Record Quarterly Gold Production of 240,000 ounces and Record Quarterly Revenues of $344 Million
Vancouver, British Columbia--(Newsfile Corp. - May 9, 2018) -
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 2018. The Company previously released its gold production and gold revenue for the first quarter of 2018 (see news release dated 04/11/18). All dollar figures are in United States dollars unless otherwise indicated.
2018 First Quarter Highlights
Record quarterly consolidated (commercial) gold production of 239,684 ounces, a significant increase of 81% (106,948 ounces) over the same period last year and 7% (16,252 ounces) above budget, due to the continued strong performances of the Fekola Mine in Mali, the Masbate Mine in the Philippines and the Otjikoto Mine in Namibia
Record quarterly consolidated gold revenue of $344 million, a significant increase of 135% ($198 million) over the same period last year
Fekola Mine continued to operate above plan since achieving commercial production on November 30, 2017, producing 114,142 ounces of gold in the quarter, 11% (11,228 ounces) above budget
Consolidated cash operating costs (see "Non-IFRS Measures") of $481 per ounce, well below budget by $67 per ounce (12%) and $83 per ounce (15%) lower than the prior-year quarter
Consolidated all-in sustaining costs ("AISC") (see "Non-IFRS Measures") of $750 per ounce, significantly below budget by $147 per ounce (16%) and $139 per ounce (16%) lower than the prior-year quarter
Consolidated cash flows from operating activities of $147 million ($0.15 per share), significantly increasing by $107 million (272%) from $40 million ($0.04 per share) in the prior-year quarter
Strong cash position of $168 million at quarter-end
B2Gold is well on target to achieve transformational growth in 2018 and meet its annual guidance of between 910,000 and 950,000 ounces of gold production in 2018 at cash operating costs of between $505 and $550 per ounce and AISC of between $780 and $830 per ounce
B2Gold is projecting a dramatic increase in its annual consolidated cash flows from operating activities, expected, over the next three years, beginning in 2018, to average approximately $0.5 billion per year
2018 First Quarter Operational Results
With the Fekola Mine, the Company's largest and lowest cost mine, now in production, consolidated gold production in the first quarter of 2018 was a quarterly record of 239,684 ounces, a significant increase of 81% (106,948 ounces) over the same period last year and 7% (16,252 ounces) above budget. In its first full-quarter of operations (after achieving commercial production on November 30, 2017 within only 60 days from start-up), the new Fekola Mine continued to operate above plan, producing 114,142 ounces of gold in the first quarter of 2018, 11% (11,228 ounces) above budget. The Masbate Mine and Otjikoto Mine also had a solid start to the year with both mines exceeding their targeted production levels for the quarter.
Consolidated cash operating costs in the quarter were $481 per ounce, well below budget by $67 per ounce (12%) and $83 per ounce (15%) lower than the prior-year quarter. The favourable budget variance was attributable to the higher than budgeted production at the Fekola, Otjikoto and Masbate mines combined with lower than budgeted production costs at these mines. Consolidated AISC in the first quarter were $750 per ounce, significantly below budget by $147 per ounce (16%) and $139 per ounce (16%) lower than the prior-year quarter, reflecting the lower cash operating costs noted above and lower than planned capital expenditures mainly at La Libertad Mine which are expected to be incurred later in 2018.
B2Gold is well on target to achieve transformational growth in 2018. For full-year 2018, with the planned first full year of production from the Fekola Mine, consolidated gold production is forecast to be between 910,000 and 950,000 ounces. This represents an increase in annual consolidated gold production of approximately 300,000 ounces in 2018 from 2017. For full-year 2018, the Company's forecast consolidated cash operating costs range is between $505 and $550 per ounce and AISC are expected to decrease by approximately 6% from 2017 to between $780 and $830 per ounce.
This increase in production levels combined with low costs are projected to dramatically increase B2Gold's production, revenues, cash from operations and cash flow for many years. Based on current assumptions (including a gold price assumption of $1,300 per ounce), on average over the next three years, beginning in 2018, the Company is projecting per annum gold sales revenues of approximately $1.2 billion, cash flows from operating activities of approximately $0.5 billion and a significant increase in free cash flow (operating cash flows less investing cash flows).
2018 First Quarter Financial Results
Consolidated gold revenue in the first quarter of 2018 was a quarterly record of $344 million on record sales of 259,837 ounces at an average price of $1,325 per ounce compared to $146 million on sales of 119,937 ounces at an average price of $1,219 per ounce in the first quarter of 2017. This significant increase in revenue of 135% ($198 million) was attributable to the new production from the Fekola Mine, as well as a 9% increase in the average realized gold price and the timing of gold shipments (including 27,450 ounces sold in the quarter which related to Fekola's December 31, 2017 bullion and in-circuit gold inventories).
Consolidated gold revenue for the first quarter of 2018 included $15 million relating to the delivery of gold into the Company's Prepaid Sales contracts (accounted for as deferred revenue). During the quarter, 12,908 ounces of gold were delivered under these contracts.
For the first quarter of 2018, consolidated cash flows from operating activities increased by $107 million (272%) to $147 million ($0.15 per share) from $40 million ($0.04 per share) in the prior-year quarter. This significant increase was driven by the record quarterly consolidated gold sales (as discussed above) combined with lower per ounce production costs.
For the first quarter of 2018, the Company generated net income of $57 million ($0.06 per share) compared to a net loss of $5 million (negative $0.01 per share) in the first quarter of 2017. Adjusted net income (see "Non-IFRS Measures") for the first quarter of 2018 was $57 million ($0.06 per share) compared to adjusted net income of $19 million ($0.02 per share) in the first quarter of 2017.
http://www.b2gold.com/news/index.php?content_id=590
In GOD We Trust -
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless
Recent BTG News
- B2Gold First Quarter 2024 Financial Results – Conference Call Details • GlobeNewswire Inc. • 04/15/2024 09:30:01 PM
- B2Gold Files Form 40-F and Supporting Documentation • GlobeNewswire Inc. • 03/15/2024 02:00:42 AM
- B2Gold Reports Strong Q4 and Full Year 2023 Results; Achieved 2023 Total Gold Production and Consolidated Cost Guidance; Q1 2024 Dividend of US$0.04 per Share Declared • GlobeNewswire Inc. • 02/21/2024 10:59:19 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/16/2024 11:02:00 AM
- B2Gold Reports Three Fatalities from Off-Site Incident in Mali • GlobeNewswire Inc. • 02/16/2024 05:36:59 AM
- B2Gold Fourth Quarter and Full Year 2023 Financial Results – Conference Call Details • GlobeNewswire Inc. • 02/14/2024 01:00:59 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/31/2024 03:54:34 PM
- B2Gold Announces Positive Exploration Drilling Results from the Antelope Deposit at the Otjikoto Mine in Namibia, Highlighting the Potential to Expand Underground Gold Production through the Early 2030’s • GlobeNewswire Inc. • 01/31/2024 01:00:25 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/24/2024 03:06:29 PM
- B2Gold Announces Total Gold Production for Q4 2023 of 288,665 oz; Total Gold Production for 2023 of 1,061,060 oz, Achieving Upper Half of 2023 Guidance; 2024 Guidance, Preliminary 2025 Production Outlook and Gold Prepay Arrangement • GlobeNewswire Inc. • 01/24/2024 01:00:16 AM
- B2Gold Declares Fourth Quarter 2023 Dividend of $0.04 per Share • GlobeNewswire Inc. • 11/22/2023 10:30:10 PM
- B2Gold Announces Positive Exploration Drilling Results from its Inaugural Drilling Campaign at the Back River Gold District in Nunavut and Provides an Update on Construction and Mining at the Goose Project • GlobeNewswire Inc. • 11/22/2023 12:10:56 AM
- 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 • GlobeNewswire Inc. • 11/08/2023 11:45:36 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 10/12/2023 09:19:06 PM
- B2Gold Third Quarter 2023 Financial Results – Conference Call Details • GlobeNewswire Inc. • 10/12/2023 09:00:52 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/18/2023 03:44:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/18/2023 03:33:12 PM
- B2Gold Provides Construction Update for the Goose Project in Nunavut, Canada; Construction on Budget and on Track to Pour First Gold in Q1 2025 • GlobeNewswire Inc. • 09/18/2023 11:00:36 AM
- B2Gold to Consolidate Gramalote Project by Acquiring AngloGold Ashanti’s 50% Stake • GlobeNewswire Inc. • 09/18/2023 07:05:05 AM
- B2Gold Declares Third Quarter 2023 Dividend of $0.04 per Share • GlobeNewswire Inc. • 09/05/2023 09:30:00 PM
- Form F-3D - Registration of securities pursuant to dividend or interest reinvestment plans • Edgar (US Regulatory) • 09/01/2023 06:06:50 PM
- Form RW - Registration Withdrawal Request • Edgar (US Regulatory) • 08/31/2023 07:20:01 PM
- B2Gold Announces Dividend Reinvestment Plan • GlobeNewswire Inc. • 08/28/2023 09:40:05 PM
- Form F-3 - Registration statement by foreign private issuers • Edgar (US Regulatory) • 08/28/2023 09:19:39 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 08/03/2023 08:48:41 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM