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B2Gold reports higher than budgeted gold production and operating cashflows in Q3, ups annual production guidance

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(Kitco News) - B2Gold (TSX: BTO) (NYSE: BTG) today reported that its total gold production in the third quarter of 2021 was 310,261 ounces (including 14,538 ounces of attributable production from Calibre), above budget by 7% (20,871 ounces).

"Both the Fekola and Otjikoto mines achieved record quarterly gold production in the third quarter of 2021," the company said in a statement.

For the third quarter of 2021, consolidated gold revenue was $511 million on sales of 286,650 ounces at an average realized gold price of $1,782 per ounce, compared to $487 million on sales of 253,200 ounces at an average realized gold price of $1,924 per ounce in the third quarter of 2020.

The increase in gold revenue of 5% ($24 million) was 13% attributable to the increase in gold ounces sold (mainly due to the higher gold production and timing of gold shipments), partially offset by an 8% impact from the decrease in the average realized gold price, the company explained.

Cash flow provided by operating activities was $320 million in the third quarter of 2021 compared to $300 million in the third quarter of 2020. The increase over the third quarter of 2020 was mainly due to higher inflows of value added tax receivables in the third quarter of 2021.

Net income for the third quarter of 2021 was $135 million compared to $277 million for the third quarter of 2020. Net income attributable to the shareholders of the Company was $123 million ($0.12 per share) compared to $263 million ($0.25 per share) for the third quarter of 2020.

Adjusted net income attributable to the shareholders of the Company was $123 million ($0.12 per share) for the third quarter of 2021 compared to adjusted net income of $161 million ($0.15 per share) for the third quarter of 2020.

Based on a strong first nine months of 2021, the company said it has increased its total gold production guidance to between 1,015,000 and 1,055,000 ounces (including 50,000 to 60,000 attributable ounces projected from Calibre), compared to the original guidance of between 970,000 and 1,030,000 ounces.

For full-year 2021, the Company's total consolidated cash operating costs are expected to be within the guidance range of between $500 and $540 per ounce and total consolidated AISC are expected to be at the upper-end of the Company's guidance range of between $870 and $910 per ounce.

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