OVERVIEW:

On January 18th, 2023, B2Gold Corp. announced their consolidated Q4 and FY22 gold production. For Q4 2022, it produced 367,870oz Au, a quarterly record for BTO. On the year, it produced 1,027,874oz Au, at the upper half of 2022 guidance, marking the 7th consecutive year that the Company has either met or exceeded annual production guidance. We are maintaining our BUY rating but lowering our target price to C$10.00/share from C$10.50/share.

Fekola:

Fekola Mine produced at the upper end of full year gold production guidance, after posting consecutive monthly production records in October and November 2022. This record production was due to the high-grade ore that came out of the Phase 6 open pit. The head grade for the quarter came out to 3.31g/t Au, compared to 1.90g/t Au in Q3.

Masbate:

Masbate had a strong Q4 but fell short on meeting it’s annual revised production guidance. The quarter could have been stronger, but recoveries were quite low compared to previous quarters, coming in at 68.3%, compared to 74.7% in Q3. It did, however, end up at the upper end of its original guidance (205,000oz-215,000oz).

Otjikoto:

Otjikoto posted a monthly record in December, producing 30,493oz Au. This is due to underground production ramping up at the Wolfshag mine. FY22 gold production fell short of revised guidance.

Financials:

Total consolidated cash operating costs per ounce produced is still expected to be at the upper end of the Company's original guidance range of $620 to $660 per gold ounce and total consolidated AISC still expected to be within the Company's original guidance range of $1,010 to $1,050 per gold ounce.