2023 Second Quarter Highlights
- Total gold production of 262,701 ounces in Q2 2023, in-line with expectations for the quarter: Total gold production of 262,701 ounces, including 16,740 ounces of attributable production from Calibre Mining Corp. (“Calibre”).
The Fekola Mine produced 152,427 ounces in the quarter, benefitting from a favorable mine phasing sequence in the second quarter, with Phase 6 of theFekola pit providing high-grade ore to the process plant. AllB2Gold operations are on track to meet or exceed annual production guidance ranges. - Total consolidated cash operating costs of $667 per gold ounce sold in Q2 2023, below the annual guidance range: Total consolidated cash operating costs (see “Non-IFRS Measures”) (including estimated attributable results for Calibre) of
$667 per gold ounce sold during the quarter. Consolidated cash operating costs from the Company’s three operating mines of$639 per gold ounce sold. - Total consolidated all-in sustaining costs of
$1,214 per gold ounce sold in Q2 2023, below the midpoint of the annual guidance range: Total consolidated all-in sustaining costs (see “Non-IFRS Measures”) (including estimated attributable results for Calibre) of$1,214 per gold ounce sold. Consolidated all-in sustaining costs from the Company’s three operating mines of$1,210 per gold ounce sold. - Attributable net income of
$0.06 per share; Adjusted attributable net income of$0.07 per share in Q2 2023: Net income attributable to the shareholders of the Company of$80 million ($0.06 per share); adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company of$86 million ($0.07 per share). - Operating cash flow before working capital adjustments of
$199 million in Q2 2023: Cash flow provided by operating activities before working capital adjustments was$199 million in the second quarter of 2023. - Robust financial position: At
June 30, 2023 , the Company had cash and cash equivalents of$506 million and working capital (defined as current assets less current liabilities) of$570 million . - Q2 2023 dividend of
$0.04 per share declared: The Company remains in a strong net positive cash position and paid a second quarter dividend of$0.04 per common share onJune 27, 2023 (annualized rate of$0.16 per common share). - Completed acquisition of Sabina Gold and Silver Corp. (“Sabina”);
Goose Project construction on-track for mill completion and first gold production in Q1 2025: In the second quarter of 2023 the Company completed its inaugural winter ice road season, extinguished certain of Sabina’s construction financing obligations and received all critical materials that were necessary to maintain the schedule for construction completion of the mill and first gold production at theGoose Project in the first quarter of 2025. Currently, camp construction is partially complete, generators are being installed, and construction workshops are being erected. The Company has also decided to move to an owner-operated construction model versus a fixed priced EPC contract for the construction of the process plant, which will reduce costs and result in a mill with higher availability and lower sustaining capital requirements. UsingB2Gold's owner-operated team also allows for flexibility in construction and the ability to prioritize construction activities as needed. - Updated and significantly increased Mineral Resource Estimate for the
Anaconda Area announced: OnJune 21, 2023 , the Company announced an updated Mineral Resource estimate that includes a significant increase in the laterite, saprolite and saprock (collectively “oxide”) Mineral Resources, and an initial sulphide Indicated Mineral Resource estimate for theAnaconda Area .
Second Quarter 2023 Results
Three months ended | Six months ended | |||
2023 | 2022 | 2023 | 2022 | |
Gold revenue ($ in thousands) | 470,854 | 381,985 | 944,410 | 747,568 |
Net income ($ in thousands) | 91,850 | 40,686 | 193,754 | 131,489 |
Earnings per share – basic(1) ($/ share) | 0.06 | 0.04 | 0.14 | 0.11 |
Earnings per share – diluted(1) ($/ share) | 0.06 | 0.04 | 0.14 | 0.11 |
Cash provided by operating activities ($ thousands) | 194,983 | 124,879 | 398,806 | 232,189 |
Average realized gold price ($/ ounce) | 1,969 | 1,861 | 1,934 | 1,867 |
Adjusted net income(1)(2) ($ in thousands) | 85,804 | 45,248 | 191,666 | 110,344 |
Adjusted earnings per share(1)(2) – basic ($) | 0.07 | 0.04 | 0.16 | 0.10 |
Consolidated operations results: | ||||
Gold sold (ounces) | 239,100 | 205,300 | 488,250 | 400,400 |
Gold produced (ounces) | 245,961 | 208,858 | 496,680 | 405,331 |
Cash operating costs(2) ($/ gold ounce sold) | 639 | 771 | 574 | 702 |
Cash operating costs(2) ($/ gold ounce produced) | 607 | 766 | 591 | 722 |
Total cash costs(2) ($/ gold ounce sold) | 777 | 888 | 714 | 826 |
All-in sustaining costs(2) ($/ gold ounce sold) | 1,210 | 1,109 | 1,128 | 1,069 |
Operations results including equity investment in Calibre: | ||||
Gold sold (ounces) | 255,897 | 220,129 | 521,189 | 428,218 |
Gold produced (ounces) | 262,701 | 223,623 | 529,557 | 432,988 |
Cash operating costs(2) ($/ gold ounce sold) | 667 | 786 | 602 | 723 |
Cash operating costs(2) ($/ gold ounce produced) | 636 | 781 | 618 | 742 |
Total cash costs(2) ($/ gold ounce sold) | 800 | 900 | 738 | 844 |
All-in sustaining costs(2) ($/ gold ounce sold) | 1,214 | 1,111 | 1,135 | 1,074 |
(1) Attributable to the shareholders of the Company.
(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
Liquidity and Capital Resources
Second Quarter 2023 Dividend
On
On
Subsequent to completion of the acquisition of Sabina, in the second quarter of 2023,
On
In the second quarter of 2023, a significant 2023 exploration program was approved for the
Operations
Three months ended | Six months ended | |||
2023 | 2022 | 2023 | 2022 | |
Gold revenue ($ in thousands) | 281,672 | 224,476 | 595,897 | 422,338 |
Gold sold (ounces) | 142,850 | 121,250 | 307,900 | 226,650 |
Average realized gold price ($/ ounce) | 1,972 | 1,851 | 1,935 | 1,863 |
Tonnes of ore milled | 2,324,043 | 2,421,526 | 4,595,934 | 4,620,749 |
Grade (grams/ tonne) | 2.24 | 1.71 | 2.36 | 1.63 |
Recovery (%) | 91.8 | 92.4 | 91.9 | 92.8 |
Gold production (ounces) | 152,427 | 123,066 | 318,291 | 224,714 |
Cash operating costs(1) ($/ gold ounce sold) | 555 | 711 | 510 | 652 |
Cash operating costs(1) ($/ gold ounce produced) | 538 | 639 | 509 | 632 |
Total cash costs(1) ($/ gold ounce sold) | 721 | 847 | 673 | 797 |
All-in sustaining costs(1) ($/ gold ounce sold) | 1,165 | 949 | 1,057 | 967 |
Capital expenditures ($ in thousands) | 74,151 | 20,198 | 127,946 | 48,426 |
Exploration ($ in thousands) | — | 4,062 | 1,706 | 10,456 |
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
The Fekola Mine’s cash operating costs (refer to “Non-IFRS Measures”) for the second quarter of 2023 were
All-in sustaining costs (refer to “Non-IFRS Measures”) for the second quarter of 2023 for the
Capital expenditures in the second quarter of 2023 totaled
The low-cost
Three months ended | Six months ended | |||
2023 | 2022 | 2023 | 2022 | |
Gold revenue ($ in thousands) | 111,291 | 99,675 | 168,283 | 182,768 |
Gold sold (ounces) | 56,700 | 53,250 | 86,350 | 97,550 |
Average realized gold price ($/ ounce) | 1,963 | 1,872 | 1,949 | 1,874 |
Tonnes of ore milled | 2,000,360 | 1,986,253 | 4,069,402 | 3,996,441 |
Grade (grams/ tonne) | 1.03 | 1.09 | 0.99 | 1.14 |
Recovery (%) | 74.3 | 78.4 | 73.9 | 78.2 |
Gold production (ounces) | 49,478 | 54,375 | 95,842 | 114,139 |
Cash operating costs(1) ($/ gold ounce sold) | 850 | 764 | 847 | 773 |
Cash operating costs(1) ($/ gold ounce produced) | 817 | 840 | 849 | 772 |
Total cash costs(1) ($/ gold ounce sold) | 960 | 860 | 971 | 886 |
All-in sustaining costs(1) ($/ gold ounce sold) | 1,091 | 1,082 | 1,169 | 1,054 |
Capital expenditures ($ in thousands) | 6,098 | 14,057 | 15,051 | 19,750 |
Exploration ($ in thousands) | 1,008 | 1,378 | 1,967 | 2,415 |
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
All-in sustaining costs (refer to “Non-IFRS Measures”) for the second quarter of 2023 were
Capital expenditures in the second quarter of 2023 totaled
Three months ended | Six months ended | |||
2023 | 2022 | 2023 | 2022 | |
Gold revenue ($ in thousands) | 77,891 | 57,834 | 180,230 | 142,462 |
Gold sold (ounces) | 39,550 | 30,800 | 94,000 | 76,200 |
Average realized gold price ($/ ounce) | 1,969 | 1,878 | 1,917 | 1,870 |
Tonnes of ore milled | 875,055 | 850,889 | 1,699,007 | 1,696,111 |
Grade (grams/ tonne) | 1.59 | 1.17 | 1.53 | 1.24 |
Recovery (%) | 98.7 | 98.4 | 98.7 | 98.5 |
Gold production (ounces) | 44,056 | 31,417 | 82,547 | 66,478 |
Cash operating costs(1) ($/ gold ounce sold) | 641 | 1,018 | 535 | 763 |
Cash operating costs(1) ($/ gold ounce produced) | 611 | 1,136 | 609 | 943 |
Total cash costs(1) ($/ gold ounce sold) | 720 | 1,093 | 612 | 838 |
All-in sustaining costs(1) ($/ gold ounce sold) | 1,187 | 1,403 | 1,024 | 1,090 |
Capital expenditures ($ in thousands) | 15,630 | 23,152 | 32,976 | 39,283 |
Exploration ($ in thousands) | 996 | 873 | 1,490 | 1,379 |
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
Production from the Wolfshag underground mine remained consistent during the second quarter of 2023, averaging over 1,000 tonnes per day at an average grade of 4.31 g/t. As of the beginning of 2023, the Probable Mineral Reserve estimate for the Wolfshag deposit includes 203,000 ounces of gold in 1.1 million tonnes of ore at an average grade of 5.55 g/t gold.
Cash operating costs (refer to “Non-IFRS Measures”) for the second quarter of 2023 were
All-in sustaining costs for the second quarter of 2023 were
Capital expenditures for the second quarter of 2023 totaled
Development
In the second quarter of 2023 and the first half of 2023, the Company invested
Preliminary results of a Fekola Complex optimization study, coupled with 2022 and 2023 exploration drilling results, indicate that there is a significant opportunity to increase gold production and resource utilization with the addition of oxide processing capacity. The Company is progressing an engineering study of a
On
To allow for incorporation of this updated Mineral Resource estimate into the engineering study, results of the Fekola Complex optimization study are expected in the fourth quarter of 2023. In addition, Fekola Complex optimization work continues to maximize project value from all the various oxide and sulphide material sources including the
Exploration
Outlook
Due to the Company's strong net positive cash position and available liquidity, strong operating results and cash flows, B2Gold’s quarterly dividend rate is expected to be maintained at
After a very successful year for exploration in 2022,
The closing of the acquisition of Sabina and the
The Company’s ongoing strategy is to continue to maximize profitable production from its mines, further advance its pipeline of remaining development and exploration projects, evaluate new exploration, development and production opportunities and continue to pay an industry leading dividend yield.
Second Quarter 2023 Financial Results - Conference Call Details
About
Qualified Persons
Brian Scott,
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President and Chief Executive Officer
Production results and production guidance presented in this news release reflect total production at the mines
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively forward-looking statements") within the meaning of applicable Canadian and
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond
Non-IFRS Measures
This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including "cash operating costs" and "all-in sustaining costs" (or "AISC"). Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with
Cautionary Statement Regarding Mineral Reserve and Resource Estimates
The disclosure in this news release was prepared in accordance with Canadian National Instrument 43-101, which differs significantly from the requirements of the
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED
(Expressed in thousands of
(Unaudited)
For the three months ended | For the three months ended | For the six months ended | For the six months ended | |||||||||||||
Gold revenue | $ | 470,854 | $ | 381,985 | $ | 944,410 | $ | 747,568 | ||||||||
Cost of sales | ||||||||||||||||
Production costs | (152,762 | ) | (158,303 | ) | (280,366 | ) | (281,263 | ) | ||||||||
Depreciation and depletion | (94,662 | ) | (81,874 | ) | (191,820 | ) | (159,137 | ) | ||||||||
Royalties and production taxes | (33,111 | ) | (23,901 | ) | (68,272 | ) | (49,591 | ) | ||||||||
Total cost of sales | (280,535 | ) | (264,078 | ) | (540,458 | ) | (489,991 | ) | ||||||||
Gross profit | 190,319 | 117,907 | 403,952 | 257,577 | ||||||||||||
General and administrative | (13,921 | ) | (12,549 | ) | (28,106 | ) | (23,377 | ) | ||||||||
Share-based payments | (4,591 | ) | (4,041 | ) | (11,445 | ) | (12,445 | ) | ||||||||
(Impairment) reversal of impairment of long-lived assets | (4,885 | ) | 909 | (4,885 | ) | 909 | ||||||||||
Write-down of mineral property interests | — | (3,158 | ) | (16,457 | ) | (3,158 | ) | |||||||||
Community relations | (1,722 | ) | (453 | ) | (2,725 | ) | (1,072 | ) | ||||||||
Foreign exchange losses | (2,253 | ) | (6,001 | ) | (2,849 | ) | (8,457 | ) | ||||||||
Share of net income of associate | 7,009 | 4,139 | 11,988 | 6,911 | ||||||||||||
Other (expenses) income | (10,817 | ) | 1,062 | (14,415 | ) | (970 | ) | |||||||||
Operating income | 159,139 | 97,815 | 335,058 | 215,918 | ||||||||||||
Interest and financing expense | (2,916 | ) | (2,691 | ) | (5,842 | ) | (5,274 | ) | ||||||||
Interest income | 6,035 | 2,506 | 11,854 | 4,628 | ||||||||||||
Gains on derivative instruments | 782 | 7,749 | 425 | 27,048 | ||||||||||||
Other (expense) income | (3,618 | ) | 426 | (5,218 | ) | 6,060 | ||||||||||
Income from operations before taxes | 159,422 | 105,805 | 336,277 | 248,380 | ||||||||||||
Current income tax, withholding and other taxes | (71,205 | ) | (60,141 | ) | (147,945 | ) | (107,795 | ) | ||||||||
Deferred income tax recovery (expense) | 3,633 | (4,978 | ) | 5,422 | (9,096 | ) | ||||||||||
Net income for the period | $ | 91,850 | $ | 40,686 | $ | 193,754 | $ | 131,489 | ||||||||
Attributable to: | ||||||||||||||||
Shareholders of the Company | $ | 80,418 | $ | 37,804 | $ | 166,391 | $ | 118,527 | ||||||||
Non-controlling interests | 11,432 | 2,882 | 27,363 | 12,962 | ||||||||||||
Net income for the period | $ | 91,850 | $ | 40,686 | $ | 193,754 | $ | 131,489 | ||||||||
Earnings per share (attributable to shareholders of the Company) | ||||||||||||||||
Basic | $ | 0.06 | $ | 0.04 | $ | 0.14 | $ | 0.11 | ||||||||
Diluted | $ | 0.06 | $ | 0.04 | $ | 0.14 | $ | 0.11 | ||||||||
Weighted average number of common shares outstanding (in thousands) | ||||||||||||||||
Basic | 1,251,832 | 1,061,270 | 1,164,104 | 1,059,060 | ||||||||||||
Diluted | 1,257,804 | 1,068,276 | 1,169,853 | 1,065,891 | ||||||||||||
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE AND SIX MONTHS ENDED
(Expressed in thousands of
(Unaudited)
For the three months ended | For the three months ended | For the six months ended | For the six months ended | |||||||||||||
Operating activities | ||||||||||||||||
Net income for the period | $ | 91,850 | $ | 40,686 | $ | 193,754 | $ | 131,489 | ||||||||
Mine restoration provisions settled | (579 | ) | — | (579 | ) | — | ||||||||||
Non-cash charges, net | 107,409 | 98,385 | 228,941 | 171,345 | ||||||||||||
Changes in non-cash working capital | 15,052 | (8,736 | ) | 21,278 | (53,471 | ) | ||||||||||
Changes in long-term value added tax receivables | (18,749 | ) | (5,456 | ) | (44,588 | ) | (17,174 | ) | ||||||||
Cash provided by operating activities | 194,983 | 124,879 | 398,806 | 232,189 | ||||||||||||
Financing activities | ||||||||||||||||
Extinguishment of gold stream and construction financing obligations | (111,819 | ) | — | (111,819 | ) | — | ||||||||||
Repayment of equipment loan facilities | (2,887 | ) | (4,705 | ) | (6,465 | ) | (11,495 | ) | ||||||||
Interest and commitment fees paid | (1,118 | ) | (1,096 | ) | (2,120 | ) | (2,324 | ) | ||||||||
Cash proceeds from stock option exercises | 3,464 | 8,600 | 5,908 | 12,631 | ||||||||||||
Dividends paid | (51,730 | ) | (42,512 | ) | (94,706 | ) | (84,746 | ) | ||||||||
Principal payments on lease arrangements | (2,046 | ) | (2,448 | ) | (3,489 | ) | (3,667 | ) | ||||||||
Distributions to non-controlling interests | (2,198 | ) | (3,158 | ) | (4,280 | ) | (4,180 | ) | ||||||||
Revolving credit facility transaction costs | — | — | — | (2,401 | ) | |||||||||||
Other | 770 | 892 | 1,587 | 730 | ||||||||||||
Cash used by financing activities | (167,564 | ) | (44,427 | ) | (215,384 | ) | (95,452 | ) | ||||||||
Investing activities | ||||||||||||||||
Expenditures on mining interests: | ||||||||||||||||
(74,151 | ) | (20,198 | ) | (127,946 | ) | (48,426 | ) | |||||||||
(6,098 | ) | (14,057 | ) | (15,051 | ) | (19,750 | ) | |||||||||
(15,630 | ) | (23,152 | ) | (32,976 | ) | (39,283 | ) | |||||||||
(68,612 | ) | — | (68,612 | ) | — | |||||||||||
(15,035 | ) | (6,717 | ) | (29,810 | ) | (6,929 | ) | |||||||||
(1,204 | ) | (4,130 | ) | (1,714 | ) | (8,537 | ) | |||||||||
Other exploration and development | (24,552 | ) | (15,982 | ) | (40,543 | ) | (29,236 | ) | ||||||||
Cash acquired on acquisition of Sabina Gold & Silver Corp. | 38,083 | — | 38,083 | — | ||||||||||||
Transaction costs paid on acquisition of Sabina Gold & Silver Corp. | (6,672 | ) | — | (6,672 | ) | — | ||||||||||
Purchase of long-term investment | (16,764 | ) | — | (31,880 | ) | — | ||||||||||
Cash paid for purchase of non-controlling interest | — | — | (6,704 | ) | — | |||||||||||
Deferred consideration | — | — | 3,850 | — | ||||||||||||
Cash paid on acquisition of mineral property | — | (48,258 | ) | — | (48,258 | ) | ||||||||||
Cash paid on exercise of mineral property option | — | — | — | (7,737 | ) | |||||||||||
Funding of reclamation accounts | (1,351 | ) | (1,917 | ) | (2,640 | ) | (4,098 | ) | ||||||||
Other | 101 | (358 | ) | (358 | ) | (358 | ) | |||||||||
Cash used by investing activities | (191,885 | ) | (134,769 | ) | (322,973 | ) | (212,612 | ) | ||||||||
Decrease in cash and cash equivalents | (164,466 | ) | (54,317 | ) | (139,551 | ) | (75,875 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (3,067 | ) | (7,751 | ) | (6,188 | ) | (10,432 | ) | ||||||||
Cash and cash equivalents, beginning of period | 673,740 | 648,760 | 651,946 | 672,999 | ||||||||||||
Cash and cash equivalents, end of period | $ | 506,207 | $ | 586,692 | $ | 506,207 | $ | 586,692 | ||||||||
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of
(Unaudited)
As at 2023 | As at 2022 | |||||||
Assets | ||||||||
Current | ||||||||
Cash and cash equivalents | $ | 506,207 | $ | 651,946 | ||||
Accounts receivable, prepaids and other | 31,716 | 28,811 | ||||||
Deferred consideration receivable | — | 3,850 | ||||||
Value-added and other tax receivables | 12,165 | 18,533 | ||||||
Inventories | 339,095 | 332,031 | ||||||
889,183 | 1,035,171 | |||||||
Long-term investments | 67,036 | 31,865 | ||||||
Value-added tax receivables | 158,084 | 121,323 | ||||||
Mining interests | ||||||||
Owned by subsidiaries and joint operations | 3,566,960 | 2,274,730 | ||||||
Investments in associates | 127,152 | 120,049 | ||||||
Long-term stockpile | 53,581 | 48,882 | ||||||
Other assets | 64,926 | 49,213 | ||||||
Deferred income taxes | 3,963 | — | ||||||
$ | 4,930,885 | $ | 3,681,233 | |||||
Liabilities | ||||||||
Current | ||||||||
Accounts payable and accrued liabilities | $ | 153,318 | $ | 114,791 | ||||
Current income and other taxes payable | 128,875 | 95,623 | ||||||
Current portion of long-term debt | 16,972 | 15,519 | ||||||
Current portion of mine restoration provisions | 4,966 | 5,545 | ||||||
Other current liabilities | 15,072 | 2,138 | ||||||
319,203 | 233,616 | |||||||
Long-term debt | 38,625 | 41,709 | ||||||
Gold stream obligation | 128,400 | — | ||||||
Mine restoration provisions | 100,198 | 95,568 | ||||||
Deferred income taxes | 181,056 | 182,515 | ||||||
Employee benefits obligation | 15,235 | 8,121 | ||||||
Other long-term liabilities | 9,130 | 7,915 | ||||||
791,847 | 569,444 | |||||||
Equity | ||||||||
Shareholders’ equity | ||||||||
Share capital | 3,432,229 | 2,487,624 | ||||||
Contributed surplus | 78,338 | 78,232 | ||||||
Accumulated other comprehensive loss | (142,824 | ) | (145,869 | ) | ||||
Retained earnings | 654,265 | 588,139 | ||||||
4,022,008 | 3,008,126 | |||||||
Non-controlling interests | 117,030 | 103,663 | ||||||
4,139,038 | 3,111,789 | |||||||
$ | 4,930,885 | $ | 3,681,233 | |||||
NON-IFRS MEASURES
Cash operating costs per gold ounce sold and total cash costs per gold ounce sold
‘‘Cash operating costs per gold ounce’’ and “total cash costs per gold ounce” are common financial performance measures in the gold mining industry but, as non-IFRS measures, they do not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance and ability to generate cash flow. Accordingly, these measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures, along with sales, are considered to be a key indicator of the Company’s ability to generate earnings and cash flow from its mining operations.
Cash cost figures are calculated on a sales basis in accordance with a standard developed by
For the three months ended | ||||||
Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
$ | $ | $ | $ | $ | $ | |
Production costs | 79,245 | 48,170 | 25,347 | 152,762 | 17,815 | 170,577 |
Royalties and production taxes | 23,686 | 6,285 | 3,140 | 33,111 | 1,078 | 34,189 |
Total cash costs | 102,931 | 54,455 | 28,487 | 185,873 | 18,893 | 204,766 |
Gold sold (ounces) | 142,850 | 56,700 | 39,550 | 239,100 | 16,797 | 255,897 |
Cash operating costs per ounce ($/ gold ounce sold) | 555 | 850 | 641 | 639 | 1,061 | 667 |
Total cash costs per ounce ($/ gold ounce sold) | 721 | 960 | 720 | 777 | 1,125 | 800 |
For the three months ended | ||||||
Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
$ | $ | $ | $ | $ | $ | |
Production costs | 86,258 | 40,690 | 31,355 | 158,303 | 14,695 | 172,998 |
Royalties and production taxes | 16,475 | 5,104 | 2,322 | 23,901 | 1,159 | 25,060 |
Total cash costs | 102,733 | 45,794 | 33,677 | 182,204 | 15,854 | 198,058 |
Gold sold (ounces) | 121,250 | 53,250 | 30,800 | 205,300 | 14,829 | 220,129 |
Cash operating costs per ounce ($/ gold ounce sold) | 711 | 764 | 1,018 | 771 | 991 | 786 |
Total cash costs per ounce ($/ gold ounce sold) | 847 | 860 | 1,093 | 888 | 1,069 | 900 |
For the six months ended | ||||||
Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
$ | $ | $ | $ | $ | $ | |
Production costs | 156,906 | 73,163 | 50,297 | 280,366 | 33,580 | 313,946 |
Royalties and production taxes | 50,352 | 10,698 | 7,222 | 68,272 | 2,332 | 70,604 |
Total cash costs | 207,258 | 83,861 | 57,519 | 348,638 | 35,912 | 384,550 |
Gold sold (ounces) | 307,900 | 86,350 | 94,000 | 488,250 | 32,939 | 521,189 |
Cash operating costs per ounce ($/ gold ounce sold) | 510 | 847 | 535 | 574 | 1,019 | 602 |
Total cash costs per ounce ($/ gold ounce sold) | 673 | 971 | 612 | 714 | 1,090 | 738 |
For the six months ended | ||||||
Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
$ | $ | $ | $ | $ | $ | |
Production costs | 147,668 | 75,454 | 58,141 | 281,263 | 28,289 | 309,552 |
Royalties and production taxes | 32,947 | 10,966 | 5,678 | 49,591 | 2,097 | 51,688 |
Total cash costs | 180,615 | 86,420 | 63,819 | 330,854 | 30,386 | 361,240 |
Gold sold (ounces) | 226,650 | 97,550 | 76,200 | 400,400 | 27,818 | 428,218 |
Cash operating costs per ounce ($/ gold ounce sold) | 652 | 773 | 763 | 702 | 1,017 | 723 |
Total cash costs per ounce ($/ gold ounce sold) | 797 | 886 | 838 | 826 | 1,092 | 844 |
Cash operating costs per gold ounce produced
In addition to cash operating costs on a per gold ounce sold basis, the Company also presents cash operating costs on a per gold ounce produced basis. Cash operating costs per gold ounce produced is derived from amounts included in the statement of operations and include mine site operating costs such as mining, processing, smelting, refining, transportation costs, less silver by-product credits. The tables below show a reconciliation of cash operating costs per gold ounce produced to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis:
For the three months ended | |||||||||
Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | ||||
$ | $ | $ | $ | $ | $ | ||||
Production costs | 79,245 | 48,170 | 25,347 | 152,762 | 17,815 | 170,577 | |||
Inventory sales adjustment | 2,698 | (7,757 | ) | 1,587 | (3,472 | ) | — | (3,472 | ) |
Cash operating costs | 81,943 | 40,413 | 26,934 | 149,290 | 17,815 | 167,105 | |||
Gold produced (ounces) | 152,427 | 49,478 | 44,056 | 245,961 | 16,740 | 262,701 | |||
Cash operating costs per ounce ($/ gold ounce produced) | 538 | 817 | 611 | 607 | 1,064 | 636 |
For the three months ended | |||||||
Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | ||
$ | $ | $ | $ | $ | $ | ||
Production costs | 86,258 | 40,690 | 31,355 | 158,303 | 14,695 | 172,998 | |
Inventory sales adjustment | (7,670 | ) | 4,985 | 4,325 | 1,640 | — | 1,640 |
Cash operating costs | 78,588 | 45,675 | 35,680 | 159,943 | 14,695 | 174,638 | |
Gold produced (ounces) | 123,066 | 54,375 | 31,417 | 208,858 | 14,765 | 223,623 | |
Cash operating costs per ounce ($/ gold ounce produced) | 639 | 840 | 1,136 | 766 | 995 | 781 |
For the six months ended | |||||||
Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | ||
$ | $ | $ | $ | $ | $ | ||
Production costs | 156,906 | 73,163 | 50,297 | 280,366 | 33,580 | 313,946 | |
Inventory sales adjustment | 5,216 | 8,180 | (62 | ) | 13,334 | — | 13,334 |
Cash operating costs | 162,122 | 81,343 | 50,235 | 293,700 | 33,580 | 327,280 | |
Gold produced (ounces) | 318,291 | 95,842 | 82,547 | 496,680 | 32,877 | 529,557 | |
Cash operating costs per ounce ($/ gold ounce produced) | 509 | 849 | 609 | 591 | 1,021 | 618 |
For the six months ended | |||||||
Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | ||
$ | $ | $ | $ | $ | $ | ||
Production costs | 147,668 | 75,454 | 58,141 | 281,263 | 28,289 | 309,552 | |
Inventory sales adjustment | (5,682 | ) | 12,659 | 4,543 | 11,520 | — | 11,520 |
Cash operating costs | 141,986 | 88,113 | 62,684 | 292,783 | 28,289 | 321,072 | |
Gold produced (ounces) | 224,714 | 114,139 | 66,478 | 405,331 | 27,657 | 432,988 | |
Cash operating costs per ounce ($/ gold ounce produced) | 632 | 772 | 943 | 722 | 1,023 | 742 | |
All-in sustaining costs per gold ounce
In
Management believes that the all-in sustaining costs per gold ounce measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. The Company has applied the principles of the
The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis for the three months ended
For the three months ended | ||||||||||||
Mine | Masbate Mine | Otjikoto Mine | Corporate | Total | Calibre equity investment | Grand Total | ||||||
$ | $ | $ | $ | $ | $ | $ | ||||||
Production costs | 79,245 | 48,170 | 25,347 | — | 152,762 | 17,815 | 170,577 | |||||
Royalties and production taxes | 23,686 | 6,285 | 3,140 | — | 33,111 | 1,078 | 34,189 | |||||
Corporate administration | 2,403 | 640 | 1,176 | 9,836 | 14,055 | 574 | 14,629 | |||||
Share-based payments – RSUs/DSUs/PSUs/RPUs(1) | — | — | — | 3,838 | 3,838 | — | 3,838 | |||||
Community relations | 1,370 | 41 | 311 | — | 1,722 | — | 1,722 | |||||
Reclamation liability accretion | 357 | 278 | 277 | — | 912 | — | 912 | |||||
Realized gains on derivative contracts | (688 | ) | (642 | ) | (209 | ) | — | (1,539 | ) | — | (1,539 | ) |
Sustaining lease expenditures | 981 | 303 | 297 | 465 | 2,046 | — | 2,046 | |||||
Sustaining capital expenditures(2) | 59,032 | 5,752 | 15,630 | — | 80,414 | 1,933 | 82,347 | |||||
Sustaining mine exploration(2) | — | 1,008 | 996 | — | 2,004 | — | 2,004 | |||||
Total all-in sustaining costs | 166,386 | 61,835 | 46,965 | 14,139 | 289,325 | 21,400 | 310,725 | |||||
Gold sold (ounces) | 142,850 | 56,700 | 39,550 | — | 239,100 | 16,797 | 255,897 | |||||
All-in sustaining cost per ounce ($/ gold ounce sold) | 1,165 | 1,091 | 1,187 | — | 1,210 | 1,274 | 1,214 | |||||
(1) Included as a component of Share-based payments on the Statement of operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.
The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the unaudited condensed interim consolidated financial statements for the three months ended
For the three months ended | ||||||||||
Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |||||
$ | $ | $ | $ | $ | $ | |||||
Operating mine capital expenditures | 74,151 | 6,098 | 15,630 | 95,879 | 1,933 | 97,812 | ||||
Road construction | (2,657 | ) | — | — | (2,657 | ) | — | (2,657 | ) | |
(12,462 | ) | — | — | (12,462 | ) | — | (12,462 | ) | ||
Other | — | (346 | ) | — | (346 | ) | — | (346 | ) | |
Sustaining capital expenditures | 59,032 | 5,752 | 15,630 | 80,414 | 1,933 | 82,347 | ||||
The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the unaudited condensed interim consolidated financial statements for the three months ended
For the three months ended | ||||||
Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
$ | $ | $ | $ | $ | $ | |
Operating mine exploration | — | 1,008 | 996 | 2,004 | — | 2,004 |
Regional exploration | — | — | — | — | — | — |
Sustaining mine exploration | — | 1,008 | 996 | 2,004 | — | 2,004 |
The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis for the three months ended
For the three months ended | ||||||||||||
Mine | Masbate Mine | Otjikoto Mine | Corporate | Total | Calibre equity investment | Grand Total | ||||||
$ | $ | $ | $ | $ | $ | $ | ||||||
Production costs | 86,258 | 40,690 | 31,355 | — | 158,303 | 14,695 | 172,998 | |||||
Royalties and production taxes | 16,475 | 5,104 | 2,322 | — | 23,901 | 1,159 | 25,060 | |||||
Corporate administration | 2,172 | 870 | 1,574 | 7,933 | 12,549 | 1,075 | 13,624 | |||||
Share-based payments – RSUs/DSUs/PSUs/RPUs(1) | — | — | — | 3,179 | 3,179 | — | 3,179 | |||||
Community relations | 117 | 118 | 218 | — | 453 | — | 453 | |||||
Reclamation liability accretion | 224 | 227 | 165 | — | 616 | — | 616 | |||||
Realized gains on derivative contracts | (4,778 | ) | (4,829 | ) | (2,076 | ) | — | (11,683 | ) | — | (11,683 | ) |
Sustaining lease expenditures | 192 | 315 | 1,407 | 534 | 2,448 | — | 2,448 | |||||
Sustaining capital expenditures(2) | 14,101 | 13,724 | 7,578 | — | 35,403 | — | 35,403 | |||||
Sustaining mine exploration(2) | 362 | 1,378 | 679 | — | 2,419 | — | 2,419 | |||||
Total all-in sustaining costs | 115,123 | 57,597 | 43,222 | 11,646 | 227,588 | 16,929 | 244,517 | |||||
Gold sold (ounces) | 121,250 | 53,250 | 30,800 | — | 205,300 | 14,829 | 220,129 | |||||
All-in sustaining cost per ounce ($/ gold ounce sold) | 949 | 1,082 | 1,403 | — | 1,109 | 1,142 | 1,111 | |||||
(1) Included as a component of Share-based payments on the Statement of operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below
The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the unaudited condensed interim consolidated financial statements for the three months ended
For the three months ended | |||||||||||
Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | ||||||
$ | $ | $ | $ | $ | $ | ||||||
Operating mine capital expenditures | 20,198 | 14,057 | 23,152 | 57,407 | — | 57,407 | |||||
Cardinal mobile equipment | (2,426 | ) | — | — | (2,426 | ) | — | (2,426 | ) | ||
Tailings facility life-of-mine study | (3,507 | ) | — | — | (3,507 | ) | — | (3,507 | ) | ||
(25 | ) | — | — | (25 | ) | — | (25 | ) | |||
Other | (139 | ) | — | (362 | ) | (501 | ) | — | (501 | ) | |
Land acquisitions | — | (333 | ) | — | (333 | ) | — | (333 | ) | ||
Underground development | — | — | (13,196 | ) | (13,196 | ) | — | (13,196 | ) | ||
National power grid connection | — | — | (2,016 | ) | (2,016 | ) | — | (2,016 | ) | ||
Sustaining capital expenditures | 14,101 | 13,724 | 7,578 | 35,403 | — | 35,403 | |||||
The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the unaudited condensed interim consolidated financial statements for the three months ended
For the three months ended | ||||||||||
Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |||||
$ | $ | $ | $ | $ | $ | |||||
Operating mine exploration | 4,062 | 1,378 | 873 | 6,313 | — | 6,313 | ||||
Regional exploration | (3,700 | ) | — | (194 | ) | (3,894 | ) | — | (3,894 | ) |
Sustaining mine exploration | 362 | 1,378 | 679 | 2,419 | — | 2,419 | ||||
The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis for the six months ended
For the six months ended | ||||||||||||
Mine | Masbate Mine | Otjikoto Mine | Corporate | Total | Calibre equity investment | Grand Total | ||||||
$ | $ | $ | $ | $ | $ | $ | ||||||
Production costs | 156,906 | 73,163 | 50,297 | — | 280,366 | 33,580 | 313,946 | |||||
Royalties and production taxes | 50,352 | 10,698 | 7,222 | — | 68,272 | 2,332 | 70,604 | |||||
Corporate administration | 5,364 | 1,139 | 2,880 | 18,857 | 28,240 | 1,323 | 29,563 | |||||
Share-based payments – RSUs/DSUs/PSUs/RPUs(1) | — | — | — | 8,157 | 8,157 | — | 8,157 | |||||
Community relations | 2,044 | 99 | 582 | — | 2,725 | — | 2,725 | |||||
Reclamation liability accretion | 738 | 569 | 571 | — | 1,878 | — | 1,878 | |||||
Realized gains on derivative contracts | (1,459 | ) | (1,814 | ) | (697 | ) | — | (3,970 | ) | — | (3,970 | ) |
Sustaining lease expenditures | 1,045 | 610 | 920 | 914 | 3,489 | — | 3,489 | |||||
Sustaining capital expenditures(2) | 108,808 | 14,528 | 32,976 | — | 156,312 | 3,939 | 160,251 | |||||
Sustaining mine exploration(2) | 1,706 | 1,967 | 1,490 | — | 5,163 | — | 5,163 | |||||
Total all-in sustaining costs | 325,504 | 100,959 | 96,241 | 27,928 | 550,632 | 41,174 | 591,806 | |||||
Gold sold (ounces) | 307,900 | 86,350 | 94,000 | — | 488,250 | 32,939 | 521,189 | |||||
All-in sustaining cost per ounce ($/ gold ounce sold) | 1,057 | 1,169 | 1,024 | — | 1,128 | 1,250 | 1,135 | |||||
(1) Included as a component of Share-based payments on the Statement of operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.
The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the unaudited condensed interim consolidated financial statements for the six months ended
For the six months ended | ||||||||||
Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |||||
$ | $ | $ | $ | $ | $ | |||||
Operating mine capital expenditures | 127,946 | 15,051 | 32,976 | 175,973 | 3,939 | 179,912 | ||||
Road construction | (5,067 | ) | — | — | (5,067 | ) | — | (5,067 | ) | |
(14,071 | ) | — | — | (14,071 | ) | — | (14,071 | ) | ||
Other | — | (523 | ) | — | (523 | ) | — | (523 | ) | |
Sustaining capital expenditures | 108,808 | 14,528 | 32,976 | 156,312 | 3,939 | 160,251 | ||||
The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the unaudited condensed interim consolidated financial statements for the six months ended
For the six months ended | ||||||
Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |
$ | $ | $ | $ | $ | $ | |
Operating mine exploration | 1,706 | 1,967 | 1,490 | 5,163 | — | 5,163 |
Regional exploration | — | — | — | — | — | — |
Sustaining mine exploration | 1,706 | 1,967 | 1,490 | 5,163 | — | 5,163 |
The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis for the six months ended
For the six months ended | ||||||||||||
Mine | Masbate Mine | Otjikoto Mine | Corporate | Total | Calibre equity investment | Grand Total | ||||||
$ | $ | $ | $ | $ | $ | $ | ||||||
Production costs | 147,668 | 75,454 | 58,141 | — | 281,263 | 28,289 | 309,552 | |||||
Royalties and production taxes | 32,947 | 10,966 | 5,678 | — | 49,591 | 2,097 | 51,688 | |||||
Corporate administration | 4,287 | 1,228 | 2,875 | 14,987 | 23,377 | 1,546 | 24,923 | |||||
Share-based payments – RSUs/DSUs/PSUs/RPUs(1) | — | — | — | 6,879 | 6,879 | — | 6,879 | |||||
Community relations | 383 | 137 | 552 | — | 1,072 | — | 1,072 | |||||
Reclamation liability accretion | 383 | 410 | 282 | — | 1,075 | — | 1,075 | |||||
Realized gains on derivative contracts | (6,887 | ) | (7,400 | ) | (3,298 | ) | — | (17,585 | ) | — | (17,585 | ) |
Sustaining lease expenditures | 385 | 637 | 1,446 | 1,199 | 3,667 | — | 3,667 | |||||
Sustaining capital expenditures(2) | 35,968 | 19,005 | 16,245 | — | 71,218 | — | 71,218 | |||||
Sustaining mine exploration(2) | 3,993 | 2,415 | 1,157 | — | 7,565 | — | 7,565 | |||||
Total all-in sustaining costs | 219,127 | 102,852 | 83,078 | 23,065 | 428,122 | 31,932 | 460,054 | |||||
Gold sold (ounces) | 226,650 | 97,550 | 76,200 | — | 400,400 | 27,818 | 428,218 | |||||
All-in sustaining cost per ounce ($/ gold ounce sold) | 967 | 1,054 | 1,090 | — | 1,069 | 1,148 | 1,074 | |||||
(1) Included as a component of Share-based payments on the Statement of operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below
The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the unaudited condensed interim consolidated financial statements for the six months ended
For the six months ended | |||||||||||
Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | ||||||
$ | $ | $ | $ | $ | $ | ||||||
Operating mine capital expenditures | 48,426 | 19,750 | 39,283 | 107,459 | — | 107,459 | |||||
Cardinal mobile equipment | (7,999 | ) | — | — | (7,999 | ) | — | (7,999 | ) | ||
Tailings facility life-of-mine study | (3,930 | ) | — | — | (3,930 | ) | — | (3,930 | ) | ||
(368 | ) | — | — | (368 | ) | — | (368 | ) | |||
Other | (161 | ) | — | (362 | ) | (523 | ) | — | (523 | ) | |
Land acquisitions | — | (745 | ) | — | (745 | ) | — | (745 | ) | ||
Underground development | — | — | (18,930 | ) | (18,930 | ) | — | (18,930 | ) | ||
National power grid connection | — | — | (3,746 | ) | (3,746 | ) | — | (3,746 | ) | ||
Sustaining capital expenditures | 35,968 | 19,005 | 16,245 | 71,218 | — | 71,218 | |||||
The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the unaudited condensed interim consolidated financial statements for the six months ended
For the six months ended | ||||||||||
Mine | Masbate Mine | Otjikoto Mine | Total | Calibre equity investment | Grand Total | |||||
$ | $ | $ | $ | $ | $ | |||||
Operating mine exploration | 10,456 | 2,415 | 1,379 | 14,250 | — | 14,250 | ||||
Regional exploration | (6,463 | ) | — | (222 | ) | (6,685 | ) | — | (6,685 | ) |
Sustaining mine exploration | 3,993 | 2,415 | 1,157 | 7,565 | — | 7,565 | ||||
Adjusted net income and adjusted earnings per share - basic
Adjusted net income and adjusted earnings per share – basic are non-IFRS measures that do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines adjusted net income as net income attributable to shareholders of the Company adjusted for non-recurring items and also significant recurring non-cash items. The Company defines adjusted earnings per share – basic as adjusted net income divided by the basic weighted number of common shares outstanding.
Management believes that the presentation of adjusted net income and adjusted earnings per share - basic is appropriate to provide additional information to investors regarding items that we do not expect to continue at the same level in the future or that management does not believe to be a reflection of the Company's ongoing operating performance. Management further believes that its presentation of these non-IFRS financial measures provide information that is useful to investors because they are important indicators of the strength of our operations and the performance of our core business. Accordingly, it is intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently.
A reconciliation of net income to adjusted net income as extracted from the unaudited condensed interim consolidated financial statements is set out in the table below:
Three months ended | Six months ended | |||||||
2023 | 2022 | 2023 | 2022 | |||||
$ | $ | $ | $ | |||||
(000’s) | (000’s) | (000’s) | (000’s) | |||||
Net income attributable to shareholders of the Company for the period: | 80,418 | 37,804 | 166,391 | 118,527 | ||||
Adjustments for non-recurring and significant recurring non-cash items: | ||||||||
Impairment (reversal) of impairment of long-lived assets | 4,885 | (909 | ) | 4,885 | (909 | ) | ||
Write-down of mineral property interests | — | 3,027 | 16,419 | 3,027 | ||||
Unrealized losses (gains) on derivative instruments | 757 | 3,934 | 3,545 | (9,463 | ) | |||
Office lease termination costs | — | — | 1,946 | — | ||||
Loan receivable provision | 2,085 | — | 2,085 | — | ||||
Change in fair value of gold stream | 1,100 | — | 1,100 | — | ||||
Dilution gain on investment in Calibre | — | — | — | (5,458 | ) | |||
Non-cash interest income on deferred consideration receivable | — | (1,051 | ) | — | (2,090 | ) | ||
Deferred income tax (recovery) expense | (3,441 | ) | 2,443 | (4,705 | ) | 6,710 | ||
Adjusted net income attributable to shareholders of the Company for the period | 85,804 | 45,248 | 191,666 | 110,344 | ||||
Basic weighted average number of common shares outstanding (in thousands) | 1,251,832 | 1,061,270 | 1,164,104 | 1,059,060 | ||||
Adjusted net earnings attributable to shareholders of the Company per share–basic ($/share) | 0.07 | 0.04 | 0.16 | 0.10 |
For more information onB2Gold please visit the Company website at www.b2gold.com or contact:Michael McDonald VP, Investor Relations & Corporate Development +1 604-681-8371 investor@b2gold.comCherry De Geer Director, Corporate Communications +1 604-681-8371 investor@b2gold.com
Source:
2023 GlobeNewswire, Inc., source