B2Gold forecasts sharp jump in 2022 second half production

B2Gold forecasts 560,000-590,000 ounces during the second half of 2022, up from 390,000-410,000 ounces in the first half

B2Gold Corp. produced 209,365 ounces of gold in Q1 and recorded consolidated gold revenue of $366mn on sales of 195,100 ounces at an average realised price of $1,874 per ounce.

The company announced significantly increased Mineral Resource estimate for the Anaconda area, comprising the Menankoto permit and the Bantako North permit, located approximately 20 kilometres from the Fekola Mine. Around $17mn is being budgeted on exploration in the area this year.

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 2022, a total of $33mn has been budgeted to commence Phase 1 saprolite mining at the Menankoto Permit and the Bantako North Permit. Saprolite ore could be mined and hauled to Fekola commencing as early as late 2022. The budget includes $12mn for mining fleet and haulage equipment, $6mn for roads infrastructure and earthworks, $2mn for buildings and $3mn for project management and engineering costs.

For the first half of 2022, consolidated gold production is forecast to be between 390,000-410,000 ounces, which is expected to increase significantly to between 560,000-590,000 ounces during the second half of 2022.

Based mainly on the weighting of production and timing of stripping activities, consolidated cash operating costs are expected to be between $760 - $800 per ounce in the first half of 2022, before significantly improving to between $490 - $530 per ounce during the second half of 2022.

In addition, consolidated AISC are expected to be between $1,250-$1,290 per ounce in the first half of 2022 before significantly improving to between $820-$860 per ounce during the second half of 2022.

For the full year 2022, total gold production is forecast to be 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.

Consolidated gold production from its three operating mines is forecast to be between 950,000-1mn ounces in 2022, with consolidated cash operating costs forecast to be between $600-$640 per ounce and consolidated AISC forecast to be between $1,000-$1,040 per ounce.

Notwithstanding the ongoing sanctions on Mali announced by the Economic Community of West African States on January 9, including closure of a number of the borders with Mali, the Fekola Mine continues to operate at full capacity and the Company expects to meet its 2022 production guidance for the Fekola Mine.


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