History and timeline
On July 14, 2025, the Company announced positive Feasibility Study results on the Gramalote Project. Based on the preliminary results completed in 2022, the contemplated larger-scale project with AngloGold Ashanti Ltd. did not meet the combined investment return thresholds for development. In 2023, B2Gold completed a detailed review of the Gramalote Project, with the goal of identifying a higher-return project than the previously contemplated joint venture development plan. In 2024, the Company followed the 2023 review with the release of a positive Preliminary Economic Assessment. The results of the review, and subsequent PEA, allowed the Company to determine the optimal parameters and assumptions for the FS.
The FS, with an effective date of April 1, 2025, was prepared by B2Gold and evaluates recovery of gold from an open pit mining operation that will move up to approximately 97,000 tpd (35.0 Mtpa), with an approximately 16,500 tpd (6.0 Mtpa) processing plant that includes crushing, grinding, flotation, with fine grinding of the flotation concentrate and agitated leaching of the flotation concentrate followed by a carbon-in-pulp recovery process to process doré bullion. The Mineral Reserve estimate for the Gramalote Project that forms the basis for the FS includes Probable Mineral Reserves of 76.7 million tonnes grading 0.96 g/t gold for a total of 2,360,000 ounces of contained gold
The FS outlines a significant production profile with average annual gold production of 177,000 ounces over a 13 year project life with a low-cost structure and favorable metallurgical characteristics. Additionally, the FS outlines strong project economics with an after-tax NPV5% of $941 million and an after-tax IRR of 22.4%, with a project payback on the pre-production capital of 3.4 years, and an estimated pre-production capital cost for the project of $740 million (including $73 million for mining equipment and $81 million for contingency). A robust amount of historical drilling and engineering studies have been completed on the Gramalote Project, which significantly de-risks future project development. Based on the positive results from the FS, B2Gold believes that the Gramalote Project has the potential to become a medium-scale, low-cost open pit gold mine.
The Gramalote Project will continue to advance resettlement programs, establish coexistence programs for small miners, work on health, safety and environmental projects and continue to work with the government and local communities on social programs.
Due to the desired modifications to the processing plant and infrastructure locations, a Modified Work Plan and Modified Environment Impact Study are required. B2Gold has commenced work on the modifications and expects them to be completed and submitted in late 2025 and early 2026, respectively. If B2Gold makes the decision to develop the Gramalote Project as an open pit gold mine, B2Gold would utilize its proven internal mine construction team to build the mine and mill facilities.
Capital expenditures in 2025 at Gramalote are expected to be relatively stable throughout the year, totaling $28 million related primarily to feasibility study costs and ongoing care and maintenance.
