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Doble Engineering Company Launches F8000 Power System Simulators

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MARLBOROUGH, Mass., June 8, 2021 /PRNewswire/ — Doble Engineering Company, a leader in power grid diagnostic solutions and a subsidiary of ESCO Technologies Inc. (NYSE: ESE), today releases the all-new F8000 platform of modular, highly configurable power system simulators. The new F8000 hardware platform is designed for next-level testing of protection relay, automation and control technologies.

Universally suited for both conventional and digital protection system applications, Doble’s new F8000 hardware platform gives power and utility companies tailored functionality and modern performance. The powerful, adaptable platform is comprised of modules for instrument control, power, logic, and digital streaming plus a line of configurable chassis. Companies now have the ability to choose specific module and chassis combinations from a range of test instrument configurations that fit their unique test requirements.

“Digital substations add tremendous value to power grid operations and are rapidly growing in global popularity. The challenge is they need to be tested over digital networks, while conventional power systems require a wide range of analog power signals,” said Scott Short, director of protection and automation technology at Doble Engineering Company. “Until today, professionals were forced to buy separate test sets to meet both needs. We’ve put everything into one platform. Now, regardless of your application or testing scheme, there’s a test set that fits your unique situation. Tell us what you need, and we’ll build it.”

The modularity of the F8000 power system simulators make them a sound investment at a time when organizations need flexibility. Working from this platform, companies can scale their protection testing programs and adopt emerging technologies, while gaining improved fleet maintenance, remote instrument operation, confident test setup, easier troubleshooting, and the ability to test various protection systems at once within a network.

“Technology innovation is continuous. The F8000 platform enables our customers to stay agile and flexible by positioning them to constantly capitalize on emerging technologies and changing requirements,” said Short. “We’re fundamentally evolving our approach to ensure our clients are always out ahead. What you see today is just the beginning. We are expanding this future-proof platform and will continue to incorporate new technologies to meet evolving testing needs.”

The F8000 is available in several configurations. Customers can choose the configuration that meets their needs, whether they require VA sources suited to full 3-phase system tests, or a single-phase power for basic element verifications. When it comes to testing digital substations, the F8000 digital modules, with on-board fiber and Ethernet connectivity, utilize the IEC 61850 architecture, ensuring network-compliant communication with IEDs.

The new F8000 hardware is compatible with the existing protection testing software Doble provides, including Protection Suite, Doble RTS®, 61850 TesT and Doble PowerBase®. As well as being highly portable, F8000 instruments are also rack-mountable in control houses or lab environments, field-rated for extreme operating conditions, and come with upgraded components, advanced firmware, and compliance with the latest IEC standards including IEC 61850-9-2, 61850-9-2LE, and 61869-9 sampled values. Additionally, its analog ports feature intelligent LED light rings that glow to indicate correct test lead connections, phase voltage or current issues, and change-of-state sense conditions to take the guess work out of test setup while working seamlessly with existing Protection Suite and RTS procedures.

For more information on Doble’s F8000 platform of power system simulators, please visit https://www.doble.com/F8000

About Doble Engineering Company
The team at Doble Engineering Company ensures reliable, safe and secure power for all. We do this by providing comprehensive diagnostics and engineering expertise for the energy industry.

Founded in 1920, Doble is committed to the continuing education of our customers, and the support and training of the next generation of power industry workers – uniting the utility sector for an innovative future.

Doble serves customers around the globe; our companies and product lines include Manta Test Systems, Morgan Schaffer, and Vanguard Instruments.

Doble is part of the Utility Solutions Group of ESCO Technologies Inc. (NYSE: ESE). For more information, visit: www.doble.com, follow us on Twitter @doble and connect on LinkedIn.

SOURCE Doble Engineering Company

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Energy

New Pacific Announces Receipt of Exploration Licenses and Environmental Permits for the Carangas Silver Project and Identifies Drill Targets

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  • Received exploration licenses, environmental permits, and community approvals for exploration activities at the Carangas Project;
  • Identified four drill target areas for bulk tonnage and high-grade silver mineralization;
  • Commencing an initial 5,000-metre (“m”) discovery drill program; and
  • Establishing support facilities on site.

Dr. Mark Cruise, CEO of New Pacific, said, “I am pleased to announce that exploration licenses are in hand to commence our Phase I drill program at the Carangas Project. Our exploration team has identified and prioritized several drill targets to test for bulk tonnage and high-grade silver vein potential. Contingent on results, we will evaluate further exploration work at the Project. We look forward to providing updates on the progress of the drill program.”

“We are well-funded to continue executing on our strategy, including the completion of the Silver Sand Project PEA, exploration work at our properties and continued project generation efforts, all of which are geared toward creating shareholder value.”

EXPLORATION LICENSES AND DRILL PROGRAM

The two exploration licenses for the Project are valid for five years and can be renewed upon expiry.  They allow a wide variety of early to advanced stage exploration activities including drilling, underground development, geological mapping, geochemical sampling and geophysical surveying.  An exploration license gives the holder the preferential right to request and enter into an Administrative Mining Contract (“AMC”) with the Jurisdictional Mining Administrative Authority in Bolivia (Autoridad Jurisdiccional Administrativa Minera or “AJAM”).

The Company’s exploration team has identified multiple targets with the potential to host near-surface bulk tonnage and/or high-grade silver mineralization. An initial discovery drill program of up to approximately 5,000 m is planned for 2021. Community approvals are in hand and the logistics team is currently establishing support facilities on site.

TARGET GENERATION

The Carangas Project is comprised of a Miocene aged, multi-phase, rhyo-dacitic, volcanic dome complex cut by silver-bearing hydrothermal breccias and veins. Interpreted to occur on the flank of a larger caldera collapse system, it has a surface expression of approximately 1.6 kilometers (“km”) east-west by 1.4 km north-south before dipping under a younger cover sequence. The volcanic complex is divided by an ephemeral stream into two separate domes called West and East Domes, both sitting 150 m above the surrounding alluvial plains.

The exploration team has identified four principal target areas based on analysis of extensive historic workings, limited prior exploration programs, and New Pacific due diligence, including extensive surface sampling and detailed geological and structural mapping in addition to mineral system analysis. For additional details, see the Company’s news release dated April 12, 2021. The four target areas are discussed below.

West Dome

Extensive historic workings on multiple levels exploited mineralized structures and hydrothermal vein breccias over an area, which measures 600 m by 400 m (Figure 1 and Figure 2).  Surface sampling and prior exploration documented broad areas of silver-rich polymetallic mineralization. These samples vary from individual characterization “grab” samples to systematic channel chip samples in excess of 100 m in length, with silver grades ranging from 65 g/t to 512 g/t and anomalous zinc and lead values. For additional details, see the Company’s news release dated April 12, 2021.

Initial drilling is designed to test the lateral and vertical extents of the system for a bulk tonnage and/or high-grade vein targets.

Figure 1: Simplified Geology Map of the Carangas Project

Figure 2: Extensive historical mining dumps at West Dome (looking West), Carangas Project

East Dome

Less extensive historic workings exploited individual narrow east-west trending fractures and fracture zones up to 350 m wide, traceable over 500 m strike.  Characterization and surface channel chip sampling returned silver grades ranging from 52 g/t over 54 m to 1,100 g/t over 2 m with anolamous zinc and lead values.  For additional details, see the Company’s news release dated April 12, 2021.

Initial drilling is designed to test the potential of the mineralized system adjacent to the Valley Zone (see below) where it trends below cover towards the West Dome target. 

Valley Zone

The area between the East and West domes is a flat river valley 200 m wide east-west and 800 m long north-south, filled by younger Quaternary sediments estimated to be up to 30 m thick.   Predominantly east-west trending fractures are mappable from East Dome to the Valley margin where they trend towards West Dome before dipping under cover.  At the south end of the valley, an isolated outcrop suggests the Valley Zone may host mineralization at relatively near-surface depths. This outcrop, called South Dome, is 200 m long and 80 m wide and is comprised of hydrothermally brecciated lithic tuff, which is cut by geochemically anomalous silver mineralized fractures, including silver grades of up to 113 g/t.  

Initial drill targets are planned to test this concept.

Volcanic Basin

Regionally, the Carangas mineralized domes are interpreted to occur on the southwest periphery of a large, now collapsed, 5 km by 3 km volcanic caldera complex (Figure 3 and Figure 4). The postulated center of the complex is now partially infilled by younger sediments.  Occasional sparse outcrop of pervasively altered (sericite to argillic) lithic tuffs are indicative of high levels in a hydrothermal system, potentially suggesting the presence of a target at depth.

Contingent on successful initial drill results, future work, including petrophysical modelling, may warrant geophysical surveying and/or initial scout drilling to test the exploration model. 

Figure 3: Morphotectonic View of the Carangas Project

Figure 4: Conceptional Model of Volcanic System at the Carangas Project.

CARANGAS PROJECT JOINT VENTURE

The Carangas Project is located within 50 km of the Bolivian border with Chile, approximately 180 km southwest of the city of Oruro. In line with many South American countries, Bolivia does not permit foreign entities to own property within 50 km of international borders (the “Restricted Area”).  Property owners in the Restricted Area are, however, permitted to enter into mining association agreements, or joint ventures, with third parties, including foreign entities, for the development of mining activities under Bolivian Law No. 535 on Mining and Metallurgy (the “Mining Law”).

The Carangas Project is comprised of two exploration licenses covering an area of 6.25 km2 and owned 100% by the Company’s Bolivian joint venture partner. New Pacific has entered into a mining association agreement with the Bolivian partner (the “Joint Venture”), under which New Pacific is required to cover 100% of the future expenditures on exploration, mining, development, and production activities in return for 98% economic interest in the Project. 

While the Company believes the Joint Venture is legally compliant with the Restricted Area requirements and the Mining Law, there is no assurance that the Company’s Bolivian partner will be successful in obtaining the approval of AJAM to convert the two exploration licenses into an AMC.

QUALITY ASSURANCE AND QUALITY CONTROL

All samples in respect of the exploration program at the Carangas Project, conducted by the Company and discussed in this news release, were shipped in securely-sealed bags by New Pacific staff in the Company’s vehicles, directly from the field to ALS Global in Oruro, Bolivia for preparation, and ALS Global in Lima, Peru for geochemical analysis.  ALS Global is an ISO 17025 accredited laboratory independent from New Pacific. All samples are first analyzed by a multi-element ICP package (ALS code ME-MS41) with ore grade over specified limits for silver, lead and zinc further analyzed using ALS code OG46.  Further silver samples over specified limits are analyzed by gravimetric analysis (ALS code of GRA21).

The assay results of the grab samples are used for reconnaissance purpose and, therefore, no certified reference materials and blank materials were inserted to the normal sample sequence in the field.  Internal Quality Assurance/Quality Control (“QAQC”) results from ALS Global did not show any significant bias of analysis or contamination during sample preparation. For rock chip samples, certified reference materials, blank samples and field duplicate samples were inserted to normal sample sequences prior to delivery to the laboratory for preparation and analysis. The results of QAQC samples did not show any significant bias of analysis or contamination during sample preparation.

QUALIFIED PERSON

The scientific and technical information contained in this news release has been reviewed and approved by Alex Zhang, P. Geo., Vice President of Exploration, who is a Qualified Person for the purposes of National Instrument 43-101 — Standards of Disclosure for Mineral Projects (“NI 43- 101”). The Qualified Person has verified the information disclosed herein, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information discussed herein.

ABOUT NEW PACIFIC

New Pacific is a Canadian exploration and development company, which owns the flagship Silver Sand Project, the Silverstrike Project and the Carangas Project, all of which are located in Bolivia. The Company is focused on progressing the development of the Silver Sand Project, while growing its Mineral Resources through the exploration and acquisition of properties in the Americas.

For further information, please contact:
Stacey Pavlova, CFA
VP, Investor Relations and Corporate Communications
New Pacific Metals Corp.
Phone: (604) 633-1368
U.S. & Canada toll-free: 1-877-631-0593
E-mail: [email protected]
www.newpacificmetals.com

To receive company news by e-mail, please register using New Pacific’s website at www.newpacificmetals.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws.  Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Such statements include, but are not limited to: statements regarding anticipated exploration, drilling, development, construction, and other activities or achievements of the Company; timing of receipt of permits and regulatory approvals; and estimates of the Company’s revenues and capital expenditures.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: global economic and social impact of COVID-19; fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, general economic conditions, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management, uncertainties relating to the availability and costs of financing needed in the future, environmental risks, operations and political conditions, the regulatory environment in Bolivia and Canada, risks associated with community relations and corporate social responsibility, and other factors described under the heading “Risk Factors” in the Company’s Annual Information Form for the year ended June 30, 2020 and its other public filings.  

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information.   

The forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies.  These estimates, assumptions, beliefs, expectations and options include, but are not limited to, those related to the Company’s ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the stabilization of the political climate in Bolivia; the Company’s ability to obtain and maintain social license at its mineral properties; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits, including the ratification and approval of the Mining Production Contract with COMIBOL by the Plurinational Legislative Assembly of Bolivia; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements.  All forward-looking statements in this news release are qualified by these cautionary statements.  Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise except as may be required by law.  These forward-looking statements are made as of the date of this news release.

CAUTIONARY NOTE TO US INVESTORS

The disclosure in this news release and referred to herein was prepared in accordance with NI 43-101 which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC”).  The terms “proven mineral reserve”, “probable mineral reserve” and “mineral reserves” used in this news release are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the “CIM Definition Standards”), which definitions have been adopted by NI 43-101.  Accordingly, information contained in this news release providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.

Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, “Inferred mineral resources” are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.  Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity.  An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.  Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases.  Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable.  Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures.

Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7.  Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the “SEC Modernization Rules”), with compliance required for the first fiscal year beginning on or after January 1, 2021.  The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7.  As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”.  In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to corresponding definitions under the CIM Definition Standards.  During the period leading up to the compliance date of the SEC Modernization Rules, information regarding mineral resources or reserves contained or referenced in this news release may not be comparable to similar information made public by companies that report according to U.S. standards.  While the SEC Modernization Rules are purported to be “substantially similar” to the CIM Definition Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules.

SOURCE New Pacific Metals Corp.

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Ara Partners Portfoliounternehmen Aksiom Services Group erwirbt Anesco, führendes britisches Unternehmen für erneuerbare Energien

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HOUSTON und READING, Vereinigtes Königreich, 15. Juni 2021 /PRNewswire/ — Ara Partners, ein auf industrielle Dekarbonisierung fokussiertes Private-Equity-Unternehmen, gab heute die Übernahme von Anesco Holdings, der Muttergesellschaft der Anesco Group, bekannt. Die Bedingungen der Transaktion wurden nicht veröffentlicht.

Anesco ist ein britischer Marktführer im Bereich erneuerbare Energien, der die Entwicklung, das Design, den Bau, die Wartung und die Marktoptimierung von Projekten im Bereich erneuerbare Energien und Energieeffizienz übernimmt. Das Unternehmen hat mehr als 115 Solarparks und Energiespeicher entwickelt und gebaut, darunter den ersten subventionsfreien Solarpark Großbritanniens, während sein Betriebs- und Wartungsservice inzwischen fast 1,2 GW an erneuerbaren Anlagen verwaltet.

Ara Partners erwarb Anesco über sein Portfoliounternehmen Aksiom Services Group, eine schnell wachsende Plattform, die hochwertige, hochkomplexe technische und kommerzielle Dienstleistungen für den europäischen Infrastrukturmarkt anbietet. Die Übernahme von Anesco ist die zweite durch die Aksiom Services Group, nachdem sie im April 2021 die in Stockton-on-Tees ansässige px Group übernommen hat, die integrierte Infrastrukturlösungen anbietet.

Charles Cherington, Mitbegründer und Managing Partner von Ara Partners, sagte: „Unser Fokus liegt auf der Beschleunigung der Dekarbonisierung durch Investitionen in und den Aufbau von ambitionierten Unternehmen wie Anesco, denen Energieeffizienz und Nachhaltigkeit am Herzen liegen. Anesco ist eine hervorragende Akquisition für die Aksiom Services Group und wir freuen uns auf die Zusammenarbeit mit Mark Futyan und dem gesamten Team, um das Geschäft weiter auszubauen.”

Mark Futyan, der 2020 als CEO zu Anesco kam, wird das Unternehmen mit Unterstützung des Senior Management Teams weiterhin leiten. Herr Futyan kommentierte: „Dies ist ein entscheidender Moment für Anesco, da wir uns darauf vorbereiten, die nächste Welle von subventionsfreien Solar- und Energiespeicherkapazitäten in großem Maßstab zu liefern.

Ara Partners und Aksiom Services Group sind ideale Partner für Anesco, da sie sich stark auf das Geschäftsmodell der Dienstleistungen konzentrieren und sich für die Unterstützung der Netto-Null-Energie-Umstellung einsetzen. Wir freuen uns auf die Zusammenarbeit mit unseren neuen Investoren, um das Wachstum von Anesco sowohl in unseren Kerngeschäftsfeldern als auch durch den Eintritt in neue Märkte zu beschleunigen.”

Informationen zu Ara Partners
Ara Partners ist ein Private-Equity-Unternehmen, das sich auf Investitionen in die industrielle Dekarbonisierung spezialisiert hat. Ara Partners investiert in die Sektoren Industrie & Fertigung, Chemie & Werkstoffe, Energieeffizienz & grüne Kraftstoffe sowie Lebensmittel & Landwirtschaft und strebt den Aufbau von Unternehmen an, die auf Nachhaltigkeit und ESG-Prinzipien ausgerichtet sind. Für weitere Informationen über Ara Partners besuchen Sie bitte www.arapartners.com.

Informationen zu Anesco
Anesco ist ein Marktführer im Bereich der erneuerbaren Energien, der die Entwicklung, das Design, den Bau, die Wartung und die Marktoptimierung von Projekten im Bereich der erneuerbaren Energien und der Energieeffizienz übernimmt. Das Unternehmen hat mehr als 100 Solarparks gebaut, während sein O&M-Service mehr als 24.000 Standorte überwacht.

Anesco war das erste Unternehmen in Großbritannien, das eine subventionsfreie Solarenergie erreichte; das erste, das Energiespeicher im Nutzmaßstab einführte und das erste, das Energiespeicher zusammen mit bestehenden Solaranlagen installierte, um die ROC-Anforderungen zu erfüllen. Bis heute erzeugen die Technologien, die das Unternehmen einsetzt und verwaltet, über 1 GW an erneuerbarer Energie. Für weitere Informationen über Anesco besuchen Sie bitte www.anesco.co.uk.

Pressekontakt
Mark Semer/Alex Jeffrey
Gasthalter & Co. LP.
(212) 257-4170
[email protected]

Related Links

http://www.arapartners.com

SOURCE Ara Partners

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Pembina Highlights Growing Momentum with Business Update and Extensive Opportunity Portfolio

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All financial figures are approximate and presented in Canadian dollars unless otherwise noted. This news release refers to adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), which is a financial measure that is not defined by Generally Accepted Accounting Principles (“GAAP”). For more information, see “Non-GAAP Measures” herein.

CALGARY, AB, June 14, 2021 /PRNewswire/ – Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL) (NYSE: PBA) today announced a mid-year business update, including delineation of its extensive runway of development opportunities, which collectively highlight the Company’s strong momentum as it builds one of the largest and most integrated midstream energy companies in North America.

Highlights

  • Volumes across the Pipelines and Facilities divisions have continued to grow steadily in 2021, exceeding pre-COVID levels
  • Over $400 million of assets placed into service so far in 2021, including Prince Rupert Terminal (“PRT”), a northeast British Columbia (“NEBC”) terminal and the expansion of the Vancouver Wharves terminal (the “Vancouver Wharves Expansion”), with another approximately $1 billion currently under construction
  • Reactivation of the Phase IX Peace Pipeline Expansion (“Phase IX”)
  • Over $7 billion of accretive projects identified and in various stages of development to be pursued by Pembina alone, or upon combination with Inter Pipeline Ltd. (“Inter Pipeline”)
  • Formation of Chinook Pathways Partnership to support Western Indigenous Pipeline Group to pursue ownership of Trans Mountain Pipeline
  • Partnership with the Haisla Nation in the development of Cedar LNG

Executive Commentary

Mick Dilger, Pembina’s President and Chief Executive Officer, commented: “As a reflection of our confidence in improving market fundamentals and our strong competitive position, as evidenced by volumes on most of our systems exceeding pre-COVID levels, we are excited to delineate the extensive runway of development opportunities we see in front of us. With the opportunities that lie ahead, Pembina remains confident in the work it is doing to create an integrated, diversified and global energy platform and the combination with Inter Pipeline further advances this objective – one that will serve as a strong foundation benefitting the entire Canadian energy sector. As the needs of our customers, investors, communities and employees, as well as the global energy landscape, change, Pembina is committed to helping all our stakeholders take advantage of opportunities for sustainable and long-lasting growth.”

Mr. Dilger added, “Throughout its history, Pembina has had an unwavering focus on developing meaningful relationships and creating value for all stakeholders. We could not be prouder of our partnerships with both the Haisla Nation and the Western Indigenous Pipeline Group. Pembina believes that the future of Canada’s energy sector development is inextricably linked to meaningful partnerships and commercial relationships with Indigenous communities. We see an important role for our Company to play in advancing Indigenous economic reconciliation in Canada.”

Business Update

Activity in the Western Canadian Sedimentary Basin continues to benefit from strengthening commodity prices across all the products within Pembina’s integrated value chain – crude oil, condensate, natural gas, and natural gas liquids (“NGL”). Notably, there were 49 active rigs in Alberta and British Columbia for the month of May, representing an approximately 155 percent increase from the same time last year. 

As a result of significantly higher energy prices, Pembina has seen continued strength and recovery in its conventional pipelines business. Physical throughput for the second quarter of 2021 is expected to be approximately three percent higher than the first quarter of 2021 and in-line with pre-COVID levels. Further, Pembina is forecasting continued growth in physical volumes on its conventional pipelines for the remainder of the year. Higher physical volumes are being driven primarily by increased capacity utilization on the Peace and Northern systems, in addition to increased volumes on the Drayton Valley system.

Pembina has also seen strong demand on Cochin Pipeline (“Cochin”). Physical throughput in April averaged over 100,000 barrels per day (“bpd”), which represents one of the highest average volume months in Cochin’s history. The increased volume is a result of the recent debottleneck completed since Pembina acquired Cochin in late-2019, which proved up an incremental approximately 15,000 bpd of capacity with no associated capital cost. Pembina expects to see continued strong year-over-year demand and volumes in excess of assumptions made at the time of the acquiring Cochin.

Similarly, in Pembina’s gas services business, volumes are exceeding pre-COVID levels, and Pembina is expecting to finish the year with record average physical volumes. Year-to-date, Veresen Midstream’s physical throughput has exceeded the budget forecast at all of its facilities. With strong commodity prices, Veresen Midstream continues to expect robust activity in the Montney for the remainder of the year. Higher inlet gas volumes have resulted in more processed liquids for Pembina’s value chain, while lowering per unit operating costs for all customers. Pembina has observed that as a result of strong AECO and Chicago natural gas pricing, in addition to increases in liquids pricing, producers have shifted to higher rate natural gas-weighted, liquids-rich wells.

With higher Pembina and third-party gas processing volumes, Pembina is seeing increasing demand for its integrated NGL value chain, with facilities at the Redwater Complex operating at record utilization and throughput.  As a result of high customer demand for fractionation and rail services, Pembina is accelerating its evaluation of a fourth propane-plus fractionation facility, as discussed further below.

In addition to continued volume growth, Pembina has placed over $400 million of new projects into service so far in 2021:

  • Pembina recently placed into service its first marine export facility, PRT, on Watson Island, British Columbia. The start-up of PRT is a major step in providing market diversity and helping add incremental value to western Canadian hydrocarbons. Since being placed into service, Pembina has safely loaded seven vessels, with exports of propane to international markets approaching one million barrels, exceeding our commissioning volume expectations for our customers.
  • In February, a new northeast British Columbia terminal (the “NEBC Montney Infrastructure” project), which connects to Pembina’s NEBC Pipeline system, was placed into service. These assets are supported by long-term cost-of-service arrangements with an investment grade counterparty.
  • In late-May, the Company placed the Vancouver Wharves Expansion into service. The expansion added 200,000 barrels of additional refined product storage and enhancements to the railcar unloading capabilities. Volumes for Vancouver Wharves are loaded on railcars at Pembina’s Redwater Complex, representing another example of Pembina’s strategy coming to fruition. Vancouver Wharves Expansion is supported by a 20-year, take-or-pay off-take agreement with an Asian-based, investment grade counterparty.

Pembina anticipates providing an update to its 2021 financial guidance upon completion of its six-month actual plus six-month forecast, in the normal course.

Secured and Deferred Projects

Phase IX Peace Pipeline Expansion

Pembina is reactivating the previously deferred Phase IX, which will add capacity in the northwest Alberta to Gordondale, Alberta corridor to accommodate increased activity in the NEBC Montney play. As was the case with the previously announced reactivation of the Phase VII Peace Pipeline Expansion (“Phase VII”), Pembina’s decision to re-commence construction of Phase IX was based on extensive discussions with its producing customers, validating long-term development plans and leading to a clear understanding and consensus regarding their need for future intra-basin transportation. These discussions confirmed both the need for, and the timing of Phase IX.

Phase IX will include new 6-inch and 16-inch pipelines debottlenecking the corridor north of Gordondale, Alberta as well as upgrades at one pump station.  In addition, this expansion will see existing pipelines, which are currently batching, converted to single product lines, furthering Pembina’s goal of full product segregation across the Peace Pipeline system. Phase IX also now includes a pump station, in the Wapiti-to-Kakwa corridor, that is partially complete and was previously part of the Phase VII project scope. This pump station will help accommodate increased and sustained demand for NGL service also due to increased activity in the Montney.

Phase IX is supported by 10-year contracts, with predominantly investment grade counterparties, including significant take-or-pay provisions. The project has a revised estimated cost of approximately $120 million, which reflects the addition of the Wapiti-to-Kakwa corridor pump station offset by cost savings identified through value engineering. Phase IX is anticipated to be placed into service throughout the second half of 2022, subject to regulatory and environmental approvals. The reactivation of Phase IX, and potentially the Phase VIII Peace Pipeline Expansion (“Phase VIII”), will have a minimal impact on Pembina’s 2021 capital program.

Phase VIII Expansion

The previously announced Phase VIII, although having received all regulatory approvals, remains deferred. Initial contracts supporting the project remain intact and the customers continue to signal plans which will necessitate the incremental capacity. Value engineering work is ongoing, and Pembina continues to evaluate this project in discussions with its producing customers with a reactivation decision expected in the second half of 2021.

In support of Phase IX and the potential reactivation of Phase VIII, Pembina has entered into an exclusivity agreement with, and concurrently provided an irrevocable offer for, midstream services to a premiere NEBC Montney producer. The exclusivity agreement provides a bridge to negotiation of definitive agreements for transportation and fractionation (“T&F”) of a material volume of liquids and NGL mix from certain NEBC Montney lands. Pembina and the producer will work together over the next few months to develop and execute definitive agreements by the end of 2021. All new firm T&F services provided under the proposed arrangement would be supported by long-term, take-or-pay agreements. Prior to deferral, Phase VIII had an associated capital cost of approximately $500 million but Pembina expects this level of investment to decrease given cost and scope improvements.

Prince Rupert Terminal Expansion

Pembina is continuing to evaluate expansion of PRT up to approximately 45,000 bpd. Incremental propane supply available under the proposed combination with Inter Pipeline would further support this expansion given substantial incremental proprietary natural gas liquids supply. Project engineering is well advanced, including an alternative for larger vessels and butane export, and a final investment decision is expected in the second half of 2021.

Project Backlog

On a standalone basis, Pembina’s backlog of new projects stood in excess of $4 billion across numerous value chains. The industrial logic of the combination with Inter Pipeline enhances the probability as well as the profitability of a number of capital investment opportunities, many of which each company was pursuing independently.

Readily Actionable Upon Closing of Inter Pipeline –~$450 million (Estimated Adjusted EBITDA Multiple of 4-5x)

  • Cochrane Straddle Plant – Connecting Inter Pipeline’s Cochrane Straddle plant to Pembina’s Brazeau NGL Pipeline system, would enable the propane-plus liquids stream to be transported and processed with Pembina infrastructure, and ultimately be available to connect to Inter Pipeline’s Heartland Petrochemical Complex (“HPC”), Pembina’s Redwater Complex, or PRT as noted elsewhere in this document.
  • Butane Splitter – The combined businesses would provide a critical scale supply of butane to support the development of a butane splitter in Fort Saskatchewan. Front end engineering and design (“FEED”) of the butane splitter project is nearing completion.

Potential New Projects –~$6.0 billion (Estimated Adjusted EBITDA Multiple of 5-7x)

Beyond the readily actionable opportunities above, an extensive list of opportunities is being advanced and refined including, amongst others, the following:

  • Redwater IV – As a result of high customer demand for Redwater Complex fractionation and rail services, Pembina is accelerating its evaluation of a fourth propane-plus fractionation facility (“RFS IV”) at its Redwater Complex. Incremental volumes available through the Cochrane Straddle connection, discussed above, would support the need for this project. We estimate a capital investment of approximately $350 million for RFS IV.
  • Alkylation Facility – Integration of an alkylation facility downstream of the butane splitter in Fort Saskatchewan, capable of producing high-octane gasoline blend stock using the alky feed from Inter Pipeline’s Redwater facility, is at the pre-FEED stage with a preliminary capital investment estimate of $400 million.
  • Cochin Pipeline Expansion – With the initial debottleneck complete, Pembina continues to evaluate the option to expand Cochin by up to an additional 35,000 bpd, to a total capacity of 150,000 bpd, at preliminary capital investment of $100 million. One such opportunity is the development of a project to connect the Aux Sable Channahon Facility (“Channahon”) to Pembina’s Cochin Pipeline. The new approximately $40 million pipeline aims to improve shipper netbacks by providing a reliable, low-cost transportation option for condensate produced at Channahon that is currently being trucked or railed. By reintroducing Aux Sable condensate back into Pembina’s value chain, the Company would be able to provide an integrated solution for current and future mid-west United States condensate shippers.
  • Cogeneration – Pembina is pursuing additional cogeneration projects at both its Duvernay Complex and Veresen Midstream’s Hythe facility. Each new cogeneration facility will use natural gas to generate approximately 30 to 45 megawatts of electrical power, thereby reducing overall operating costs by providing power and heat while shielding Pembina’s customers from volatility in power prices and uncertainty in the power market. These facilities also reduce energy use by capturing waste heat, resulting in a significant reduction in greenhouse gas emissions. The expected capital cost of each cogeneration project will vary based on the size and scope of each facility.
  • Cedar LNG – an approximately $1.5 billion (net to Pembina) floating LNG facility in partnership with the Haisla First Nation, as discussed further below.

PDH/PP Petrochemical Complex

As highlighted in the recent announcement of Pembina’s proposed combination with Inter Pipeline, by combining Inter Pipeline’s HPC with Pembina’s industry-leading 60,000 bpd of propane supply infrastructure in Fort Saskatchewan, long-term supply risk for HPC would be eliminated, while further improving the possibility of a second such facility. 

Globally, petrochemical infrastructure tends to cluster with multiple facilities taking advantage of shared infrastructure and feedstock. With this in mind, Pembina has undertaken a preliminary evaluation of the synergies that may be available to the combined entity through the development of a second facility and has identified approximately $200 million of capital cost savings and approximately $100 million of annual operating, general and administrative expense savings compared to building a single stand-alone facility. In addition, Pembina and its partner safeguarded a $400 million investment in their previous project, including finishing several long-lead equipment orders that remain in storage. Pembina will continue to carefully consider possible next steps to progress further petrochemical infrastructure opportunities. A second facility would be incremental to the $6 billion of combined development opportunities described above.

ESG Centric Investments

Investments to reduce the emissions intensity of each business Pembina operates

Pembina has committed to reducing the greenhouse gas intensity of each business it operates and by the end of 2021 will have taken concrete action in this area and published five-year emissions reduction targets. Investments which could contribute to achieving these targets include:

  • In addition to cogeneration facilities at the Empress and Duvernay facilities, the Company continues to evaluate additional potential cogeneration projects at its other facilities, including those of Inter Pipeline;
  • Incremental renewable power agreements across our business similar to the previously announced transaction with Trans Alta; and
  • Pilot projects for carbon capture and sequestration at Pembina’s Redwater, Kakwa River and Hythe facilities are under evaluation.

Indigenous Partnerships

Cedar LNG

The Haisla Nation and Pembina recently announced a partnership agreement whereby Pembina will become the Haisla Nation’s partner in the development of the proposed Cedar LNG project. Cedar LNG is strategically positioned to leverage Canada’s abundant natural gas supply and British Columbia’s growing liquefied natural gas (“LNG”) infrastructure to produce industry-leading low-carbon, low-cost Canadian LNG for overseas markets. Cedar LNG will be the largest First Nation-owned infrastructure project in Canada and will have one of the cleanest environmental profiles in the world.

Cedar LNG is expected have a liquefaction capacity of approximately three million tonnes per annum of LNG and will source natural gas from the prolific Montney resource play in northeast British Columbia. Cedar LNG will largely target the Asia-Pacific market to maximize the project’s geographic shipping advantage compared to U.S. Gulf Coast LNG projects, which are subject to the high costs and risks of transiting the Panama Canal. Cedar LNG’s low-cost value chain, combined with its low emissions intensity, positions it favorably to deliver to Asian countries with large energy needs and aggressive emissions reduction targets. Cedar LNG provides a connection for Western Canadian Sedimentary Basin natural gas to international markets and will contribute to the displacement of coal as an energy source in Asia.

Chinook Pathways

Pembina is proud to have been chosen by the Western Indigenous Pipeline Group (“WIPG”) to be the industry partner in the formation of Chinook Pathways Partnership (“Chinook Pathways”). Chinook Pathways is an Indigenous-led partnership working to organize a significant number of First Nation communities to pursue ownership of the Trans Mountain Pipeline following completion of the construction of the Trans Mountain Expansion.

Mick Dilger, Pembina’s President and Chief Executive Officer, commented, “The relationships between Pembina and many of the First Nations within WIPG is a decade in the making. This is how projects like this, and our Cedar LNG partnership, happen – after years of relationship building with the communities that live and work in these areas. We are proud to have been chosen by WIPG, and as the most impacted Nations we believe they are amongst a larger group of rightful owners. We are proud to support WIPG in their goal of acquiring Trans Mountain.”

For Pembina, the formation of Chinook Pathways is an important step in the process of evaluating an asset which we have previously and consistently indicated is a good strategic fit – under the right circumstances. As we continue to evaluate the merits of a potential investment, the key parameters for Pembina include, among others, the construction of the Trans Mountain Expansion being fully de-risked, compliance with Pembina’s financial guardrails, including a strong BBB credit rating, and the investment creating significant value for  investors. Pembina’s ability to finance its share of this potential investment becomes even stronger following a combination with Inter Pipeline, both through significant discretionary cash flow and additional opportunities for capital recycling and third-party capital.

“We will continue to build our partner consortium while the pipeline is being completed, and take it from there,” added Mr. Dilger.

About Pembina

Pembina is a leading transportation and midstream service provider that has been serving North America’s energy industry for more than 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. Pembina also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; and is growing an export terminals business. Pembina’s integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina’s service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world.

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

  • Customers choose us first for reliable and value-added services;
  • Investors receive sustainable industry-leading total returns;
  • Employees say we are the ’employer of choice’ and value our safe, respectful, collaborative and fair work culture; and
  • Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

Pembina’s common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com.

Forward-Looking Statements and Information

This document contains certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”), including forward-looking statements within the meaning of the “safe harbor” provisions of applicable securities legislation, that are based on Pembina’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as “expects”, “will”, “would”, “anticipates”, “plans”, “estimates”, “develop”, “intends”, “potential”, “continue”, “could”, “create”, and similar expressions suggesting future events or future performance.

In particular, this document contains forward-looking statements pertaining to, without limitation, the following: Pembina’s corporate strategy and the development and expected timing of new business initiatives and growth opportunities and the expected timing thereof; Pembina’s capital allocation plans and the expected impact of certain projects on its 2021 capital program; planning, construction, capital expenditure and cost estimates, schedules, locations, regulatory and environmental applications and approvals, expected capacity, incremental volumes, power output, completion and in-service dates, rights, activities and operations with respect to planned construction of, or expansions on, new, reactivated and deferred projects, existing pipelines systems, gas services facilities, processing and fractionation facilities, terminalling, storage and hub facilities, facility and system operations and throughput levels; the expected timing of the reactivation decision with respect to Phase VIII; expectations about industry activities and development opportunities; expectations about future growth opportunities and the demand for our services; expectations regarding Pembina’s new project portfolio, including the specific projects included therein and the estimated capital costs thereof; expectations regarding the proposed acquisition of Inter Pipeline, including the anticipated benefits thereof to Pembina; expectations regarding the proposed Cedar LNG project; expected volumes across Pembina’s conventional pipelines business and on the Cochin Pipeline; expected gas processing volumes; and expectations regarding power supply and consumption at the Duvernay Co-generation Facility.

These forward-looking statements are based on certain assumptions that Pembina has made in respect thereof as at the date of this news release regarding, among other things: that favourable circumstances continue to exist in respect of current operations and current and future growth projects; the availability of capital to fund future capital requirements relating to existing assets and projects; oil and gas industry exploration and development activity levels and the geographic region of such activity; prevailing regulatory, tax and environmental laws and regulations; the ability of Pembina to maintain favourable credit ratings; future cash flows; prevailing commodity prices, interest rates, carbon prices, tax rates and exchange rates; future operating costs; geotechnical and integrity costs; that any required commercial agreements can be reached; that any third-party projects relating to Pembina’s growth projects will be sanctioned and completed as expected; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; the ability of Pembina and Inter Pipeline to satisfy the conditions to closing of the proposed acquisition of Inter Pipeline by Pembina in a timely manner and on acceptable terms; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant facilities; that there are no unforeseen material costs relating to the relevant facilities which are not recoverable from customers; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents; and the availability of coverage under Pembina’s insurance policies (including in respect of Pembina’s business interruption insurance policy).

Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: labour and material shortages; non-performance or default by counterparties to agreements which Pembina or one or more of its affiliates has entered into in respect of its business; the impact of competitive entities and pricing; reliance on key relationships and agreements; reliance on third parties to successfully operate and maintain certain assets; the strength and operations of the oil and natural gas production industry and related commodity prices; the continuation or completion of third-party projects; the ability of Pembina and Inter Pipeline to satisfy, in a timely manner, the conditions to the closing of the proposed acquisition of Inter Pipeline by Pembina; the failure to realize the anticipated benefits or synergies of the proposed acquisition of Inter Pipeline by Pembina following closing due to integration issues or otherwise; the regulatory environment and decisions and Indigenous and landowner consultation requirements; actions by governmental or regulatory authorities, including changes in tax laws and treatment; changes in royalty rates, climate change initiatives or policies or increased environmental regulation; fluctuations in operating results; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to the current and potential adverse impacts of the COVID-19 pandemic; constraints on the, or the unavailability of, adequate infrastructure; the political environment in North America and elsewhere, and public opinion; lower than anticipated results of operations and accretion from Pembina’s business initiatives; ability to access various sources of debt and equity capital; changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed from time to time in Pembina’s public disclosure documents available at www.sedar.comwww.sec.gov and through Pembina’s website at www.pembina.com

This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. The forward-looking statements contained in this document speak only as of the date of this document. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

Non-GAAP Measures

In this news release, Pembina has used the terms adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), which does not have any standardized meaning under International Financial Reporting Standards (“IFRS”). Since this non-GAAP financial measure does not have a standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies, securities regulations require that this non-GAAP financial measure be clearly defined, qualified and reconciled to the most directly comparable GAAP measure. This non-GAAP measure is calculated and disclosed on a consistent basis from period to period.

Specific adjusting items may only be relevant in certain periods. The intent of this non-GAAP measure is to provide additional useful information respecting Pembina’s financial and operational performance to investors and analysts and the measure does not have any standardized meaning under IFRS. The measure should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS.

Other issuers may calculate the non-GAAP measure differently. Investors should be cautioned that this measure should not be construed as an alternative to earnings or other measures of financial results determined in accordance with GAAP as an indicator of Pembina’s performance. For additional information regarding non-GAAP measures, other than as described herein, including reconciliations to the most directly comparable measures recognized by GAAP, please refer to Pembina’s management’s discussion and analysis for the three months ended March 31, 2021, which is available online at www.sedar.com, www.sec.gov and through Pembina’s website at www.pembina.com.

SOURCE Pembina Pipeline Corporation

Related Links

http://www.pembina.com

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Energy

B2Gold Announces Voting Results from its 2021 Annual General and Special Meeting

Published

on

VANCOUVER, BC, June 14, 2021 /PRNewswire/ – B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) (“B2Gold” or the “Company”) is pleased to announce the voting results from its Annual General and Special Meeting of Shareholders (the “Meeting”) held on Friday, June 11, 2021. A total of 791,677,859 common shares were voted at the Meeting, representing 75.26% of the votes attached to all outstanding common shares.

Shareholders voted overwhelmingly in favour of all items of business before the Meeting. The nine director nominees listed in B2Gold’s Management Information Circular (“the Circular”) dated May 7, 2021, were elected as directors of B2Gold to hold office for the ensuing year or until their successors are elected or appointed. Detailed results of the vote for each director are set out below:

 

Name

Total Votes
in Favour

Total Votes Withheld

Outcome of
Vote

Clive Johnson

709,837,249

94.91%

38,048,615

5.09%

Approved

Robert Cross

568,142,838

75.97%

179,743,026

24.03%

Approved

Robert Gayton

560,281,328

74.92%

187,604,536

25.08%

Approved

Jerry Korpan

560,293,514

74.92%

187,592,350

25.08%

Approved

Bongani Mtshisi

643,661,542

86.06%

104,224,322

13.94%

Approved

Kevin Bullock

647,475,221

86.57%

100,410,643

13.43%

Approved

George Johnson

646,962,761

86.51%

100,923,103

13.49%

Approved

Robin Weisman

712,914,301

95.32%

34,971,563

4.68%

Approved

Liane Kelly

693,360,753

92.71%

54,525,111

7.29%

Approved

The resolutions to set the number of directors of the Company at nine and to appoint PricewaterhouseCoopers LLP as auditor of the Company were approved with 99.83% and 99.20%, respectively, of votes cast in favour.

The resolution to confirm the Company’s Amended Advance Notice Policy was approved with 99.87% of the votes cast in favour. The resolution to approve certain matters related to the 2018 Stock Option Plan as set out in the Circular was approved with 93.38% in favour, and the resolution regarding the Advisory Vote on Company’s approach to Executive Compensation was approved with 93.84% of votes cast in favour.

A report on all items of business voted on at the Meeting has been filed on SEDAR at www.sedar.com.

Webcast/Dial-in Playback Details

A playback of the Meeting will be available until Friday, June 25, 2021, on B2Gold’s 2021 Annual General & Special Meeting webpage by clicking here for the webcast or by dialing +1 416-849-0833 (local – Toronto) or +1 855-859-2056 (toll free – North America) (passcode 8154257).

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, Colombia, Burkina Faso, Finland and Uzbekistan. B2Gold forecasts total consolidated gold production of between 970,000 and 1,030,000 ounces in 2021.

On Behalf of B2GOLD CORP.
“Clive T. Johnson”
President & Chief Executive Officer

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

The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.

Production results and production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 30, 2021 for a discussion of our ownership interest in the mines B2Gold operates.

This news release includes certain “forward-looking information” and “forward-looking statements” (collectively forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and budgets on a consolidated and mine by mine basis; the impact of the COVID-19 pandemic on B2Gold’s operations, including any restrictions or suspensions with respect to our operations and the effect of any such restrictions or suspensions on our financial and operational results; the ability of the Company to successfully maintain our operations if they are temporarily suspended, and to restart or ramp-up these operations efficiently and economically, the impact of COVID-19 on the Company’s workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business, our planned capital and exploration expenditures; future or estimated mine life, metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: total consolidated gold production of between 970,000 and 1,030,000 ounces in 2021. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold’s control, including risks associated with or related to: the duration and extent of the COVID-19 pandemic, the effectiveness of preventative measures and contingency plans put in place by the Company to respond to the COVID-19 pandemic, including, but not limited to, social distancing, a non-essential travel ban, business continuity plans, and efforts to mitigate supply chain disruptions; escalation of travel restrictions on people or products and reductions in the ability of the Company to transport and refine doré; the volatility of metal prices and B2Gold’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold’s feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold’s operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines, Colombia and Burkina Faso and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold’s reputation; risks affecting Calibre having an impact on the value of the Company’s investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading “Risk Factors” in B2Gold’s most recent Annual Information Form, B2Gold’s current Form 40-F Annual Report and B2Gold’s other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the “SEC”), which may be viewed at www.sedar.com and www.sec.gov, respectively (the “Websites”). The list is not exhaustive of the factors that may affect B2Gold’s forward-looking statements.

B2Gold’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold’s ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

B2Gold’s forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

SOURCE B2Gold Corp.

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