Projects

Masbate Mine – The Philippines (1)

The Masbate Gold Project is located on Masbate Island in the Philippines. The Masbate Mine is located approximately 360 km southeast of the country's capital, Manila.

Click here for mine/project location map.

B2Gold acquired its interest in Masbate through its acquisition of CGA Mining Limited in January 2013.

The Masbate Mine is expected to produce between 170,000 and 190,000 ounces of gold in 2024 at cash operating costs of between $945 and $1,005 per ounce and all-in sustaining costs of between $1,300 and $1,360 per ounce. Gold production is scheduled to be relatively consistent throughout 2024. For 2024, Masbate is expected to process 7.9 million tonnes of ore at an average grade of 0.93 g/t with a process gold recovery of 76.0%. Mill feed will be a blend of mined fresh ore and low-grade ore stockpiles.

Capital expenditures for 2024 at Masbate are expected to total $49 million, of which approximately $33 million is classified as sustaining capital expenditures and $16 million is classified as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to include $16 million for mining and mobile equipment replacement and rebuilds, $6 million for deferred stripping, $6 million for process plant, and $3 million for tailings storage facility expansion. Non-sustaining capital expenditures are anticipated to include $16 million for land acquisition and development.

Click here for Masbate Mine overview.

Mine Snapshot:

2023:

  • Gold production(3)193,502  oz
  • Cash operating costs(2) : $859 /oz produced
  • AISC(2)$1,143 /oz sold

2024 Guidance:

  • Gold production: 170 Koz - 190 Koz
  • Cash operating costs: $945 - $1,005 /oz 
  • AISC: $1,300 - $1,360 /oz 

Click here for B2Gold’s Q4 and Full Year 2023 Earnings news release (dated February 21, 2024)

Mine/Project Location Map:

Mine Overview (as at December 31, 2023):

2023 Production, Costs, Revenue & Sales(2,3):
Gold production 193,502 oz
Cash operating costs

$859 /oz produced

AISC

$1,143 /oz sold

Gold revenue $373 M (approx.)
Gold sales 190,800 oz
Average realized gold price $1,954 /oz
FY 2024 Guidance Production, Costs(2,3):
Gold production 170 Koz - 190 Koz
Cash operating costs $945 - $1,005 /oz 
AISC $1,300 - $1,360 /oz
2023 Processing:
Tonnes of ore milled 8.30 M (approx.)
Grade 0.97 g/t
Recovery 74.5%
FY 2024 Guidance Processing:
Tonnes of ore milled (budget) 7.9 M
Grade (budget) 0.93 g/t
Recovery (budget) 76.0 %
General Information:
Location The Philippines
Mine type Open pit
Metals mined Gold
Ownership

B2Gold holds its interest in the Masbate Gold Project through indirectly owned subsidiaries. The Company has a 40% interest in Filminera Resources Corporation and a 100% interest in Philippine Gold Processing & Refining Corporation. The remaining 60% interest in Filminera is held by a Philippines-registered company, Zoom Mineral Holdings Inc.

Processing plant Conventional carbon-in-leach type facility
Power Heavy fuel oil- and diesel-fueled power plant
Total number of employees 956
Local employee workforce 98.9%
Mineral Reserve & Resource Estimates (Contained Gold) – 100% Project Basis:
Indicated Mineral Resources(4) 3.18 Moz
Inferred Mineral Resources(4) 0.69 Moz
Probable Mineral Reserves(4) 1.89 Moz
2024 Exploration Budget
The Philippines (Masbate) $6 M

Supporting Documents:

For the latest details and news releases pertaining to the Masbate Mine:

  • Click here for B2Gold's Q4 and Full Year 2023 Earnings (dated February 21, 2024)

For a more detailed overview of the Masbate Mine, please refer to the following most recent company documents:

  • Click here for B2Gold's Q4 and Full Year 2023 Management Discussion & Analysis ("MD&A") (dated December 31, 2023)
  • Click here for B2Gold's Q4 and Full Year 2023 Financial Statements (dated December 31, 2023)
  • Click here for B2Gold's 2023 Annual Information Form ("AIF") (dated March 16, 2023)
Footnotes: (Click to expand)
  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 the Company’s most recently filed MD&A (click here).
  3. B2Gold’s FY 2022 and 2023 Guidance gold production are presented on a 100% basis, unless otherwise stated.
  4. Refer to respective notes in the 'Mineral Resource & Mineral Reserve Estimates' section below.
  5. Also available on SEDAR at www.sedar.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov.
  6. Certain portions of the following information are derived from and based on the technical report entitled “Masbate Gold Operation, Republic of the Philippines, NI 43-101 Technical Report on Operations” (click here) that has an effective date of December 31, 2016, and was prepared by Tom Garagan, P. Geo., Ken Jones, P.E., Kevin Pemberton, P.E. and John Rajala, P.E., and from the Company's most recent AIF, dated March 16, 2023 - click hereand are based on the assumptions, qualifications and procedures set out therein.

Mineral Resource & Mineral Reserve Estimates:

Masbate Indicated Mineral Resources Statement:

Area 100% Project Basis
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold Ounces
(x 1,000)
North 14,420 0.77 360
South 58,360 0.97 1,830
Stockpiles 35,560 0.59 670
Total Indicated Mineral Resources 108,350 0.82 2,850

Masbate Inferred Mineral Resources Statement:


Area 100% Project Basis
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold Ounces
(x 1,000)
North 4,190 0.79 110
South 16,940 0.88 480
Total Inferred Mineral Resources 21,130 0.87 590
Footnotes: (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.
  2. 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.
  3. 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 heading “- Property Description, Location, and Access” above for a further discussion of the foregoing.
  4. The Qualified Person for the resource estimate is Brian Scott, P.Geo., our Vice President, Geology & Technical Services.
  5. The Qualified Person for the stockpile estimate is Peter Montano, our Vice President, Projects.
  6. The Mineral Resource estimate for the Masbate Gold Project accounts for mining depletion as of December 31, 2022. The Mineral Resource estimate has an effective date of December 31, 2022.
  7. Mineral Resource estimates assume an open pit mining method.
  8. Mineral Resources are reported within a conceptual open pit based on a gold price of US$1,800/oz, modeled metallurgical recovery (resulting in average metallurgical recoveries by resource area that range from 60% to 88%), and operating cost estimates of US$1.58–US$2.03/t mined (mining), US$14.45/t processed (processing) and US$2.26–US$3.77/t processed (general and administrative).
  9. Mineral Resources are reported at an average cut-off grade of 0.41 g/t Au.
  10. North and South designations refer to locations north and south of the Guinobatan River, respectively.

Masbate Probable Mineral Reserves Statement:

Area 100% Project Basis
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained
Gold Ounces
(x 1,000)
North 5,250 0.79 130
South 25,890 1.01 840
Stockpiles 35,560 0.59 670
Total Probable Mineral Reserves 66,700 0.77 1,650
Footnotes: (Click to expand)
  1. Mineral Reserves have been classified using the CIM Standards.
  2. 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.
  3. 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, a Philippine shareholder company. Please see heading “- Property Description, Location, and Access” above for a further discussion of the foregoing.
  4. The Qualified Person for the reserve estimate is Peter Montano, our Vice President, Projects, and a Qualified Person under NI 43-101.
  5. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,500/oz, modeled metallurgical recovery (resulting in average LoM metallurgical recoveries by pit that range from 64% to 89%), and average base operating cost estimates of US$1.92–US$2.26/t mined (mining), US$13.62-14.55/t processed (processing) and US$2.17-3.62/t processed (general and administrative).
  6. Dilution and ore loss were applied through whole block averaging such that at a cut-off grade of 0.45 g/t Au, there is a 5.8% increase in tonnes, a 5.5% reduction in grade and 0.1% increase in ounces when compared to the Mineral Resource model. Mineral Reserves are reported at cut-off grades that range from 0.37–0.39 g/t Au.
  7. North and South designations refer to locations north and south of the Guinobatan River, respectively.

For more information, click here for B2Gold's 2023 Annual Information Form (pages 37-47).

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