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

2024

  • 804,778 oz
    Q4 2024 gold production1
  • $889 / oz produced
    Q4 2024 cash operating costs2
  • $1,465 / oz sold
    Q4 2024 AISC2
  • $1,900,000,000
    Q4 2024 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) 48,000 1.63 2,510 80 2,010
  Fekola Regional 13,800 1.97 880 90 790
  Total Fekola Complex 61,800 1.70 3,390   2,800
Philippines Masbate Gold Project 65,800 0.76 1,610 100 1,610
Namibia Otjikoto Open Pit and Wolfshag Underground 3,400 2.07 220 90 200
Canada Goose Project 10,700 6.29 2,200 100 2,200
Total Probable Mineral Reserves 7,420   6,810
Notes
  1. Mineral Reserves are reported at the point of delivery to the process plant, and have been classified using the CIM Standards. 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 Complex: The Mineral Reserves have an effective date of December 31, 2023 and have been prepared by Peter Montano, P.E., our Vice President, Projects, and Qualified Person under NI 43-101.
  3. 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.
  4. Mineral Reserves for the Fekola Open Pit are based on a conventional open pit mining method, gold price of US$1,600/oz, metallurgical recovery of 93%, selling costs of US$135.20/oz including royalties, and revenue based taxes and mining funds, mining cost at surface elevation of US$2.58/t mined, average processing cost of US$15.96/t processed, and site general costs of US$7.84/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 10 m blocks. For Indicated blocks, within the December 2022 conceptual resource pit, above a cut-off of 0.65 g/t Au, the large block 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. Cost inputs for this Mineral Reserve estimate are based on the 2012 Mining Code.
  5. Mineral Reserves of the Cardinal Zone are based on a conventional open pit mining method, gold price of US$1,600/oz, metallurgical recovery of 93 - 95% by rocktype, selling costs of US$135.20/oz including royalties, and revenue based taxes and mining funds, mining costs ranging from US$2.01/t mined for saprolite to US$2.51 for fresh rock at surface elevation, processing costs ranging from US$10.11/t processed for saprolite to US$16.46/t processed for fresh rock, and site general costs of US$0.44/t processed. For Mineral Reserve reporting, a 0.5 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 September 2023 conceptual resource pit, at a cut-off of 0.65 g/t Au, the regularized model with edge dilution compared to the regularized model is +6.0% on tonnage, -8.8% on grade and -2.9% on contained gold. Cost inputs for this Mineral Reserve estimate are based on the 2012 Mining Code.
  6. Mineral Reserves for the Anaconda Area are based on a conventional open pit mining method, gold price of US$1,600/oz, metallurgical recovery of 93–95% by rocktype, selling costs of US$248.80/oz including royalties, and revenue based taxes and mining funds, mining costs ranging from US$1.93/t mined for saprolite to US$2.43 for fresh rock at surface elevation, processing costs ranging from US$13.61/t processed for saprolite to US$19.96/t processed for fresh rock that includes haulage cost to the Fekola mill, and site general costs of US$2.11/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 oxide ore material and 0.60 g/t Au for sulphide ore, 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. Cost inputs for this Mineral Reserve estimate are based on the 2023 Mining Code.
  7. Mineral Reserves for the Dandoko Area are based on a conventional open pit mining method, gold price of US$1,600/oz, metallurgical recovery of 76–94% by rocktype, selling costs of US$248.80/oz including royalties, and revenue based taxes and mining funds, mining costs ranging from US$1.93/t mined for saprolite to US$2.43 for fresh rock at surface elevation, processing costs ranging from US$14.61/t processed for saprolite to US$20.96/t processed for fresh rock that includes haulage cost to the Fekola mill, and site general costs of US$1.06/t processed. For Mineral Reserve reporting, the sub-cell models were regularized to a block size of 5 x 10 x 3.3333 m for Seko 1, and 5 x 10 x 10 m for Seko 2 and Seko 3 to account for dilution expected during mining. For Indicated plus Inferred blocks, within the February 2023 conceptual pit, at a cutoff of 0.30 g/t Au, the regularized model compared to the sub-cell model is +1% on tonnage, -3% on grade and -2% on contained gold. At a cut-off of 0.65 g/t Au, the regularized model compared to the sub-cell model is +15% on tonnage, - 13% on grade and -0.5% on contained gold. Cost inputs for this Mineral Reserve estimate are based on the 2023 Mining Code.
  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. Masbate Mineral Reserves have an effective date of December 31, 2023 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$1,600/oz, modeled metallurgical recovery (resulting in average LoM metallurgical recoveries by pit that range from 60% to 86%), and average base operating cost estimates of US$1.46–$2.23/t mined (mining), US$14.63/t processed (processing) and US$2.39–3.90/t processed (general and administrative). 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 2.6% increase in tonnes, a 6.6% reduction in grade, and a 4.1% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves are reported at an assay cut-off grade of 0.47 g/t Au.
  9. Otjikoto Mine: Otjikoto 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 Otjikoto Mine Mineral Reserves within the open pits and stockpiles have an effective date of December 31, 2023 and have been prepared by Peter Montano, P.E., our Vice President, Projects, and a Qualified Person under NI 43-101. Mineral Reserves to be mined using open pit methods or in stockpiles are based on a conventional open pit mining method, gold price of US$1,600/oz, metallurgical recovery of 98%, selling costs of US$67.61/oz Au including royalties and levies, average mining cost of US$3.38/t mined, average processing cost of US$12.75/t processed, and site general costs of US$3.92/t processed. Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.45 g/t Au cut-off grade there is a 2.4% decrease in tonnes, a 2.3% reduction in grade, and a 4.6% 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 0.45 g/t Au. Mineral Reserves that will be mined using underground methods assume a modified transverse longhole stoping mining method, gold price of US$1,600/oz, metallurgical recovery of 98%, selling costs of US$67.61/oz including royalties and levies, average mining cost of US$109.91/t mined, average processing cost of US$12.75/t processed, general costs of US$3.92/t processed, 10% dilution, and 85% mining recovery. Mineral Reserves that will be mined by underground methods are reported above a cut-off grade of 2.62 g/t Au.
  10. Goose Project: Mineral Reserves are reported on a 100% project and attributable basis. The Mineral Reserves have an effective date of December 31, 2023. The Qualified Person for the estimate is Maurice Mostert, F.AusIMM, a Qualified Person under NI 43-101. Mineral Reserves are based on a gold price of US$1,500/oz and an exchange rate of C$1.31:US$1.00. Open pit cut-off grades vary from 1.60 g/t to 1.74 g/t Au and underground cut-off grades vary from 3.5 g/t to 4.1 g/t Au. Cut-off and reported grades are diluted as per mining methods.
  11. Stockpiles: Mineral Reserves in stockpiled material are reported in the totals for the Fekola Mine, the Masbate Gold 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 to 0.65 g/t Au.

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 85,830 1.31 3,600 80 2,880
  Cardinal Zone 9,000 1.43 410 80 330
  Total Fekola Mine 94,820 1.32 4,020 80 3,210
  Anaconda Area 52,610 1.17 1,970 90 1,780
  Dandoko Area 7,950 1.55 400 90 360
  Total Fekola Regional 60,560 1.22 2,370 90 2,130
  Total Fekola Complex 155,390 1.28 6,390   5,350
Philippines Masbate Gold Project 109,630 0.81 2,870 100 2,870
Namibia Otjikoto Open Pit and Wolfshag Underground 40,970 0.74 980 90 880
Colombia Gramalote Project 192,220 0.68 4,210 100 4,210
Canada Goose Project 16,600 6.18 3,300 100 3,300
  George Project 7,140 5.34 1,230 100 1,230
  Total Back River Gold District 23,750 5.93 4,530 100 4,530
Total Indicated Mineral Resources
(includes stockpiles)		 521,950 1.13 18,960   17,830

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 6,000 0.97 190 80 150
  Cardinal Zone 11,700 1.43 540 80 430
  Total Fekola Mine 17,700 1.27 720 80 580
  Anaconda Area 44,930 1.36 1,970 90 1,770
  Dandoko Permit 1,300 0.79 34 90 30
  Total Fekola Regional 46,260 1.35 2,000 90 1,800
  Total Fekola Complex 63,960 1.33 2,730   2,380
Philippines Masbate Gold Project 18,340 0.89 530 100 530
Namibia Otjikoto Mine 3,180 2.83 290 90 260
Colombia Gramalote Project 85,370 0.54 1,480 100 1,480
Canada Goose Project 8,430 6.64 1,800 100 1,800
  George Project 5,370 6.12 1,060 100 1,060
  Total Back River Gold District 13,790 6.44 2,860 100 2,860
Total Inferred Mineral Resources
(includes stockpiles)		 184,640 1.33 7,880   7,500
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. 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. 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, 2023. The Qualified Person for the 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$1,850/oz, metallurgical recovery of 93%, selling costs of US$155.26/oz including royalties, and revenue based taxes and mining funds, and operating costs of US$2.20/t mined (mining), plus a sinking rate of US$0.035 per 10 m depth, US$0.22/t mined (general and administrative) and US$14.85/t processed (processing, and US$5.88/t processed (general and administrative). 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.
  4. 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, 2023. 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$1,850/oz, metallurgical recovery of 93-95%, selling costs of US$155.83/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$0.11/t mined (general and administrative), US$8.50–US$14.85/t processed (processing), US$0.50/t processed (haulage), and US$0.33/t processed (general and administrative). 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, - 24 - 2023. The Qualified Person for the Anaconda Area 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$1,850/oz, metallurgical recovery of 93-95%, selling costs of US$287.18/oz including royalties, and revenue based taxes and mining funds, and operating costs of US$1.50–US$2.00/t mined plus a sinking rate of US$0.035 per 10 m depth, US$0.16/t mined (general and administrative), US$8.50–US$14.85/t processed (processing), US$4.00/t processed (haulage), US$1.27/t processed (general and administrative), and US$1.11/t processed (sustaining capital). Mineral Resources are reported at a cut-off grade of 0.30– 0.40 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.
  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, 2023. The Qualified Person for the 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$1,850/oz, metallurgical recovery of 76-94%, selling costs of US$287.18/oz including royalties, and revenue based taxes and mining funds, and operating costs of US$1.50– US$2.00/t mined plus a sinking rate of US$0.035 per 10 m depth, US$0.35/t mined (general and administrative), US$8.50– US$14.85/t processed (processing), US$5.00/t processed (haulage), US$0.63/t processed (general and administrative), and US$1.11/t processed (sustaining capital). Mineral Resources are reported at a cut-off grade of 0.30–0.40 g/t Au for oxide and a cut-off grade of 0.60 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, 2023. The Qualified Person for the resource estimate is Michael Johnson, P.Geo., our Technical Services Manager. The Qualified Person for the 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$1,850/oz, modeled metallurgical recovery (resulting in average metallurgical recoveries by resource area that range from 62–89%), and operating cost estimates of US$1.52–US$2.01/t mined (mining), US$14.63/t processed (processing) and US$2.39–US$3.90/t processed (general and administrative). Mineral Resources are reported at an average cut-off grade of 0.41 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, 2023. The Qualified Person for the 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 based on a gold price of US$1,850/oz, metallurgical recovery of 98%, selling costs of US$77.92/oz including royalties and levies, and operating cost estimates of US$3.17/t mined (mining), US$12.32/t processed (processing) and US$3.87/t processed (general and administrative). Mineral Resources that are amenable to open pit mining are reported at a cut-off grade of 0.27 g/t Au. Mineral Resources that are amenable to underground mining are reported at cutoff grades of 1.6, 2.40 or 3.45 g/t Au and a minimum thickness of 1.5 m.
  9. Goose Project: Mineral Resources are reported on a 100% project basis. Mineral Resources have an effective date of January 15, 2021 and remain current as of December 31, 2023. The Qualified Person for the resource estimate is Dinara Nussipakynova, P.Geo., of AMC Mining Consultants (Canada) Ltd. Mineral Resource estimates potentially amenable to open pit mining are reported within a conceptual open pit based on a gold price of US$1,550/oz, metallurgical recovery of 93-95%, selling costs of US$1.53/oz Au, 4.8% royalty, and operating cost estimates of US$3.05/t mined (mining), US$22.84-25.13/t processed (processing) and US$38.05/t processed (general and administrative). 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 g/t Au at the Goose Project and 3.5g/t Au at the George Project.
  10. Gramalote Project: Mineral Resources are reported on a 100% project basis. The Mineral Resource estimate has an effective date of December 31, 2023. The Qualified Person for the Mineral Resources estimate is Andrew Brown, P.Geo., our Vice President, Exploration. Mineral Resources assume an open pit mining method and are reported within a conceptual pit based on a gold price of US$1,850/oz, metallurgical recovery of 81.7–84% for oxide and 90.9– 97.6% for sulphide, selling costs of US$62.04/oz including royalties and levies, and operating cost estimates of US$2.36–US$2.61/t mined (average mining cost), US$5.39–US$5.47 for oxide, US$8.39–US$8.49/t for sulphide processed (processing) and US$2.10/t processed (general and administrative). Mineral Resources are reported at cut-off grades of 0.16 g/t Au for oxide and 0.19 g/t Au for sulphide.
  11. Stockpiles: Mineral Resources in stockpiled material are reported in the totals for the Fekola Mine, the Masbate Gold 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.