A LOW-COST INTERNATIONAL SENIOR GOLD PRODUCER - TSX BTO NSX B2G NYSE AMERICAN BTG
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A LOW-COST INTERNATIONAL
SENIOR GOLD PRODUCER
TSX BTO
NYSE AMERICAN BTG
NSX B2G
2
B2Gold is a low-cost international senior gold producer headquartered in
Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold
mines in Mali, Namibia and the Philippines and numerous development and
exploration projects in various countries including Canada, Mali, Colombia,
Finland and Uzbekistan.
BACK RIVER
Nunavut, Canada
CENTRAL LAPLAND JV
Finland
HEAD OFFICE
Vancouver, Canada
FEKOLA COMPLEX2 MASBATE MINE
Mali Philippines
GRAMALOTE JV1
Colombia
OTJIKOTO MINE
Namibia
Producing Mine Development Project Exploration Project Headquarters
1. B2Gold (operator): 50% / AngloGold Ashanti Limited (“AngloGold”): 50%
2. Includes Fekola Mine and Fekola Regional, comprised of the Anaconda Area
(Menankoto Permit, Bantako North Permit and Bakolobi Permit) and the Dandoko Permit.
ANNUAL GOLD PRODUCTION GROWTH
GOLD PRODUCTION AISC1
(Koz) ($/oz Au)
1,200
1,000 -
1,080 1,400
1,041 1,047
1,028
980
1,000 954
1,200
$1,091 $1,101 $1,033 $1,195 -
$1,064
$1,255
$947 $888 1,000
800
$860 $862
$794 $788
$758
800
6312
600 550
493
600
366 384
400
400
158
200
200
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E
Nicaragua3,4 Masbate Otjikoto Fekola Guidance Range
Total Consolidated AISC
1. Non-IFRS Measure. Refer to “Non-IFRS Measures” on page 9.
2. Includes 79,243 oz during the Fekola Mine’s pre-commercial production period.
3. 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 Mining Corp. (“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.
4. On January 12, 2022, B2Gold’s ownership interest in Calibre was diluted to approx. 25% following Calibre’s acquisition of Fiore Gold Ltd.
At June 30, 2023, B2Gold’s ownership interest in Calibre was 24%.
TOTAL PRODUCTION, COSTS, REVENUE AND CASH FLOW
Q2 2023
262,701 oz
Q2 2023 gold production1
$636 / oz produced
Q2 2023 cash operating costs2,3
$1,214 / oz sold
Q2 2023 AISC2,3
$470,854,000
Q2 2023 gold revenue4,5
$194,983,000
Q2 2023 cash flows from operating activities
2023 Guidance
1,000 Koz – 1,080 Koz
Projected 2023 gold production1
$670 – $730 / oz
Projected 2023 cash operating costs2,3
$1,195 – $1,255 / oz
Projected 2023 AISC2,3
~$84M
Projected 2023 Total Exploration Spend6
1. Includes B2Gold’s approx. 24% attributable share of production from Calibre
2. Non-IFRS Measure. Refer to “Non-IRFS Measures” on page 9
3. Includes estimated attributable results for Calibre
4. On gold sales of 239,100 ounces
5. At an average realized gold price of $1,969 per ounce
6. Increased from $64M following the acquisition of the Back River Gold District
2
STRONG FINANCIAL, LIQUIDITY AND CASH POSITION
$506 M DEBT FREE ~$171 M
Cash and cash equivalents $700M + $100M Accordion Feature Dividend paid in 2022
as of June 30, 2023 Revolving credit facility undrawn capacity 4.5% Dividend Yield as of June 30, 2023
(expected $0.16 per common share on annualized basis)
Due to strong net cash position and operating
Revolving credit facility capacity results, quarterly dividend rate is expected to
be maintained, representing one of the highest
dividend yields in the gold sector1.
CORPORATE STRATEGY
Maintain the highest standards of Maximize profitable gold production Maintain a strong cash position while
responsible mining, government from existing mines while increasing maximizing cash flow and continue
relationships, Health, Safety and Mineral Reserves and Mineral Resources significant dividend payment
Environment stewardship and Corporate
Social Responsibility (“CSR”) programs
Focus on organic growth by advancing Continue to evaluate accretive M&A
pipeline of development, brownfield and opportunities for producing, development
greenfield exploration projects and exploration projects around the world
1. The declaration and payment of any future dividends will be subject to the determination of the Board of Directors, in its sole and absolute discretion.
3
HEALTH AND SAFETY PERFORMANCE
As a responsible mining company, B2Gold is committed to and biodiversity impacts. Our management approach is to
developing resources in a way that is protective of people work within social, economic, and environmental contexts
and respectful of human rights and cultural heritage, creates in a way that delivers positive and sustainable outcomes for
socio-economic development, and mitigates environmental our business and all of our stakeholders.
Q2 2023 HIGHLIGHTS1
LTIFR TRIFR Severity Rate Masbate Otjikoto
0.05 0.19 2.42 ZERO LTIs ZERO LTIs
Lost time injury Total recordable Lost time + restricted 1,687 days (+4 years) 743 days (2 years)
frequency rate injury frequency rate work injuries +30 million hours worked +6 million hours worked
B2GOLD Q2 2023 COMPARATIVE TRIFR AND LTIFR
2.00
Longstanding commitment to continuous
1.62
1.60 safety improvement and our goal of
1.35 sending everyone HOME SAFE
1.20
0.95 0.97
0.81
0.80 0.76
0.68
0.45 0.43 0.4 0.41 0.45 0.42
0.40 0.34
0.27 0.24
0.17 0.16 0.19
0.11 0.08 0.08 0.07 0.05
0.00
Hudbay Agnico Eagle Lundin Gold Centerra New Gold Pan American Dundee Kinross IAMgold Vale Metals Equinox B2Gold
Metals
TRIFR LTIFR
1. As of June 30, 2023.
2. Injury frequency and severity rates are based on 200 K work hours.
4
ESG | RAISING THE BAR
INDUSTRY BEST PRACTICES
Implementation of Progressive Tailings Management
Rehabilitation measures across all practices and reporting
operations to minimize costs and continue to evolve in line with
environmental liability industry best practices
DEVELOPMENT
CLIMATE RISK MANAGEMENT WATER RISK MANAGEMENT
nd annual Climate Strategy Report
2 ater Risk Assessment
W
published in Q2 2023 published in Q1 2022
arget to reduce Scope 1 and 2 GHG
T eveloped a Global Water
D
emissions by 30% by 2030 against a Management Strategy in 2022
2021 baseline
ll sites to develop Operational
A
Water Strategy in 2023
RENEWABLE ENERGY
ekola Solar Plant – one of the largest off-grid hybrid HFO/solar plants
F
on the African continent
xisting Fekola Solar Plant reduced GHG emissions by ~38,000 tonnes
E
in 2022; expansion to potentially reduce GHG emissions by an additional
~24,000 tonnes per year
tjikoto Solar Plant – one of the first fully autonomous hybrid
O
(HFO/solar) plants in the world
5
OPERATIONS
FEKOLA MINE OTJIKOTO MINE MASBATE MINE
FEKOLA MINE OTJIKOTO MINE MASBATE MINE
Q2 2023 152,427 oz 44,056 oz 49,478 oz
GOLD
PRODUCTION
2023E 580 – 610 Koz 190 – 210 Koz 170 – 190 Koz
CASH Q2 2023 $538/oz produced $611/oz produced $817/oz produced
OPERATING
COSTS1 2023E $565 – $625/oz $590 – $650/oz $985 – $1,045/oz
Q2 2023 $1,165/oz sold $1,187/oz sold $1,091/oz sold
AISC 1
2023E $1,085 – $1,145/oz $1,080 – $1,140/oz $1,370 – $1,430/oz
1. Non-IFRS Measure. Refer to “Non-IRFS Measures” on page 9
6
DEVELOPMENT
BACK RIVER GOLD DISTRICT | Sabina Gold and Silver
ON TRACK FOR MILL COMPLETION IN Q1 2025
2022 2023 2024
2024 Q1 2025
COMPLETED IN PROGRESS COMPLETION
Winter ice road Full construction (2023 - 2024)
Fully functional port Infrastructure (2023)
Infrastructure Scheduled deliveries
and early works
FEKOLA REGIONAL
he Fekola Complex is comprised of the
T An updated and significantly increased
Fekola Mine – Medinandi permit hosting the Mineral Resource estimate for the
Fekola open pit and Cardinal pit, and Anaconda Area was completed in June
Fekola Regional – Anaconda Area (Bantako, 2023. To allow for incorporation of this
Menankoto and Bakolobi permits) and the updated Mineral Resource estimate into
Dandoko permit. the engineering study, results of the
study are expected in the fourth quarter
reliminary results of a Fekola Complex
P of 2023.
optimization study, coupled with 2022 and
2023 exploration drilling results, indicate
that there is a significant opportunity to
increase gold production and resource
utilization with the addition of oxide
processing capacity.
7
EXPLORATION
MALI
42% | $35M
BACK RIVER
24% | $20M
TOTAL GRASSROOTS
~$84M 1 24% | $20M
THE PHILIPPINES
7% | $6M
NAMIBIA
3% | $3M
1. Totals may not add due to rounding
WEST AFRICA CANADA NAMIBIA
~$35M BUDGET $20M BUDGET $3M BUDGET
Exploration will focus on Fekola Regional BACK RIVER GOLD DISTRICT Exploration will include 16,320 m of diamond and
(including the Bantako, Dandoko, Menankoto B2Gold approved a $20M exploration budget reverse circulation drilling and 3,400 m of RAB
and Bakolobi permits). for the balance of 2023 to complete approx. drilling at the Otjikoto Mine.
25,000 m of drilling. Drilling will be focused
A total of 127,000 m of diamond and reverse
in proximity to existing deposits at the Goose GRASSROOTS EXPLORATION
circulation drilling is planned for Mali in 2023.
project, as and on regional targets identified at
In June 2023, B2Gold completed an updated the George, Boulder, Boot and Del projects. $24M BUDGET
and significantly increased Mineral Resource Grassroots exploration programs include Finland,
estimate for the Anaconda Area, which THE PHILIPPINES Côte d’Ivoire, Uzbekistan and several new regions.
includes a significant increase in the oxide
Mineral Resources, and an initial sulphide
$6M BUDGET This also includes a budget allocation for target
Indicated Mineral Resource estimate. generation and pursuing new opportunities in
The Masbate exploration budget is $4M, prospective gold regions of Africa, South America,
including approximately 8,000 m of drilling. the Philippines, Central Asia and Canada.
Exploration will focus on converting inferred
mineral resource areas below existing design
pits, to support expanding the existing open pits.
8EXECUTIVES DIRECTORS CONTACT
CLIVE T. JOHNSON EDUARD BARTZ JOHN RAJALA KELVIN DUSHNISKY, Chair MICHAEL MCDONALD
President, CEO and Director VP, Taxation and VP, Metallurgy VP, Investor Relations
CLIVE T. JOHNSON
External Reporting and Corporate Development
MIKE CINNAMOND NEIL REEDER
KEVIN BULLOCK
SVP, Finance and CFO ANDREW BROWN VP, Government CHERRY DEGEER
WILLIAM LYTLE VP, Exploration Relations GEORGE JOHNSON Director, Corporate Communications
SVP and COO NINETTE KRÖHNERT DANA ROGERS LIANE KELLY investor@b2gold.com
VP, Human Resources VP, Finance
RANDALL CHATWIN JERRY KORPAN
SVP, Legal and MICHAEL MCDONALD BRIAN SCOTT
Corporate Communications VP, Geology and
THABILE MAKGALA
VP, Investor Relations and
VICTOR KING Corporate Development Technical Services LISA PANKRATZ
SVP, Exploration PETER D. MONTANO ROBIN WEISMAN
DENNIS STANSBURY VP, Projects
SVP, Engineering and DAN MOORE
Project Evaluations VP, Operations
Production results and production guidance presented in this corporate brochure reflect total production at the mines B2Gold adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations;
operates on a 100% project basis. Please see our Annual Information Form dated March 16, 2023 (“2023 AIF”) for a discussion shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local
of our ownership interest in the mines B2Gold operates. This corporate brochure includes certain “forward-looking information” instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the
and “forward-looking statements” (collectively forward-looking statements”) within the meaning of applicable Canadian and lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges
United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an
regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies;
and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and community support for B2Gold’s and Sabina’s operations, including risks related to strikes and the halting of such operations
budgets on a consolidated and mine by mine basis; and including, without limitation: projected gold production, cash operating from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to
costs and AISC on a consolidated and mine by mine basis in 2023; total consolidated gold production of between 1,000,000 maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley
and 1,080,000 ounces in 2023, with cash operating costs of between $670 and $730 per ounce and AISC of between $1,195 Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold’s and Sabina’s
and $1,255 per ounce; the potential for Fekola Regional to provide saprolite material to feed the Fekola mill starting in the third reputation; risks affecting Calibre having an impact on the value of the Company’s investment in Calibre, and potential dilution
quarter of 2023; the timing and results of a study for the Fekola Regional to review the project economics of a stand-alone of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading “Risk
oxide mill; the potential for the Fekola complex to produce 800,000 ounces of gold per year; B2Gold’s attributable share of Factors” in B2Gold’s most recent Annual Information Form, B2Gold’s current Form 40-F Annual Report and B2Gold’s other
Calibre’s production; the strategic vision of B2Gold and expectations regarding the potential of the Back River Gold District, filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the “SEC”), which may be viewed
including the Goose project and the George Project; the ability to leverage B2Gold’s in-house construction and global logistics at www.sedar.com and www.sec.gov, respectively (the “Websites”), as well as under the heading “Risk Factors” in Sabina’s
teams, with specific expertise in remote, cold weather environments; the potential to develop the Back River Gold District, most recent Annual Information Form which may be viewed at www.sedar.com. The list is not exhaustive of the factors that may
including whether such costs may be covered without further equity dilution to B2Gold shareholders; the potential of building a affect B2Gold’s forward-looking statements.
renewable resources facility in the Back River Gold District and integrating energy efficient initiatives; the timing of completion B2Gold’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable
of construction at the Goose Project and first gold pour in Q1 2025; projections; outlook; guidance; forecasts; estimates; and as of the date hereof, based on the information available to management at such time. These assumptions and factors include,
other statements regarding future or estimated financial and operational performance, gold production and sales, revenues but are not limited to, assumptions and factors related to: development and exploration activities; the timing, extent, duration
and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy
and AISC, and budgets on a consolidated and mine by mine basis; the ongoing ability to work cooperatively with stakeholders, and reliability of estimates, projections, forecasts, studies and assessments; B2Gold’s ability to meet or achieve estimates,
including but not limited to local communities and all levels of government; B2Gold’s continued prioritization of developing projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange
the project in a manner that recognizes Indigenous input and concerns and brings long-term socio-economic benefits to the rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations;
area. All statements in this corporate brochure that address events or developments that we expect to occur in the future the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political
are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, conditions; and other assumptions and factors generally associated with the mining industry.
although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, B2Gold’s forward-looking statements are based on the opinions and estimates of management and reflect their current
“forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not
or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or
opinions and estimates of management as of the date such statements are made.. opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold’s will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in,
or Sabina’s control, including risks associated with or related to: the inherent risks, costs and uncertainties associated with or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the
integrating the businesses successfully and risks of not achieving all or any of the anticipated benefits of the proposed forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom.
Transaction, or the risk that the anticipated benefits of the proposed Transaction may not be fully realized or take longer to For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
realize than expected; the occurrence of any event, change or other circumstances that could give rise to the termination of
the Agreement; the risk that the proposed Transaction will not be consummated within the expected time period, or at all; NON-IFRS MEASURES
escalation of travel restrictions on people or products and reductions in the ability of the Company to transport and refine This corporate brochure includes certain terms or performance measures commonly used in the mining industry that are not
doré; worldwide economic and political disruptions as a result of current macroeconomic conditions or the ongoing conflict defined under International Financial Reporting Standards (“IFRS”), including “cash operating costs” and “all-in sustaining
between Russia and Ukraine; the volatility of metal prices and B2Gold’s common shares; changes in tax laws; the dangers costs” (or “AISC”). Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may
inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving not be comparable to similar measures employed by other companies. The data presented is intended to provide additional
production, cost or other estimates; actual production, development plans and costs differing materially from the estimates information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance
contained herein, or in B2Gold’s feasibility and other studies; the ability to obtain and maintain any necessary permits, consents with IFRS and should be read in conjunction with B2Gold’s consolidated financial statements. Readers should refer to B2Gold’s
or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations Management Discussion and Analysis, available on the Websites, under the heading “Non-IFRS Measures” for a more detailed
associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and discussion of how B2Gold calculates certain of such measures and a reconciliation of certain measures to IFRS terms.
identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate CAUTIONARY NOTE TO UNITED STATES INVESTORS
new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential The disclosure in this corporate brochure was prepared in accordance with Canadian National Instrument 43-101 (“NI 43-101”),
restrictions imposed on B2Gold’s operations as a result thereof and the ability to generate sufficient cash flows; operations which differs significantly from the requirements of the SEC, and resource and reserve information contained or referenced
in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, in this MD&A may not be comparable to similar information disclosed by public companies subject to the technical disclosure
Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and changing policies related requirements of the SEC. Historical results or feasibility models presented herein are not guarantees or expectations of
to mining and local ownership requirements or resource nationalization generally; remote operations and the availability of future performance.
9B2GOLD CORP.
Park Place, Suite 3400 – 666 Burrard Street
Vancouver, British Columbia, Canada V6C 2X8
PHONE +1 604-681-8371
TOLL FREE +1 800-316-8855
FAX +1 604-681-6209
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