Masbate Gold Project

Ownership
40%
Location
Philippines
Status
Operating
Mine Type
Open Pit
Metals Mined
Gold

Otjikoto Mine

Ownership
90%
Location
Namibia
Status
Operating
Mine Type
Open Pit / Underground
Metals Mined
Gold

Fekola Complex

Ownership
80%
Location
Southwest Mali
Status
Operating
Mine Type
Open Pit
Metals Mined
Gold

Fekola Mine

Ownership
80%
Location
Southwest Mali
Status
Operating
Mine Type
Open Pit
Metals Mined
Gold

Gramalote Project

Ownership
100%
Location
Colombia
Status
Development
Mine Type
Open Pit
Metals Mined
Gold

Goose Project

Ownership
100%
Location
Canada
Status
Development
Mine Type
Open Pit / Underground
Metals Mined
Gold

Production and Guidance

2025

  • 804,778 oz
    Q1 2025 gold production1
  • $889 / oz produced
    Q1 2025 cash operating costs2
  • $1,465 / oz sold
    Q1 2025 AISC2
  • $1,900,000,000
    Q1 2025 gold revenue3

2025 Guidance

  • 970 - 1,075 Koz
    Projected 2025 gold production
  • $835 - $895 / oz
    Projected 2025 cash operating costs2
  • $1,460 - $1,520 / oz
    Projected 2025 AISC2
  • ~$61M
    Projected 2025 Total Exploration Spend
Notes
  1. Includes 19,644 ounces of attributable production from Calibre.
  2. Non-IFRS Measure. Refer to "Non-IFRS Measures" in the Company's most recently filed MD&A.
  3. On gold sales of 801,524 ounces at an average realized gold price of $2,373 per ounce.

Annual Gold Production Growth

Bar chart of gold production growth by region (2015-2025E) with a line showing total consolidated AISC trend.
Notes

1 Includes 79,243 oz during the Fekola Mine’s pre-commercial production period.

2 On October 15, 2019, B2Gold restructured its interests in La Libertad Mine and El Limon Mine and, as a result, now applies the equity method of accounting for its ownership in Calibre. Commencing from October 15, 2019, B2Gold reported an approx. 33% attributable share of Calibre production/costs as part of its total production/cost results.

3 On January 12, 2022, B2Gold’s ownership interest in Calibre was diluted to approx. 25% following Calibre’s acquisition of Fiore Gold Ltd. Throughout 2023, B2Gold’s ownership interest in Calibre was 24%. Effective January 24, 2024, B2Gold’s ownership interest in Calibre was diluted to approx.15% following Calibre’s acquisition of Marathon Gold Corp. Subsequent to June 20, 2024, B2Gold will no longer record attributable production for Calibre.

4 Non-IFRS Measure. Refer to "Non-IFRS Measures" in the Company's most recently filed MD&A.

Proven Mineral Reserves Statement

100% Project Basis Attributable Ownership Basis
Country Mine or Project Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)		 Attributable
(%)		 Contained Gold Ounces
(x 1,000)
Canada Goose Project 8,000 5.54 1,400 100 1,400
Total Proven Mineral Reserves 1,400   1,400

Probable Mineral Reserves Statement

100% Project Basis Attributable Ownership Basis
Country Mine or Project Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)		 Attributable
(%)		 Contained Gold Ounces
(x 1,000)
Mali Fekola Mine (including Fekola Open Pit, Cardinal Zone, and stockpiles) 41,000 1.65 2,170 80 1,740
  Fekola Regional 13,800 1.97 880 90 790
  Total Fekola Complex 54,800 1.73 3,050   2,520
Philippines Masbate Gold Project 61,000 0.73 1,430 100 1,430
Namibia Otjikoto Stockpiles and Wolfshag Underground 1,300 3.24 140 90 120
Canada Goose Project 11,300 6.82 2,480 100 2,480
Total Probable Mineral Reserves (includes stockpiles) 7,09   6,550
Notes
  1. Mineral Reserves are reported at the point of delivery to the process plant, and have been classified using the CIM Standards.
  2. Fekola Complex: The Mineral Reserves have an effective date of December 31, 2024 and have been prepared by Peter Montano, P.E., our Vice President, Projects, and a Qualified Person under NI 43-101. Mineral Reserves are reported on a 100% basis. B2Gold holds an 80% attributable interest in the Fekola Mine (including the Fekola Open Pit, Cardinal Zone, and stockpiles); the remaining 20% interest in these areas is held by the State of Mali. B2Gold holds a 90% attributable interest in Fekola Regional (as defined below), and the remaining 10% interest in these areas is held by the State of Mali. Under the 2023 Mining Code, the State’s initial interest in Fekola Regional is maintained at 10%, but the State may acquire up to an additional 20% interest, and a further 5% interest must be available to be acquired by a local Malian stakeholder.
  3. Mineral Reserves for the Fekola Open Pit are based on a conventional open pit mining method, gold price of US$1,750/oz, metallurgical recovery of 93%, selling costs of $231.44/oz including royalties, mining cost at surface elevation of $2.74/t mined, average processing cost of $15.34/t processed, and site general costs of $8.97/t processed. For Mineral Reserve reporting, the model with 2.5 x 5 x 2.5 m blocks (Resource model) were regularized to 5 x 20 x 10m blocks. For Indicated blocks, within the December 2022 conceptual resource pit, above a cut-off of 0.65 g/t, the large block regularized model compared to the regularized resource model is +0.3% on tonnage, -1.1% on grade and -0.8% on contained gold. No additional dilution or ore loss has been applied for final reserve reporting. Mineral Reserves are reported above a cut-off grade of 0.65 g/t Au.
  4. Mineral Reserves for the Cardinal Zone are based on a conventional open pit mining method, gold price of US$1,750/oz, metallurgical recovery of 93%, selling costs of US$231.44/oz including royalties, mining costs ranging from US$1.94/t mined for saprolite to US$2.44 for fresh rock at surface elevation, processing costs ranging from US$10.38/t processed for saprolite to US$16.09/t processed for fresh rock, and site general costs of US$0.44/t processed. For Mineral Reserve reporting, a 1.0 x 0.5 x 0.5 m rind of edge dilution was applied at each mineralization zone contact in the regularized model. For Indicated blocks, within the 2024 resource pit, at a cut-off of 0.65 g/t Au, the regularized model with edge dilution compared to the regularized model is +8.7% on tonnage, -10.6% on grade and -2.7% on contained gold. Mineral Reserves are reported above a cut-off grade of 0.65 g/t Au.
  5. Mineral Reserves for the Anaconda Area are based on a conventional open pit mining method, gold price of US$1,750/oz, metallurgical recovery of 93%-94% by rocktype, selling costs of US$322.09/oz including royalties and tolling charges, mining costs ranging from US$2.91/t mined for saprolite to US$3.41 for fresh rock at surface elevation, processing costs ranging from US$14.60/t processed for saprolite to US$20.40/t processed for fresh rock that includes haulage cost to the Fekola mill, and site general costs of US$1.89/t processed. For Mineral Reserve reporting, a 1.0 x 1.0 x 0.5 m (X, Y, Z) rind of edge dilution was applied at each mineralization zone contact in the regularized model. For Indicated blocks, within the June 2023 conceptual resource pit, at cut-offs of 0.40 g/t Au for weathered material and 0.60 g/t Au for fresh, the regularized model with edge dilution compared to the regularized (Resource) model is +2.9% on tonnage, -4.9% on grade and -2.2% on contained gold. Mineral Reserves are reported above a cut-off grade of 0.65 g/t Au for sulphides and 0.50 g/t Au for oxides.
  6. Mineral Reserves for the Dandoko Area are based on a conventional open pit mining method, gold price of US$1,750/oz, metallurgical recovery of 76%-94% by rocktype, selling costs of US$322.09/oz including royalties and tolling charges, mining costs ranging from US$1.95/t mined for saprolite to US$2.45 for fresh rock at surface elevation, processing costs ranging from US$15.66/t processed for saprolite to US$21.37/t processed for fresh rock that includes haulage cost to the Fekola mill, and site general costs of US$0.94/t processed. For Mineral Reserve reporting, the subcell models were regularized to a block size of 5 x 10 x 3.3333 m for SK1, and 5 x 10 x 10 m for SK2 and SK3 to account for dilution expected during mining. For Indicated plus Inferred blocks, within the February 2023 conceptual pit, at a cut-off of 0.30 g/t Au, the regularized model compared to the subcell model is +1% on tonnage, -4% on grade and -3% on contained gold. At a cut-off of 0.65 g/t Au, the regularized model compared to the subcell model is +11% on tonnage, -12% on grade and -1% on contained gold. Mineral Reserves are reported above a cut-off grade of 0.65 g/t Au for sulphides and 0.50 g/t Au for oxides.
  7. Mineral Reserves from the Fekola Open Pit, Cardinal Zone, and stockpiles are reported above a cut-off grade of 0.65 g/t Au. Mineral Reserves from Fekola Regional are reported above a cut-off grade of 0.65 g/t Au for sulphide ore, and above a cut-off of 0.50 g/t Au for oxide ore.
  8. Masbate Gold Project: Mineral Reserves are reported on a 100% project and 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. We have a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements, and the remaining 60% is owned by Zoom Mineral Holdings Inc. (“Zoom”), a Philippine shareholder company. Please see “Material Properties – Masbate Gold Project” below for a further discussion of the foregoing. Masbate Mineral Reserves have an effective date of December 31, 2024 and have been prepared by Peter Montano, P.E., our Vice President, Projects and a Qualified Person under NI 43-101. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,750/oz, modeled metallurgical recovery (resulting in average LoM metallurgical recoveries by pit that range from 59–84%), and average base operating cost estimates of US$1.46–US$2.23/t mined (mining), US$14.26/t processed (processing), US$2.48–3.78/t processed (site general), and US$75.34/oz selling cost including royalties. Reserve model dilution and ore loss were applied through whole block averaging such that at a 0.45 g/t Au cut-off there is a 4.1% increase in tonnes, a 5.4% reduction in grade, and a 1.6% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves are reported at an assay cut-off grade of 0.42 g/t Au.
  9. Otjikoto Mine: Mineral Reserves are reported on a 100% project and a 90% attributable basis, the remaining 10% interest is held by EVI Mining (Proprietary) Ltd. (“EVI”), a Namibian empowerment company. The Qualified Person for the Mineral Reserve estimate is Peter Montano, P.E., our Vice President, Projects. Mineral Reserves from stockpiles are based on a gold price of US$1,750/oz, metallurgical recovery of 98%, selling costs of US$73.94/oz including royalties and levies, average processing cost of US$12.97/t processed, and site general costs of US$3.95/t processed. Mineral Reserves in stockpiles are reported above a cut-off grade of 0.45 g/t Au. Mineral Reserves that will be mined by underground methods assume a modified transverse longhole stoping mining method, gold price of US$1,750/oz, metallurgical recovery of 98%, selling costs of US$73.94/oz including royalties and levies, average mining cost of US$92.26/t ore mined, average processing cost of US$12.97/t processed, general costs of US$5.87/t processed, 22% dilution, and 90% mining recovery. Mineral Reserves that will be mined by underground methods are reported above a cut-off grade of 2.11 g/t Au.
  10. Goose Project: Mineral Reserves are reported on a 100% project and attributable basis within the Goose Claims Group. The Mineral Reserves have an effective date of December 31, 2024. The Qualified Person for the open pit and stockpile Mineral Reserve estimate is Peter Montano, P.E., our Vice President, Projects. The Qualified Person for the underground Mineral Reserve estimate is Michael Meyers, P.Eng., our Manager, Projects. Mineral Reserves from open pit mine methods and stockpiles are based on a conventional open pit mining method, gold price of US$1,750/oz, metallurgical recovery of 92.5%, selling costs of US$90.00/oz including royalties and levies, average mining cost of US$4.92/t mined at surface, average processing cost of US$41.08/t processed, and site general costs of US$66.95/t processed. Reserve model dilution and ore loss were applied through whole block averaging such that at a 1.65 g/t Au cut-off, for all pits combined there is a 32% increase in tonnes, a 25% reduction in grade, and a 1% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves that will be mined by open pit methods or are in stockpiles are reported above a cut-off grade of 1.65 g/t Au. Mineral Reserves that will be mined by underground methods assume longhole stoping mining methods, gold price of US$1,750/oz, metallurgical recovery of 92.5%, selling costs of US$90.00/oz including royalties and levies, average mining cost of US$120.13/t ore mined, average processing cost of US$41.08/t processed, site general costs of US$66.95/t processed, dilution % variable by stoping area, and 90% mining recovery. Mineral Reserves that will be mined by underground methods are reported above a cut-off grade of 4.64 g/t Au.
  11. Stockpiles: Mineral Reserves in stockpiled material are reported in the totals for the Fekola Mine, the Masbate Gold Project, Goose Project and the Otjikoto Mine, 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 (“GC”) methods. Stockpile cut-off grades vary by deposit, from 0.40–1.65 g/t Au.
  12. 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.

Measured Mineral Resource Statement

100% Project Basis Attributable Ownership Basis
Country Mine or Project Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)		 Attributable
(%)		 Contained Gold Ounces
(x 1,000)
Canada Goose Project 9,710 5.75 1,800 100 1,800
Total Measured Mineral Resources 9,710 5.75 1,800 100 1,800

Indicated Mineral Resource Statement

100% Project Basis Attributable Ownership Basis
Country Mine or Project Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)		 Attributable
(%)		 Contained Gold Ounces
(x 1,000)
Mali Fekola Open Pit and Stockpiles 82,770 1.28 3,400 80 2,720
  Cardinal Zone 11,720 1.43 540 80 430
  FNE Zone 4,510 1.24 180 80 140
  Total Fekola Mine 99,000 1.29 4,110 3,290
  Anaconda Area 56,860 1.11 2,030 90 1,830
  Dandoko Area 8,510 1.48 410 90 370
  Total Fekola Regional 65,370 1.16 2,430 2,190
  Total Fekola Complex 164,370 1.24 6,550   5,480
Philippines Masbate Gold Project 125,030 0.75 3,030 100 3,030
Namibia Otjikoto Mine 40,180 0.71 920 90 830
Colombia Gramalote Project 192,710 0.68 4,220 100 4,220
Canada Goose Claims Group 15,460 7.16 3,560 100 3,560
  George Claims Group 1,680 7.85 420 100 420
  Total Goose Project and Back River District 17,140 7.23 3,990 3,990
Total Indicated Mineral Resources
(includes stockpiles)		 539,430 1.08 18,700   17,540

Inferred Mineral Resource Statement

100% Project Basis Attributable Ownership Basis
Country Mine or Project Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)		 Attributable
(%)		 Contained Gold Ounces
(x 1,000)
Mali Fekola Open Pit 7,710 0.97 240 80 190
  Cardinal Zone 11,220 1.38 500 80 400
  FNE Zone 1,490 1.16 56 80 44
  Total Fekola Mine 20,430 1.21 790 630
  Anaconda Area 51,490 1.25 2,070 90 1,869
  Dandoko Area 1,370 0.78 34 90 31
  Total Fekola Regional 52,860 1.24 2,100 1,890
  Total Fekola Complex 73,290 1.23 2,900   2,530
Philippines Masbate Gold Project 31,240 0.80 800 100 800
Namibia Otjikoto Mine 7,440 2.84 680 90 610
Colombia Gramalote Project 81,950 0.54 1,420 100 1,420
Canada Goose Claims Group 10,060 7.54 2,440 100 2,440
  George Claims Group 3,730 9.32 1,120 100 1,120
  Total Goose Project and Back River District 13,780 8.02 3,550 3,550
Total Inferred Mineral Resources 207,700 1.40 8,350   8,910
Notes
  1. Mineral Resources are reported in situ or in stockpiles and 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.
  2. Fekola Open Pit: Mineral Resources are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali. Mineral Resources have an effective date of December 31, 2024. The Qualified Person for the Mineral Resource estimate is Andrew Brown, P.Geo., our Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Vice President, Projects. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$2,100/oz, metallurgical recovery of 93%, selling costs of US$276.48/oz including royalties, and revenue-based taxes and mining funds, and operating costs of US$2.30/t mined (mining), plus a sinking rate of US$0.035 per 10 m depth, US$0.30/t mined (site general) and US$13.95/t processed plus US$6.73/t processed (site general) and $1.38/t processed (sustaining capital). Mineral Resources are reported at a cut-off grade of 0.40 g/t Au. Cost inputs for this Mineral Resource estimate are based on the 2012 Mining Code.
  3. Cardinal Zone: Mineral Resources are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali (as part of the Médinandi Exploitation Licence). Mineral Resources have an effective date of December 31, 2024. The Qualified Person for the Mineral Resource estimate is Andrew Brown, P.Geo., our Vice President, Exploration. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$2,100/oz, metallurgical recovery of 93%, selling costs of US$276.48/oz including royalties, and revenue based taxes and mining funds, and operating cost estimates of US$1.50–US$2.00/t mined (mining) plus a sinking rate of US$0.035 per 10 m depth, US$0.15/t mined (site general), US$8.50–US$14.21/t processed (processing), US$0.50/t processed (haulage), US$0.33/t processed (site general) and $1.38/t processed (sustaining capital). Mineral Resources are reported at a cut-off grade of 0.30 g/t Au for oxide and 0.40 g/t Au for sulphide. Cost inputs for this Mineral Resource estimate are based on the 2012 Mining Code.
  4. FNE Zone: Mineral Resources are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali (as part of the Médinandi Exploitation Licence). Mineral Resources have an effective date of December 31, 2024. The Qualified Person for the Mineral Resource estimate is Andrew Brown, P.Geo., our Vice President, Exploration. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$2,100/oz, metallurgical recovery of 93–94%, selling costs of US$276.48/oz including royalties, and revenue based taxes and mining funds, and operating cost estimates of US$1.50–US$2.00/t mined (mining) plus a sinking rate of US$0.035 per 10 m depth, US$8.50–US$14.21/t processed (processing), US$0.50/t processed (haulage), and $1.38/t processed (sustaining capital). Mineral Resources are reported at a cut-off grade of 0.30 g/t Au for oxide and 0.40 g/t Au for sulphide. Cost inputs for this Mineral Resource estimate are based on the 2012 Mining Code.
  5. Anaconda Area: Mineral Resources for the Anaconda Area are reported on a 100% project and a 90% attributable basis; the remaining 10% interest is held by the State of Mali. Under the 2023 Mining Code, the State’s initial interest is maintained at 10%, but the State may acquire up to an additional 20% interest, and a further 5% interest must be available to be acquired by a local Malian stakeholder. Anaconda Area Mineral Resources have an effective date of December 31, 2024. The Qualified Person for the Mineral Resource estimate is Andrew Brown, P.Geo., our Vice President, Exploration. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$2,100/oz, metallurgical recovery of 93–94%, selling costs of US$385.26/oz including royalties and tolling charges, and revenue-based taxes and mining funds, and operating costs of US$1.80–US$2.30/t mined plus a sinking rate of US$0.035 per 10 m depth, US$0.15/t mined (site general), US$8.50–US$14.21/t processed (processing), US$4.81/t processed (haulage), US$1.13/t processed (site general), and US$1.38/t processed (sustaining capital). Mineral Resources are reported at a cut-off grade of 0.30–0.35 g/t Au for oxide and a cut-off grade of 0.40 g/t Au for sulphide. Cost inputs for this Mineral Resource estimate are based on the 2023 Mining Code.
  6. Dandoko Area: Mineral Resources are reported on a 100% project and a 90% attributable basis for the Dandoko Area; the remaining 10% interest is held by the State of Mali. Under the 2023 Mining Code, the State’s initial interest is maintained at 10%, but the State may acquire up to an additional 20% interest, and a further 5% interest must be available to be acquired by a local Malian stakeholder. Mineral Resources have an effective date of December 31, 2024. The Qualified Person for the Mineral Resource estimate is Andrew Brown, P.Geo., our Vice President, Exploration. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$2,100/oz, metallurgical recovery of 76–94%, selling costs of US$385.26/oz including royalties and tolling charges, and revenue-based taxes and mining funds, and operating costs of US$1.80–US$2.30/t mined plus a sinking rate of US$0.035 per 10 m depth, US$0.26/t mined (site general), US$8.50–US$14.21/t processed (processing), US$5.77/t processed (haulage), US$0.57/t processed (site general), and US$1.38/t processed (sustaining capital). Mineral Resources are reported at a cut-off grade of 0.30–0.35 g/t Au for oxide and a cut-off grade of 0.50 g/t Au for sulphide. Cost inputs for this Mineral Resource estimate are based on the 2023 Mining Code.
  7. Masbate Gold Project: Mineral Resources are reported on a 100% project and 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. We have a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements, and the remaining 60% is owned by Zoom, a Philippine shareholder company. Please see “Material Properties - Masbate Gold Project” below for a further discussion of the foregoing. Mineral Resources have an effective date of December 31, 2024. The Qualified Person for the Mineral Resource estimate is Michael Johnson, P.Geo., our Technical Services Manager. The Qualified Person for the Mineral Resources in stockpile estimate is Peter Montano, P.E., our Vice President, Projects. Mineral Resources are reported within a conceptual open pit based on a gold price of US$2,100/oz, modeled metallurgical recovery (resulting in average metallurgical recoveries by resource area that range from 60–89%), and operating cost estimates of US$1.50–US$2.00/t mined (mining), US$14.87/t processed (processing), US$2.48–US$3.78/t processed (site general) and a selling cost of US$89.34/oz. Mineral Resources are reported at an average cut-off grade of 0.35 g/t Au.
  8. Otjikoto Mine: Mineral Resources are reported on a 100% project and a 90% attributable basis, the remaining 10% interest is held by EVI, a Namibian empowerment company. Mineral Resources have an effective date of December 31, 2024. The Qualified Person for the Mineral Resource estimate is Andrew Brown, P.Geo., our Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Vice President, Projects. Mineral Resource estimates that are amenable to open pit mining methods are reported within a conceptual open pit shell based on a gold price of US$2,100/oz, metallurgical recovery of 98%, selling costs of US$87.02/oz including royalties and levies, and operating cost estimates of US$3.26/t mined (mining), US$13.92/t processed (processing) and US$3.96/t processed (site general). Mineral Resources that are potentially amenable to open pit mining are reported at a cut-off grade of 0.25 g/t Au. Mineral Resources that are potentially amenable to underground mining are reported at cut-off grades of 1.5, 1.90 or 2.50 g/t Au and a minimum diluted thickness of 4.0 m. Underground resource reporting assumes a gold price of US$2,100/oz Au, process recovery of 98%, variable mining costs by mining method of US$75.76–140.46/t mined, processing cost of US$18.84/t processed, and a selling cost of US$87.94/oz Au produced.
  9. Gramalote Project: Mineral Resources are reported on a 100% project basis. The Mineral Resource estimate has an effective date of December 31, 2024. The Qualified Person for the Mineral Resource estimate is Andrew Brown, P.Geo., our Vice President, Exploration. Mineral Resources assume an open pit mining method and are reported within conceptual pit based on a gold price of US$2,100/oz, metallurgical recovery of 81.7–84% for oxide and 87.6–97.6% for sulphide, mining cost estimates of US$2.61–US$2.92/t mined (average mining cost), processing cost of US$6.02–US$6.17 for oxide, US$9.36–US$9.51/t for sulphide processed (processing) and US$2.34/t processed (site general),and selling costs of US$70.37/oz including royalties and levies.. Mineral Resources are reported at cut-off grades of 0.16 g/t Au for oxide and 0.19 g/t Au for sulphide.
  10. Goose Project and Back River District, including the Goose and George Claims Groups: Mineral Resources are reported on a 100% project basis. Mineral Resources have an effective date of December 31, 2024. The Qualified Person for the Mineral Resource estimate is Andrew Brown, P.Geo., our Vice President, Exploration.
  11. Goose Claims Group: Mineral Resource estimates that are amenable to open pit mining methods are reported within conceptual open pit shells based on a gold price of US$2,100/oz, metallurgical recovery of 92.5%, selling costs of US$107.50/oz Au including royalties and levies, and operating cost estimates of US$5.99–6.63/t mined (mining), US$32.40–32.72/t processed (processing) and US$22.27/t processed (site general), pit slope angles of 45º, and an exchange rate of C$1.33:US$1.00. Mineral Resources potentially amenable to open pit mining methods are reported at an average cut-off grade of 0.9 g/t Au. Mineral Resource estimates potentially amenable to underground mining are reported at a cut-off grade of 2.2 g/t Au, assuming a gold price of US$2,100/oz Au, process recovery of 92.5%, variable mining costs by deposit of US$134.20–171.18/t mined, processing cost of US$54.72/t processed, and a selling cost of US$107.50/oz Au produced. No stope or other constraint was applied.
  12. George Claims Group: Mineral Resources potentially amenable to open pit mining methods are reported within conceptual open pit shells based on a gold price of US$2,100/oz, metallurgical recovery of 92.5%, selling costs of US$107.50/oz Au including royalties and levies, and operating cost estimates of US$6.56/t mined (mining), US$57.94/t processed (processing) and US$26.55/t processed (site general), pit slope angles of 43º, and an exchange rate of C$1.33:US$1.00. Mineral Resources potentially amenable to open pit mining methods are reported at an average cut-off grade of 1.4 g/t Au. Mineral Resource estimates potentially amenable to underground mining are reported at a cut-off grade of 3.1 g/t Au, assuming a gold price of US$2,100/oz Au, process recovery of 92.5%, mining costs of US$175.46/t mined, processing cost of US$84.50/t processed including haulage, and a selling cost of US$107.50/oz Au produced. No stope or other constraint was applied.
  13. Stockpiles: Mineral Resources in stockpiled material are reported in the totals for the Fekola Mine, the Masbate Gold Project, the Goose Project and the Otjikoto Mine 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 GC.
  14. 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.