Investment Highlights

B2Gold Competitive Advantage

Profitability and Growth
Extensive Management Experience
Strong Financial Position
Hybrid Company
Combining Production and Exploration

Dramatic Projection Growth

Four Producing Mines


Masbate
Philippines

Otjikoto
Namibia

La Libertad
Nicaragua

El Limon
Nicaragua
 
 

Consolidated Gold Production (oz)

A - Actual     E - Estimated based on current assumptions
(1) 2016 consolidated operating costs:
  Cash operating costs* (an annual record-low): $508 / oz
  All-in sustaining costs (“AISC”)*: $794 / oz
(2) Fully-funded growth:
  Utilizing operating cash flow and innovative, non-equity financings to fund Fekola construction. The Fekola mine is on budget, and is now estimated to commence production on October 1 2017, 3 months ahead of the original 2.5 year construction schedule
(3) Includes the estimated pre-commercial production from the Fekola mine (45,000 - 55,000 oz)
(4) Consistent with prior years, 2017 consolidated gold production is not scheduled to be evenly distributed across the four quarters. Consolidated gold production in 2017 is anticipated to be weighted towards the second half of the year (57%) due to the anticipated start-up of the Fekola mine on October 1, 2017, combined with lower expected average strip ratios in the second half
(5) 2017 forecast consolidated operating costs:
  Cash operating costs: $610 - $650 / oz
  AISC: $940 - $970 / oz
 

Consolidated cash operating costs per ounce and AISC per ounce are expected to be lower in the second half of 2017 compared to the first half, reflecting higher expected gold production, lower expected average strip ratios, and lower capital expenditures in the second half. Consistent with the forecast production weighting between the first half and second half, consolidated cash operating costs are expected to be in the range of between $670 and $690 per ounce in the first half of 2017 and are then expected to decrease in the second half of 2017 to between $584 and $604 per ounce. Consolidated AISC are expected to be in the range of between $1,148 and $1,168 per ounce in the first-half of 2017 and are then expected to decrease in the second half of 2017 to between $795 and $815 per ounce

(6) For 2018, with the planned first full year of production from the Fekola mine (based on current assumptions and updates to the Company’s long-term mine plans), the Company’s forecast consolidated cash operating costs per ounce and AISC per ounce are expected to decrease in 2018 (compared to 2017) and be comparable to the Company’s 2016 revised cost guidance ranges (of $500 to $535 per ounce for cash operating costs and $780 to $810 per ounce for AISC)
(7) Significant exploration and development upside
   
  *Refer to "Non-IFRS" measures

Mineral Reserve and Resource Estimates

Probable Mineral Reserves Statement


Mine
Tonnes
(t)
Gold Grade
(g/t Au)
Contained Gold Ounces
(oz)
Contained Gold Kilograms
(kg)
Fekola
43,800,000
2.37
3,340,000
103,900
Masbate
95,290,000
0.88
2,683,000
83,500
Otjikoto
23,140,000
1.33
986,000
30,700
La Libertad
1,910,000
1.94
119,000
3,700
El Limon
1,130,000
4.20
152,000
4,700
Total Probable Mineral Reserves
(includes Stockpiles)
 
 
7,281,000
226,500
Footnotes (Click to expand)
  1. Mineral Reserves have been classified using the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.  All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
  2. Fekola project: Mineral Reserves are reported on a 90% attributable basis; the remaining 10% interest will be held by the State of Mali. We expect that the State of Mali will exercise its right to acquire an additional 10% interest in the Fekola project. For further details of our interest in the Fekola project, see the heading “Material Properties - Fekola Project - Property Description, Location and Access”. The Mineral Reserves have an effective date of December 31, 2016.  The Qualified Person for the estimate is Peter Montano, P.E., who is our Project Director.  Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,250/oz, metallurgical recovery of 92.7%, and average operating cost estimates of US$2.90/t mined (mining), US$20.25/t processed (processing) and US$3.72/t processed (general and administrative).  Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.8 g/t Au cutoff there is a 2.8% increase in tonnes, a 3.1% reduction in grade and 0.5% reduction in ounces when compared to the Mineral Resource model.  An additional 5% dilution and 2% ore loss was applied during pit optimization and scheduling.  Mineral Reserves are reported above a cutoff grade of 0.8 g/t Au.
  3. Masbate Gold Project: Mineral Reserves are reported on a 100% attributable basis. Pursuant to the ore sales and purchase agreement between Filminera Resources Corporation (“Filminera”) and Philippine Gold Processing & Refining Corporation (“PGPRC”), our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. The Mineral Reserves have an effective date of December 31, 2016.  The Qualified Person for the estimate is Kevin Pemberton, P.E., who is our Chief Mine Planning Engineer.  Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,250/oz, modeled metallurgical recovery (resulting in average LOM metallurgical recoveries by pit that range from 65% to 82%), and operating cost estimates of US$1.50/t mined (mining), a variable ore differential cost by pit (average cost is US$0.17), US$9.36-10.18/t processed (processing) and US$2.30-3.84/t processed (general and administrative).  Dilution and ore loss were applied through block averaging such that at a cutoff of 0.45 g/t Au, there is a 5% increase in tonnes, a 6% reduction in grade and 1% reduction in ounces when compared to the Mineral Resource model.  Mineral Reserves are reported at cutoffs that range from 0.46-0.49 g/t Au.
  4. Otjikoto mine: Mineral Reserves are reported on a 90% attributable basis; the remaining 10% interest is held by EVI Mining (Proprietary) Ltd., a Namibian empowerment company (“EVI”). The Mineral Reserves have an effective date of December 31, 2016.  The Qualified Person for the estimate is Peter Montano, P.E., who is our Project Director.  Mineral Reserves that will be mined by open pit methods assume a gold price of US$1,250/oz, metallurgical recovery of 98%, and operating cost estimates of US$1.75/t mined (mining), US$13.00/t processed (processing) and US$3.00/t processed (general and administrative).  Dilution and ore loss was applied through block averaging such that at a cutoff of 0.45 g/t Au, there is a 1% decrease in tonnes, a 4% reduction in grade and 5% reduction in ounces when compared to the Mineral Resource model.  Mineral Reserves are reported at a cutoff of 0.45 g/t Au.
  5. La Libertad mine: Mineral Reserves are reported on a 100% attributable basis, and have an effective date of December 31, 2016.  The Qualified Person for the estimate is Kevin Pemberton, P.E., who is our Chief Mine Planning Engineer.  Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,250/oz, metallurgical recoveries that range from 90% to 94%, and operating cost estimates of US$3.88/t mined (mining), US$13.31/t processed (processing) and US$4.13/t processed (general and administrative).  Dilution and ore loss was applied to the Jabali material through block averaging such that at a cutoff of 0.75-0.76 g/t Au, there is a 15% increase in tonnes, a 26% reduction in grade and 14% reduction in ounces when compared to the Mineral Resource model.  No dilution is applied to spent-ore. Mineral Reserves are reported at cutoffs that range from 0.70-0.76 g/t Au.
  6. El Limon mine: Mineral Reserves are reported on a 95% attributable basis; the remaining 5% interest is held by Inversiones Mineras S.A. (“IMISA”). The Mineral Reserves have an effective date of December 31, 2016.  The Qualified Person for the estimate is Kevin Pemberton, P.E., who is our Chief Mine Planning Engineer.  Mineral Reserves are based on underground long-hole stoping mining methods, gold price of US$1,250/oz, metallurgical recovery of 93.5%, and operating cost estimates of US$58.05-82.39/t of ore mined (mining), US$26.33/t of ore processed (processing) and US$13.14/t processed (general and administrative).  Dilution of 20-30% is applied to most zones in addition to 90% mine recovery for all zones.  Mineral Reserves are reported at cutoffs that range from 3.04-3.22 g/t Au.
  7. Stockpiles: Mineral Reserves are reported in the totals for the Masbate and Otjikoto mines, and were prepared by mine site personnel at each operation.  Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine grade control methods.  Stockpile cutoffs vary by deposit, from 0.25-0.7 g/t Au.

Measured and Indicated Mineral Resource Statement


Mine
Tonnes
(t)
Gold Grade
(g/t Au)
Contained Gold Ounces
(oz)
Contained Gold Kilograms
(kg)
Measured
Kiaka
27,310,000
1.09
953,000
29,600
Gramalote
15,980,000
0.79
406,000
12,600
Total Measured Mineral Resources
 
 
1,359,000
42,300
Indicated
Fekola
65,820,000
2.13
4,499,000
139,900
Masbate
126,820,000
0.89
3,649,000
113,500
Otjikoto
30,410,000
1.26
1,230,000
38,200
La Libertad
2,800,000
2.36
212,000
6,600
El Limon
2,530,000
5.06
411,000
12,800
Kiaka
96,830,000
0.96
2,986,000
92,900
Gramalote
70,230,000
0.48
1,092,000
34,000
Total Indicated Mineral Resources
(includes Stockpiles)
 
 
14,079,000
437,900
Measured and Indicated
Fekola
65,820,000
2.13
4,499,000
139,900
Masbate
126,820,000
0.89
3,649,000
113,500
Otjikoto
30,410,000
1.26
1,230,000
38,200
La Libertad
2,800,000
2.36
212,000
6,600
El Limon
2,530,000
5.06
411,000
12,800
Kiaka
124,140,000
0.99
3,938,000
122,500
Gramalote
86,220,000
0.54
1,498,000
46,600
Total Measured and Indicated Mineral Resources
(includes Stockpiles)
 
 
15,438,000
480,200

Inferred Mineral Resource Statement


Mine
Tonnes
(t)
Gold Grade
(g/t Au)
Contained Gold Ounces
(oz)
Contained Gold Kilograms
(kg)
Fekola
4,430,000
1.73
246,000
7,600
Masbate
10,100,000
0.74
240,000
7,500
Otjikoto
1,720,000
5.42
299,000
9,300
La Libertad
2,900,000
4.94
460,000
14,300
El Limon
1,000,000
4.43
142,000
4,400
Kiaka
27,330,000
0.93
815,000
25,300
Gramalote
143,060,000
0.40
1,841,000
57,200
Total Inferred Mineral Resources
 
 
4,042,000
125,700
Footnotes (Click to expand)
  1. Mineral Resources have been classified using the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.  Mineral Resources are reported inclusive of those Mineral Resources that have been modified to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.  All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
  2. Fekola project: Mineral Resources are reported on a 90% attributable basis; the remaining 10% interest will be held by the State of Mali. We expect that the State of Mali will exercise its right to acquire an additional 10% interest in the Fekola project. For further details of our interest in the Fekola project, see the heading “Material Properties - Fekola Project - Property Description, Location and Access”. The Mineral Resources have an effective date of December 31, 2016.  The Qualified Person for the estimate is Tom Garagan, P.Geo., who is our Senior Vice President, Exploration.  Mineral Resource estimates assume an open pit mining method, gold price of US$1,400/oz, metallurgical recovery of 92.7%, and average operating cost estimates of US$2.90/t mined (mining), US$20.25/t processed (processing) and US$3.72/t processed (general and administrative).  Mineral Resources are reported at a cutoff of 0.6g/t Au.
  3. Masbate Gold Project: Mineral Resources are reported on a 100% attributable basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. The Mineral Resources have an effective date of December 31, 2016.  The Qualified Person for the estimate is Tom Garagan, P.Geo., who is our Senior Vice President, Exploration.  Mineral Resource estimates assume an open pit mining method, gold price of US$1,400/oz, modeled metallurgical recovery (resulting in average LOM metallurgical recoveries by pit that range from 65% to 82%), and operating cost estimates of US$1.50/t mined (mining), a variable ore differential cost by pit (average cost is US$0.17), US$9.36-10.18/t processed (processing) and US$2.30-3.84/t processed (general and administrative). Mineral Resources are reported at an average cutoff of 0.42 g/t Au.
  4. Otjikoto mine: Mineral Resources are reported on a 90% attributable basis; the remaining 10% interest is held by EVI. The Mineral Resources have an effective date of December 31, 2016.  The Qualified Person for the estimate is Tom Garagan, P.Geo., who is our Senior Vice President, Exploration. Mineral Resource estimates that are amenable to open pit mining methods assume a gold price of US$1,400/oz, metallurgical recovery of 98%, and operating cost estimates of US$1.75/t mined (mining), US$13.00/t processed (processing) and US$3.00/t processed (general and administrative).  Mineral Resources that are amenable to open pit mining are reported at a cutoff of 0.40 g/t Au.  Mineral Resources that are amenable to underground mining are reported at cutoff of 3.00 g/t Au.
  5. La Libertad mine:  Mineral Resources are reported on a 100% attributable basis, and have an effective date of December 31, 2016.  The Qualified Person for the estimate is Brian Scott, P.Geo., who is our Vice President, Geology and Technical Services.  Mineral Resource estimates assume an open pit mining method, gold price of US$1,400/oz, metallurgical recoveries that range from 90% to 94%, and operating cost estimates of US$3.88/t mined (mining), US$13.31/t processed (processing) and US$4.13/t processed (general and administrative). Mineral Resources are reported at cutoffs that range from 0.61-2.85 g/t Au.
  6. El Limon mine: Mineral Resources are reported on a 95% attributable basis; the remaining 5% interest is held by IMISA. Mineral Resources have an effective date of December 31, 2016.  The Qualified Person for the estimate is Brian Scott, P.Geo., who is our Vice President, Geology and Technical Services. Mineral Resource estimates assume underground long-hole stoping mining methods, a gold price of US$1,400/oz, metallurgical recovery of 93.5%, and operating cost estimates of US$58.05-82.39/t of ore mined (mining), US$26.33/t of ore processed (processing) and US$13.14/t processed (general and administrative). Mineral Resources are reported at cutoffs that range from 2.7-2.9 g/t Au.
  7. Kiaka Project:  Mineral Resources are reported on an 81% attributable basis; the remaining interest is held by GAMS-Mining F&I Ltd (9%) a Cypriot company, and the Government of Burkina Faso (10%).  The Mineral Resource estimate has an effective date of January 8, 2013. The Qualified Person for the estimate is Ben Parsons, MSc, MAusIMM (CP), Principal Consultant for SRK Consulting.  Mineral Resources assume an open pit mining method, gold price of US$1,400/oz, metallurgical recovery of 89.8%, and operating cost estimates of US$1.58/t mined (mining), US$11.89/t processed (processing, and general and administrative).  Mineral Resources are reported at a cutoff of 0.4 g/t Au. 
  8. Gramalote project: Mineral Resources are reported on a 49% attributable basis; the remaining 51% interest is held by AngloGold Ashanti Limited. Mineral Resources have an effective date of October 6, 2015.  The Qualified Person for the estimate is Vaughan Chamberlain, FAusIMM, Senior Vice President, Geology and Metallurgy for AngloGold. Mineral Resources assume an open pit mining method, gold price of US$1,400, metallurgical recovery of 95%, and operating cost estimates of US$5.40/t processed (processing) and US$1.19 /t processed (general and administrative).  Mineral Resources are reported at a cutoff of 0.1 g/t Au.
  9. Stockpiles: Mineral Resources are reported in the totals for the Masbate and Otjikoto mines, and were prepared by mine site personnel at each operation.  Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine grade control methods.  Stockpile cutoffs vary by deposit, from 0.25-0.7 g/t Au.

Share Capital(1)

Total Shares Issued and Outstanding 976,132,274
Directors and Management 22,696,557
Stock Options 39,413,634
Restricted Share Units 2,767,164
Total Shares Diluted 1,018,313,072
Market Capitalization (Basic)(2) $3,221,236,504
Market Capitalization (Diluted)(3)(4) $3,360,433,138

(1)Approximate figures are as of May 2, 2017.

(2)Based on the shares currently issued x the closing price of B2Gold shares of C$3.30 per share on May 2, 2017.

(3)Based on the diluted shares x the closing price of B2Gold shares of C$3.30 per share on May 2, 2017.

(4)Does not include any assumed conversion of the Company's convertible senior subordinated notes.

(Stock options include B2Gold, Auryx Gold and Volta Resources options)

 

 

Analyst Coverage

The following firms are covering B2Gold and have issued reports:

Company Analyst
Bank of America Merrill Lynch Lawson Winder
BMO Capital Markets Brian Quast
Canaccord Genuity Rahul Paul
CIBC World Markets Jeff Killeen
Clarus Securities Jamie Spratt
Cormark Securities Richard Gray
GMP Securities Steve Butler
Haywood Securities Inc. Dr Geordie Mark
JP Morgan John Bridges
Macquarie Securities Michael Gray
National Bank Financial Stephen Parsons
PI Financial Corp. Brian Szeto
Raymond James Chris Thompson
RBC Capital Markets Sam Crittenden
Scotia Capital Ovais Habib
TD Securities Steven J Green

Management

Clive T. Johnson - President, Chief Executive Officer & Director
Clive Johnson was involved with Bema and its predecessor companies since 1977. Click here for full bio
Roger Richer - Secretary, Executive Vice President & General Counsel
Roger Richer has 25 years experience in mining law, corporate finance and international business transactions and practices. Click here for full bio
Tom Garagan - Senior Vice President of Exploration
Tom Garagan is a geologist with over 32 years of experience. Mr. Garagan was with Bema since 1991 and was appointed Vice President of Exploration in 1996. Click here for full bio
Dennis Stansbury - Senior Vice President of Engineering & Project Evaluations
Dennis Stansbury is a mining engineer with over 35 years of engineering, construction, production and management experience at surface and underground mines in eight different countries. Click here for full bio
Mike Cinnamond - Senior Vice President of Finance & Chief Financial Officer
Mike joined B2 in July 2013 as Senior Vice President, Administration, based at the Company's head office in Vancouver where he is responsible for the Company's internal controls documentation and mapping, tax restructuring and due diligence on acquisition targets. Click here for full bio
Dale Craig - Vice President of Operations
Dale Craig has been involved in the mining industry for more than thirty years, and has worked in a variety of mine operations including lead/zinc/copper, coal and gold. Click here for full bio
Ian MacLean - Vice President of Investor Relations
Ian MacLean began his Investor Relations career in 1996 with Nevsun Resources. Click here for full bio
Bill Lytle - Senior Vice President of Operations
Bill Lytle has had more than 15 years experience specializing in providing operational health, safety, environmental, and social assistance during all phases of the mining cycle as well as extensive experience working with international lending institutes such as the IFC. Click here for full bio
Eduard Bartz - Vice President of Taxation & External Reporting
Eduard Bartz has approximately 20 years of direct experience in the mining industry, joining Bema in April 1997. Click here for full bio
Brian Scott - Vice President of Geology & Technical Services
Brian Scott is a registered Professional Geologist who joined Bema Gold in 1993 and was Chief Geologist with Bema Gold from 1996-2007 and B2Gold Corp from 2007-2014. Click here for full bio
Hugh MacKinnon - Vice President of Geology
Hugh MacKinnon is a geologist with over 30 years experience in mineral exploration. Click here for full bio
John Rajala - Vice President of Metallurgy
John Rajala has more than 30 years of experience in precious metals plant operations, management, engineering and process development. Click here for full bio
Neil Reeder - Vice President of Government Relations
Neil joins B2Gold following a distinguished government career of over 35 years with Global Affairs Canada where he helped advance Canada’s trade, foreign policy and development agenda during seven different diplomatic postings overseas and in increasingly senior positions in Ottawa. Click here for full bio
   

Directors

Clive T. Johnson - President & Chief Executive Officer
Clive Johnson was involved with Bema and its predecessor companies since 1977. Click here for full bio
Robert Cross - Chairman
Robert Cross has more than 20 years of experience as a financier in the mining and oil & gas sectors. Click here for full bio
Robert Gayton
Robert Gayton is a Chartered Accountant and has acted as a consultant to various public companies since 1987. Click here for full bio
Jerry Korpan
Jerry Korpan is based in London, England. He was Managing Director of Yorkton Securities UK until 1999 Click here for full bio
Bongani Mtshisi
Bongani Mtshisi is a Mining Engineer by training with more than 12 years of experience working in key commodity sectors such as platinum, gold, diamond, nickel and copper. Click here for full bio
Kevin Bullock
Kevin Bullock is a registered Professional Mining Engineer in the province of Ontario. Click here for full bio
George Johnson
George Johnson served as B2Gold’s Senior Vice President of Operations from August 2009 until April 2015 when he retired. Click here for full bio
   

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