragmentation and hardness, and optimization of the grinding circuit. As expected, compared to the first quarter of 2020, gold production was lower by 24% (38,923 ounces), as a result of the planned significant waste stripping and lower mined ore grades, as Phases 5 and 6 of the Fekola Pit are developed during the first half of 2021. Mined ore tonnage and grade continue to reconcile well with the Fekola resource model, and ore production is expected to significantly increase in the second half of 2021 when mining reaches the higher-grade zones of the Fekola Pit. As at March 31, 2021 , the Fekola Mine had achieved 437 days without a LTI.

For the first quarter of 2021, mill feed grade was 1.99 grams per tonne ("g/t") compared to budget of 2.03 g/t and 3.11 g/t in the first quarter of 2020; mill throughput was 2.07 million tonnes compared to budget of 1.91 million tonnes and 1.75 million tonnes in the first quarter of 2020; and gold recovery averaged 94.4% compared to budget of 94.0% and 93.8% in the first quarter of 2020. Processed grade was lower compared to the first quarter of 2020, mainly as a result of the focus on higher mill feed grade and the stockpiling strategy used during the mill expansion activities in the first quarter of 2020, in addition to the aforementioned lower mined ore grades in the first quarter of 2021 as Phases 5 and 6 of the Fekola Pit are developed.

The Fekola mill has the potential to run above the expanded annualized throughput rate of 7.5 Mtpa and analysis is currently underway to determine the optimum throughput rate. For 2021 budgeting purposes, the Company has assumed a throughput rate of 7.75 Mtpa. Mill processing trials conducted in the fourth quarter of 2020 demonstrate the potential to optimize the grind-throughput capacity of the expanded facility and increase hard-rock throughput, and support the addition of saprolite ore tonnage in excess of the hard-rock capacity. Based on positive results to date, Fekola's annualized throughput rate is expected to continue to remain above 8.0 Mtpa.

Production planning for the nearby Cardinal resource area, located within 500 metres of the current Fekola resource pit, is currently underway (the initial Inferred Mineral Resource estimate for Cardinal is 640,000 ounces of gold in 13.0 million tonnes of ore at 1.54 g/t gold). Grade control drilling for a bulk sample at  Cardinal has been completed, and preparations for the bulk sample are underway with sampling expected to begin in the second quarter of 2021. An Environmental and Social Impact Assessment has been completed and submitted to the Malian authorities. Approval of the addition of Cardinal to the Fekola environme