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(Kitco News) - Senior gold producer B2Gold (TSX: BTO) (NYSE: BTG) today reported total gold production of 266,856 ounces in Q1 2023, up 27% from Q1 2022 (209,365 ounces) and exceeding expectations to start 2023.
The company said its Fekola mine produced 165,864 ounces of gold in the quarter, benefitting from a favorable mine phasing sequence to start 2023, adding that all B2Gold operations are on track to meet or exceed annual production guidance ranges.
B2Gold noted that Q1 2023 total consolidated cash operating costs of $600 per gold ounce produced were well below the annual guidance range of between $670 and $730 per ounce. Total consolidated all-in sustaining costs of $1,060 per gold ounce sold were also well below the annual guidance range of between $1,195 and $1,255 per ounce.
Importantly, B2Gold reported Q1 2023 net income of $102 million (Q1 2022: net income of $91 million), net income attributable to the shareholders of the company of $86 million ($0.08 per share), and adjusted net income attributable to the shareholders of the company of $106 million ($0.10 per share).
Cash flow provided by operating activities before working capital adjustments was $223 million ($0.21 per share) in the first quarter of 2023. At March 31, 2023, the company had cash and cash equivalents of $674 million and working capital (defined as current assets less current liabilities) of $804 million.
The company said that based on a “strong operational and financial first quarter of 2023,” it is on track to meet its annual total gold production forecast of between 1,000,000 and 1,080,000 ounces with total consolidated cash operating costs for the year of between $670 and $730 per ounce and total consolidated all-in sustaining costs of between $1,195 and $1,255 per ounce.
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines and numerous exploration and development projects in various countries including Canada, Mali, Colombia, Finland and Uzbekistan.
