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
Share Capital(1)
| Total Shares Issued and Outstanding |
1,008,620,054 |
| Directors and Management |
23,621,469 |
| Stock Options |
54,073,814 |
| Restricted Share Units |
4,325,160 |
| Total Shares Diluted |
1,067,019,028 |
| Market Capitalization (Basic)(2) |
$3,903,359,609 |
| Market Capitalization (Diluted)(3)(4) |
$4,129,363,638 |
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 Corp. |
Carey MacRury |
| 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 |
| M Partners |
Bereket A. Berhe |
| National Bank Financial |
Don DeMarco |
| PI Financial Corp. |
Chris Thompson |
| Raymond james |
Tara Hassan |
| RBC Capital Markets |
STEVEN WALKER |
| 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
|
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
|
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
|
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
|
|
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 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 and Otjikoto Mines and the Masbate Gold Project.
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. Mineral Resources contained in stockpiles that meet the project-specific cutoff grades are also included for the Fekola, Masbate and Otjikoto Mines. 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 have been updated to account for mining depletion, using topographic surfaces as of December 31, 2018. These Mineral Reserve and Resource estimates are reported by project/mine on both a 100% project basis reflecting the total Mineral Resources and Mineral Reserves and the applicable project specific attributable basis reflecting B2Gold's ownership interest (details in notes below).
Probable Mineral Reserves Statement
| Country |
Mine or Project |
100% Project Basis |
B2Gold Mineral Reserves
Attributable Ownership Basis |
Tonnes
(x 1,000) |
Gold Grade
(g/t Au) |
Contained Gold
Ounces
(x 1,000) |
Ownership
Percentage
(%) |
Tonnes
(x 1,000) |
Gold Grade
(g/t Au) |
Contained Gold
Ounces
(x 1,000) |
| Probable Mineral Reserves |
| Mali |
Fekola |
43,000 |
2.38 |
3,290 |
80 |
34,400 |
2.38 |
2,630 |
| Philippines |
Masbate |
81,500 |
0.82 |
2,160 |
100(3) |
81,500 |
0.82 |
2,160 |
| Namibia |
Otjikoto |
19,800 |
1.54 |
980 |
90 |
17,800 |
1.54 |
880 |
| Nicaragua |
La Libertad |
1,100 |
2.01 |
70 |
100 |
1,100 |
2.01 |
70 |
| Nicaragua |
El Limon |
600 |
3.97 |
70 |
100 |
600 |
3.97 |
70 |
| Total Probable Mineral Reserves (includes stockpiles) |
6,580 |
|
5,820 |
Notes: (Click to expand)
- Mineral Reserves have been classified using the CIM Standards (refer to the Company's AIF, dated March 20, 2019 – click here for additional information regarding these 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.
- Fekola Mine: Mineral Reserves are reported on a 100% project and an 80% attributable basis; the remaining 20% interest is held by the State of Mali. The Mineral Reserves have an effective date of December 31, 2018. The Qualified Person for the 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 94%, selling costs of $112.29/oz (including royalties), average mining cost of $2.49 per tonne ("/t") mined, average processing cost of $17.17/t processed, and site general costs of $4.39/t processed. Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.8g/t cutoff there is a 1.4% increase in tonnes, a 2.1% reduction in grade, and a 0.7% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves are reported above a cutoff grade of 0.8g/t Au.
- Masbate Gold Project: Mineral Reserves are reported on a 100% project 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. B2Gold has a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements. Please see heading "Material Properties – Masbate Gold Project" in pages 31-41 in the Company's AIF, dated March 20, 2019 (click here) for a further discussion of the foregoing. The Mineral Reserves have an effective date of December 31, 2018. 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/ounce, modeled metallurgical recovery (resulting in average LoM metallurgical recoveries by pit that range from 63% to 86%), selling costs of $54.11/oz and average base operating cost estimates of US$1.50–$1.80/t mined (mining), US$9.57/t processed (processing) and US$1.84–3.45/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 7.7% increase in tonnes, a 6.6% reduction in grade and a 0.7% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves are reported at cutoffs that range from 0.41–0.54 g/t Au.
- Otjikoto Mine: Mineral Reserves for Otjikoto and Wolfshag are reported on a 100% project and 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, 2018. The Qualified Person for the 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 98%, selling costs of $51.44/oz including royalties and levies, average mining cost of $2.29/t mined, average processing cost of $12.99/t processed, and site general costs of $3.25/t processed. Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.45 g/t cutoff there is a 2.3% decrease in tonnes, a 2.2% reduction in grade, and 4.4% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves are reported above a cutoff grade of 0.45 g/t Au.
- La Libertad Mine: Mineral Reserves are reported on a 100% basis, and have an effective date of December 31, 2018. 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/ounce, metallurgical recoveries that range from 90% to 94%, and operating cost estimates of US$2.64/t mined (mining), US$14.80/t processed (processing) and US$3.50/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 0.64–0.74 g/t Au.
- El Limon Mine: Mineral Reserves are reported on a 100% basis. The Mineral Reserves have an effective date of December 31, 2018. 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/ounce, metallurgical recovery of 93.5%, and operating cost estimates of US$53.90–US$82.39/t of ore (mining), US$29.45/t of ore processed (processing) and US$12.11/t processed (general and administrative). Dilution of 29–44% is applied to most zones in addition to 90% mine recovery for all zones. Mineral Reserves are reported at cutoffs that range from 2.80–3.27 g/t Au.
- Stockpiles: Mineral Reserves in stockpiled material are reported in the totals for the Otjikoto and Fekola Mines and the Masbate Gold Project, 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 |
100% Project Basis |
B2Gold Mineral Reserves
Attributable Ownership Basis |
Tonnes
(x 1,000) |
Gold Grade
(g/t Au) |
Contained Gold
Ounces
(x 1,000) |
Ownership
Percentage
(%) |
Tonnes
(x 1,000) |
Gold Grade
(g/t Au) |
Contained Gold
Ounces
(x 1,000) |
| Measured Mineral Resources |
| Burkina Faso |
Kiaka |
33,700 |
1.09 |
1,180 |
81 |
27,300 |
1.09 |
950 |
| Total Measured Mineral Resources |
1,180 |
|
950 |
| Indicated Mineral Resources |
| Mali |
Fekola |
87,100 |
1.87 |
5,240 |
80 |
69,600 |
1.87 |
4,190 |
| Philippines |
Masbate |
124,300 |
0.87 |
3,470 |
100(4) |
124,300 |
0.87 |
3,470 |
| Namibia |
Otjikoto |
38,400 |
1.24 |
1,540 |
90 |
34,600 |
1.24 |
1,380 |
| Nicaragua |
La Libertad |
2,000 |
2.61 |
170 |
100 |
2,000 |
2.61 |
170 |
| El Limon |
11,700 |
2.40 |
910 |
100 |
11,700 |
2.40 |
910 |
| Burkina Faso |
Kiaka |
119,500 |
0.96 |
3,690 |
81 |
96,800 |
0.96 |
2,990 |
| Colombia |
Gramalote |
162,600 |
0.75 |
3,930 |
49 |
79,700 |
0.75 |
1,930 |
Total Indicated Mineral Resources
(includes Stockpiles) |
18,940 |
|
15,030 |
| Measured and Indicated Mineral Resources |
| Mali |
Fekola |
87,100 |
1.87 |
5,240 |
80 |
69,600 |
1.87 |
4,190 |
| Philippines |
Masbate |
124,300 |
0.87 |
3,470 |
100(4) |
124,300 |
0.87 |
3,470 |
| Namibia |
Otjikoto |
38,400 |
1.24 |
1,540 |
90 |
34,600 |
1.24 |
1,380 |
| Nicaragua |
La Libertad |
2,000 |
2.61 |
170 |
100 |
2,000 |
2.61 |
170 |
| El Limon |
11,700 |
2.40 |
910 |
100 |
11,700 |
2.40 |
910 |
| Burkina Faso |
Kiaka |
153,300 |
0.99 |
4,860 |
81 |
124,100 |
0.99 |
3,940 |
| Colombia |
Gramalote |
162,600 |
0.75 |
3,930 |
49 |
79,700 |
0.75 |
1,930 |
Total Measured and Indicated Mineral
Resources (includes Stockpiles) |
20,110 |
|
15,980 |
Inferred Mineral Resource Statement
| Country |
Mine or Project |
100% Project Basis |
B2Gold Mineral Resources
Attributable Ownership Basis |
Tonnes
(x 1,000) |
Gold Grade
(g/t Au) |
Contained Gold
Ounces
(x 1,000) |
Ownership
Percentage
(%) |
Tonnes
(x 1,000) |
Gold Grade
(g/t Au) |
Contained Gold
Ounces
(x 1,000) |
| Inferred Mineral Resources |
| Mali |
Fekola |
26,500 |
1.61 |
1,370 |
80 |
21,200 |
1.61 |
1,100 |
| Anaconda |
21,600 |
1.11 |
770 |
85 |
18,300 |
1.11 |
650 |
| Philippines |
Masbate |
18,000 |
0.90 |
520 |
100(4) |
18,000 |
0.90 |
520 |
| Namibia |
Otjikoto |
4,200 |
2.27 |
310 |
90 |
3,800 |
2.27 |
280 |
| Nicaragua |
La Libertad |
3,200 |
4.37 |
450 |
100 |
3,200 |
4.37 |
450 |
| El Limon |
5,600 |
5.53 |
1,000 |
100 |
5,600 |
5.53 |
1,000 |
| Burkina Faso |
Kiaka |
33,700 |
0.93 |
1,010 |
81 |
27,300 |
0.93 |
810 |
| Toega |
17,500 |
2.01 |
1,130 |
81 |
14,200 |
2.01 |
920 |
| Colombia |
Gramalote |
125,200 |
0.52 |
2,090 |
49 |
61,300 |
0.52 |
1,030 |
| Total Inferred Mineral Resources |
8,640 |
|
6,750 |
Notes: (Click to expand)
- Mineral Reserves have been classified using the CIM Standards (refer to the Company's AIF, dated March 20, 2019 – click here for additional information regarding these 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.
- Fekola Mine: Mineral Resources are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali. The Mineral Resources have an effective date of December 31, 2018. 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 94.5%, and average operating cost estimates of US$2.00/t mined (mining), US$14.50/t processed (processing) and US$4.50/t processed (general and administrative). Mineral Resources are reported at a cutoff of 0.6 g/t Au.
- Anaconda: Mineral Resources are reported on a 100% project and an 85% attributable basis; under the 2012 Mining Code, the State of Mali has a 10% free carried interest with 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, 2018. 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.
- Masbate Gold Project: Mineral Resources are reported on a 100% project 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. B2Gold has a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements. Please see heading "Material Properties – Masbate Gold Project" in pages 31-41 in the Company's AIF, dated March 20, 2019 (click here) for a further discussion of the foregoing. The Mineral Resources have an effective date of December 31, 2018. 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 63% to 86%), and operating cost estimates of US$1.50–$1.80/t mined (mining), US$9.57/t processed (processing) and US$1.84–3.45/t processed (general and administrative). Mineral Resources are reported at an average cutoff of 0.4g/t Au.
- Otjikoto Mine: Mineral Resources are reported on a 100% project and a 90% attributable basis; the remaining 10% interest is held by EVI. The Mineral Resources have an effective date of December 31, 2018. 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$2.23/t mined (mining), US$12.85/t processed (processing) and US$3.24/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.
- La Libertad Mine: Mineral Resources are reported on a 100% basis, and have an effective date of December 31, 2018. The Qualified Person for the estimates 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$1.37-2.50/t mined (mining), US$14.80/t processed (processing) and US$3.50/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 2.1–2.2 g/t Au.
- El Limon Mine: Mineral Resources are reported on a 100% basis. The Mineral Resources have an effective date of December 31, 2018. 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 88.1-93.5%, and operating cost estimates of US$53.90–82.39/t of ore mined from underground (mining), US$2.50/t of ore mined from open pit (mining), US$29.45/t processed (processing) and US$12.11/t processed (general and administrative). Mineral Resources amenable to underground mining are reported at cutoffs that range from 2.5 –2.9 g/t Au. Mineral Resources amenable to open pit mining are reported at a cutoff of 1.25 g/t Au.
- Kiaka Project: Mineral Resources are reported on a 100% project and 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%) (representing the 10% interest that is held by the Burkina Faso government). 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.
- Toega Project: Mineral Resources are reported on a 100% project and 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%) (representing 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 and is considered current as of December 31, 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.
- Gramalote Project: Mineral Resources are reported on a 100% project and a 49% attributable basis; the remaining 51% interest is held by AngloGold Ashanti Limited. Mineral Resources have an effective date of August 31, 2016 and are considered current as of December 31, 2017. 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 85% 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.
- Stockpiles: Mineral Resources in stockpiled material are reported in the totals for the Otjikoto and Fekola Mines and the Masbate Gold Project, 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.
