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
 
 

Annual Production Growth (oz)

Footnotes(i) (Click to expand)
  1. A — Actual
  2. E — Estimated based on current assumptions, e.g. commencement of production at the Fekola Mine on October 1, 2017
  1. 2016 consolidated cash costs:
    Cash operating costs(ii) (an annual record-low): $508 / oz of gold
    All-in sustaining costs (“AISC”)(ii): $794 / oz of gold
  2. Fully-funded growth:
    Utilizing operating cash flow and innovative financings to fund the Fekola Project mine construction. Fekola is on budget and on schedule, and is now estimated to commence production on October 1, 2017, three months ahead of schedule
  3. Gold production is anticipated to be weighted towards the second half of the year due to the anticipated start-up of the Fekola Mine combined with lower expected average strip ratios at the Masbate Mine and the Otjikoto Mine in the second half of the year
  4. 2017 forecast consolidated cash costs:
    Cash operating costs: $610 — $650 / oz
    AISC: $940 — $970 / oz
  5. For 2018, with the planned first full year of production from the Fekola Project (based on current assumptions and updates to the Company’s long-term mine plans), the Company is projecting a significant consolidated gold production increase of approximately 65% (from 2016) for a 2018 production range of between 900,000 and 950,000 ounces. With the inclusion of low-cost Fekola production, 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). In conjunction with this, the Company's revenues and consolidated operating cash flows are also expected to increase significantly
  6. Significant exploration and development upside
  1. The disclosure contains forward-looking statements. Refer to the Legal section of the website (click here) for caution regarding forward-looking statements and the basis for presentation of Mineral Reserves, Mineral Resources and other technical disclosures
  2. Refer to “Non-IFRS measures” in B2Gold’s most recently filed Management’s Discussion and Analysis (“MD&A”). Click here for MD&A

Mineral Reserve and Resource Estimates

Mineral Reserves are reported from pit designs and underground stope designs based on Indicated Mineral Resources. Mineral Resources are reported inclusive of those Mineral Resources that have been converted to Mineral Reserves. 

Economic parameters such as mining costs, processing costs, metallurgic recoveries and geotechnical considerations have been applied to determine economic viability of the Mineral Reserves based on a gold price of US$1,250 per ounce (“/oz”). Mineral Reserves contained in stockpiles are also included for Masbate and Otjikoto mines.

Mineral Resources amenable to open-pit mining are constrained with conceptual pit shells defined by economic parameters and using a gold price of US$1,400/oz. Mineral Resources amenable to underground mining methods are reported above cutoff grades defined by site operating costs and using a gold price of US$1,400/oz. Gold grades are expressed in grams per tonne of gold (“g/t Au”). 

Mineral Reserves and Resource estimates are reported from B2Gold’s Mineral Resource model that has an effective date of December 31, 2016.

For more details click here for B2Gold’s most recently filed Annual Information Form 2017, which is also available on SEDAR www.sedar.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov.

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 Accessin B2Gold's most recently filed Annual Information Form ("AIF") – click here for AIF. 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 Accessin B2Gold's most recently filed Annual Information Form ("AIF") – click here for AIF. 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 978,827,453
Directors and Management 22,936,735
Stock Options 58,846,889
Restricted Share Units 1,219,109
Total Shares Diluted 1,038,893,451
Market Capitalization (Basic)(2) $3,376,954,713
Market Capitalization (Diluted)(3)(4) $3,584,182,406

(1)Approximate figures are as of SEPTEMBER 7, 2017

(2)Based on the shares currently issued x the closing price of B2Gold shares of C$3.45 per share on SEPTEMBER 7, 2017

(3)Based on the diluted shares x the closing price of B2Gold shares of C$3.45 per share on SEPTEMBER 7, 2017

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

(Stock options include B2Gold 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 Don DeMarco
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 has served as a Director and the President of B2Gold since December 2006 and Chief Executive Officer since March 2007.Click here for full bio
Roger Richer - Executive Vice President, General Counsel & Secretary
Roger Richer has served as our Executive Vice President, General Counsel since March 2007 and our Secretary since December 2006.Click here for full bio
Mike Cinnamond - Senior Vice President, Finance & Chief Financial Officer
Mike Cinnamond has served as our Senior Vice President of Finance and Chief Financial Officer since April 1, 2014.Click here for full bio
Tom Garagan - Senior Vice President, Exploration
Tom Garagan has served as our Senior Vice President of Exploration since March 2007. Click here for full bio
Dennis Stansbury - Senior Vice President, Engineering & Project Evaluations
Dennis Stansbury has served as our Senior Vice President of Engineering and Project Evaluations (and prior to that our Senior Vice President of Development and Production) since March 2007.Click here for full bio
William Lytle - Senior Vice President, Operations
William ("Bill") Lytle originally joined the team in 1998 with Bema Gold Corporation, while working on the Company's Kupol and Julietta projects.Click here for full bio
Ian MacLean - Vice President, Investor Relations
Ian MacLean began his Investor Relations career in 1996 with Nevsun Resources. Click here for full bio
Dale Craig - Vice President, 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
Eduard Bartz - Vice President, 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, Geology & Technical Services
Mr. Scott was appointed in 2015 and is a registered Professional Geologist with more than 30 years of experience within the exploration/mining industry.Click here for full bio
Hugh MacKinnon - Vice President, Geology
Hugh MacKinnon is a geologist with over 30 years of experience in mineral exploration. Click here for full bio
John Rajala - Vice President, Metallurgy
ohn 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, Government Relations
Neil Reeder joins B2Gold following a distinguished government career of over 35 years with Global Affairs Canada.Click here for full bio
   

Directors

Clive T. Johnson - President & Chief Executive Officer & Director
Clive Johnson has served as a Director and the President of B2Gold since December 2006 and Chief Executive Officer since March 2007.Click here for full bio
Robert Cross - Chairman
Robert Cross has more than 25 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 has a Bachelor of Arts from the University of Alberta and a graduate degree from the University of Portland. Click here for full bio
Bongani Mtshisi
Bongani Mtshisi is a mining engineer by training with more than 17 years of experience working in key commodity sectors such as gold,Platinum, Diamonds and base metals ( Anglo Platinum, Sub Nigel, Gold One, Debeers/ HUF JV). Mr Mtshisi was co-founder and Chairman of Pan African oil(TSXv - PAO), Auryx Gold (TSX- AYX)  and BSC Resources LTD. 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
   

Project Profile

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