B2Gold Reports Successful Commissioning of Fekola Mill Expansion ahead of Schedule; Maintains 2020 Production Guidance and Continues Debt Reduction; Declares Third Quarter Dividend of $0.04 per Share

VANCOUVER, Sept. 10, 2020 /CNW/ - B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) ("B2Gold" or the "Company") is pleased to provide the following corporate update:

Fekola Mill Expansion

The Company is pleased to announce the successful commissioning of the mill expansion at the Fekola Mine to 7.5 million tonnes per annum, approximately one month ahead of the scheduled completion date of September 30, 2020. This includes completion of all major construction activities associated with the Fekola mill expansion, as well as successful execution of a process performance test to compare with design expectations. Four days after start-up, a 5-day mill performance test was conducted from August 26 to August 30, 2020. The results of the performance test exceeded design in throughput, gold recovery, grind and availability over the 5-day day period. The minor, outstanding construction work is expected to be completed by mid-September 2020. 

The Fekola Mine continues to operate unimpeded and no operational days have been lost due to the recent political developments in Mali or the COVID-19 pandemic. B2Gold will continue to work with regional and national governments to ensure that its mining operations continue normally, providing important economic benefits to all stakeholders, including our employees, governments and the communities around the mine.  In addition, the Company recently has partnered with the government to assist the people of Mali in facing the challenges created by the COVID-19 pandemic and its impact on the mining sector.

2020 Production Guidance Maintained 

The Company is maintaining both quarterly consolidated budgeted production estimates and consolidated annual production guidance for 2020.  Total consolidated production guidance remains at between 1,000,000 and 1,055,000 ounces of gold; total consolidated cash operating costs (see "Non-IFRS Measures") are forecast to be between $415 and $455 per ounce and total consolidated all-in sustaining costs (see "Non-IFRS Measures") are forecast to be between $780 and $820 per ounce.  All dollar figures are in United States Dollars unless otherwise indicated.

Dividend Declared for Third Quarter of 2020

The Company is also pleased to announce that its Board of Directors has declared a cash dividend for the third quarter of 2020 of $0.04 per share, payable on September 30, 2020 to shareholders of record as of September 22, 2020. 

As part of the long-term strategy to maximize shareholder value, B2Gold expects to declare future quarterly dividends at the same level, which reflects a previously announced increase in the Company's annual dividend from $0.08 per share to $0.16 per share. This dividend is designated as an "eligible dividend" for the purposes of the Income Tax Act (Canada). Dividends paid by B2Gold to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes. 

The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board of Directors, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with the Company's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board of Directors deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.  

Debt Repayment Update

Based on the continuing strong operating performance at each of the Company's mines and no significant unforeseen work stoppages having been incurred due to COVID-19, the Company commenced repaying the outstanding Revolving Credit Facility (RCF) balance of $425 million in August 2020. To date, the Company has repaid $375 million of the total outstanding balance and expects to repay the final remaining tranche of $50 million and be debt-free by late September 2020, other than mining equipment loans and leases totaling approximately $50 million which are payable over several years. This will leave the Company well positioned with the full amount of the $600 million RCF undrawn and available. 

Based on current assumptions, including a gold price of $1,900 per ounce for the second half of 2020, the Company expects to generate cashflows from operating activities of more than $900 million in 2020. The Company's ongoing strategy is to continue to maximize profitable production from its mines, grow its mineral reserves, utilize cash flow to continue the dividend payment, further advance its pipeline of development and exploration projects and evaluate growth opportunities.

About B2Gold Corp. 

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 Mali and Colombia. B2Gold continues to forecast total consolidated gold production of between 1,000,000 and 1,055,000 ounces in 2020.

Qualified Persons 

Bill Lytle, Senior Vice President of Operations, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release.

On Behalf of B2GOLD CORP.

"Clive T. Johnson"
President and Chief Executive Officer                                  

For more information on B2Gold please visit the Company website at www.b2gold.com or contact: