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B2Gold reports net loss in third quarter as gold production down 27% y-o-y

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(Kitco News) - B2Gold (TSX: BTO) (NYSE: BTG) announced yesterday that in Q3 2022, the company’s total gold production was 227,016 ounces, down 27% compared to Q3 2021 (310,261 ounces) and less than planned due to challenges at Fekola and Otjikoto.

However, the company said that its gold production is forecast to significantly increase in Q4 2022 when mining reaches a higher grade zone in the Otjikoto pit and stope ore production commences from the Wolfshag Underground mine.

B2Gold also reported total consolidated all-in sustaining costs (including estimated attributable results for Calibre) of $1,169 per gold ounce sold in Q3 2022, compared to $795 per gold ounce in Q3 2021.

Total consolidated all-in sustaining costs are anticipated to benefit in Q4 2022 from higher grade ore being processed at Fekola and Otjikoto, it added.

According to a news release, net loss attributable to the shareholders of the company was $(23) million ($(0.02) per share) in Q3 2022 (Q3 2021: net income of $123 million), while adjusted net income attributable to the shareholders of the company was $32 million ($0.03 per share).

Importantly, the company re-affirmed its full year 2022 total gold production and total consolidated cost guidance. Total gold production is expected to be between 990,000 and 1,050,000 ounces, and total consolidated all-in sustaining costs are expected to be within the company's original guidance range of between $1,010 and $1,050 per gold ounce.

B2Gold noted that at September 30, 2022, the company had cash and cash equivalents of $549 million and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $725 million.

B2Gold is a Vancouver-based international gold mining company with three operating gold mines and numerous development and exploration projects in various countries including Mali, the Philippines, Namibia, Colombia, Finland and Uzbekistan.

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