B2Gold Corp. (NYSE:BTG) Q1 2023 Results Conference Call May 10, 2023 1:00 PM ET Company Participants Clive Johnson - President and Chief Executive Officer Michael Cinnamond - Senior Vice President and Chief Financial Officer William Lytle - Senior Vice President and Chief Operating Officer Victor King - Senior Vice President of Exploration Dennis Stansbury - Senior Vice President of Engineering and Project Evaluations Conference Call Participants Ovais Habib - Scotiabank Ralph Profiti - Eight Capital Justin ...

The Fekola Mine in Mali (owned 80% by the Company and 20% by the State of Mali) achieved another strong year in 2022, producing 598,661 ounces of gold, at the top end of the annual guidance range of 570,000 to 600,000 ounces. For the year ended December 31, 2022, mill feed grade was 2.14 grams per tonne ("g/t"); mill throughput was 9.38 million tonnes (an annual record); and gold recovery averaged 92.9%. In the fourth quarter of 2022, the Fekola Mine in Mali produced a quarterly record of 244,014 ounces of ...

| --- | --- | --- | --- | --- | |---------------------------------------------|---------------------------|-----------------------------------------|---------------------------|-------------------------------------| | | As at \nLevel 1 $ | December 31, 2022 \nLevel 2 $ | As at \nLevel 1 $ | December 31, 2021 \nLevel 2 $ | | Long-term investments (Note 7) | 31,865 | — | 32,118 | — | | Fuel derivative contracts (Note 14) | — | 5,009 | — | 15,424 | Capital risk management Credit risk As at December 31, 2022, t ...

B2Gold Corp. (NYSE:BTG) Q3 2022 Earnings Conference Call November 2, 2022 1:00 PM ET Company Participants Clive Johnson - President & Chief Executive Officer Michael Cinnamond - Chief Financial Officer & Senior VP-Finance William Lytle - Senior Vice President, Operations Peter Montano - VP, Projects Brian Scott - VP, Geology & Technical Services Conference Call Participants Lawson Winder - Bank of America Anita Soni - CIBC Capital Markets Don DeMarco - National Bank Financial Operator Good day. My name is M ...

B2GOLD CORP. Condensed Interim Consolidated Financial Statements For the three and nine months ended September 30, 2022 (Unaudited) B2GOLD CORP. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30 (Expressed in thousands of United States dollars, except per share amounts) (Unaudited) | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------|----------------------|----------------- ...

B2Gold Corp. (NYSE:BTG) Q2 2022 Earnings Conference Call August 4, 2022 1:00 PM ET Company Participants Clive Johnson - President & Chief Executive Officer Mike Cinnamond - Chief Financial Officer & Senior VP-Finance Bill Lytle - Senior Vice President, Operations Conference Call Participants Habib Ovais - Scotiabank Anita Soni - CIBC World Markets Don DeMarco - National Bank Financial Operator Good afternoon. My name is Pam, and I will be your conference operator today. At this time, I would like to welcome ...

[B2GOLD CORP. Condensed Interim Consolidated Financial Statements](index=1&type=section&id=B2GOLD%20CORP.%20Condensed%20Interim%20Consolidated%20Financial%20Statements) This section presents the condensed interim consolidated financial statements and accompanying notes for B2Gold Corp., covering operations, financial position, cash flows, equity changes, and detailed accounting policies [Condensed Interim Consolidated Statements of Operations](index=2&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) B2Gold Corp. reported a decrease in net income for both the three and six months ended June 30, 2022, compared to the same periods in 2021, despite an increase in gold revenue for the three-month period Key Financial Highlights (Statements of Operations) | Metric (USD thousands) | 3 Months Ended June 30, 2022 | 3 Months Ended June 30, 2021 | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :--------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Gold revenue | 381,985 | 362,990 | 747,568 | 725,292 | | Total cost of sales | (264,078) | (234,773) | (489,991) | (439,658) | | Gross profit | 117,907 | 128,217 | 257,577 | 285,634 | | Operating income | 97,815 | 108,587 | 215,918 | 257,723 | | Net income for the period | 40,686 | 73,982 | 131,489 | 172,814 | | Basic EPS | 0.04 | 0.07 | 0.11 | 0.15 | | Diluted EPS | 0.04 | 0.06 | 0.11 | 0.15 | [Condensed Interim Consolidated Statements of Comprehensive Income](index=3&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME) The company reported a total comprehensive income of $35.1 million for the three months ended June 30, 2022, a significant decrease from $75.4 million in the prior year, primarily due to unrealized losses on investments Key Financial Highlights (Statements of Comprehensive Income) | Metric (USD thousands) | 3 Months Ended June 30, 2022 | 3 Months Ended June 30, 2021 | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :--------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net income for the period | 40,686 | 73,982 | 131,489 | 172,814 | | Unrealized (loss) gain on investments | (5,571) | 1,421 | (9,370) | (639) | | Total comprehensive income for the period | 35,115 | 75,403 | 122,119 | 172,175 | [Condensed Interim Consolidated Statements of Cash Flows](index=4&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) B2Gold Corp. experienced a significant increase in cash provided by operating activities for both the three and six months ended June 30, 2022, compared to the prior year Key Financial Highlights (Statements of Cash Flows) | Metric (USD thousands) | 3 Months Ended June 30, 2022 | 3 Months Ended June 30, 2021 | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :--------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Cash provided (used) by operating activities | 124,879 | (8,316) | 232,189 | 137,538 | | Cash used by financing activities | (44,427) | (56,515) | (95,452) | (108,597) | | Cash used by investing activities | (134,769) | (65,958) | (212,612) | (125,285) | | Decrease in cash and cash equivalents | (54,317) | (130,789) | (75,875) | (96,344) | | Cash and cash equivalents, end of period | 586,692 | 382,141 | 586,692 | 382,141 | [Condensed Interim Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2022, B2Gold Corp.'s total assets remained relatively stable compared to December 31, 2021, with a slight increase Key Financial Highlights (Balance Sheets) | Metric (USD thousands) | As at June 30, 2022 | As at December 31, 2021 | | :--------------------- | :------------------ | :---------------------- | | Cash and cash equivalents | 586,692 | 672,999 | | Total Current Assets | 1,005,291 | 1,046,117 | | Mining interests | 2,251,470 | 2,231,831 | | Investments in associates | 116,605 | 104,236 | | Total Assets | 3,565,013 | 3,561,293 | | Total Current Liabilities | 216,741 | 231,189 | | Total Liabilities | 567,540 | 600,286 | | Total Equity | 2,997,473 | 2,961,007 | [Condensed Interim Consolidated Statements of Changes in Equity](index=6&type=section&id=CONDENSED%20INTERIM%20CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20EQUITY) For the six months ended June 30, 2022, B2Gold Corp.'s total equity increased to $2,997.5 million from $2,961.0 million at December 31, 2021 Key Changes in Equity (USD thousands) | Metric | Balance at Dec 31, 2021 | Net Income for the Period | Dividends | Unrealized Loss on Investments | Shares Issued on Exercise of Stock Options | Shares Issued on Vesting of RSUs | Transactions with Non-Controlling Interests | Share-based Payments | Transfer to Share Capital on Exercise of Stock Options | Balance at June 30, 2022 | | :--------------------- | :---------------------- | :------------------------ | :-------- | :----------------------------- | :----------------------------------------- | :------------------------------- | :------------------------------------------ | :------------------- | :----------------------------------------------------- | :----------------------- | | Share capital | 2,422,184 | — | — | — | 12,631 | 7,401 | — | — | 4,817 | 2,447,033 | | Contributed surplus | 67,028 | — | 573 | — | — | (7,401) | — | 13,366 | (4,817) | 68,749 | | Accumulated other comprehensive loss | (136,299) | — | — | (9,370) | — | — | — | — | — | (145,669) | | Retained earnings | 507,381 | 118,527 | (85,457) | — | — | — | 1,987 | — | — | 542,438 | | Non-controlling interests | 100,713 | 12,962 | — | — | — | — | (28,753) | — | — | 84,922 | | **Total equity** | **2,961,007** | **131,489** | **(84,884)**| **(9,370)** | **12,631** | **—** | **(26,766)** | **13,366** | **—** | **2,997,473** | [Notes to the Condensed Interim Consolidated Financial Statements](index=7&type=section&id=NOTES%20TO%20THE%20CONDENSED%20INTERIM%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) These notes provide detailed explanations and supplementary information to the condensed interim consolidated financial statements, covering the company's operations, accounting policies, significant judgments and estimates, and specific financial instrument details, acquisitions, and commitments for the periods ended June 30, 2022 [1. Nature of Operations](index=7&type=section&id=1%20Nature%20of%20operations) B2Gold Corp. is a Vancouver-based gold producer operating three mines (Fekola, Masbate, Otjikoto) and holding a 50% joint operation interest in the Gramalote gold project - B2Gold Corp. operates three gold mines: Fekola (Mali), Masbate (Philippines), and Otjikoto (Namibia)[13](index=13&type=chunk) - The company holds a 50% joint operation interest in the Gramalote gold project in Colombia[13](index=13&type=chunk) - B2Gold has approximately 25% interest in Calibre Mining Corp. and 19% interest in BeMetals Corp[13](index=13&type=chunk) [2. Basis of Preparation](index=7&type=section&id=2%20Basis%20of%20preparation) The condensed interim consolidated financial statements are prepared in accordance with International Accounting Standard 34 (Interim Financial Reporting) of IFRS and follow the same accounting policies as the audited consolidated financial statements for the year ended December 31, 2021 - Financial statements prepared under International Accounting Standard 34 (Interim Financial Reporting) of IFRS[15](index=15&type=chunk) - Accounting policies and methods are consistent with the audited consolidated financial statements for the year ended December 31, 2021[16](index=16&type=chunk) [3. Significant Accounting Judgements and Estimates](index=7&type=section&id=3%20Significant%20accounting%20judgements%20and%20estimates) The preparation of financial statements requires significant judgments and estimates, particularly concerning uncertain tax positions, mineral reserve and resource estimates, impairment of long-lived assets, value-added tax receivables, and current and deferred income taxes, which could materially impact reported amounts [Areas of Judgement: Uncertain Tax Positions](index=7&type=section&id=Areas%20of%20judgement) The company applies judgment in interpreting complex international tax regulations, recognizing potential liabilities for uncertain tax positions based on assessments that may differ from ultimate resolutions by tax authorities - Determining tax treatment involves complex tax regulations in multiple international jurisdictions, requiring significant judgment[19](index=19&type=chunk) - Potential liabilities for uncertain tax positions are recognized based on management's assessment, which may materially differ from ultimate resolution[20](index=20&type=chunk) [Sources of Estimation Uncertainty: Mineral Reserve and Resource Estimates](index=7&type=section&id=Sources%20of%20estimation%20uncertainty) Mineral reserve and resource estimates are based on complex geological data and economic factors, including commodity prices and production costs, and changes in these estimates can significantly impact the carrying value of mining interests, provisions, and depreciation - Mineral reserve estimates rely on complex geological judgments and factors like foreign exchange rates, commodity prices, capital requirements, and production costs[21](index=21&type=chunk) - Changes in reserve or resource estimates can impact the carrying value of mining interests, mine restoration provisions, deferred tax assets, and depreciation[21](index=21&type=chunk) [Sources of Estimation Uncertainty: Impairment of Long-Lived Assets](index=9&type=section&id=Impairment%20of%20long-lived%20assets) Impairment tests for long-lived assets require management to make estimates and assumptions regarding future production, metal prices, and discount rates, with changes in these assumptions potentially having a material impact on the recoverable amount - Calculating the recoverable amount of long-lived assets involves estimates and assumptions such as reserves, production levels, metal prices, and discount rates[23](index=23&type=chunk) - Changes in these assumptions or estimates could materially impact the impairment analysis[23](index=23&type=chunk) [Sources of Estimation Uncertainty: Value-Added Tax Receivables](index=9&type=section&id=Value-added%20tax%20receivables) Value-added tax receivables are recorded at estimated recoverable amounts, net of provisions, based on management's assessment of recoverability under existing tax rules, and these estimates are subject to change - Indirect tax balances are recorded at estimated recoverable amounts, net of provisions, based on management's assessment of recoverability[24](index=24&type=chunk) - Provisions and balance sheet classifications for VAT receivables may be subject to material change[24](index=24&type=chunk) [Sources of Estimation Uncertainty: Current and Deferred Income Taxes](index=9&type=section&id=Current%20and%20deferred%20income%20taxes) Estimating the tax basis of assets and liabilities for current and deferred income taxes involves interpreting unclear tax laws, and changes in these estimates can materially affect recorded amounts and earnings - Estimating the tax basis of assets and liabilities is required, and changes in estimates can materially affect deferred income tax assets and liabilities[25](index=25&type=chunk) - The likelihood of deferred tax asset realization is evaluated based on historical and future taxable income, repatriation of retained earnings, and tax planning initiatives[26](index=26&type=chunk) [4. Accounts Receivable, Prepaids and Other](index=9&type=section&id=4%20Accounts%20receivable,%20prepaids%20and%20other) As of June 30, 2022, current accounts receivable, prepaids, and other assets totaled $55.4 million, an increase from $32.1 million at December 31, 2021 Accounts Receivable, Prepaids and Other (USD thousands) | Category | June 30, 2022 | December 31, 2021 | | :-------------------------------------- | :------------ | :---------------- | | Current portion of derivative instruments | 22,540 | 12,823 | | Supplier advances | 12,628 | 7,291 | | Prepaid expenses | 12,368 | 4,151 | | Other receivables | 7,842 | 7,847 | | **Total** | **55,378** | **32,112** | [5. Inventories](index=9&type=section&id=5%20Inventories) Total inventories increased to $300.2 million at June 30, 2022, from $272.4 million at December 31, 2021, with materials and supplies being the largest component, followed by gold and silver bullion Inventories (USD thousands) | Category | June 30, 2022 | December 31, 2021 | | :--------------------- | :------------ | :---------------- | | Gold and silver bullion | 62,338 | 52,867 | | In-process inventory | 19,296 | 13,260 | | Ore stock-pile inventory | 74,459 | 72,242 | | Materials and supplies | 144,110 | 133,985 | | **Total** | **300,203** | **272,354** | - Ore stock-pile inventory includes **$53 million** for Fekola Mine, **$14 million** for Otjikoto Mine, and **$7 million** for Masbate Mine as of June 30, 2022[27](index=27&type=chunk) [6. Mining Interests and Other Assets](index=10&type=section&id=6%20Mining%20Interests%20and%20Other%20Assets) This section details the company's mining interests, including property, plant, and equipment for its operating mines, exploration and evaluation properties, and investments in associates [Impairment of Gramalote Project Long-Lived Assets](index=10&type=section&id=Impairment%20of%20Gramalote%20Project%20long-lived%20assets) Following preliminary results of an optimized feasibility study, B2Gold and AngloGold determined the Gramalote Project does not currently meet investment thresholds - B2Gold and AngloGold have decided the Gramalote Project does not currently meet their investment thresholds for development[30](index=30&type=chunk) - An impairment test was performed as of June 30, 2022, concluding that the carrying value of the Gramalote Project was not impaired[34](index=34&type=chunk) - The recoverable amount is highly sensitive to gold price (a **$50/ounce reduction** decreases recoverable amount by **$38 million**) and discount rate (a **25 basis point increase** decreases recoverable amount by **$9 million**)[34](index=34&type=chunk) [Oklo Acquisition](index=11&type=section&id=Oklo%20acquisition) B2Gold Corp. announced an agreement to acquire 100% of Oklo Resources Limited for common shares and cash, with the transaction expected to close in the third quarter of 2022, subject to various approvals - B2Gold agreed to acquire **100% of Oklo Resources Limited** for **0.0206 B2Gold common shares** and **A$0.0525 cash** per Oklo share[35](index=35&type=chunk) - The transaction is expected to be completed in the third quarter of 2022, pending court, shareholder, regulatory, and third-party approvals[37](index=37&type=chunk) [Bakolobi Permit](index=11&type=section&id=Bakolobi%20permit) On April 21, 2022, B2Gold completed the acquisition of the Bakolobi permit in Mali for a total cash consideration of $48 million, including a continuing obligation payment - B2Gold acquired the Bakolobi permit in Mali for **$24 million in cash** and paid an additional **$24 million** for a continuing obligation[38](index=38&type=chunk) [Ondundu Property](index=11&type=section&id=Ondundu%20property) B2Gold entered into an agreement to sell the Ondundu Property to Osino Resources Corp. The consideration was revised to 12 million Osino common shares, leading to a $1 million impairment reversal - Agreement to sell Ondundu Property to Osino Resources Corp. for **12 million Osino common shares** (initially valued at **$10 million**)[39](index=39&type=chunk)[40](index=40&type=chunk) - A **$1 million impairment reversal** was recorded due to the revised consideration for the Ondundu Property[40](index=40&type=chunk) - The transaction completed on July 20, 2022, incurring a further **$3 million loss** from the agreement modification date due to changes in Osino share price[42](index=42&type=chunk) [Calibre](index=12&type=section&id=Calibre) B2Gold's investment in Calibre Mining Corp. was diluted from approximately 33% to 25% following Calibre's acquisition of Fiore Gold Ltd., resulting in a $5 million gain recognized in Other income - B2Gold's investment in Calibre was diluted from **~33% to ~25%** after Calibre acquired Fiore Gold Ltd[44](index=44&type=chunk) - A gain of **$5 million** on this dilution was recognized in Other income[44](index=44&type=chunk) [7. Other Assets](index=12&type=section&id=7%20Other%20assets) Other assets totaled $88.3 million at June 30, 2022, an increase from $82.4 million at December 31, 2021, primarily comprising low-grade stockpile and reclamation deposits Other Assets (USD thousands) | Category | June 30, 2022 | December 31, 2021 | | :------------------------- | :------------ | :---------------- | | Low-grade stockpile | 38,875 | 34,318 | | Reclamation deposits | 29,022 | 26,170 | | Debt service reserve accounts | 8,004 | 8,701 | | Deferred financing costs | 7,854 | 8,959 | | Derivative instruments at fair value | 2,347 | 2,602 | | Other | 2,196 | 1,621 | | **Total** | **88,298** | **82,371** | [8. Long-Term Debt](index=12&type=section&id=8%20Long-term%20debt) Total long-term debt, including current portion, decreased to $66.6 million at June 30, 2022, from $75.1 million at December 31, 2021, mainly due to repayments and foreign exchange gains [Revolving Credit Facility](index=13&type=section&id=Revolving%20credit%20facility) B2Gold has a $600 million revolving credit facility (RCF) with an accordion feature to increase it to $800 million - B2Gold has a **$600 million revolving credit facility (RCF)** with an accordion feature to increase it to **$800 million**[47](index=47&type=chunk) - As of June 30, 2022, the company had **$600 million of undrawn capacity** on the RCF and was in compliance with all debt covenants[47](index=47&type=chunk) [9. Mine Restoration Provisions](index=13&type=section&id=9%20Mine%20restoration%20provisions) Mine restoration provisions decreased to $93.8 million at June 30, 2022, from $117.3 million at December 31, 2021, primarily due to a change in obligation Movement in Mine Restoration Provisions (USD thousands) | Metric | June 30, 2022 | December 31, 2021 | | :----------------------- | :------------ | :---------------- | | Balance, beginning of year | 117,281 | 104,282 | | Accretion expense | 1,076 | 1,438 | | Change in obligation | (24,588) | 12,484 | | **Balance, end of period** | **93,769** | **117,281** | - Undiscounted cash flows to settle mine restoration provisions are estimated at approximately **$105 million** at June 30, 2022, with the majority of expenditures expected from **2031 to 2047**[48](index=48&type=chunk) [10. Share Capital](index=13&type=section&id=10%20Share%20capital) As of June 30, 2022, B2Gold had 1,062.7 million common shares outstanding [Earnings Per Share](index=15&type=section&id=Earnings%20per%20share) Basic earnings per share attributable to shareholders of the Company decreased to $0.04 for the three months and $0.11 for the six months ended June 30, 2022, compared to $0.07 and $0.15 respectively in the prior year Earnings Per Share (USD) | Metric | 3 Months Ended June 30, 2022 | 3 Months Ended June 30, 2021 | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :--------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Basic EPS | 0.04 | 0.07 | 0.11 | 0.15 | | Diluted EPS | 0.04 | 0.06 | 0.11 | 0.15 | Weighted Average Number of Common Shares Outstanding (thousands) | Metric | 3 Months Ended June 30, 2022 | 3 Months Ended June 30, 2021 | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :--------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Basic | 1,061,270 | 1,053,054 | 1,059,060 | 1,052,303 | | Diluted | 1,068,276 | 1,063,900 | 1,065,891 | 1,063,542 | [11. Non-Controlling Interests](index=15&type=section&id=11%20Non-controlling%20interests) Non-controlling interests decreased to $84.9 million at June 30, 2022, from $100.7 million at December 31, 2021, primarily due to distributions to non-controlling interests, partially offset by their share of net income Continuity Schedule of Non-Controlling Interests (USD thousands) | Metric | Balance at Dec 31, 2021 | Share of Net Income (Loss) | Distributions to Non-Controlling Interest | Interest on Loan to Non-Controlling Interest | Participating Funding from Non-Controlling Interest | Other | Balance at June 30, 2022 | | :-------------------------------------- | :---------------------- | :------------------------- | :---------------------------------------- | :------------------------------------------- | :-------------------------------------------------- | :---- | :----------------------- | | Fekola | 59,089 | 6,630 | (26,870) | (1,689) | — | — | 37,160 | | Masbate | 16,653 | 3,923 | — | — | — | — | 20,576 | | Otjikoto | 24,927 | 2,427 | (1,493) | — | — | 26 | 25,887 | | Other | 44 | (18) | — | — | 1,273 | — | 1,299 | | **Total** | **100,713** | **12,962** | **(28,363)** | **(1,689)** | **1,273** | **26**| **84,922** | - As of June 30, 2022, **$24 million** was due to the State of Mali for their share of dividends from Fekola SA, included in Other Current Liabilities[61](index=61&type=chunk) [12. Derivative Financial Instruments](index=15&type=section&id=12%20Derivative%20financial%20instruments) During the six months ended June 30, 2022, B2Gold entered into additional forward contracts for fuel oil, which are recorded at fair value through profit and loss - The company entered into additional forward contracts for **1,969,000 litres of fuel oil**, settling between November 2023 and January 2024[62](index=62&type=chunk) - These derivative instruments are not designated as hedges and are recorded at fair value through profit and loss (FVTPL)[62](index=62&type=chunk) Fuel Derivatives Contracts Outstanding (as at June 30, 2022) | Type | 2022 Litres (thousands) | 2023 Litres (thousands) | 2024 Litres (thousands) | Total Litres (thousands) | Average Strike Price | | :------------- | :---------------------- | :---------------------- | :---------------------- | :----------------------- | :------------------- | | Forward – fuel oil | 23,034 | 22,604 | 656 | 46,294 | $0.36 | | Forward – gas oil | 14,937 | 17,066 | — | 32,003 | $0.40 | - The unrealized fair value of these contracts was **$25 million** at June 30, 2022 (December 31, 2021 - **$15 million**)[64](index=64&type=chunk) [13. Financial Instruments](index=16&type=section&id=13%20Financial%20instruments) B2Gold classifies its financial assets and liabilities based on the fair value hierarchy (Level 1, 2, or 3) - Financial assets and liabilities are classified based on the fair value hierarchy: Level 1 (quoted prices in active markets), Level 2 (observable inputs other than quoted prices), and Level 3 (unobservable inputs)[65](index=65&type=chunk) Financial Assets and Liabilities Measured at Fair Value (USD thousands) | Category | As at June 30, 2022 (Level 1) | As at June 30, 2022 (Level 2) | As at December 31, 2021 (Level 1) | As at December 31, 2021 (Level 2) | | :---------------------- | :---------------------------- | :---------------------------- | :-------------------------------- | :-------------------------------- | | Long-term investments | 22,748 | — | 32,118 | — | | Fuel derivative contracts | — | 24,887 | — | 15,425 | - The fair value of long-term debt approximates its carrying value due to its floating interest rate[67](index=67&type=chunk) [14. Income and Other Taxes](index=17&type=section&id=14%20Income%20and%20other%20taxes) Income tax expense for the six months ended June 30, 2022, was $116.9 million, an increase from $97.7 million in the prior year, primarily influenced by foreign exchange changes and withholding taxes Income Tax Expense Reconciliation (USD thousands) | Metric | 3 Months Ended June 30, 2022 | 3 Months Ended June 30, 2021 | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Income from operations before taxes | 105,805 | 115,483 | 248,380 | 270,474 | | Income tax expense at statutory rates | 28,567 | 31,180 | 67,063 | 73,028 | | Change due to foreign exchange | 25,416 | (5,036) | 26,830 | 9,162 | | Withholding and other taxes | 22,355 | 18,175 | 23,632 | 18,877 | | **Income tax expense** | **65,119** | **41,501** | **116,891** | **97,660** | | Current income tax, withholding and other taxes | 60,141 | 50,470 | 107,795 | 91,596 | | Deferred income tax expense (recovery) | 4,978 | (8,969) | 9,096 | 6,064 | - The State of Mali's **10% priority dividend** on its free carried interest in the Fekola Mine is accounted for as an income tax[69](index=69&type=chunk) [15. Supplementary Cash Flow Information](index=18&type=section&id=15%20Supplementary%20cash%20flow%20information) This section provides a breakdown of non-cash charges and changes in non-cash working capital that reconcile net income to cash provided by operating activities Non-Cash Charges (Credits) (USD thousands) | Metric | 3 Months Ended June 30, 2022 | 3 Months Ended June 30, 2021 | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Depreciation and depletion | 81,874 | 77,809 | 159,137 | 144,536 | | Share-based payments | 3,875 | 8,673 | 12,279 | 9,839 | | Unrealized losses (gains) on derivative instruments | 3,934 | (7,293) | (9,463) | (14,544) | | Deferred income tax expense (recovery) | 4,978 | (8,969) | 9,096 | 6,064 | | **Total Non-cash charges (credits)** | **98,385** | **67,847** | **171,345** | **143,046** | Changes in Non-Cash Working Capital (USD thousands) | Metric | 3 Months Ended June 30, 2022 | 3 Months Ended June 30, 2021 | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Accounts receivable and prepaids | (9,183) | (6,217) | (13,008) | (10,034) | | Value-added and other tax receivables | 20,247 | (22,050) | 8,610 | (37,984) | | Inventories | (19,506) | (8,195) | (26,336) | (20,014) | | Current income and other taxes payable | 3,367 | (102,708) | (8,125) | (91,626) | | **Total Changes in non-cash working capital** | **(8,736)** | **(146,112)** | **(53,471)** | **(170,978)** | - For the six months ended June 30, 2022, the company paid **$98 million** of current income tax, withholding and other taxes in cash (2021 - **$198 million**)[77](index=77&type=chunk) [16. Segmented Information](index=20&type=section&id=16%20Segmented%20information) B2Gold's reportable segments include its Fekola, Masbate, and Otjikoto mines, "Other Mineral Properties" (Gramalote Project, Calibre), and "Corporate and Other" - Reportable operating segments include Fekola Mine (Mali), Masbate Mine (Philippines), Otjikoto Mine (Namibia), Other Mineral Properties (Gramalote Project, Calibre), and Corporate & Other[79](index=79&type=chunk) External Gold Revenue by Segment (USD thousands) | Segment | 3 Months Ended June 30, 2022 | 3 Months Ended June 30, 2021 | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Fekola Mine | 224,476 | 208,256 | 422,338 | 423,996 | | Masbate Mine | 99,675 | 109,377 | 182,768 | 207,832 | | Otjikoto Mine | 57,834 | 45,357 | 142,462 | 93,464 | | **Total** | **381,985** | **362,990** | **747,568** | **725,292** | Capital Expenditures by Segment (USD thousands) | Segment | 3 Months Ended June 30, 2022 | 3 Months Ended June 30, 2021 | 6 Months Ended June 30, 2022 | 6 Months Ended June 30, 2021 | | :------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Fekola Mine | 24,260 | 12,861 | 58,882 | 33,344 | | Masbate Mine | 15,435 | 8,117 | 22,165 | 15,767 | | Otjikoto Mine | 24,025 | 22,204 | 40,662 | 41,555 | | Other Mineral Properties | 20,496 | 12,663 | 38,169 | 21,652 | | Corporate & Other | 33 | 1,695 | 33 | 3,210 | | **Total** | **84,249** | **57,540** | **159,911** | **115,528** | [17. Commitments](index=21&type=section&id=17%20Commitments) As of June 30, 2022, B2Gold had various capital commitments totaling approximately $42 million for equipment, rebuilds, and development projects across its Fekola, Anaconda, Masbate, Otjikoto, and Gramalote operations - Fekola Mine commitments include **$10 million** for Cardinal area equipment, **$10 million** for mobile equipment rebuilds, **$4 million** for tailings facility expansion, **$2 million** for mobile equipment purchases, and **$4 million** for other capital projects[85](index=85&type=chunk) - Anaconda project has **$9 million** committed for mobile equipment[85](index=85&type=chunk) - Masbate Mine commitments include **$5 million** for powerhouse rebuilds and maintenance and **$3 million** for mobile equipment purchases[85](index=85&type=chunk) - Otjikoto Mine commitments include **$4 million** for the Wolfshag underground project and **$1 million** for the national power grid connection line[85](index=85&type=chunk) - Gramalote Project has **$4 million** committed for B2Gold's share of development costs[85](index=85&type=chunk) [18. Mining Interest Schedule](index=22&type=section&id=Mining%20Interest%20Schedule%20(Note%2018)) This schedule provides a detailed breakdown of the movements in the company's mining interests, including property, plant, and equipment (depletable), exploration and evaluation properties (pre-depletable), and investments in associates for the six months ended June 30, 2022, and the year ended December 31, 2021 [Mining Interest Schedule for the Year Ended December 31, 2021](index=23&type=section&id=Mining%20Interest%20Schedule%20(Note%2018)%20For%20the%20year%20ended%20December%2031,%202021) For the year ended December 31, 2021, total mining interests increased to $2,231.8 million from $2,463.3 million, reflecting additions to property, plant, and equipment and exploration properties, partially offset by disposals and depreciation Mining Interests - Net Carrying Value (USD thousands) | Category | Balance at Dec 31, 2021 | Balance at Dec 31, 2020 | | :-------------------------------------- | :---------------------- | :---------------------- | | Property, plant and equipment (depletable) | 1,978,355 | 2,110,532 | | Exploration & evaluation properties (pre-depletable) | 230,056 | 252,328 | | Corporate Office, furniture & equipment | 23,420 | 24,160 | | Investments in associates | 104,236 | 76,235 | | **Total Net Carrying Value** | **2,336,067** | **2,463,255** |

B2Gold Corp. (NYSE:BTG) Q1 2022 Results Conference Call May 4, 2022 1:00 PM ET Company Participants Clive Johnson - President & Chief Executive Officer Mike Cinnamond - Chief Financial Officer & Senior VP-Finance Bill Lytle - Senior Vice President, Operations John Rajala - Manager of Metallurgy Conference Call Participants Habib Ovais - Scotiabank Geordie Mark - Haywood Securities Anita Soni - CIBC Operator Good afternoon. My name is Dennis, and I will be your conference operator today. At this time, I woul ...

B2GOLD CORP. Condensed Interim Consolidated Financial Statements For the three months ended March 31, 2022 (Unaudited) B2GOLD CORP. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31 (Expressed in thousands of United States dollars, except per share amounts) (Unaudited) | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------|-------|----------------------|-------|--------------------| | Gold revenue | $ | 20 ...

B2Gold Corp. (NYSE:BTG) Q4 2021 Results Conference Call February 23, 2022 1:00 PM ET Company Participants Clive Johnson - President & Chief Executive Officer Mike Cinnamond - Chief Financial Officer & Senior VP-Finance Bill Lytle - Senior Vice President, Operations John Rajala - Manager of Metallurgy Tom Garagan - Senior Vice President, Exploration Conference Call Participants Ovais Habib - Scotiabank Josh Wolfson - RBC Don DeMarco - National Bank Financial Operator Good afternoon. My name is Pam, and I wil ...