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Shared Interests Group

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Carter Walker
Carter Walker

Cash Truck.mp4


Fitch Ratings has access to information about Chrysler's finances that neither you nor I nor a whole bunch of really powerful people can access. Now that Chrysler's eliminated leasing, Fitch doesn't like what they see. They've downgraded Chrysler from B- to CCC, with a negative outlook. Not to get too technical, it's yet another indication that Chrysler has one foot in the grave. Or, if you prefer, MarketWatch reports that "The downgrade reflects Chrysler's restricted access to economic retail financing for its vehicles, which is expected to result in a further step-down in retail volumes. Lack of competitive financing is also expected to result in more costly subvention payments and other forms of sales incentives. Fitch is also concerned with the state of the securitization market and the ability of the automakers to access this market on an economic basis over the near term, given the steep drop in residual values (particularly in SUVs and pickup trucks), higher default rates, higher loss severity being experienced and jittery capital markets." Cash burn? Oh yeah, cash burn. "Fitch expects that Chrysler could reach minimum required levels to finance ongoing operations in the second half of 2009. This could be accelerated in the event that suppliers or retail customers become concerned with Chrysler's financial condition and restrict trade credit or reduce retail purchases."




Cash Truck.mp4



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.


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.


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.


As previously disclosed, the Company's operations continue to be impacted by global cost inflation. However, despite these ongoing cost pressures, the draw downs of existing inventories, proactive management and the revised sequencing of some capital costs means that consolidated cash operating costs and AISC in the first quarter of 2022 were lower than budget. The Company will continue to closely monitor the levels of cost inflation over the remainder of 2022. B2Gold's projects and operations continue to target long-term cash flow and value at industry leading costs per ounce of gold produced.


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.


Based on current assumptions, the Company expects to generate consolidated cashflows from operating activities of approximately $625 million for full-year 2022, expected to be significantly weighted to the second half of 2022. The benefit of higher gold prices realized in the first quarter of 2022 is expected to be offset by the impacts of cost inflation and delays in the recovery of VAT receivables. In addition, based on current assumptions, the Company is forecasting to make total cash income and withholding tax payments (including priority dividend payments) for full-year 2022 of approximately $290 million.


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.


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.


Due to the Company's strong net positive cash position, strong operating results and the current higher gold price environment, B2Gold's quarterly dividend rate is expected to be maintained at $0.04 per common share (or an annualized rate of $0.16 per common share), one of the highest dividend yields in the gold sector. The declaration and payment of future quarterly dividends remains at the discretion of the Board and will depend on the Company's financial results, cash requirements, future prospects and other factors deemed relevant by the Board.


For the first quarter of 2022, Fekola's cash operating costs were $624 per ounce produced ($583 per ounce sold), significantly below budget by $157 per ounce produced (20%), mainly as a result of lower than budgeted mining, processing and site general costs. These favourable cost variances were mainly attributable to lower than budgeted fuel prices realized in the first quarter of 2022 (as fuel prices are set in advance by the State and therefore subject to timing delays between market fuel price increases and those experienced at the Fekola Mine) and below budgeted volumes of fuel and other consumables utilized due to lower overall tonnes mined and processed compared to budget. Mined tonnes were lower than budget due to a temporary change in mine sequencing to accommodate the temporary change in saprolite processing as discussed above. Over 20% of the power generated in first quarter of 2022 was solar, resulting in over 3.5 million litres of fuel savings and a reduction of over 11,000 tonnes of carbon emissions in the first quarter of 2022. As expected, Fekola's cash operating costs were higher in the first quarter of 2022 compared to $503 per ounce produced ($479 per ounce sold) in the first quarter of 2021, mainly as a result of the planned lower gold production, higher fuel and other consumable costs and increased mining costs from operating deeper in the Fekola Pit.


Fekola's AISC for the first quarter of 2022 were $987 per ounce sold (Q1 2021 - $770 per ounce sold), significantly below budget by $342 per ounce sold (26%), mainly attributable to the lower than budgeted cash operating costs, higher than budgeted gold ounces sold and lower sustaining capital expenditures ($14 million, mainly due to the timing of pre-stripping). The lower than budgeted sustaining capital expenditures were primarily a result of timing of pre-stripping and are expected to be incurred later in 2022. 041b061a72


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