B2gold Corp. · TSX:BTO
B2gold — Investor Presentation (February 2025)
50 slides from B2gold's investor presentation, February 2025
Slide 1: A Responsible International Senior Gold Producer
TSX BTO A Responsible International NYSE AMERICAN BTG NSX B2G Senior Gold Producer CORPORATE PRESENTATION FEBRUARY 2025 ACQUIRE DISCOVER FINANCE BUILD OPERATE 1
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS Production results and production guidance presented in this presentation reflect total production at the mines B2Gold operates on a B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale 100% pro
Slide 3: Globally Diversified Senior Gold Producer
GLOBALLY DIVERSIFIED SENIOR GOLD PRODUCER GOOSE Nunavut, Canada CENTRAL LAPLAND JV Finland HEAD OFFICE Vancouver, Canada FEKOLA COMPLEX1 MASBATE GOLD PROJECT GRAMALOTE Mali Philippines Colombia OTJIKOTO MINE Namibia Producing Mine Development Project Exploration Project Headquarters 3 1. Includes Fe
Slide 4: Health & Safety Performance
HEALTH & SAFETY PERFORMANCE 2024 Consolidated Highlights1 LTIFR TRIFR Severity Rate Masbate 0.05 0.28 5.27 Zero LTI Lost time injury Total recordable injury Lost time + Restricted 2,237 days (+6 years) frequency rate frequency rate work injuries +39.3 million hours worked 1.4 1.34 B2Gold further low
Slide 5: Strong & Profitable Production Profile
STRONG & PROFITABLE PRODUCTION PROFILE Robust Production Levels Expected in 2025 1,400 $1,460 - $1,600 $1,520 $1,465 $1,400 1,200 970 - 1,075 1,047 1,061 1,041 1,028 1,030 $1,200 980 $1,201 Guidance Range 1,000 954 $1,033 $1,201 $1,033 Fekola $947 $1,000 Gold Production (koz) 805 $860 $862 $888 AISC
Slide 6: Corporate Strategy
CORPORATE STRATEGY Maintain the highest standards of Maximize profitable gold Maintain a strong cash position responsible mining, government production from existing mines while maximizing cash flow and relationships, Health, Safety & while increasing Mineral continue to return capital to Environmen
Slide 7: Corporate Structure
CORPORATE STRUCTURE SNAPSHOT (as of February 19, 2025) ANALYST COVERAGE SHAREHOLDERS3 TSX: BTO NYSE AMERICAN: BTG BMO Capital Markets C$7.00 Share Price C$3.78 Canaccord Genuity C$7.50 Institutional Basic Shares Outstanding 1,318M CIBC Capital Markets C$4.75 Basic Market Capitalization C$4.9B Cormar
Slide 8: 2024 Results & 2025 Guidance
2024 RESULTS & 2025 GUIDANCE Gold Production, Cash Operating Costs & All-In Sustaining Costs Q1 2024 Q2 2024 Q3 2024 Q4 2024 Fekola 119,141 oz 111,583 oz 78,207 oz 84,015 oz Masbate 49,782 oz 44,515 oz 50,215 oz 49,534 oz Otjikoto 45,416 oz 48,143 oz 52,131 oz 52,452 oz Calibre 11,377 oz 8,267 oz –
Slide 9: 2025 Production & Cost Guidance
2025 PRODUCTION & COST GUIDANCE 2025 GUIDANCE Gold production 970 Koz – 1,075 Koz Cash operating costs1,2 $835 - $895 /oz AISC1,2 $1,460 - $1,520 /oz FEKOLA COMPLEX Mali 52% MASBATE GOLD PROJECT The Philippines 18% 52% Type Open Pit / Underground Type Open Pit Gold production 515 Koz - 550 Koz 18% G
Slide 10: Organic Production Growth Pipeline
ORGANIC PRODUCTION GROWTH PIPELINE Potential to add over 750,000 ounces of new annual production within the next 5 years GOOSE PROJECT (2026 - 2031) Potential new production through end of decade ~310,000 oz / year +750,000 oz Mill construction remains on schedule Average gold production from 2026 F
Slide 11: Back River Gold District Overview
BACK RIVER GOLD DISTRICT OVERVIEW GOOSE PROJECT Nunavut, Canada Type Open Pit / Underground B2Gold Ownership 100% Processing Throughput (design)1 1.5 Mtpa (4,000 tpd) Mineral Reserve Grade 5.97 g/t Au1 Gold Recovery (estimate)1 ~93.0% Gold Production (estimate) ~310,000 oz per year 2026 to 2031 120
Slide 12: Back River Gold District Highlights
BACK RIVER GOLD DISTRICT HIGHLIGHTS Large, High-Grade Resource1 Measurable Exploration Upside Tier-1 Jurisdiction With an estimated average head grade of Back River is a multigenerational district with Canada ranks consistently as one of the ~6.0 g/t gold, the Goose Project ranks among the 8 claim b
Slide 13: Back River Gold District Map
BACK RIVER GOLD DISTRICT MAP GOOSE (152 km2 license) Hosts 6 gold deposits fully permitted for mining Additional targets being tested GEORGE (166 km2 license) ~50 km northwest of Goose, consists of over 20 km of iron formation BOOT (100 km2 license) Hosts multiple mineralized structures intersecting
Slide 14: Back River Gold District Resources
BACK RIVER GOLD DISTRICT RESOURCES Strong Resource Base with Exploration Upside Mineral Reserve Estimate1 District TONNES GRADE CONTAINED AREA CATEGORY Highlights1 (kt) (g/t Au) (Koz Au) Proven 7,471 5.42 1,302 Au Open Pit Highest grade undeveloped open pits Probable 2,412 4.80 372 in the world with
Slide 15: Goose Project Exploration
GOOSE PROJECT EXPLORATION Goose Project Long Section: Open-Ended Exploration Potential Llama M &I Resource1 Umwelt M&I Resource1 Echo M&I Resource1 Goose M&I Resource1 756,000 oz @ 6.70 g/t Au 2,918,000 oz @ 6.89 g/t Au 183,000 @ 5.78 g/t Au 1,236,000 oz @ 4.45 g/t Au OPEN OPEN OPEN Llama Extension
Slide 16: Back River Gold District Exploration
BACK RIVER GOLD DISTRICT EXPLORATION Exploration and Infill Drill Result Highlights from B2Gold’s 2024 Drilling Campaign NEAR MINE EXPLORATION TARGETS 7,361 m of drilling over 14 drill holes completed 26,209 m DRILLED IN 69 HOLES in 2024 Nuvuyak Deposit: 24GSE-683Z1 6.39 g/t Au over 28.80 m, includi
Slide 17: Goose Project Construction Timeline
GOOSE PROJECT CONSTRUCTION TIMELINE On Track for First Gold Pour in Q2 2025 2024 & EARLIER 2025 Q2 2025 COMPLETED IN PROGRESS FIRST GOLD FULL CONSTRUCTION & INFRASTRUCTURE FULL CONSTRUCTION & INFRASTRUCTURE POUR • Full construction began in 2023 • Continue pre-stripping of Echo pit with waste / ore
Slide 18: Goose Construction Progress
GOOSE CONSTRUCTION PROGRESS WINTER ICE ROAD CONCRETE & STEEL WORK 2025 winter ice road operational; transport of all materials Ball mill installation completed expected to be completed by May 15 More than 90% of the concrete placed Purchased additional trucks; now have 105 trucks available for the 2
Slide 19: Goose Project Updates
GOOSE PROJECT UPDATES Mill Construction at the Goose Project Site is Progressing on Schedule Goose Project Site Area Ball Mill Installation Completed 19
Slide 20: Goose Project Updates
GOOSE PROJECT UPDATES 2025 Winter Ice Road Operational and 2024 Sealift Successfully Completed 2025 WIR operational as of February 18, with the A total of eleven ships unloaded materials transportation of all materials from the MLA to during the 2024 sealift Goose Project site expected by May 15 20
Slide 21: Goose Project – Revised Capital Estimate
GOOSE PROJECT – REVISED CAPITAL ESTIMATE ~C$1,385 MILLION TOTAL CASH spent on Goose Project Revised Construction and construction & mine development through 2024 Mine Development Capex Estimate1 C$1,540M REVISED CAPITAL ESTIMATE - SEPTEMBER 2024 C$1,540 million, Primarily due to one quarter delay in
Slide 22: Fekola Overview
FEKOLA OVERVIEW FEKOLA COMPLEX Mali Type Open Pit B2Gold Ownership 80% / 65%1 Processing Throughput 9.0 Mtpa Mineral Reserve Grade 1.70 g/t Au2 Gold Recovery ~92.0% 515 - 550 Koz $1,550 - $1,610 2025 gold production 2025 AISC3 guidance guidance 2014 2015 2017 2019 2023 Acquired Construction Open Pit
Slide 23: Fekola Complex Map
FEKOLA COMPLEX MAP MEDINANDI (75 km2 exploitation license) 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) Ho
Slide 24: Fekola Complex Growth
FEKOLA COMPLEX GROWTH Fekola Regional and Fekola Underground to Significantly Increase Gold Production in 2025 Mining and trucking operations anticipated to commence at Fekola Regional in mid-2025 Initial gold production from Fekola underground also expected in mid-2025 FEKOLA MILL Existing Sources
Slide 25: Mali Agreement on Fekola Complex
MALI AGREEMENT ON FEKOLA COMPLEX1 STATE OF MALI TO ISSUE FEKOLA MINE GOVERNED BY EXPLOITATION PERMITS FOR 2012 MINING CODE; FEKOLA FEKOLA REGIONAL AND REGIONAL GOVERNED BY FEKOLA UNDERGROUND 2023 MINING CODE Fekola Regional expected to contribute 20,000 to Fekola Mine governed by 2012 Mining Code 25
Slide 26: Fekola Complex Mineral Resources
FEKOLA COMPLEX MINERAL RESOURCES Mineral Resources1 TONNES GRADE GOLD OZ AREA (x 1,000) (g/t Au) (x 1,000) Resource (Indicated) Fekola Open Pit 85,830 1.31 3,600 Cardinal Zone 9,000 1.43 410 Total Fekola Mine 94,820 1.32 4,020 Anaconda Area 52,610 1.17 1,970 Dandoko Area 7,950 1.55 400 Total Fekola
Slide 27: Otjikoto Overview
OTJIKOTO OVERVIEW OTJIKOTO MINE Namibia Type Open Pit / Underground B2Gold Ownership 90% Processing Throughput 3.4 Mtpa Mineral Reserve Grade 2.07 g/t Au1 Gold Recovery ~98.0% 165 - 185 Koz $980 - $1,040 2025 gold production 2025 AISC2 guidance guidance 2014 2013 2014 2022 2023 Acquired Construction
Slide 28: Otjikoto Growth – Antelope Deposit
OTJIKOTO GROWTH – ANTELOPE DEPOSIT Initial Inferred Mineral Resource Estimate for the Springbok Zone meets threshold for PEA High-grade, Otjikoto-style mineralization discovered ~4 km southwest of the existing open pit at Otjikoto Over 36,000 m drilled at the Springbok Zone to inform the initial Inf
Slide 29: Antelope Deposit – PEA Overview
ANTELOPE DEPOSIT– PEA OVERVIEW Enhanced Production Profile PRODUCTION PROFILE 2025 PEA1 65,000 ounces average annual gold Life of Mine (years) 5 production over a 5 year mine life Ore Tonnes Processed (Mt) 1.9 Average Gold Grade Processed (g/t) 5.75 Strong Project Economics Process Gold Recovery (%)
Slide 30: Antelope Deposit – PEA Production Profile
ANTELOPE DEPOSIT – PEA PRODUCTION PROFILE Incremental Production and Cost Profile1 120,000 $1,800 5 years $1,600 100,000 Life of Mine $1,400 327 koz Gold Production (oz) 80,000 $1,200 AISC (US$/oz) Life of Mine gold $1,000 production 60,000 $800 65 koz 40,000 $600 Average annual gold production $400
Slide 31: Masbate Overview
MASBATE OVERVIEW MASBATE GOLD PROJECT The Philippines Type Open Pit B2Gold Ownership 100%1 Processing Throughput 8.0 Mtpa Mineral Reserve Grade 0.76 g/t Au2 Gold Recovery ~74.0% 170 - 190 Koz $1,310 - $1,370 2025 gold production 2025 AISC3 guidance guidance 2008 2009 2013 2016 2024 Construction Open
Slide 32: Gramalote Project – PEA Overview
GRAMALOTE PROJECT – PEA OVERVIEW PRODUCTION PROFILE 2024 PEA 6.0 Mtpa1 Significant Production Profile Life of Project (years) 12.5 Total Processed Tonnes (t) 75,000,000 185,000 ounces average annual gold production over a 12.5 year project life Processing Rate (tpa) 6,000,000 Processed Feed Grade (g
Slide 33: Gramalote Project – PEA Production Profile
GRAMALOTE PROJECT – PEA PRODUCTION PROFILE 2024 PEA 6.0 Mtpa - Gold Production 300 EST. 2.5 YEAR CONSTRUCTION 12.5 years 250 Life of Project 2.3 Moz Gold Production (koz) 200 Life of Project gold production 150 234 koz Average yearly gold production 100 over first 5 years 185 koz 50 Average Life of
Slide 34: 2025 Exploration Budget
2025 EXPLORATION BUDGET BACK RIVER | NUNAVUT, CANADA FEKOLA COMPLEX1 | MALI OTJIKOTO | NAMIBIA MASBATE | THE PHILIPPINES Budget $32M Budget $9M Budget $7M Budget $3M Program 25,000 meters Program 16,000 meters Program 44,000 meters Program 4,200 meters • Drilling will target extensions of the • Ongo
Slide 35: Strategic Investments
STRATEGIC INVESTMENTS Portfolio Value of over ~$170M ~$60M ~$18M ~$1.5M ~$0.5M ~$90M SNOWLINE GOLD1 FOUNDERS METALS2 AuMEGA METALS3 PROSPECTOR METALS4 VERSAMET ROYALTIES5 Exploration | Yukon Exploration | Suriname Exploration | Newfoundland Exploration | Yukon Diversified Metals Royalties ~9.9% Owne
Slide 36: Organic Growth Catalysts Being Advanced
ORGANIC GROWTH CATALYSTS BEING ADVANCED 2024 Q1 2025 Q2 2025 mid 2025 Q3 2025 Gramalote Project Antelope Deposit Goose Project Gramalote Project Goose Project Preliminary Economic Preliminary Economic First Gold Pour Feasibility Study Commercial Assessment Assessment Production Initial Production at
Slide 37: Appendix
APPENDIX
Slide 38: Executive Team Experience
EXECUTIVE TEAM EXPERIENCE Majority of executive team working together over 25 years with Bema Gold / B2Gold Clive T. Johnson Mike Cinnamond William Lytle Randall Chatwin Victor King Dennis Stansbury President & CEO SVP, Finance & CFO SVP & COO SVP, Legal & Corporate SVP, Exploration SVP, Engineering
Slide 39: Board of Directors
BOARD OF DIRECTORS Kelvin Dushnisky Clive T. Johnson Greg Barnes Kevin Bullock Liane Kelly Chairman President & CEO Director Director Director Jerry Korpan Thabile Makgala Basie Maree Lisa Pankratz Robin Weisman Director Director Director Director Director 39
Slide 40: Environmental, Social and Governance
ENVIRONMENTAL, SOCIAL AND GOVERNANCE Raising the Bar – Our Approach INDUSTRY BEST PRACTICES Implementation of PROGRESSIVE TAILINGS MANAGEMENT REHABILITATION measures practices and reporting across all operations to minimize continue to evolve in line with costs and environmental liability industry b
Slide 41: Our People
OUR PEOPLE 2024 WORKFORCE as of December 31, 2024 6,478 96.8% 56.6% employees globally national employment senior management (2023: 6,150) (Q3 2024: 96.6%)1,3 roles filled by national employees (Q3 2024: 56.6%) 2,3 EQUITY, DIVERSITY AND INCLUSION as of December 31, 2024 13.3% 25% of workforce of sen
Slide 42: Local Communities
LOCAL COMMUNITIES MALI Investment into better access to health care, education and water supply for local villages; Ongoing livelihood initiatives such as smallholder farms and poultry and fish farming projects Strengthening communities through the Goungouboto Agricultural Project, a socio-economic
Slide 43: Local Communities
LOCAL COMMUNITIES PHILIPPINES Improving access to clean water in neighbouring communities Community investment initiatives focused on education, access to health services & facilities, enterprise development, livelihood development and vocational training Building local capacity through the Digital
Slide 44: Biodiversity Conservation
BIODIVERSITY CONSERVATION Achieving No Net Loss of Critical Habitat FEKOLA MASBATE OTJIKOTO GOOSE COMPLEX GOLD PROJECT MINE PROJECT Extensive study of West Over 3,800 reef balls with 15,000-hectare Otjikoto B2Gold Nunavut has African chimpanzee 66,500 coral fragments Nature Reserve is home to implem
Slide 45: Fekola Pit
FEKOLA PIT Fekola Pit Long Section: West-Facing Potential Underground Development 45
Slide 46: Fekola Regional – Mamba Zone
FEKOLA REGIONAL – Mamba Zone1 Mamba Long Section: West-Facing MSD_241 8.6 g/t Au over 46.0m; BND_119 9.48 g/t Grade / width combinations and a well-defined Au over 14.6m; and MSD_212 8.09 g/t Au over geometry reinforce the consideration of an 12.8m: excellent examples of high-grade sulphide undergro
Slide 47: Experienced Operators in the Arctic
EXPERIENCED OPERATORS IN THE ARCTIC B2Gold technical team advanced Kupol from exploration to construction while at Bema Gold Bema announces Releases Kupol Kinross to acquire Bema Kinross announces agreement to acquire Preliminary Economic (Bema team to complete first production interest in Kupol pro
Slide 48: Potential to Harness Renewable Energy
POTENTIAL TO HARNESS RENEWABLE ENERGY Opportunity to utilize wind energy to reduce diesel dependence and lower carbon emissions DIAVIK (RIO TINTO) RAGLAN (GLENCORE) HOPE BAY (AGNICO) Diamond mine with operating wind farm Glencore signed a 20-year power purchase Agnico signed a memorandum of in Yello
Slide 49: The Back River Project Energy Centre
THE BACK RIVER PROJECT ENERGY CENTRE 13 4.5 MW ~58 MW The Back River Project Energy Wind Generation System Centre is a clean energy facility WIND TURBINE GENERATORS POWER CAPACITY EACH ELECTRICITY with the potential to OFFSET UP TO 50% OF PROJECT EMISSIONS1 per year Electrical transmission lines wil
Slide 50: Contact Details
CONTACT DETAILS B2Gold Corp. Suite 3400 CLIVE JOHNSON 666 Burrard Street President, CEO & Director Vancouver, BC +1 604 681 8371 Canada, V6C 2X8 RANDALL CHATWIN Tel: +1 604 681 8371 SVP, Legal & Corporate Communications Fax: +1 604 681 6209 +1 604 681 8371 Email: investor@b2gold.com MICHAEL MCDONALD