Mine Snapshot2

  • 530,769 oz

    Gold production

  • $772 /oz

    Cash operating costs
    (per ounce produced)

  • $1,804 /oz

    AISC (per gold ounce sold)

  • 410 - 460 koz

    Gold production

  • $1,060 - $1,160 /oz

    Cash operating costs (per gold ounce produced)

  • $2,670 - $2,820 /oz

    AISC (per gold ounce sold)

About fekola

The Fekola Complex is located in southwest Mali, on the border between Mali and Senegal, approximately 500 km due west of the capital city, Bamako. The Fekola Complex is comprised of the Fekola Mine (Médinandi Exploitation License, which hosts the Fekola Open Pit (including Fekola Underground), the Cardinal Zone, and the FNE Zone), Fekola Regional (comprised of the Anaconda Area (Bantako, Menankoto, and Bakolobi permits), and the Dandoko permit.

The Fekola Mine is a low-cost, world-class operation and one of Africa's largest gold mines. Ore continues to be mined from the Fekola and Cardinal pits, as well as from Fekola Underground. Underground production commenced on July 30, 2025, following the approval of the underground exploitation permit by the State of Mali.

Map showing the Fekola Mine, exploration projects, regional structures and surrounding exploration areas in Mali and Senegal. See Location Map

History

B2Gold acquired the world-class Fekola project through a merger with Papillon Resources Limited in October 2014. Led by core members of B2Gold’s construction team, early work activities at the Company’s third and largest mine began in February 2015. On September 25, 2017, the Company announced that it had completed construction of the Fekola mill and commenced ore processing, more than three months ahead of the original construction schedule and on budget.

The first gold pour at the Fekola Mine took place on October 7, 2017. Within only 60 days from start-up, the mine achieved commercial production on November 30, 2017, one month ahead of the revised schedule and four months ahead of the original schedule. The Fekola Mine produced its four millionth ounce of gold in July 2025, seven years and ten months from construction completion.

Processing Plant

Conventional flowsheet, consisting of: single-stage primary crushing; a semi-autogenous primary grinding mill with pebble crushing and a secondary ball mill; leach feed thickening with thickener overflow treated through a carbon in column circuit; agitated leaching followed by carbon-in-pulp adsorption; elution, electrowinning and gold recovery to doré; and cyanide destruction, tailings thickening and disposal circuits.

Wide view of Fekola Mine’s industrial operations, including processing equipment and infrastructure.

Power

Combination of a heavy fuel oil (HFO), diesel and solar/battery hybrid power plant. The 30 MWac solar power plant was commissioned in early 2021. Following completion in the fourth quarter of 2024, the Fekola Solar Plant expansion achieved full operational integration on March 31, 2025, and now provides approximately 28–30% of the site's annual total electricity demand, accounting for seasonal fluctuations in solar irradiance.

Workers inspecting a large field of solar panels at the Fekola Mine, part of the renewable energy project.

Production, Costs, Revenue & Sales(2, 3)

Q1 2026 Q4 2025 Q3 2025 Q2 2025
Gold production (ounces)(2) 117,450 163,720 146,883 126,361
Cash operating costs(3) (per ounce produced) 950 642 772 798
AISC(3) (per ounce sold) 1,955 1,903 1,678 1,721
Gold revenue ($M) 735 639 473 377
Gold sales (ounces) 152,356 153,407 137,360 115,184
Average realized gold price ($/ounce) 4,823 4,166 3,440 3,276
Notes
  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. B2Gold's FY2025 and 2026 guidance gold production are presented on a 100% basis, unless otherwise stated.
  3. Certain portions of the following information are derived from and based on the Company's most recent AIF, dated March 11, 2026 (click here) and are based on the assumptions, qualifications and procedures set out therein.
  4. Refer to “Non-IFRS measures” in the Company’s most recently filed MD&A ( click here).

Processing

Q1 2026 Q4 2025 Q3 2025 Q2 2025
Tonnes of ore milled (M) 2.54 2.40 2.57 2.34
Grade (g/t) 1.56 2.29 1.94 1.84
Recovery (%) 91.7 92.4 91.6 91.2

Mineral Reserve & Resource Estimates

Contained Gold – 100% Project Basis

Probable Mineral Reserves 2.70 Moz
Indicated Mineral Resources 5.53 Moz
Fekola Open Pit
Inferred Mineral Resources		 0.15 Moz
Cardinal Area
Inferred Mineral Resources		 0.45 Moz
FNE Zone
Inferred Mineral Resources		 0.05 Moz
Fekola Underground
Inferred Mineral Resources		 0.45 Moz
Anaconda Area
Inferred Mineral Resources		 1.93 Moz
Dandoko Area
Inferred Mineral Resources		 0.04 Moz

Indicated Mineral Resource Statement

100% Project Basis Attributable Ownership Basis
Region Area Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)		 Attributable
(%)		 Contained Gold Ounces
(x 1,000)
Fekola Mine Fekola Open Pit 45,610 1.28 1,880 80 1,500
Fekola Mine Fekola Stockpile 13,130 0.66 280 80 220
Fekola Mine Cardinal Zone 9,430 1.50 450 80 360
Fekola Mine FNE Zone 3,830 1.27 160 80 120
Fekola Mine Fekola Underground 3,720 2.95 350 80 280
Total Fekola Mine Sub-Total 75,720 1.28 3,120 2,490
 
Fekola Regional Anaconda Area 54,830 1.13 1,990 90 1,790
Fekola Regional Dandoko Area 9,280 1.43 430 90 380
Total Fekola Regional Sub-Total 64,110 1.17 2,410 2,170
 
Fekola Complex Total Indicated Mineral Resources 139,830 1.23 5,530 4,660

Inferred Mineral Resource Statement

100% Project Basis Attributable Ownership Basis
Region Area Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)		 Attributable
(%)		 Contained Gold Ounces
(x 1,000)
Fekola Mine Fekola Open Pit 5,370 0.88 150 80 120
Fekola Mine Cardinal Zone 9,870 1.41 450 80 360
Fekola Mine FNE Zone 1,160 1.24 50 80 40
Fekola Mine Fekola Underground 5,660 2.49 450 80 360
Total Fekola Mine Sub-Total 22,060 1.55 1,100 880
 
Fekola Regional Anaconda Area 48,240 1.25 1,930 90 1,740
Fekola Regional Dandoko Area 1,520 0.77 40 90 30
Total Fekola Regional Sub-Total 49,760 1.23 1,970 1,770
 
Fekola Complex Total Inferred Mineral Resources 71,820 1.33 3,070 2,650
Notes
  1. Mineral Resources have been classified using the CIM Standards. Mineral Resources are reported in situ or in stockpiles, 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. Mineral Resources for the Fekola Mine are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali. Mineral Resources for Fekola Regional are reported on a 100% project and a 90% attributable basis; the remaining 10% interest is held by the State of Mali. With respect to Fekola Regional, under the 2023 Mining Code, the State’s 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.
  3. The Qualified Person for the Mineral Resource estimate is Andrew Brown, P.Geo., our Vice President, Exploration.
  4. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Vice President, Projects.
  5. The Mineral Resource estimates for the Fekola Mine account for mining depletion as at March 31, 2026 and have an effective date of March 31, 2026. The Mineral Resource estimates for Fekola Regional have an effective date of March 31, 2026.
  6. Fekola Open Pit: Mineral Resource estimates are reported within a conceptual open pit based on a gold price of $2,500/oz, metallurgical recovery of 92–94%, selling costs of $375.50/oz including royalties, and revenue-based taxes and mining funds, and operating costs of $2.40/t mined (mining), plus a sinking rate of $0.035 per 10 m depth, $0.34/t mined (site general) and $9.45–$14.53/t processed plus $7.76/t processed (site general) and $1.53/t processed (sustaining capital). Mineral Resources are reported at a cut-off grade of 0.40 g/t gold. Cost inputs for this Mineral Resource estimate are based on the 2012 Mining Code.
  7. Fekola Underground: Mineral Resource estimates potentially amenable to underground mining are reported within conceptual optimized stopes assuming a gold price of $2,500/oz Au, process recovery of 92%, mining cost of $99.45/t mined, processing cost of $17.12/t processed, and a selling cost of $375.50/oz Au produced. Mineral Resources are reported at a cut-off grade of 1.4 g/t gold. Cost inputs for this Mineral Resource estimate are based on the 2012 Mining Code.
  8. Cardinal Zone: Mineral Resource estimates are reported within a conceptual open pit based on a gold price of $2,500/oz, metallurgical recovery of 92–93%, selling costs of $375.50/oz including royalties, and revenue-based taxes and mining funds, and operating cost estimates of $1.69–$2.36/t mined (mining) plus a sinking rate of $0.035 per 10 m depth, $0.44/t mined (site general), $9.45–$14.53/t processed (processing), $1.10/t processed (haulage), $5.82/t processed (site general) and $1.53/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.
  9. FNE Zone: Mineral Resource estimates are reported within a conceptual open pit based on a gold price of $2,500/oz, metallurgical recovery of 92–93%, selling costs of $375.50/oz including royalties, and revenue-based taxes and mining funds, and operating cost estimates of $1.69–$2.36/t mined (mining) plus a sinking rate of $0.035 per 10 m depth, $0.44/t mined (site general), $9.45–$14.53/t processed (processing), $1.10/t processed (haulage), $5.82/t processed (site general) and $1.53/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.
  10. Anaconda Area: Mineral Resource estimates are reported within a conceptual open pit based on a gold price of $2,500/oz, metallurgical recovery of 92–94%, selling costs of $415.74/oz including royalties and tolling charges, and revenue-based taxes and mining funds, and operating costs of $3.10–$3.63/t mined plus a sinking rate of $0.035 per 10 m depth, $0.21/t mined (site general), $9.45 $14.53/t processed (processing), $4.51/t processed (haulage), $1.09/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 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.
  11. Dandoko Area: Mineral Resource estimates are reported within a conceptual open pit based on a gold price of $2,500/oz, metallurgical recovery of 76–94%, selling costs of $569.63/oz including royalties and tolling charges, and revenue-based taxes and mining funds, and operating costs of $1.84–$2.26/t mined plus a sinking rate of $0.035 per 10 m depth, $0.18/t mined (site general), $9.00– $14.53/t processed (processing), $4.69/t processed (haulage), $0.36/t processed (site general), and $1.53/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.
  12. Mineral Resources in stockpiled material are reported in the totals for the Fekola Mine, and were prepared by mine site personnel at the operation. Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine grade control.
  13. 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.

Probable Mineral Reserves Statement

100% Project Basis Attributable Ownership Basis
Region Area Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)		 Attributable
(%)		 Contained Gold Ounces
(x 1,000)
Fekola Mine Fekola Open Pit 21,200 1.80 1,220 80 980
Fekola Mine Cardinal Zone 3,400 1.71 190 80 150
Fekola Mine FNE Zone 2,200 1.58 110 80 90
Fekola Mine Fekola Underground 1,600 3.16 160 80 130
Fekola Mine Stockpiles 5,600 0.82 150 80 120
Fekola Mine Sub-Total 33,800 1.68 1,830 1,460
 
Fekola Regional Anaconda Area 11,600 1.73 650 90 580
Fekola Regional Dandoko Area 2,200 3.22 230 90 210
Fekola Regional Sub-Total 13,800 1.97 880 790
 
Fekola Complex Total Probable Mineral Reserves 47,700 1.76 2,700 2,250
Notes
  1. Mineral Reserves have been classified using the CIM Standards, and are reported at the point of delivery to the process plant.
  2. The Mineral Reserves from the Fekola Open Pit, Cardinal Zone, FNE Zone, and stockpiles have an effective date of March 31, 2026. The Mineral Reserves from the Anaconda and Dandoko Areas have an effective date of March 31, 2026. The Qualified Person is Peter Montano, P.E., our Vice President, Projects.
  3. The Mineral Reserves from Fekola Underground have an effective date of March 31, 2026. The Qualified Person is Michael Meyers, P.Eng., our Director, Project Development.
  4. Mineral Reserves are reported on a 100% basis. B2Gold holds an 80% attributable interest in the Fekola Open Pit, Cardinal Zone, FNE Zone, Fekola Underground, 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, 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.
  5. Fekola Open Pit: Mineral Reserves are based on a conventional open pit mining method, gold price of $2,000/oz, metallurgical recovery of 92%, selling costs of $274.57/oz including royalties, mining cost at surface elevation of $2.86/t mined, average processing cost of $16.06/t processed, and site general costs of $10.34/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 2025 resource pit, above a cut-off of 0.65 g/t Au, the large block regularized model compared to the regularized resource model is +6.7% on tonnage, -6.4% on grade and -0.1% 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.
  6. Cardinal Zone: Mineral Reserves are based on a conventional open pit mining method, gold price of $2,000/oz, metallurgical recovery of 92–94% by rock type, selling costs of $274.57/oz including royalties, mining costs ranging from $2.15/t mined for saprolite to $2.82 for fresh rock at surface elevation, processing costs ranging from $10.97/t processed for saprolite to $16.06/t processed for fresh rock, and site general costs of $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. 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.
  7. FNE Zone: Mineral Reserves are based on a conventional open pit mining method, gold price of $2,000/oz, metallurgical recovery of 92–94% by rock type, selling costs of $274.57/oz including royalties, mining costs ranging from $2.15/t mined for saprolite to $2.82 for fresh rock at surface elevation, processing costs ranging from $10.97/t processed for saprolite to $16.06/t processed for fresh rock, and site general costs of $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 2025 resource pit, at a cut-off of 0.65 g/t Au, the regularized model with edge dilution compared to the regularized model is +11% on tonnage, -12% on grade and -2% 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.
  8. Fekola Underground: Mineral Reserves will be mined by underground methods assuming a mix of transverse and longitudinal longhole stoping mining methods, gold price of $2,000/oz, metallurgical recovery of 92%, selling costs of $274.57/oz including royalties and levies, average mining cost of $99.45/t mined, average processing cost of $16.06/t processed, site general costs of $2.59/t processed, 8% dilution, and 95% mining recovery. Mineral Reserves that will be mined by underground methods are reported above a cut-off grade of 2.35 g/t Au.
  9. Anaconda Area: Mineral Reserves are based on a conventional open pit mining method, gold price of $1,750/oz, metallurgical recovery of 93–94% by rock type, selling costs of $273.37/oz including royalties and tolling charges, mining costs ranging from $2.91/t mined for saprolite to $3.41 for fresh rock at surface elevation, processing costs ranging from $14.60/t processed for saprolite to $20.40/t processed for fresh rock that includes haulage cost to the Fekola mill, and site general costs of $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.
  10. Dandoko Area: Mineral Reserves are based on a conventional open pit mining method, gold price of $1,750/oz, metallurgical recovery of 76–94% by rock type, selling costs of $322.09/oz including royalties and tolling charges, mining costs ranging from $1.95/t mined for saprolite to $2.45 for fresh rock at surface elevation, processing costs ranging from $15.66/t processed for saprolite to $21.37/t processed for fresh rock that includes haulage cost to the Fekola mill, and site general costs of $0.94/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 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 sub-cell 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 sub-cell 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.
  11. Mineral Reserves from the Fekola Open Pit, Cardinal Zone, FNE Zone, and stockpiles are reported above a cut-off grade of 0.65 g/t Au. Mineral Reserves from Fekola Underground are reported above a cut-off grade of 2.35 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.
  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.

Fekola regional

Delays in the receipt of the Fekola Regional exploitation permit resulted in no mining activity from Fekola Regional in the first quarter of 2026. The Company expects to meet the Fekola Complex production guidance range for the year, provided that an exploitation permit for Fekola Regional is received by June 30, 2026.

Map zoom of Fekola Mine, nearby exploration projects in Mali and B2Gold permits. See Location Map

Fekola Complex B2Gold Licences

Detailed map showing the Fekola Mine location in Mali, highlighting nearby areas and B2Gold permits.
MEDINANDI
75 km² exploitation licence Hosts Fekola deposit (including Fekola Underground) and Cardinal zone
MENANKOTO
162 km^2 exploration permit Approx. 20 km north of Fekola
Comprising the former Bakolobi Permit, Menankoto Permit and Bantako Nord Permit areas
DANDOKO
100 km² exploration permit M&I Mineral Resource of 8.2 Mt at 1.49 g/t for 390 Koz Au
Inferred Mineral Resource of 1.3 Mt at 0.79 g/t for 33 Koz Au

Exploration

A total of $5.2 million is budgeted for exploration in Mali in 2026 with an ongoing focus on discovery of additional high-grade, sulphide mineralization across the Fekola Complex to supplement feed to the Fekola mill. A total of 8,200 m of diamond and RC drilling is planned for the Fekola Complex in 2026.