Investment Highlights

B2Gold Competitive Advantage

Profitability and Growth
Extensive Management Experience
Strong Financial Position
World-class exploration, construction and operations teams

Dramatic Projected Growth

Five Operating Mines


Fekola
Mali

Masbate
Philippines

Otjikoto
Namibia

La Libertad
Nicaragua

El Limon
Nicaragua
 
 

Increasing Production, Decreasing All-in Sustaining Costs (“AISC”)(1)

B2Gold Web Chart

Footnotes: (Click to expand)

Share Capital(1)

Total Shares Issued and Outstanding 989,462,697
Directors and Management 23,015,350
Stock Options 72,544,421
Restricted Share Units 5,011,783
Total Shares Diluted 1,067,018,901
Market Capitalization (Basic)(2) $2,869,441,821
Market Capitalization (Diluted)(3)(4) $3,094,354,813

(1)Approximate figures are as of September 21, 2018

(2)Based on the shares currently issued x the closing price of B2Gold shares of C$2.93 per share on September 21, 2018

(3)Based on the diluted shares x the closing price of B2Gold shares of C$2.93 per share on September 21, 2018

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

 

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 Bryce Adams
Clarus Securities Jamie Spratt
Cormark Securities Richard Gray
Eight Capital Craig Stanley
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. Chris Thompson
Raymond james Tara Hassan
RBC Capital Markets DAN ROLLINS
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
Dana Rogers - Vice President, Finance
Dana Rogers was appointed Vice President of Finance in October 2018. Ms. Rogers joined B2Gold in January 2014 as Corporate Controller and was promoted to Director of Finance in 2017.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

Click the map below to view our projects

Summary of Mineral Reserve & Mineral Resource Estimates

Mineral Reserves are reported from pit designs and underground stope designs based on Measured and 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 that meet the project-specific Mineral Reserve cutoff grades are also included for the Fekola, 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”). 

Except where stated otherwise, Mineral Reserve and Resource estimates for B2Gold’s operating mines are reported from B2Gold’s Mineral Resource models that have been updated to account for mining depletion, using topographic surfaces as of December 31, 2017, and are reported on an attributable basis (details in Notes).

Probable Mineral Reserves Statement

Mine
Tonnes
(t)
Gold Grade
(g/t Au)
Contained Gold Ounces
(oz)
Contained Gold Kilograms
(kg)
Fekola 38,660,000 2.35 2,917,000 90,700
Masbate 88,520,000 0.85 2,420,000 75,300
Otjikoto 19,530,000 1.57 985,000 30,600
La Libertad 1,490,000 1.71 82,000 2,500
El Limon 820,000 4.20 110,000 3,400
Total Probable Mineral Reserves (includes stockpiles) 6,514,000 202,600
Notes: (Click to expand)
  1. Mineral Reserves have been classified using the Canadian Institute of Mining (“CIM”) Standards (refer to Annual Information Form (“AIF”), dated March 23, 2018 (click here)).  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 Mine: Mineral Reserves are reported on an 80% attributable basis; B2Gold expects that the State of Mali will hold a 20% interest in the Fekola Mine. For further details of B2Gold’s interest in the Fekola Mine, see the heading “Material Properties – Fekola Mine – Property Description, Location and Access” in the Company’s AIF, dated March 23, 2018 (click here). The Mineral Reserves have an effective date of December 31, 2017.  The Qualified Person for the reserve estimate is Peter D. Montano, P.E., who is B2Gold’s Project Director.  Mineral Reserves are based on a conventional open-pit mining method, gold price of US$1,250/oz, metallurgical recovery of 93%, and average operating cost estimates of US$2.65/t mined (mining), US$15.81/t processed (processing) and US$3.13/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”), B2Gold’s 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, 2017.  The Qualified Person for the reserve estimate is Kevin Pemberton, P.E., who is B2Gold’s 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-$1.60/t mined (mining), a variable ore differential cost by pit (average cost is US$0.17), US$8.45/t processed (processing) and US$2.50–3.83/t processed (general and administrative).  Dilution and ore loss were applied through block averaging such that at a cutoff of 0.49 g/t Au, there is a 7% increase in tonnes, a 6% reduction in grade and no change in ounces when compared to the Mineral Resource model.  Mineral Reserves are reported at cutoffs that range from 0.44–0.52g/t Au.
  4. Otjikoto Mine: Mineral Reserves for Otjikoto and Wolfshag 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, 2017.  The Qualified Person for the reserve estimate is Peter Montano, P.E., who is B2Gold’s 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$1.79/t mined (mining), US$12.27/t processed (processing) and US$3.67/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, 2017.  The Qualified Person for the estimate is Kevin Pemberton, P.E., who is B2Gold’s 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$2.55/t mined (mining), US$13.93/t processed (processing) and US$4.31/t processed (general and administrative).  Dilution and ore loss was applied to the Jabali material through block averaging such that at a cutoff of 0.73 g/t Au, there is a 10% increase in tonnes, a 27% reduction in grade and 20% 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 0.62–0.73 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, 2017.  The Qualified Person for the estimate is Kevin Pemberton, P.E., who is B2Gold’s 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$67.12–82.39/t of ore mined (mining), US$24.61/t processed (processing) and US$11.57/t processed (general and administrative).  Dilution of 24-37% is applied to most zones in addition to 90% mine recovery for all zones.  Mineral Reserves are reported at cutoffs that range from 3.03–3.23 g/t Au.
  7. Stockpiles: Mineral Reserves in stockpiled material are reported in the totals for the Masbate, Otjikoto and Fekola 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 0.4–0.7 g/t Au.

Measured and Indicated Mineral Resource Statement

Country Mine or Project Tonnes
(t)
Gold Grade
(g/t Au)
Contained Gold Ounces
(oz)
Contained Gold Kilograms
(kg)
Measured
Burkina Faso Kiaka 27,310,000 1.09 953,000 29,600
Total Measured Mineral Resources 953,000 29,600
Indicated
Mali Fekola 59,170,000 2.08 3,948,000 122,800
Philippines Masbate 120,430,000 0.88 3,411,000 106,100
Namibia Otjikoto 35,390,000 1.33 1,513,000 47,100
Nicaragua La Libertad 2,660,000 2.44 209,000 6,500
El Limon 2,310,000 5.05 375,000 11,700
Burkina Faso Kiaka 96,830,000 0.96 2,986,000 92,900
Colombia Gramalote 79,660,000 0.75 1,926,000 59,900
Total Indicated Mineral Resources (includes stockpiles) 14,368,000 446,900
Measured and Indicated
Mali Fekola 59,170,000 2.08 3,948,000 122,800
Philippines Masbate 120,430,000 0.88 3,411,000 106,100
Namibia Otjikoto 35,390,000 1.33 1,513,000 47,100
Nicaragua La Libertad 2,660,000 2.44 209,000 6,500
El Limon 2,310,000 5.05 375,000 11,700
Burkina Faso Kiaka 124,140,000 0.99 3,938,000 122,500
Colombia Gramalote 79,660,000 0.75 1,926,000 59,900
Total Measured and Indicated Mineral Resources
(includes stockpiles)
15,321,000 476,500

Inferred Mineral Resource Statement

Country Mine or Project Tonnes
(t)
Gold Grade
(g/t Au)
Contained Gold Ounces
(oz)
Contained Gold Kilograms
(kg)
Mali Fekola 4,190,000 1.69 227,000 7,100
Anaconda 18,350,000 1.11 652,000 20,300
Philippines Masbate 7,200,000 0.84 193,000 6,000
Namibia Otjikoto 4,600,000 1.70 251,000 7,800
Nicaragua La Libertad 3,170,000 4.42 451,000 14,000
El Limon 5,920,000 4.85 923,000 28,700
Burkina Faso Kiaka 27,330,000 0.93 815,000 25,300
Toega 14,200,000 2.01 916,000 28,500
Colombia Gramalote 61,330,000 0.52 1,025,000 31,900
Total Inferred Mineral Resources 5,455,000 169,700
Notes: (Click to expand)
  1. Mineral Resources have been classified using the CIM Standards.  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 Mine: Mineral Resources are reported on an 80% attributable basis; B2Gold expects that the State of Mali will hold a 20% interest in the Fekola Mine. For further details of B2Gold’s interest in the Fekola Mine, see the heading “Material Properties – Fekola Mine – Property Description, Location and Access” in the Company’s AIF, dated March 23, 2018 . The Mineral Resources have an effective date of December 31, 2017.  The Qualified Person for the resource estimate is Tom Garagan, P.Geo., who is B2Gold’s Senior Vice President, Exploration.  The Qualified Person for the stockpile estimate is Peter Montano, P.E., who is B2Gold’s Project Director. Mineral Resource estimates assume an open-pit mining method, gold price of US$1,400/oz, metallurgical recovery of 93%, and average operating cost estimates of US$2.65/t mined (mining), US$15.81/t processed (processing) and US$3.13/t processed (general and administrative).  Mineral Resources are reported at a cutoff of 0.6g/t Au.
  3. Anaconda: Mineral Resources are reported on an 85% attributable basis; under the Mali Mining Code (2012), the State of Mali has the right to a 10% free carried interest and has an option to acquire an additional 10% participating interest, and 5% is held by a third party. The Mineral Resources have an effective date of March 22, 2017, and are considered current as of December 31, 2017.  The Qualified Person for the resource estimate is Tom Garagan, P.Geo., who is B2Gold’s Senior Vice President, Exploration. Mineral Resource estimates assume an open-pit mining method, gold price of US$1,400/oz, metallurgical recovery of 95%, and average operating cost estimates of US$1.75/t mined (mining), US$8.10/t processed (processing) and US$2.75/t processed (general and administrative).  Mineral Resources are reported at a cutoff of 0.35g/t Au.
  4. Masbate Gold Project: Mineral Resources are reported on a 100% attributable basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, B2Gold’s 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, 2017.  The Qualified Person for the resource estimate is Tom Garagan, P.Geo., who is B2Gold’s Senior Vice President, Exploration.  The Qualified Person for the stockpile estimate is Kevin Pemberton, P.E., who is B2Gold’s Chief Mine Planning Engineer. 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-$1.60/t mined (mining), a variable ore differential cost by pit (average cost is US$0.17), US$8.45/t processed (processing) and US$2.50–3.83/t processed (general and administrative). Mineral Resources are reported at an average cutoff of 0.43 g/t Au.
  5. 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, 2017.  The Qualified Person for the resource estimate is Tom Garagan, P.Geo., who is B2Gold’s Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., who is B2Gold’s Project Director. 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$1.79/t mined (mining), US$12.27/t processed (processing) and US$3.67/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 2.60 g/t Au.
  6. La Libertad Mine:  Mineral Resources are reported on a 100% attributable basis, and have an effective date of December 31, 2017.  The Qualified Person for the estimate is Brian Scott, P.Geo., who is B2Gold’s Vice President, Geology and Technical Services.  The Mineral Resource estimates amenable to open-pit mining assume a gold price of US$1,400/oz, metallurgical recoveries that range from 90% to 94%, and operating cost estimates of US$2.55/t mined (mining), US$13.93/t processed (processing) and US$4.31/t processed (general and administrative). Mineral Resources amenable to open-pit mining are reported at cutoffs that range from 0.55–0.65 g/t Au. Mineral Resources amenable to underground mining are reported at cutoffs that range from 2.0–2.1 g/t Au.
  7. El Limon Mine: Mineral Resources are reported on a 95% attributable basis; the remaining 5% interest is held by IMISA. Mineral Resources for El Limon Central have an effective date of January 31, 2018. All other Mineral Resources have an effective date of December 31, 2017.  The Qualified Person for El Limon Central estimates is Tom Garagan, P.Geo., B2Gold’s Senior Vice President, Exploration. The Qualified Person for the other estimates is Brian Scott, P.Geo., B2Gold’s Vice President, Geology and Technical Services. Mineral Resource estimates assume a gold price of US$1,400/oz, metallurgical recovery of 93.5%, and operating cost estimates of US$67.12–82.39/t of ore mined from underground (mining), US$2.22/t of ore mined from open pit (mining), US$24.61/t processed (processing) and US$11.57/t processed (general and administrative). Mineral Resources amenable to underground mining are reported at cutoffs that range from 2.8 –2.9 g/t Au.  Mineral Resources amenable to open-pit mining are reported at cutoffs that range from 1.1 - 1.2 g/t Au.
  8. 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%) (including the 10% interest that will be transferred to the Burkina Faso government if the project advances).  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. 
  9. Toega 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%) (including the 10% interest that will be transferred to the Burkina Faso government if the project advances).  The Mineral Resource estimate has an effective date of January 8, 2018. The Qualified Person for the estimate is Tom Garagan, P.Geo., who is B2Gold’s Senior Vice President, Exploration. Mineral Resources assume an open-pit mining method, gold price of US$1,400/oz, metallurgical recovery of 86.2%, and operating cost estimates of US$2.50/t mined (mining), US$10.00/t processed (processing) and US$2.10/t processed (general and administrative).  Mineral Resources are reported at a cutoff of 0.6 g/t Au. 
  10. 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 August 31, 2016.  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 84% for oxide and 95% for sulphide, and operating cost estimates of US$2.30/t mined (mining), US$3.32 for oxide and US$5.71/t for sulphide processed (processing) and US$1.37/t processed (general and administrative).  Mineral Resources are reported at cutoffs of 0.13 g/t Au for oxide and 0.17g/t Au for sulphide.
  11. Stockpiles: Mineral Resources in stockpiled material are reported in the totals for the Masbate, Otjikoto, and Fekola 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 cut-offs vary by deposit, from 0.25–0.7 g/t Au.

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