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 (Medinandi permit hosting the Fekola and Cardinal pits and Fekola underground) and Fekola Regional (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 fourth 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 power hybrid plant. The new 30 MWac solar power plant was commissioned in early 2021. Reduced GHG emissions by ~38,000 tonnes in 2022; expansion announced Jan 2023 expected to further reduce GHG emissions by ~24,000 tonnes per year when completed.

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

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

Q4 2024 Q3 2024 Q2 2024 Q1 2024
Gold production (ounces)(2) 84,015 78,207 111,583 119,141
Cash operating costs(3) (per ounce produced) $1,192 $1,434 $839 $698
AISC(3) (per ounce sold) $2,237 $2,287 $1,258 $1,436
Gold revenue ($M) $230 $195 $271 $256
Gold sales (ounces) 86,453 78,889 115,288 123,828
Average realized gold price ($/ounce) $2,658 $2,472 $2,347 $2,070
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 FY2024 and 2025 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 technical report entitled “Fekola Gold Complex, Mali, NI 43-101, Technical Report” with an effective date of December 31, 2023, and was prepared by Andrew Brown, P.Geo ., Peter Montano, P.E., John Rajala, P.E. and Ken Jones, P.E. of B2Gold, and from the Company's most recent AIF, dated March 14, 2024 (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

Q4 2024 Q3 2024 Q2 2024 Q1 2024
Tonnes of ore milled (M) 2.44 2.47 2.52 2.46
Grade (g/t) 1.17 1.07 1.51 1.62
Recovery (%) 91.9 92.7 92.8 92.7

Mineral Reserve & Resource Estimates

Contained Gold – 100% Project Basis

Probable Mineral Reserves 3.39 Moz
Indicated Mineral Resources 6.39 Moz
Fekola Open Pit
Inferred Mineral Resources		 0.19 Moz
Anaconda Area
Inferred Mineral Resources		 1.97 Moz
Cardinal Area
Inferred Mineral Resources		 0.54 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 70,390 1.42 3,220 80 2,570
Fekola Mine Fekola Stockpile 15,440 0.78 380 80 310
Fekola Mine Cardinal Zone 9,000 1.43 410 80 330
Total Fekola Mine Sub-Total 94,820 1.32 4,020 80 3,210
 
Fekola Regional Anaconda Area 52,610 1.17 1,970 90 1,780
Fekola Regional Dandoko 7,950 1.55 400 90 360
Total Fekola Regional Sub-Total 60,560 1.22 2,370 90 2,130
 
Fekola Complex Total Indicated Mineral Resources 155,390 1.22 6,390   5,350

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 6,000 0.97 190 80 150
Fekola Mine Cardinal Zone 11,700 1.43 540 80 430
Total Fekola Mine Sub-Total 17,700 1.27 720 80 580
 
Fekola Regional Anaconda Area 44,930 1.36 1,970 90 1,770
Fekola Regional Dandoko 1,330 0.79 34 90 30
Total Fekola Regional Sub-Total 46,260 1.35 2,000 90 1,800
 
Fekola Complex Total Inferred Mineral Resources 63,960 1.33 2,730   2,380
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. 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 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.
  4. The Qualified Person for the resource estimate is Andrew Brown, P.Geo., our Vice President, Exploration.
  5. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Vice President, Projects.
  6. The Mineral Resource estimates for the Fekola Mine account for mining depletion as at December 31, 2023 and have an effective date of December 31, 2023. The Mineral Resource estimates for Fekola Regional have an effective date of December 31, 2023.
  7. The Mineral Resource estimates for the Fekola Complex assume an open pit mining method.
  8. For the Fekola Open Pit, 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$0.035m 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.
  9. For the Cardinal Zone, 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 10m 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 material and 0.40 g/t Au for sulphide. Cost inputs for this Mineral Resource estimate are based on the 2012 Mining Code.
  10. For the Anaconda Area, 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 material 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.
  11. For the Dandoko Area, 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 material 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.
  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 GC.

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 33,600 1.82 1,960 80 1,570
Fekola Mine Cardinal Zone 5,300 1.63 280 80 220
Fekola Mine Stockpiles 9,100 0.93 270 80 220
Fekola Mine Sub-Total 48,000 1.63 2,510   2,010
 
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 90 790
 
Fekola Complex Total Probable Mineral Reserves 61,800 1.70 3,390   2,800
Notes
  1. Mineral Reserves have been classified using the CIM Standards, and are reported at the point of delivery to the process plant.
  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. 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 a Qualified Person under NI 43-101.
  4. Mineral Reserves are reported on a 100% basis. B2Gold holds an 80% attributable interest in 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, 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. 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 $135.20/oz including royalties, and revenue based taxes and mining funds, mining cost at surface elevation of $2.58/t mined, average processing cost of $15.96/t processed, and site general costs of $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 cutoff of 0.65 g/t Au, 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. Cost inputs for this Mineral Reserve estimate are based on the 2012 Mining Code.
  6. Mineral Reserves for the Cardinal Zone are based on a conventional open pit mining method, gold price of US$1,600/oz, metallurgical recovery ranges from 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.
  7. 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 - 41 - 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 material and 0.60 g/t Au for sulphide, 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.
  8. 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 subcell 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 cut-off 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.
  9. 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.

Fekola regional

Following the expected receipt of the exploitation license for Fekola Regional in the first quarter of 2026, mining and trucking operations will commence, with pre-stripping and development activities over a period of three months, followed by first gold in the second half of 2026. The contribution of higher-grade open pit ore from Fekola Regional, to be trucked to the Fekola mill, is anticipated to contribute approximately 180,000 ounces per year over its first five years of production, from 2027 through 2031. Development of Fekola Regional will enhance the overall Fekola Complex life-of-mine production profile and is expected to extend the mine life of the Fekola Complex well into the 2030's. Significant exploration potential remains across the Fekola Complex to extend mine life.

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
52 km² exploration permit Approx. 20 km north of Fekola
Hosts southern portion of Mamba, northern portion of Cobra
BANTAKO NORTH
10 km² exploration permit Hosts the northern strike extension of the Mamba
BAKOLOBI
100 km² exploration permit Covers possible extensions of Fekola structure northward and the Cobra structures southward
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 $9 million was budgeted for exploration in Mali in 2025 with an ongoing focus on discovery of additional high-grade, sulphide mineralization across the Fekola Complex to supplement feed to the Fekola mill. In addition, the FNE target immediately north of the main Fekola open pit was drilled, adding easily accessible resources close to Fekola infrastructure. A total of 20,000 m of diamond and reverse circulation drilling was planned for 2025. A total of 7,277 m over 62 holes of diamond and reverse circulation drilling was completed. For the year ended December 31, 2025, the Company ultimately incurred $7 million on Mali exploration.

In addition, the Mali exploration team assisted operations in completing 37,181 m over 934 holes to complete the first phase of grade control drilling on the Menankoto permit and the drilling of grade control, infill and extension drilling at the Fekola underground, completing 31,196 m over 277 holes.

A total of $5 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 16,000 m of diamond and reverse circulation drilling is planned for the Fekola Complex in 2026.