TSX-listed B2Gold remains well positioned for a continued strong operational and financial performance heading into 2021, with a total production guidance of between 907 000 oz and just over one-million ounces of gold for the year.

Owing to openpit mine sequencing, consolidated gold production is expected to be significantly weighted to the second half of the year, as consolidated gold production for the first six months is forecast to be between 365 000 oz and 385 000 oz.

Output is expected to increase significantly to between 555 000 oz and 585 000 oz during the second half of the year.

Further, based on current operating plans, over a five-year outlook from 2020 to 2024, yearly consolidated gold production is forecast to average 950 000 oz with all-in sustaining costs (AISC) averaging $825/oz.

Additionally, the results of the Gramalote feasibility study are expected to be announced in April, with a construction decision expected to be made shortly thereafter.

The Gramalote project is located in Colombia and is being developed in a joint venture with AngloGold Ashanti.

B2Gold is also re-evaluating the Kiaka project, in Burkina Faso, and expects to have an updated economic assessment of the project for internal review completed by the end of the first quarter, followed by an updated feasibility study by the middle of this year.

Following a very successful year for exploration in 2020, B2Gold is planning a year of aggressive exploration in 2021 with a budget of about $66-million (excluding Gramalote), including a record $25-million allocated to the company’s ongoing grassroots exploration programmes.

2020 HIGHLIGHTS

Despite the challenges of the Covid-19 pandemic, B2Gold had another remarkable year of strong growth in 2020, with the achievement of B2Gold’s twelfth consecutive year of record yearly gold production.

The company’s output exceeded one-million ounces (including 45 479 oz of attributable production from the interest it holds in Calibre Mining) − at the upper end of its guidance.

Consolidated gold production from the company’s three operating mines reached a record 995 258 oz of gold − at the upper end of the guidance range of between 955 000 oz and one-million ounces, and 17% higher year-on-year.

The significant increase in gold production over 2019 was driven by the Fekola mine, in Mali, which produced a record 622 518 oz of gold, exceeding the upper end of its guidance range of between 590 000 oz and 620 000 oz.

Between the start of operations in September 2017 and December 31, 2020, the Fekola mine produced over 1.6-million ounces of gold − 155 000 oz more than originally forecast in Fekola’s definitive feasibility study.

Further, the Masbate mine, in the Philippines, achieved another strong year in 2020, producing 204 699 oz of gold, at the midpoint of its guidance range of between 200 000 oz and 210 000 oz.

Masbate’s strong operational performance was achieved despite a five-day temporary suspension of mining activities in the first quarter of 2020 owing to fuel shortages relating to Covid-19 restrictions, and a magnitude 6.6 earthquake about 90 km from the mine site on August 18, 2020, which resulted in the suspension of mining and processing operations for five and six days, respectively, as inspections were conducted to confirm there was no damage to the mine from the earthquake.

Lastly, the Otjikoto mine, in Namibia, also had another solid year, producing 168 041 oz of gold, near the midpoint of its guidance range of between 165 000 oz and 175 000 oz.

The company is currently compiling its final cash operating costs and AISC results for 2020 and will release its fourth-quarter and full-year 2020 financial results on February 23.