Corporate Strategy: To grow through successful exploration and accretive acquisitions of development-stage precious metals properties. Successfully finance and build mines. Generating "dramatic growth" in gold production and cash flow.
Producing prejects:
Fekola Mine – Mali (1)
The Fekola Mine is located in southwest Mali, on the border between Mali and Senegal, approximately 500 km due west of the capital city, Bamako
B2Gold acquired the world-class Fekola project through a merger with Papillon Resources Limited in October 2014. Led by core members of B2Gold’s construction team, early work activities at the Company’s third and largest mine began in February 2015. On September 25, 2017, the Company announced that it had completed construction of the Fekola mill and commenced ore processing, more than three months ahead of the original construction schedule and on budget. The first gold pour at the Fekola Mine took place on October 7, 2017. Within only 60 days from start-up, the mine achieved commercial production on November 30, 2017, one month ahead of the revised schedule and four months ahead of the original schedule. On April 27, 2023, the Fekola Mine produced its three millionth ounce of gold, five years and seven months from construction completion.
The Fekola Complex in Mali includes both the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal pits and Fekola underground) and Fekola Regional (Anaconda Area (Bantako, Menankoto, and Bakolobi permits), and the Dandoko permit). As a result of the delay in accessing higher-grade ounces from Phase 7 of the Fekola pit, the Fekola Complex is now expected to produce between 420,000 and 450,000 ounces of gold in 2024 (original guidance of between 470,000 and 500,000 ounces) at cash operating costs of between $870 and $930 per ounce (original guidance of between $835 and $895 per ounce) and all-in sustaining costs of between $1,510 and $1,570 per ounce (original guidance of between $1,420 and $1,480).
Fekola is expected to process 9.4 million tonnes of ore during 2024 at an average grade of 1.77 g/t gold with a process gold recovery of 90.9%.
Capital expenditures in 2024 at Fekola are expected to total approximately $309 million, of which approximately $202 million is classified as sustaining capital expenditures and $107 million is classified as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to include $80 million for deferred stripping, $45 million for ongoing construction of a new tailings storage facility (expected to be completed in the second quarter of 2025), $39 million for new and replacement Fekola mining equipment, including capitalized rebuilds, and $19 million for the expansion of the Fekola solar plant (expected to be completed in the third quarter of 2024). Non-sustaining capital expenditures are anticipated to include $64 million for underground mine development and $43 million for mine development and infrastructure at Fekola Regional.
Mine Snapshot:
Second Quarter (“Q2”) 2024:
Gold production(2): 111,583 oz
Cash operating costs(3): $839 /oz produced
AISC(3): $1,258 /oz sold
2024 Guidance:
Gold production: 420 Koz - 450 Koz (original guidance: 470 Koz – 500 Koz)
Cash operating costs: $870 - $930 /oz (original guidance: $835 - $895 /oz)
AISC: $1,510- $1,570 /oz (original guidance: $1,420 - $1,480 /oz)
The Masbate Gold Project is located on Masbate Island in the Philippines. The Masbate Mine is located approximately 360 km southeast of the country's capital, Manila.
MASBATE
B2Gold acquired its interest in Masbate through its acquisition of CGA Mining Limited in January 2013.
The Masbate Mine is now expected to produce between 175,000 and 195,000 ounces of gold in 2024 (original guidance of between 170,000 and 190,000 ounces) at cash operating costs of between $910 and $970 per ounce (original guidance of between $945 and $1,005 per ounce) and all-in sustaining costs of between $1,260 and $1,320 per ounce (original guidance of between $1,300 and $1,360). Gold production is scheduled to be relatively consistent throughout 2024. For 2024, Masbate is expected to process 7.9 million tonnes of ore at an average grade of 0.93 g/t with a process gold recovery of 76.0%. Mill feed will be a blend of mined fresh ore and low-grade ore stockpiles.
Capital expenditures for 2024 at Masbate are expected to total $49 million, of which approximately $33 million is classified as sustaining capital expenditures and $16 million is classified as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to include $16 million for mining and mobile equipment replacement and rebuilds, $6 million for deferred stripping, $6 million for process plant, and $3 million for tailings storage facility expansion. Non-sustaining capital expenditures are anticipated to include $16 million for land acquisition and development.
Q2 2024:
Gold production(3): 44,515 oz
Cash operating costs(2) : $876 /oz produced
AISC(2): $1,135 /oz sold
2024 Guidance:
Gold production: 175 Koz - 195 Koz (original guidance: 170 Koz – 190 Koz)
Cash operating costs: $910 - $970 /oz (original guidance: $945 - $1,005 /oz)
AISC: $1,260 - $1,320 /oz (original guidance: $1,300 - $1,360 /oz)
Mine Overview (as at June 30, 2024):
Q2 2024 Production, Costs, Revenue & Sales(2,3):
Gold production 44,515 oz
Cash operating costs $876 /oz produced
AISC $1,135 /oz sold
Gold revenue $109 M (approx.)
Gold sales 46,600 oz
Average realized gold price $2,341 /oz
FY 2024 Guidance Production, Costs(2,3):
Gold production 175 Koz - 195 Koz (original guidance: 170 – 190 Koz)
Cash operating costs $910 - $970 /oz (original guidance: $945 - $1,005 /oz)
AISC $1,260 - $1,320 /oz (original guidance: $1,300 - $1,360 /oz)
Q2 2024 Processing:
Tonnes of ore milled 2.04 M (approx.)
Grade 0.94 g/t
Recovery 72.4%
FY 2024 Guidance Processing:
Tonnes of ore milled (budget) 7.9 M
Grade (budget) 0.93 g/t
Recovery (budget) 76.0 %
General Information:
Location The Philippines
Mine type Open pit
Metals mined Gold
Ownership
B2Gold holds its interest in the Masbate Gold Project through indirectly owned subsidiaries. The Company has a 40% interest in Filminera Resources Corporation and a 100% interest in Philippine Gold Processing & Refining Corporation. The remaining 60% interest in Filminera is held by a Philippines-registered company, Zoom Mineral Holdings Inc.
Processing plant Conventional carbon-in-leach type facility
Power Heavy fuel oil- and diesel-fueled power plant
Total number of employees 985
National workforce 99.1%
Mineral Reserve & Resource Estimates (Contained Gold) – 100% Project Basis:
Indicated Mineral Resources(4) 2.87 Moz
Inferred Mineral Resources(4) 0.53 Moz
Probable Mineral Reserves(4) 1.61 Moz
2024 Exploration Budget
The Philippines (Masbate) $6 M
Masbate Indicated Mineral Resources Statement:
Area 100% Project Basis
Tonnes
(x 1,000) Gold Grade
(g/t Au) Contained Gold Ounces
(x 1,000)
North 14,090 0.84 380
South 58,270 0.95 1,770
Stockpiles 37,270 0.60 710
Total Indicated Mineral Resources 109,630 0.81 2,870
Masbate Inferred Mineral Resources Statement:
Area 100% Project Basis
Tonnes
(x 1,000) Gold Grade
(g/t Au) Contained Gold Ounces
(x 1,000)
North 5,480 0.82 150
South 12,860 0.92 380
Total Inferred Mineral Resources 18,340 0.89 530
Masbate Probable Mineral Reserves Statement:
Area 100% Project Basis
Tonnes
(x 1,000) Gold Grade
(g/t Au) Contained
Gold Ounces
(x 1,000)
North 4,910 0.80 130
South 23,620 1.01 770
Stockpiles 37,270 0.60 710
Total Probable Mineral Reserves 65,800 0.76 1,610
Otjikoto Mine – Namibia (1)
The Otjikoto Mine is located in the north-central part of Namibia, approximately 300 km north of the country’s capital, Windhoek. Otjikoto is the largest gold producer in the count
B2Gold acquired the Company’s first African gold development project, the Otjikoto Gold Project, through a merger with Auryx Gold Corp. in December 2011. The Company received the Otjikoto Mining Licence in December 2012, and construction of the Otjikoto Mine commenced in April 2013. Within approximately 19 months, the first gold pour occurred on December 11, 2014, ahead of schedule. The Otjikoto Mine had record annual production in 2023, producing 208,598 gold ounces.
The Otjikoto Mine in Namibia is now expected to produce between 185,000 and 205,000 ounces of gold in 2024 (original guidance of between 180,000 and 200,000 ounces) at cash operating costs in the upper end of its guidance range of between $685 and $745 per ounce and all-in sustaining costs of between $960 and $1,020 per ounce. Gold production at Otjikoto is expected to be relatively consistent throughout 2024. For 2024, Otjikoto is expected to process a total of 3.4 million tonnes of ore at an average grade of 1.77 g/t with a process gold recovery of 98.0%. Processed ore will be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing medium and high-grade ore stockpiles.
Capital expenditures in 2024 at Otjikoto are expected to total $33 million, of which approximately $32 million is classified as sustaining capital expenditures and $1 million is classified as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to include $32 million for deferred stripping and deferred underground development.
Mine Snapshot:
Q2 2024:
Gold production(2): 48,143 oz
Cash operating costs(3): $673 /oz produced
AISC(3): $1,044 /oz sold
2024 Guidance:
Gold production: 185 Koz - 205 Koz (original guidance: 180 Koz – 200 Koz)
Cash operating costs: $685 - $745 /oz
AISC: $960 - $1,020 /oz
Mine Overview (as at June 30, 2024)
Q2 2024 Production, Costs, Revenue & Sales (2,3):
Gold production 48,143 oz
Cash operating costs $673 /oz produced
AISC $1,044 /oz sold
Gold revenue: $112 M (approx.)
Gold sales: 48,340 oz
Average realized gold price: $2,335 /oz
FY 2024 Guidance Production & Costs (2,3):
Gold production 185 Koz - 205 Koz (original guidance: 180 Koz – 200 Koz)
Cash operating costs $685 - $745 /oz
AISC $960 - $1,020 /oz
Q2 2024 Processing:
Tonnes of ore milled 0.85 M (approx.)
Grade 1.79 g/t
Recovery 98.6%
FY 2024 Guidance Processing:
Tonnes of ore milled (budget) 3.4 M
Grade (budget) 1.77 g/t
Recovery (budget) 98.0%
General Information:
Location Namibia
Mine type Open pit (and underground mine under development)
Ownership(4) 90%
Metals mined Gold
Processing plant Conventional flowsheet whereby gold is recovered by gravity concentration/intensive leaching and by an agitated cyanide leach/carbon-in-pulp process for treatment of gravity tailings
Power Since commissioning the NamPower grid link, the Otjikoto Mine has reduced its overall processing plant costs by approximately 10%. In addition, the transition away from HFO to a combination of the solar power plant and the national grid will significantly reduce GHG emissions.
Total number of employees 929
National workforce 98.7%
Mineral Reserve & Resource Estimates (Contained Gold) –100% Project Basis:
Indicated Mineral Resources(5) 0.98 Moz
Inferred Mineral Resources(5) 0.29 Moz
Probable Mineral Reserves(5) 0.22 Moz
2024 Exploration Budget
Namibia (Otjikoto) $9 M
Mineral Resource & Mineral Reserve Estimates:
Otjikoto Indicated Mineral Resources Statement:
Area 100% Project Basis Attributable Ownership Basis
Tonnes
(x 1,000) Gold Grade
(g/t Au) Contained Gold Ounces
(x 1,000) Attributable
(%) Contained Gold Ounces
(x 1,000)
Otjikoto Open Pit 19,650 0.82 520 90 470
Wolfshag Open Pit 180 0.64 4 90 3
Wolfshag Underground 610 8.13 160 90 140
LG Stockpile 19,980 0.42 270 90 240
ROM Stockpile 550 1.48 26 90 23
Total Indicated Mineral Resources 40,970 0.74 980 880
Otjikoto Inferred Mineral Resources Statement:
Area 100% Project Basis Attributable Ownership Basis
Tonnes
(x 1,000) Gold Grade
(g/t Au) Contained Gold Ounces
(x 1,000) Attributable
(%) Contained Gold Ounces
(x 1,000)
Wolfshag Underground 1,190 6.44 250 90 220
Wolfshag Open Pit 820 0.78 20 90 18
Otjikoto Open Pit 1,170 0.58 22 90 20
Total Inferred Mineral Resources 3,180 2.83 290 90 260
Otjikoto Probable Mineral Reserves Statement:
Area 100% Project Basis Attributable Ownership Basis
Tonnes
(x 1,000) Gold Grade
(g/t Au) Contained Gold Ounces
(x 1,000) Attributable
(%) Contained Gold Ounces
(x 1,000)
Otjikoto Open Pit 2,160 1.34 90 90 80
Wolfshag Underground 640 5.02 100 90 90
ROM Stockpiles 550 1.48 30 90 20
Total Probable Mineral Reserves 3,350 2.07 220 200
DEVELOPMENT PROJECTS
Back River Gold District - Canada
Following the acquisition of Sabina Gold & Silver in April 2023, B2Gold acquired Sabina’s 100% owned Back River Gold District located in Nunavut, Canada. The Back River Gold District consists of 5 mineral claims blocks along an 80 km belt. Construction is underway at the most advanced project in the district, the Goose Project, and has been de-risked with significant infrastructure in place.
At US$1,600 gold, a March 2021 Updated Feasibility Study on the Goose Project delivers an after-tax NPV5% of C$1.1 billion and an after-tax IRR of 27.7%. At 6 g/t Au, these are the highest grade undeveloped open pits in the world.
B2Gold recognizes that respect and collaboration with the Kitikmeot Inuit Association is central to the license to operate in the Back River Gold District and will continue to prioritize developing the project in a manner that recognizes Inuit priorities, addresses concerns and brings long-term socio-economic benefits to the Kitikmeot Region. B2Gold looks forward to continuing to build on its strong collaboration with the Kitikmeot Inuit Association and Kitikmeot Communities.
As announced in May 2024, development of the open pit and underground was slightly behind schedule due to equipment availability (commissioning and availability of the open pit equipment), adverse weather conditions and the prioritization of critical path construction activities. An additional three months of mining was added to the schedule to ensure that the Umwelt open pit, underground development and crown pillar activities align and that there is significant tailings storage capacity in the Echo open pit. With the schedule change, the mill is expected to start wet commissioning in the second quarter of 2025 with ramp up to full production in the third quarter of 2025. This does not impact the other facets of the project and staffing tables have been adjusted to ensure that capital is conserved. The Company continues to estimate that gold production in calendar year 2025 will be between 120,000 ounces and 150,000 ounces. Importantly, the updated mining schedule does not impact the total number of gold ounces the Company expects to produce over the life of mine of the Goose Project. The updated production profile has resulted in the Company estimating that average annual gold production from 2026 to 2030 will increase to be in excess of 310,000 ounces per year.
B2Gold successfully completed the 2024 Winter Ice Road (“WIR”) campaign in the second quarter of 2024 and has delivered all necessary materials from the MLA to complete the construction of the Goose Project. All planned construction for the first half of 2024 that is necessary to produce gold by the end of the second quarter of 2025 has been completed and project development remains on schedule. The key construction items that were completed in the second quarter included the installation of Phase 2 of the Goose Project accommodation complex, which expanded camp capacity to more than 600 beds; the construction of three additional fuel storage tanks at the MLA to increase fuel storage capacity to more than 80 million liters of fuel, which are anticipated to begin to receive fuel in August 2024; the construction of three additional fuel storage tanks at the Goose Project site to increase fuel storage capacity to more than 80 million liters of fuel, of which two of the three tanks have been completed with the third tank expected to be completed in the third quarter of 2024; the purchase of materials necessary to complete construction and the staging of those materials for shipment to the MLA, with ten ships and one barge having been scheduled (seven ships with dry cargo of more than 120,000m3 and three ships with more than 80 million liters of fuel) and prepared to depart for the MLA during the 2024 sealift in August and September; the purchase of additional trucks for the 2025 WIR campaign, with a total of 105 trucks now available; the placement of more than 75% of the concrete, with more tan 90% of the concrete expected to be placed by the end of the third quarter of 2024; the placement of all E-houses on the mill pad with electricians now working on connecting power to various components; piping work focused on the fuel storage tanks and the final Heavy Mechanical Equipment workshop; and the development of access for placement of piping and barge for fresh water system, with installation expected in the third quarter of 2024.
Development of the open pit and underground remain on the critical path to ensure that adequate material is available for start up and that the Echo pit is available for tailings placement. The open pit started slowly, but showed good progress in the second quarter of 2024, meeting production targets, and is anticipated to be ready to receive tailings when the mill starts. The underground mine remains on schedule for commencement of production by the end of the second quarter of 2025. B2Gold is currently reviewing final options for mining of the crown pillar and maximizing volumes of the Echo pit.
After completing a detailed design review of the Goose Project, B2Gold announced in January 2024 a revised construction capital estimate to C$1,050 million. In addition, before wet commissioning the Company estimated it will spend an additional C$200 million on underground development, deferred stripping and sustaining capital, as well as an additional C$205 million for fuels, reagents and other working capital items necessary to build up site inventory levels due to the seasonality of the project logistics. In the second quarter of 2024, the Company incurred cash expenditures of $128 million (C$175 million) for the Goose Project on construction and mine development activities and $43 million (C$58 million) on supplies inventory. After successful completion of the 2024 WIR, it is anticipated that cash expenditures on construction and mine development activities will moderate in the second half of 2024 compared to the cash expenditures incurred in the first half of 2024.
B2Gold is currently updating the total construction capital estimate to incorporate the three month delay in commencement of operations and additional costs associated with logistics of shipping materials to the Goose Project site via air transport. A final updated budget is expected to be released in early September 2024.
Nunavut: Canada's Newest Mining Friendly Territory
On April 1, 1999, the Territory of Nunavut was formed. The groundwork was laid by the signing of the Nunavut Agreement (the “Agreement”) in 1993 between Inuit of the Nunavut Settlement Area and Her Majesty the Queen in right of Canada. As a result of the Agreement, Inuit are the largest landowners in the Territory and a process of environmental assessment and permitting was established. Mineral resource development remains an important economic driver in the Territory. The development of mining projects in the West Kitikmeot region has far reaching impacts, not only for our shareholders but also for the government and residents of the Territory. The Territory has a well established and sophisticated environmental review process allowing all parties to participate in open and transparent review processes. The first project at Back River, the Goose Project, has progressed through this process and is now fully authorized for construction and operations. The development of the Goose Project opens the Back River Gold District for opportunities yet to be discovered.
Additionally, a 20-year renewable land use agreement (Framework Agreement) has been signed with the Kitikmeot Inuit Association which includes an Inuit Impact and Benefit Agreement. Strong support for the Project has been shown by Kitikmeot communities who contribute to the ongoing development of the Project in an environmentally and socially responsible manner.
Fekola Complex – Mali
The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal pits and Fekola underground) and Fekola Regional (Anaconda Area (Bantako, Menankoto and Bakolobi permits) and the Dandoko permit).
The development of Fekola Regional is expected to demonstrate positive economics through the enhancement of the overall production profile and the extension of mine life of the Fekola Complex. Based on B2Gold’s preliminary planning, Fekola Regional could provide selective higher grade saprolite material (average annual grade of up to 2.2 g/t gold) to be trucked approximately 20 km and fed into the Fekola mill at a rate of up to 1.5 million tonnes per annum. Trucking of selective higher-grade saprolite material from the Anaconda Area to the Fekola mill will increase the ore processed and has the potential to generate approximately 80,000 to 100,000 ounces of additional gold production per year from the Fekola Regional sources.
Receipt of a mining permit for the Fekola Regional licenses remains outstanding. The Company expects to apply for such a permit in the third quarter of 2024 following the finalization of the implementation decree for the new 2023 Mining Code by the State of Mali in July 2024. Throughout the first half of 2024, B2Gold has continued to hold meetings with representatives of the Government of Mali regarding the 2023 Mining Code and the parties are close to finalizing an agreement that will cover the future operation of the Fekola Complex. The Government of Mali has expressed their desire for B2Gold to rapidly progress the development of Fekola Regional and committed to assisting the Company in such development. Importantly, the haul road from Fekola Regional to the Fekola Mine is operational as construction of the haul roads and mining infrastructure (warehouse, workshop, fuel depot and offices) was completed on schedule in 2023.
On June 2023, an updated Mineral Resource estimate for the Anaconda Area, located approximately 20 km from the Fekola Mine, was announced. The June 2023 Mineral Resource estimate included a significantly increased Mineral Resource estimate for the Anaconda Area, comprised of the Menankoto permit, the Bantako North permit and the Bakolobi permit. The updated Mineral Resource estimate includes a significant increase in the oxide Mineral Resources, and an initial sulphide Indicated Mineral Resource estimate. The June 2023 Mineral Resource estimate includes Indicated Mineral Resource estimate of 57,000,000 tonnes at 1.11 g/t gold for 2,030,000 ounces of gold, and Inferred Mineral Resource estimate of 46,000,000 tonnes at 1.33 g/t gold for 2,000,000 ounces of gold, constrained within a conceptual pit run at US$1,800 per ounce gold.
Gramalote Project
B2Gold owns 100% of the Gramalote Project, following the acquisition of AngloGold Ashanti’s 50% interest in October 2023.
The Gramalote Project, a gold development project, is located approximately 230 km northwest of Bogota and 120 km northeast of Medellin, the regional capital of the Department of Antioquia in central Colombia. On June 18, 2024, the Company announced positive Preliminary Economic Assessment results on the Gramalote Project. Based on the preliminary results completed in 2022, the contemplated larger-scale project with AngloGold Ashanti Ltd. did not meet the combined investment return thresholds for development. In 2023, B2Gold completed a detailed review of the Gramalote Project with the goal of identifying a higher-return project than the previously contemplated joint venture development plan. The results of the review allowed the Company to determine the optimal parameters and assumptions for the PEA.
The PEA, with an effective date of April 1, 2024, was prepared by B2Gold and evaluates recovery of gold from an open pit mining operation that will move up to approximately 97,000 tpd (35.3 Mtpa) with an approximately 16,500 tpd (6.0 Mtpa) processing plant that includes crushing, grinding, flotation with fine grinding of flotation concentrate and agitated leaching of the flotation concentrate followed by a carbon-in-pulp recovery process to process doré bullion. The Mineral Resource estimate for the Gramalote Project that formed the basis for the PEA includes Indicated Mineral Resources of 192.2 million tonnes grading 0.68 g/t gold for a total of 4,210,000 ounces of gold and Inferred Mineral Resources of 85.4 million tonnes grading 0.54 g/t gold for a total of 1,480,000 ounces of gold.
The PEA outlines a significant production profile with average annual gold production of 185,000 ounces over a 12.5 year project life with a low-cost structure and favorable metallurgical characteristics. Additionally, the PEA outlines strong project economics with an after-tax NPV5% of $778 million and an after-tax IRR of 20.6%, with a project payback on the pre-production capital of 3.1 years, and an estimated pre-production capital cost for the project of $807 million (including $93 million for mining equipment and $63 million for contingency). A robust amount of historical drilling and engineering studies have been completed on the Gramalote Project, which significantly de-risks future project development. Based on the positive results from the PEA, B2Gold believes that the Gramalote Project has the potential to become a medium-scale, low-cost open pit gold mine.
The PEA is preliminary in nature and includes a small amount of Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA based on these Mineral Resources will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
B2Gold has commenced feasibility work with the goal of completing a feasibility study by mid-2025 and a $10 million budget has been approved by the Board. Due to the work completed for previous studies, the work remaining to finalize a feasibility study for the updated medium-scale project is not extensive. The main work programs for the feasibility study include geotechnical and environmental site investigations for the processing plant and waste dump footprints, as well as capital and operating cost estimates.
The Gramalote Project will continue to advance resettlement programs, establish coexistence programs for small miners, work on health, safety and environmental projects and continue to work with the government and local communities on social programs.
Due to the desired modifications to the processing plant and infrastructure locations, a Modified Environmental Impact Study is required. B2Gold has commenced work on the modifications to the Environmental Impact Study and expect it to be completed and submitted shortly following the completion of the feasibility study. If the final economics of the feasibility study are positive and B2Gold makes the decision to develop the Gramalote Project as an open pit gold mine, B2Gold would utilize its proven internal mine construction team to build the mine and mill facilities.
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