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4
5 = Summary =
6
7 * B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada.
8 * B2Gold has three operating gold mines and numerous development and exploration projects in various countries including Mali, the Philippines, Namibia, Colombia, Finland and Uzbekistan.
9 * B2Gold forecasts gold production to be 990,000 – 1,050,000 ounces for the year.
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12 [[image:BTG0.jpg||height="378" width="722"]]
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14
15 = Company Overview =
16
17 B2Gold (NYSE:BTG, TSX:BTO) is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has three operating gold mines and numerous development and exploration projects in various countries including Mali, the Philippines, Namibia, Colombia, Finland and Uzbekistan. This year, B2Gold forecasts gold production to be 990,000 – 1,050,000 ounces.
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20 [[image:BTG1.png]]
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22
23 == Operations ==
24
25 The Company's ongoing strategy is to continue to maximize profitable production from its mines, further advance its pipeline of development and exploration projects, evaluate new exploration, development and production opportunities and continue to pay an industry leading dividend yield.{{footnote}}https://b2gold.com/projects/{{/footnote}}
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27
28 === Fekola Mine – Mali ===
29
30 The Fekola Mine is located in southwest Mali, on the border between Mali and Senegal, approximately 500 km due west of the capital city, Bamako.
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33 B2Gold acquired the world-class Fekola project through a merger with Papillon Resources Limited in October 2014. Led by core members of B2Gold’s construction team, early work activities at the Company’s fifth and largest mine began in February 2015. On September 25, 2017, the Company announced that it had completed construction of the Fekola mill and commenced ore processing, more than three months ahead of the original construction schedule and on budget. The first gold pour at the Fekola Mine took place on October 7, 2017. Within only 60 days from start-up, the mine achieved commercial production on November 30, 2017, one month ahead of the revised schedule and four months ahead of the original schedule. In September 2021, the Fekola Mine produced its two millionth ounce of gold, marking four years since it commenced production.
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36 The Fekola Mine in Mali achieved another strong year in 2021, producing 567,795 ounces of gold, near the upper end of its revised guidance range (of between 560,000 - 570,000 ounces) and exceeding the upper end of its original guidance range (of between 530,000 - 560,000 ounces), due to significantly higher than budgeted mill throughput, partially offset by lower processed grade, as Fekola's low-grade stockpiles were used to supplement the additional unbudgeted mill feed required as a result of the significantly higher than budgeted processed tonnes.
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39 For full-year 2021, Fekola's cash operating costs were $449 per ounce produced ($439 per ounce sold), slightly above the upper end of its guidance range (of between $405 - $445 per ounce). Fekola's higher than budgeted operating costs in 2021 resulted from inflation related fuel and consumable price increases, lower than budgeted capitalized waste stripping and higher than budgeted site general and camp costs related to COVID-19 mitigation measures, partially offset by higher than budgeted production.
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42 Fekola's AISC for full-year 2021 were $765 per ounce sold (2020 - $599 per ounce sold), at the midpoint of its guidance range (of between $745 - $785 per ounce).
43
44
45 === Masbate Mine – The Philippines ===
46
47 The Masbate Gold Project ("MGP") is located on Masbate Island in the Philippines. The Masbate Mine is located approximately 360 km southeast of the country's capital, Manila.
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50 B2Gold acquired its interest in the Masbate Mine through its acquisition of CGA Mining Limited in January 2013.
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52
53 The Masbate Mine in the Philippines had a record year in 2021, producing an annual record of 222,227 ounces of gold, near the upper end of its revised guidance range (of between 215,000 - 225,000 ounces) and exceeding the upper end of its original guidance range (of between 200,000 - 210,000 ounces), due to higher than budgeted mill recoveries (11% above budget), partially offset by lower than budgeted mill throughput (5% below budget). In addition, Masbate's 2021 annual gold production was 9% (17,528 ounces) higher compared to 2020, mainly due to higher mined ore grades as a result of mining through higher-grade zones of the Main Vein and Montana pits in 2021.
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56 For full-year 2021, Masbate's cash operating costs were $682 per ounce produced ($660 per ounce sold), within its guidance range (of between $650 - $690 per ounce). Masbate's higher than budgeted production largely offset the impact of higher than budgeted mining and processing costs in 2021 (resulting mainly from inflation driven higher diesel and HFO prices). Compared to 2020, Masbate's cash operating costs were $53 per ounce produced (8%) higher, mainly due to higher fuel prices, partially offset by higher production in 2021.
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59 Masbate's AISC for the full-year 2021 were $914 per ounce sold (2020 - $985 per ounce sold), $41 per ounce (4%) below the lower end of its guidance range (of between $955 - $995 per ounce). This was attributable to higher than budgeted gold ounces sold and realized gains on fuel derivatives in 2021, partially offset by higher than budgeted cash operating costs discussed above.
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62 The Masbate Mine is expected to produce between 205,000 - 215,000 ounces of gold in 2022 at cash operating costs of between $740 - $780 per ounce and AISC of between $1,070 - $1,110 per ounce. Masbate's gold production is scheduled to be relatively consistent throughout 2022. Approximately 60% of the budgeted increase in Masbate's AISC for 2022 (compared to 2021 guidance of between $955 - $995 per ounce) is driven by inflation, including higher budgeted fuel and consumable costs. The remainder of the increase is driven mainly by higher sustaining capital expenditures including fleet rebuilds and the planned addition of a powerhouse plant generator budgeted for approximately $10 million.
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64
65 === Otjikoto Mine – Namibia ===
66
67 The Otjikoto Mine is located in the north-central part of Namibia, approximately 300 km north of the country’s capital, Windhoek. Otjikoto is the largest gold producer in the country.
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70 B2Gold acquired the Company’s first African gold development project, the Otjikoto Gold Project, through a merger with Auryx Gold Corp. in December 2011. The Company received the Otjikoto Mining Licence in December 2012, and construction of the Otjikoto Mine commenced in April 2013. Within approximately 19 months, the first gold pour occurred on December 11, 2014, ahead of schedule.
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73 The Otjikoto Mine in Namibia had a strong second half in 2021 and finish to the year, resulting in new quarterly and annual gold production records. For full-year 2021, the Otjikoto Mine produced an annual record of 197,573 ounces of gold, near the upper end of its guidance range (of between 190,000 - 200,000 ounces), and 18% (29,532 ounces) higher compared to 2020. In the fourth quarter of 2021, the Otjikoto Mine produced a quarterly record of 78,681 ounces of gold, in-line with budget, and significantly higher by 96% (38,476 ounces) over the fourth quarter of 2020. As planned, with the completion of the pre-stripping campaigns at the Wolfshag and Otjikoto pits in the first half of 2021, Otjikoto's gold production increased significantly in the second half of 2021, as mining reached the higher-grade zone at the base of the Wolfshag Pit in the third quarter of 2021.
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76 For full-year 2021, Otjikoto's cash operating costs were $493 per ounce produced ($511 per ounce sold), well within its guidance range (of between $480 - $520 per ounce). Otjikoto's cash operating costs on a per ounce basis was in-line with budget in 2021 as a result of higher than budgeted production together with only slightly above budgeted operating costs. Otjikoto's 2021 operating costs were impacted by inflation driven higher than budgeted fuel prices and a stronger than budgeted Namibian dollar, which were offset by higher than budgeted capitalized pre-stripping resulting in an overall cost per ounce which was in-line with budget.
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79 Otjikoto's AISC for the full-year 2021 were $908 per gold ounce sold (2020 - $920 per ounce sold), above the high end of its guidance range (of between $830 - $870 per ounce), due to higher than budgeted sustaining capital expenditures ($8 million higher than budgeted, consisting of higher than budgeted pre-stripping of $5 million and mobile equipment rebuilds of $3 million) partially offset by higher than budgeted ounces sold and realized fuel derivative gains.
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82 Development of the Wolfshag underground mine continues to progress with ore production expected to begin in the first half of 2022. The initial underground Mineral Reserve estimate for the down-plunge extension of the Wolfshag deposit includes 210,000 ounces of gold in 1.2 million tonnes of ore at 5.57 g/t gold.
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85 The Otjikoto Mine is expected to produce between 175,000 - 185,000 ounces of gold in 2022 at cash operating costs of between $740 - $780 per ounce and AISC of between $1,120 - $1,160 per ounce.
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88 [[image:BTG2.png]]
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90
91 === Gramalote JV Project – Colombia ===
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94 B2Gold has a 50% interest in the Gramalote Project (AngloGold Ashanti Limited (“AngloGold”) owns the other 50%) and on January 1, 2020, became the operator of the project.
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97 Gramalote is located approximately 230 km northwest of Bogota and 120 km northeast of Medellin, the regional capital of the Department of Antioquia situated in central Colombia.
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100 Following a review of Gramalote's feasibility study work to date, B2Gold believes that there is strong potential to improve the economics of the project (economic highlights were previously released on May 4, 2021, based on the feasibility study work to date), which could be developed by revisiting the original Gramalote Project design parameters included in the existing mining permit (as applied in the Gramalote Preliminary Economic Assessment in January 2020 and historical AngloGold studies) and further optimizing project design. Review of the updated Gramalote Ridge Mineral Resource also shows that further value can be created through additional drilling of the Inferred portions of the Mineral Resource area, both within and adjacent to the designed pit, with at least 25,000 metres of drilling planned and progressing in 2021 and a mineral resource update expected in early 2022. In addition, drilling is being carried out at the Trinidad deposit during the remainder of 2021.
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102
103 === Otjikoto Mine & Regional Exploration – Namibia ===
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105 The Otjikoto Mine is located in the north-central part of Namibia, approximately 300 km north of the country’s capital, Windhoek. Otjikoto is the largest gold producer in the country.
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108 The total exploration budget for Namibia in 2021 is approximately $4.8 million. Exploration in 2021 will include 25,000 metres of diamond drilling and 3,200 metres of RAB drilling. The majority of the diamond drilling will target the extension of the existing Wolfshag underground resource area and a lone drillhole intersection more than 700 metres down plunge. Several new zones located parallel to and east of Wolfshag with the potential to enhance the underground project are being tested. In addition, drilling commenced in the third quarter of 2021 to test mineralization to the south of the main Otjikoto open pit. Regional exploration has included drilling geophysical targets on permits adjacent to the Otjikoto Mine permit.
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111 [[image:BTG3.jpg]]
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113
114 = Financial Highlights =
115
116 Consolidated gold revenue for the year ended December 31, 2021 was $1.76 billion on sales of 981,401 ounces at an average realized gold price of $1,796 per ounce, compared to $1.79 billion on sales of 1,006,455 ounces at an average realized gold price of $1,777 per ounce in 2020. The slight decrease in gold revenue of 1% ($0.03 billion) was due to a 2% decrease in gold ounces sold, partially offset by a 1% increase in the average realized gold price. For the fourth quarter of 2021, consolidated gold revenue was $526 million on sales of 292,350 ounces at an average realized gold price of $1,800 per ounce, compared to $480 million on sales of 256,655 ounces at an average realized gold price of $1,868 per ounce in the fourth quarter of 2020. The increase in gold revenue of 10% ($46 million) was due to a 14% increase in gold ounces sold (mainly due to the higher gold production), partially offset by a 4% decrease in the average realized gold price.{{footnote}}https://www.sec.gov/Archives/edgar/data/0001429937/000106299322008984/exhibit99-3.htm{{/footnote}}
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118
119 Despite the continuing challenges of the COVID-19 pandemic, B2Gold had another remarkable year of strong operational performance in 2021, with the achievement of B2Gold’s thirteenth consecutive year of record annual total gold production. The Company’s total gold production for 2021 was an annual record of 1,047,414 ounces (including 59,819 ounces of attributable production from Calibre) (2020 - 1,040,737 ounces), near the top end of its revised guidance range (of between 1,015,000 and 1,055,000 ounces) and exceeding the upper end of its original guidance range (of between 970,000 and 1,030,000 ounces). Consolidated gold production from the Company’s three operating mines was 987,595 ounces (2020 - 995,258 ounces), near the upper end of the revised guidance range (of between 965,000 - 995,000 ounces) and exceeding the upper end of the original guidance range (of between 920,000 and 970,000 ounces), with solid performances from each of the Company’s three mines (refer to "Review of Mining Operations and Development Projects" section below), including both the Masbate and Otjikoto mines achieving record annual gold production in 2021. In addition, the Fekola Mine achieved another strong year in 2021, producing 567,795 ounces of gold, near the upper end of its revised guidance range (of between 560,000 and 570,000 ounces) and exceeding the upper end of its original guidance range (of between 530,000 and 560,000 ounces). In the fourth quarter of 2021, B2Gold’s consolidated gold production was 288,849 ounces which was in-line with budget and 13% higher than the fourth quarter of 2020 resulting from higher gold production from the Fekola and Otjikoto mines, partially offset by lower gold production from the Masbate Mine. The Company’s total gold production for the fourth quarter of 2021 was 304,897 ounces (including 16,048 ounces of attributable production from Calibre).
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122 For the year ended December 31, 2021, consolidated cash operating costs were $511 per gold ounce produced ($503 per gold ounce sold), in-line with the budget and $105 per gold ounce produced (26%) higher than 2020. Including estimated attributable results for Calibre, cash operating costs for the year ended December 31, 2021 were $535 per gold ounce produced ($528 per gold ounce sold) which were within the Company's guidance range of $500 to $540 per ounce and were $112 per gold ounce produced (26%) higher than 2020. Cash operating costs per ounce produced for the year ended December 31, 2021 were in-line with budget as a result of offsetting factors as the impact of the strong operating results from all of the Company's operations with above budget gold production was offset by inflation driven higher fuel costs, stronger local currencies and higher than budgeted processing of lower grade material at the Fekola Mine as low-grade stockpiles were used to provide additional unbudgeted mill feed required as a result of higher than budgeted processed tonnes. Cash operating costs for the year ended December 31, 2021 were higher than the year ended December 31, 2020 due to higher input costs resulting from higher prestripping activities, inflation driven higher fuel costs and higher import duties. In the fourth quarter of 2021, consolidated cash operating costs were $460 per gold ounce produced ($406 per gold ounce sold), $82 (22%) more per gold ounce produced than budget and in-line with the fourth quarter of 2020. Including estimated attributable results for Calibre, cash operating costs for the fourth quarter of 2021 were $484 per gold ounce produced ($433 per gold ounce sold), $79 (20%) more per gold ounce produced than budget and in-line with the fourth quarter of 2020. Consolidated cash operating costs for the fourth quarter of 2021 were higher than budget resulting from inflation pressures including higher fuel, reagents and consumables costs and stronger local currencies.
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125 Consolidated all-in sustaining costs for the year ended December 31, 2021 were $874 per gold ounce sold compared to $774 per gold ounce sold for 2020. Including estimated attributable results for Calibre, all-in sustaining costs for the year ended December 31, 2021 were $888 per gold ounce sold ($788 per gold ounce sold for 2020) and were within the Company's guidance range of $870 to $910 per ounce. The in-line with budget all-in sustaining costs for the year ended December 31, 2021 reflect the higher than budgeted gold ounces sold, higher than budgeted gains on settled fuel derivatives, partially offset by higher than budgeted sustaining capital expenditures ($10 million). Consolidated all-in sustaining costs for the fourth quarter of 2021 were $844 per gold ounce sold compared to a budget of $763 per gold ounce sold and $917 per gold ounce sold for the fourth quarter of 2020. Including estimated attributable results for Calibre, all-in sustaining costs for the fourth quarter of 2021 were $860 per gold ounce sold compared to a budget of $778 per gold ounce sold and $926 per gold ounce sold for the fourth quarter of 2020. The higher than budgeted all-in sustaining costs for the fourth quarter of 2021 reflect the higher than budgeted cash operating costs per gold ounce sold noted above and higher than budgeted sustaining capital expenditures, partially offset by higher than budgeted gold ounces sold and higher than budgeted gains on settled fuel derivatives. Higher than budgeted sustaining capital expenditures in the fourth quarter of 2021 reflected expenditures which were delayed from earlier quarters of 2021.
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128 For the year ended December 31, 2021, mine sustaining capital expenditures were higher than budget by $10 million mainly as a result of higher prestripping costs at the Otjikoto Mine and the acceleration of mobile equipment rebuilds and purchases at the Fekola and Otjikoto mines. Non-sustaining mine capital expenditures for the year ended December 31, 2021 were $3 million higher than budget. In addition, for the year ended December 31, 2021, the Company's share of Gramalote capital expenditures was $11 million lower than budgeted mainly as a result of COVID-19 delays and the rescheduling of land purchase and resettlement programs while the Gramalote Project optimization work is completed (refer to “Review of Mining Operations and Development Projects" section for additional details of capital expenditures) and exploration costs were approximately $8 million less than budget.
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131 For 2022, B2Gold remains well positioned for continued strong operational and financial performance with total gold production guidance of between 990,000 and 1,050,000 ounces (including 40,000 and 50,000 attributable ounces projected from Calibre) with total consolidated forecast cash operating costs of between $620 and $660 per ounce and total consolidated all-in sustaining costs of between $1,010 and $1,050 per ounce. Due to the timing of high-grade ore mining, consolidated gold production from the Company’s three operating mines is expected to be significantly weighted to the second half of 2022; for the first half of 2022, consolidated gold production is forecast to be between 390,000 and 410,000 ounces, which is expected to increase significantly to between 560,000 and 590,000 ounces during the second half of 2022. Based mainly on the weighting of production and timing of stripping, consolidated cash operating costs are expected to be between $760 and $800 per ounce in the first half of 2022, before significantly improving to between $490 and $530 per ounce during the second half of 2022. In addition, consolidated all-in sustaining costs are expected to be between $1,250 and $1,290 per ounce in the first half of 2022 before significantly improving to between $820 and $860 per ounce during the second half of 2022.
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134 For the year ended December 31, 2021, the Company generated net income of $461 million compared to $672 million in 2020 including net income attributable to the shareholders of the Company of $420 million ($0.40 per share) compared to $628 million ($0.60 per share) in 2020. Adjusted net income attributable to the shareholders of the Company3 for the year ended December 31, 2021 was $384 million ($0.36 per share) compared to $515 million ($0.49 per share) in 2020. Net income for the fourth quarter of 2021 was $153 million compared to $174 million for the fourth quarter of 2020. For the fourth quarter of 2021, the Company generated net income attributable to the shareholders of the Company of $137 million ($0.13 per share) compared to $168 million ($0.16 per share) in the fourth quarter of 2020. Adjusted net income attributable to shareholders of the Company for the fourth quarter of 2021 was $113 million ($0.11 per share) compared to $147 million ($0.14 per share) in the fourth quarter of 2020.
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137 Cash flow provided by operating activities was $724 million for the year ended December 31, 2021 compared to $951 million during 2020, a decrease of $227 million. The decrease reflects lower revenues of $27 million, higher production costs of $86 million and higher non-cash working capital outflows for the year ended December 31, 2021, most significantly for current income and other taxes payables as well as value-added tax receivables. Current income tax payments for the year ended December 31, 2021 totalled approximately $340 million (including $18 million which was settled by value-added tax offsets) and included approximately $140 million related to 2020 outstanding tax liability obligations (comprised mainly of Fekola outstanding 2020 tax liabilities of $75 million and Fekola 2020 priority dividend obligations of $46 million). Current income tax payments for the year ended December 31, 2021 were approximately $40 million lower than the original budgeted guidance of $380 million mainly as the result of $10 million lower than budgeted tax obligations at Otjikoto and a rollover amount of $20 million for Fekola tax installments which were budgeted for the fourth quarter of 2021 but which will now be paid by the second quarter of 2022. Based on current assumptions, including an average gold price of $1,800 per ounce for 2022, the Company is forecasting to make total cash income tax payments in 2022 of approximately $290 million.
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140 B2Gold continues to maintain a strong financial position and liquidity. At December 31, 2021, the Company had cash and cash equivalents of $673 million compared to cash and cash equivalents of $480 million at December 31, 2020. Working capital (defined as current assets less assets classified as held for sale and current liabilities) at December 31, 2021 was $802 million compared to $465 million at December 31, 2020.
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143 On October 25, 2021, the Company announced that it had entered into a binding agreement with West African Resources Limited (“WAF”) (the “Kiaka Agreement”), pursuant to which B2Gold has agreed to sell to WAF 100% of the issued and outstanding shares of Volta Resources (Cayman) Inc., the holder of an 81% interest in the Kiaka gold project located in Burkina Faso (the “Kiaka Project”). On November 30, 2021 the Company announced the completion of the sale.
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146 On February 2, 2022 the Company announced an updated Mineral Resource estimate for the Cardinal Zone, adjacent to the main Fekola Mine open pit in Mali. The updated resource included a significantly increased Mineral Resource estimate for Cardinal Zone as at December 31, 2021 with an initial Indicated Mineral Resource estimate of 8,000,000 tonnes at 1.67 grams per tonne (“g/t”) gold for 430,000 ounces of gold, and an updated Inferred Mineral Resource estimate of 19,000,000 tonnes at 1.21 g/t gold for 740,000 ounces of gold, constrained within a conceptual pit run at US$1,800 per ounce gold. Approximately 50,000 ounces are budgeted to be produced from the Cardinal Zone in 2022 and have been included in Fekola's 2022 production guidance. Based on engineering studies completed to date, the Cardinal Zone has the potential to add an average of approximately 60,000 ounces per year over the next 6 to 8 years to Fekola's annual gold production.
147
148
149 == Q1 2022 Results ==
150
151 B2Gold Corp. announce its operational and financial results for the first quarter of 2022. On May 3, 2022.{{footnote}}https://b2gold.com/news/b2gold-reports-strong-q1-2022-results-total-gold-production-of-209365-oz-5-above-budget-with-cash-operating-costs-and-all-in-sustaining-costs-below-budget{{/footnote}}
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154 Total gold production in the first quarter of 2022 was 209,365 ounces (including 12,892 ounces of attributable production from Calibre), above budget by 5% (9,760 ounces), and consolidated gold production from the Company's three operating mines was 196,473 ounces, above budget by 4% (8,431 ounces), with solid performances from the Company's three mines, with each mine exceeding its budgeted production for the first quarter of 2022 (see "Operations" section below). Due to the timing of higher-grade ore mining, consolidated gold production from the Company's three operating mines is expected to be significantly weighted to the second half of 2022. As expected, compared to the first quarter of 2021, total consolidated gold production was lower by 5% (11,279 ounces), due to the planned significant waste stripping campaign and lower mined ore tonnage at the Fekola Mine in the first quarter of 2022, as Phase 6 of the Fekola Pit continues to be developed in the first half of 2022.
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157 For the first quarter of 2022, total consolidated cash operating costs (including estimated attributable results for Calibre) were $699 per ounce produced ($656 per ounce sold), well-below budget by $94 per ounce produced (12%), and consolidated cash operating costs from the Company's three operating mines were $676 per ounce produced ($630 per ounce sold), well-below budget by $103 per ounce produced (13%). These favourable budget variances were attributable to higher than budgeted gold production, lower than budgeted stripping costs and lower than budgeted realized fuel prices at the Fekola Mine, which were partially offset by higher than budgeted fuel prices at the Masbate and Otjikoto mines. As expected, total consolidated cash operating costs were higher in the first quarter of 2022 compared to $609 per ounce produced ($582 per ounce sold) in the first quarter of 2021, and consolidated cash operating costs were higher in the first quarter of 2022 compared to $581 per ounce produced ($552 per ounce sold) in the first quarter of 2021, mainly as a result of the planned lower gold production and higher costs for fuel and other consumables.
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160 For the first quarter of 2022, total consolidated AISC (including estimated attributable results for Calibre) were $1,036 per ounce sold (Q1 2021 - $932 per ounce sold), significantly below budget by $318 per ounce sold (23%), and consolidated AISC from the Company's three operating mines were $1,028 per ounce sold (Q1 2021 - $919 per ounce sold), significantly below budget by $339 per ounce (25%). These favourable budget variances were attributable to lower than budgeted cash operating costs, higher than budgeted gold ounces sold and lower than budgeted sustaining capital expenditures ($33 million), which is expected to be incurred later in 2022.
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163 For the first quarter of 2022, consolidated gold revenue was $366 million on sales of 195,100 ounces at an average realized gold price of $1,874 per ounce, compared to $362 million on sales of 202,330 ounces at an average realized gold price of $1,791 per ounce in the first quarter of 2021. The slight increase in gold revenue of 1% ($4 million) was 5% attributable to the increase in the average realized gold price, offset by a 4% impact from the decrease in gold ounces sold (mainly due to the lower gold production). 
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166 For the first quarter of 2022, cash flow provided by operating activities before changes in non-cash working capital was $152 million ($0.14 per share) compared to $171 million ($0.16 per share) in the first quarter of 2021; cash flow provided by operating activities after changes in non-cash working capital was $107 million ($0.10 per share) compared to $146 million ($0.14 per share) in the first quarter of 2021. Cash flow provided by operating activities after changes in non-cash working capital decreased by $39 million compared to the first quarter of 2021, mainly due to higher production costs of $11 million and higher non-cash working capital outflows in the first quarter of 2022, most significantly for current income taxes and the timing of value-added tax receivables ("VAT"). Cash income tax payments in the first quarter of 2022 totaled $59 million (Q1 2021 - $21 million), including approximately $15 million related to 2021 outstanding tax liability obligations.
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169 For full-year 2022, the Company's total gold production is forecast to be between 990,000 and 1,050,000 ounces (including 40,000 and 50,000 attributable ounces projected from Calibre), with total consolidated cash operating costs forecast to be between $620 and $660 per ounce and total consolidated AISC forecast to be between $1,010 and $1,050 per ounce. Notwithstanding the ongoing sanctions on Mali announced by the Economic Community of West African States ("ECOWAS") on January 9, 2022, 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. Due to the timing of high-grade ore mining, consolidated gold production from the Company's three operating mines is expected to be significantly weighted to the second half of 2022; for the first half of 2022, consolidated gold production is forecast to be between 390,000 and 410,000 ounces, which is expected to increase significantly to between 560,000 and 590,000 ounces during the second half of 2022. Based mainly on the weighting of production and timing of stripping, consolidated guidance ranges for cash operating costs are expected to be between $760 and $800 per ounce in the first half of 2022, before significantly improving to between $490 and $530 per ounce during the second half of 2022. In addition, consolidated guidance ranges for AISC are expected to be between $1,250 and $1,290 per ounce in the first half of 2022 before significantly improving to between $820 and $860 per ounce during the second half of 2022.
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172 B2Gold continues to maintain a strong financial position and liquidity. At March 31, 2022, the Company had cash and cash equivalents of $649 million (December 31, 2021 - $673 million) and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $843 million (December 31, 2021 - $802 million). In addition, the Company's $600 million Revolving Credit Facility ("RCF") remains fully undrawn and available.
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175 On February 22, 2022, B2Gold's Board of Directors declared a cash dividend for the first quarter of 2022 of $0.04 per common share (or an expected $0.16 per share on an annualized basis), paid on March 17, 2022 to shareholders of record as of March 9, 2022.
176
177
178 = References =
179
180 {{putFootnotes/}}

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  65. CA:RBA
  66. CA:RCI.A
  67. CA:RY
  68. CA:SHOP
  69. CA:SJR.B
  70. CA:SLF
  71. CA:SSRM
  72. CA:SU
  73. CA:T
  74. CA:TA
  75. CA:TARD
  76. CA:TD
  77. CA:TECK
  78. CA:TFII
  79. CA:TRI
  80. CA:TRP
  81. CA:WEED
  82. CA:X
  83. CA:YRI
  84. Canada
  85. CH:ALSN
  86. CH:NESN
  87. CIPLA
  88. DE:TIMA
  89. EU:CCAP
  90. EU:HHFA
  91. FR:CEN
  92. FR:HCO
  93. GB:AAL
  94. GB:ABDN
  95. GB:ABF
  96. GB:ADM
  97. GB:AHT
  98. GB:ANTO
  99. GB:AUTO
  100. GB:AUY
  101. GB:AV
  102. GB:AVST
  103. GB:AVV
  104. GB:AZN
  105. GB:BA
  106. GB:BARC
  107. GB:BATS
  108. GB:BDEV
  109. GB:BHP
  110. GB:BME
  111. GB:BP
  112. GB:CCH
  113. GB:CPG
  114. GB:CTO
  115. GB:DARK
  116. GB:DGE
  117. GB:FERG
  118. GB:GLEN
  119. GB:HL
  120. GB:HSBA
  121. GB:IHG
  122. GB:III
  123. GB:IMB
  124. GB:INCH
  125. GB:NWG
  126. GB:NXR
  127. GB:OCDO
  128. GB:REL
  129. GB:RKT
  130. GB:SGE
  131. GB:SGRO
  132. GB:SKG
  133. GB:SMIN
  134. GB:SN
  135. GB:STAN
  136. GB:STJ
  137. GB:ULVR
  138. Great Britain
  139. HK:0995
  140. HK:1052
  141. HK:107
  142. HK:189
  143. HK:548
  144. HK:819
  145. HK:995
  146. IN:3MINDIA
  147. IN:ADANITRANS
  148. IN:BHARATFORG
  149. IN:CIPLA
  150. IN:CROMPTON
  151. IN:GODREJIND
  152. IN:HDFCAMC
  153. IN:IDEA
  154. IN:INDUSTOWER
  155. IN:LICI
  156. IN:LUPIN
  157. IN:LUPINE
  158. IN:MFSL
  159. IN:MOFSL
  160. IN:MOTHERSUMI
  161. IN:MUTHOOTFIN
  162. IN:NATCOPHARM
  163. IN:NATIONALUM
  164. IN:NBCC
  165. IN:NESTLEIND
  166. IN:NIACL
  167. IN:NMDC
  168. IN:OBEROIRLTY
  169. IN:OFSS
  170. IN:PAGEIND
  171. IN:PAYTM
  172. IN:PEL
  173. IN:PETRONET
  174. IN:PFIZER
  175. IN:PGHH
  176. IN:PIDILITIND
  177. IN:PIIND
  178. IN:PNB
  179. IN:PNBHOUSING
  180. IN:POWERGRID
  181. IN:QUESS
  182. IN:RAMCOCEM
  183. IN:RELAXO
  184. IN:SAIL
  185. IN:SANOFI
  186. IN:SBILIFE
  187. IN:SIEMENS
  188. IN:SRF
  189. IN:SUPREMEIND
  190. IN:TATAPOWER
  191. IN:TECHM
  192. IN:TITAN
  193. IN:TORNTPHARM
  194. IN:TORNTPOWER
  195. IN:TRENT
  196. IN:TVSMOTOR
  197. IN:UBL
  198. IN:ULTRACEMCO
  199. IN:UNIONBANK
  200. IN:UPL
  201. IN:VBL
  202. IN:WHIRLPOOL
  203. IN:ZEEL
  204. India
  205. Ireland
  206. JP:1070
  207. JP:2654
  208. JP:4220
  209. JP:4734
  210. JP:6916
  211. SG:BCY
  212. SG:F13
  213. UK:IHG
  214. US:AABA
  215. US:AAOI
  216. US:AAPL
  217. US:AAUKF
  218. US:ABEO
  219. US:ABUS
  220. US:ACAD
  221. US:ACAN
  222. US:ACBFF
  223. US:ACDVF
  224. US:ACHN
  225. US:ACIA
  226. US:ACRX
  227. US:ADAP
  228. US:ADMP
  229. US:ADMS
  230. US:ADXS
  231. US:AEM
  232. US:AEZS
  233. US:AFMD
  234. US:AGEN
  235. US:AGI
  236. US:AGRX
  237. US:AGTK
  238. US:AKAO
  239. US:ALDR
  240. US:ALIM
  241. US:ALQA
  242. US:AMC
  243. US:AMD
  244. US:AMDA
  245. US:AMIGF
  246. US:AMMJ
  247. US:AMN
  248. US:AMPE
  249. US:AMRN
  250. US:AMRS
  251. US:AMZN
  252. US:ANCUF
  253. US:ANFGF
  254. US:ANLDF
  255. US:ANTH
  256. US:ANY
  257. US:APHQF
  258. US:AQMS
  259. US:AQSZF
  260. US:ARDX
  261. US:ARGS
  262. US:ARLZ
  263. US:ARNA
  264. US:ARRY
  265. US:ARWR
  266. US:ASBFF
  267. US:ASHTF
  268. US:ATDRY
  269. US:ATHX
  270. US:ATNM
  271. US:ATOS
  272. US:ATRS
  273. US:AUPH
  274. US:AUY
  275. US:AVASF
  276. US:AVEO
  277. US:AVEVF
  278. US:AVGR
  279. US:AVIR
  280. US:AVP
  281. US:AVVIY
  282. US:AVXL
  283. US:AXON
  284. US:AXSM
  285. US:AZN
  286. US:BABA
  287. US:BAC
  288. US:BAESF
  289. US:BAM
  290. US:BBRY
  291. US:BCE
  292. US:BCOR
  293. US:BCS
  294. US:BHC
  295. US:BHP
  296. US:BIOA
  297. US:BIOC
  298. US:BLCM
  299. US:BLDP
  300. US:BLEVF
  301. US:BLOZF
  302. US:BLPH
  303. US:BLRX
  304. US:BMO
  305. US:BMRPF
  306. US:BNS
  307. US:BP
  308. US:BPMX
  309. US:BSTG
  310. US:BTDPF
  311. US:BTE
  312. US:BTG
  313. US:BTI
  314. US:BW
  315. US:BZUN
  316. US:CALA
  317. US:CANN
  318. US:CAPR
  319. US:CARA
  320. US:CASC
  321. US:CATB
  322. US:CBDS
  323. US:CCJ
  324. US:CEI
  325. US:CERC
  326. US:CERU
  327. US:CHK
  328. US:CIE
  329. US:CLDX
  330. US:CLF
  331. US:CLOV
  332. US:CLSN
  333. US:CLVS
  334. US:CM
  335. US:CMPGF
  336. US:CNAB
  337. US:CNAT
  338. US:CNBX
  339. US:CNI
  340. US:CNQ
  341. US:CNSWF
  342. US:CORT
  343. US:CP
  344. US:CPRX
  345. US:CRBP
  346. US:CRIS
  347. US:CRMD
  348. US:CTRV
  349. US:CU
  350. US:CUR
  351. US:CVE
  352. US:CVSI
  353. US:CYCC
  354. US:CYTR
  355. US:CYTX
  356. US:DCTH
  357. US:DEPO
  358. US:DGEAF
  359. US:DMPI
  360. US:DRKTF
  361. US:DRYS
  362. US:DVAX
  363. US:DXTR
  364. US:DYLLF
  365. US:EARS
  366. US:ECYT
  367. US:EDIT
  368. US:EGLT
  369. US:EKSO
  370. US:ELVT
  371. US:ENB
  372. US:ENDP
  373. US:ENRT
  374. US:ETRM
  375. US:EVC
  376. US:EXEL
  377. US:FATE
  378. US:FB
  379. US:FERG
  380. US:FINL
  381. US:FIT
  382. US:FLXN
  383. US:FOLD
  384. US:FQVLF
  385. US:FRFHF
  386. US:FSV
  387. US:FTR
  388. US:FTS
  389. US:FVE
  390. US:FWDG
  391. US:GALE
  392. US:GALT
  393. US:GBHPF
  394. US:GBT
  395. US:GERN
  396. US:GFL
  397. US:GIB
  398. US:GILD
  399. US:GLDFF
  400. US:GLEN
  401. US:GLYC
  402. US:GME
  403. US:GNCA
  404. US:GNMX
  405. US:GOLD
  406. US:GPRO
  407. US:GSAT
  408. US:GVXXF
  409. US:GWLIFU
  410. US:HLTH
  411. US:HMNY
  412. US:HRGLF
  413. US:HRTX
  414. US:HSBA
  415. US:HTGM
  416. US:HTZ
  417. US:HUSA
  418. US:ICPT
  419. US:IDRA
  420. US:IDXG
  421. US:IFCZF
  422. US:IHG
  423. US:IMBBF
  424. US:IMGN
  425. US:IMMU
  426. US:IMNP
  427. US:IMO
  428. US:IMUC
  429. US:INFI
  430. US:INPX
  431. US:INSM
  432. US:INVA
  433. US:ITEK
  434. US:IVITF
  435. US:JD
  436. US:JOBS
  437. US:JVA
  438. US:KAYS
  439. US:KEM
  440. US:KERX
  441. US:KGC
  442. US:KTOS
  443. US:KTOV
  444. US:LKM
  445. US:LODE
  446. US:LPCN
  447. US:LULU
  448. US:LXRP
  449. US:MACK
  450. US:MARA
  451. US:MBOT
  452. US:MBRX
  453. US:MDCL
  454. US:MDCO
  455. US:MEET
  456. US:MEIP
  457. US:MEOH
  458. US:MFC
  459. US:MGA
  460. US:MGWFF
  461. US:MNKD
  462. US:MOMO
  463. US:MQPXF
  464. US:MRNS
  465. US:MRTX
  466. US:MSFT
  467. US:MTRAFU
  468. US:MU
  469. US:MVIS
  470. US:MZOR
  471. US:NAK
  472. US:NBEV
  473. US:NBRV
  474. US:NEOS
  475. US:NG
  476. US:NH
  477. US:NLNK
  478. US:NMUS
  479. US:NTIOF
  480. US:NTNX
  481. US:NTR
  482. US:NVAX
  483. US:NVCN
  484. US:NVDA
  485. US:NVRO
  486. US:NWBO
  487. US:NWG
  488. US:NXTTF
  489. US:NYMX
  490. US:OCDGF
  491. US:OCLR
  492. US:OCUL
  493. US:OGRMF
  494. US:OMER
  495. US:ONCS
  496. US:ONTX
  497. US:ONVO
  498. US:OPGN
  499. US:OPHT
  500. US:OPK
  501. US:OPTT
  502. US:OTEX
  503. US:OTIC
  504. US:P
  505. US:PANXF
  506. US:PBYI
  507. US:PETS
  508. US:PETX
  509. US:PGNX
  510. US:PHOT
  511. US:PIRS
  512. US:PLSE
  513. US:PLUG
  514. US:PLX
  515. US:PRTO
  516. US:PSDV
  517. US:PTI
  518. US:PTN
  519. US:PTX
  520. US:PUFXF
  521. US:PULM
  522. US:PVG
  523. US:QRSRF
  524. US:QSR
  525. US:RAD
  526. US:RBA
  527. US:RBGPF
  528. US:RCI
  529. US:RCKT
  530. US:RDHL
  531. US:RDUS
  532. US:RELX
  533. US:REPH
  534. US:RGLS
  535. US:RIGL
  536. US:RNN
  537. US:RNVA
  538. US:ROX
  539. US:RSSFF
  540. US:RTTR
  541. US:RY
  542. US:SCYX
  543. US:SDRL
  544. US:SEGXF
  545. US:SENS
  546. US:SESN
  547. US:SGBY
  548. US:SGGEF
  549. US:SGMO
  550. US:SGYP
  551. US:SHOP
  552. US:SJR
  553. US:SKLN
  554. US:SLF
  555. US:SLFPF
  556. US:SMFTF
  557. US:SMGKF
  558. US:SNAP
  559. US:SNN
  560. US:SPHS
  561. US:SPLIF
  562. US:SPRWF
  563. US:SQ
  564. US:SRNA
  565. US:SRNE
  566. US:SRRA
  567. US:SSRM
  568. US:STJPF
  569. US:STLY
  570. US:STML
  571. US:STMP
  572. US:STRRF
  573. US:SU
  574. US:SWN
  575. US:SYN
  576. US:TAC
  577. US:TBQBF
  578. US:TD
  579. US:TECK
  580. US:TENX
  581. US:TEVA
  582. US:TFII
  583. US:TGOPF
  584. US:TGTX
  585. US:THCBF
  586. US:TK
  587. US:TMXXF
  588. US:TNDM
  589. US:TOP
  590. US:TRI
  591. US:TROV
  592. US:TRP
  593. US:TRTC
  594. US:TRVN
  595. US:TRXC
  596. US:TSG
  597. US:TSLA
  598. US:TTM
  599. US:TTNP
  600. US:TTNQY
  601. US:TU
  602. US:TVTY
  603. US:TWTR
  604. US:TXMD
  605. US:UBQU
  606. US:UNXL
  607. US:VAPE
  608. US:VBLT
  609. US:VCEL
  610. US:VDQSF
  611. US:VPCO
  612. US:VSTM
  613. US:WIT
  614. US:WLDFF
  615. US:WLL
  616. US:WMIH
  617. US:WMT
  618. US:XGTI
  619. US:XON
  620. US:XTNT
  621. US:XXII
  622. US:ZGNX
  623. US:ZSAN
  624. US:ZYNE
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