B2gold Corp. · TSX:BTO
B2gold — Investor Presentation (March 2023)
42 slides from B2gold's investor presentation, March 2023
Slide 1: A Low-Cost International Senior Gold Producer
A Low-Cost International TSX BTO NYSE AMERICAN BTG NSX B2G Senior Gold Producer CORPORATE PRESENTATION MARCH 2023 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 equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects 100% pr
Slide 3: Globally Diversified Senior Gold Producer
GLOBALLY DIVERSIFIED SENIOR GOLD PRODUCER CENTRAL LAPLAND JV BACK RIVER3 Finland Nunavut, Canada FEKOLA MINE2 MASBATE MINE GRAMALOTE JV1 Mali Philippines Colombia OTJIKOTO MINE HEAD OFFICE Namibia Vancouver, Canada Producing Mine Development Project Exploration Project Headquarters 1. B2Gold (operat
Slide 4: Health & Safety Performance
HEALTH & SAFETY PERFORMANCE 2022 Highlights1 LTIFR TRIFR Severity Rate Masbate Otjikoto 0.05 0.31 2.12 Zero LTIs Zero LTIs Lost time injury Total recordable injury Lost time + restricted work 1,506 days 535 days frequency rate frequency rate injuries +25 million hours worked +4 million hours worked
Slide 5: Strong & Profitable Production Profile
STRONG & PROFITABLE PRODUCTION PROFILE Annual Gold Production Growth 1,200 1,000 - 1,080 $1,400 1,041 1,047 1,028 1,000 980 954 $1,200 $1,091 $1,101 $1,033 $1,064 $1,195 - Nicaragua 3,4 $1,255 Gold Production (k oz) 800 $947 $1,000 AISC ($/oz Au) $888 Masbate $860 $862 $794 $788 631 2 $758 $800 Otji
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 significant dividend Environmen
Slide 7: Strong Financial, Liquidity & Cash Position
STRONG FINANCIAL, LIQUIDITY & CASH POSITION $652M Cash and cash equivalents as of December 31, 2022 DEBT FREE $600M + $200M Accordion Feature Revolving credit facility undrawn capacity $171M Dividends Paid in 2022 4.5% Dividend Yield as of December 31, 2022 (expected $0.16 per common share on annual
Slide 8: 2022 Results & 2023 Guidance
2022 RESULTS & 2023 GUIDANCE Gold Production, Costs, Gold Revenue & Cash Flows from Operating Activities Q1 Q2 Q3 Q4 Fekola 101,648 oz 123,066 oz 129,933 oz 244,014 oz Masbate 59,764 oz 54,375 oz 49,902 oz 48,687 oz Otjikoto 35,061 oz 31,417 oz 35,068 oz 60,068 oz Calibre1 12,892 oz 14,765 oz 12,113
Slide 9: 2023 Guidance
2023 GUIDANCE Gold Production, Costs, & Capital Expenditures Cash operating costs2,3 AISC2,3 $670 - $730 /oz $1,195 - $1,255 /oz Gold production1 1,000 - 1,080 Koz Growth Capital Expenditures Total Exploration Spend Approx. $150M Approx. $64M – Focused on Fekola Complex 1. Includes B2Gold’s approx.
Slide 10: 2023 Mine-by-Mine Production & Cost Guidance
2023 MINE-BY-MINE PRODUCTION & COST GUIDANCE TOTAL CONSOLIDATED Gold production1 1,000 Koz - 1,080 Koz Cash operating costs2,3 $670 - $730 /oz AISC2,3 $1,195 - $1,255 /oz FEKOLA MINE Mali 58% MASBATE MINE The Philippines 17% 58% Type Open Pit Type Open Pit Gold production 580 Koz - 610 Koz Gold prod
Slide 11: Fekola Overview
FEKOLA OVERVIEW FEKOLA MINE Mali Type Open Pit B2Gold ownership 80% Processing throughput 9.0 Mtpa Mineral Reserve Grade 1.86 g/t Au1 Gold Recovery ~94.0% 580 - 610 Koz $1,085 - $1,145 2023 gold production 2023 AISC2 guidance guidance 2014 2015 2017 2019 2022 Acquired Construction Open Pit Mill 2.5M
Slide 12: Fekola Complex (West Mali)
FEKOLA COMPLEX (WEST MALI) MEDINANDI (75 km2 exploitation license) Hosts Fekola deposit (including Fekola Under Ground) 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 p
Slide 13: Fekola Complex Development
FEKOLA COMPLEX DEVELOPMENT FEKOLA AREA FEKOLA REGIONAL The annualized throughput rate is expected to average 9.0 Menankoto, Bantako North, Bakolobi, and Dandoko permits: Mtpa for 2023 (and over the long term), based on an ore Updated Anaconda area Mineral Resource estimate1 includes an initial blend
Slide 14: Fekola Regional Standalone Mill
FEKOLA REGIONAL STANDALONE MILL Study of Standalone Mill and Oxide Processing Facilities at Anaconda area FEKOLA MILL (PHASE 1) - Fekola Pit Sulphide Ore Conceptual pathway to Approximately - Cardinal Pit Sulphide Ore ~800 Koz Au 550 - 600 Koz / year - Fekola Regional (Anaconda, Dandoko) Oxide Ore t
Slide 15: Fekola Pit
FEKOLA PIT Fekola Pit Long Section: West-Facing 15
Slide 16: Fekola Regional
FEKOLA REGIONAL Ongoing Exploration 2022 HIGHLIGHTS Expansion and upgrade of saprolite resources across the Bantako, Menankoto, and Bakolobi permits Expansion of Mamba sulphide resource area Positive results from drilling at Cobra on both the Menankoto and Bakolobi permits PLAN FOR 2023 Increase the
Slide 17: 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 Au over 14.6m; and MSD_212 8.09 g/t Au over 12.8m: excellent examples of high-grade sulphide shoot, with well-defined southerly plunge Grade / width combinations and a well-defined geometry
Slide 18: Fekola Regional – Cobra Zone
FEKOLA REGIONAL – Cobra Zone1 Cobra Long Section: West-Facing Cobra exploration has intersected both saprolite and sulphide of significant grade / width combinations Mineralization is thought to have shallow north plunge, though still open to both north and south, along strike 18 1. The Cobra zone i
Slide 19: Otjikoto Overview
OTJIKOTO OVERVIEW OTJIKOTO MINE Namibia Type Open Pit / Underground B2Gold ownership 90% Processing throughput 3.4 Mtpa Mineral Reserve Grade 1.66 g/t Au1 Gold Recovery ~98.0% 190 - 210 Koz $1,080 - $1,140 2023 gold production 2023 AISC2 guidance guidance 2011 2013 2014 2022 Dec 2022 Acquired Constr
Slide 20: Masbate Overview
MASBATE OVERVIEW MASBATE MINE The Philippines Type Open Pit B2Gold ownership 100%1 Processing throughput 7.8 Mtpa Mineral Reserve Grade 0.80 g/t Au2 Gold Recovery ~75.0% 170 - 190 Koz $1,370 - $1,430 2023 gold production 2023 AISC3 guidance guidance 2008 2009 2013 2016 2022 Construction Open Pit Acq
Slide 21: 2023 Exploration Budget
2023 EXPLORATION BUDGET FEKOLA AND OTJIKOTO | NAMIBIA MASBATE | THE PHILIPPINES GRASSROOTS FEKOLA REGIONAL1 | MALI Budget $3M Budget $6M FINLAND Budget $35M Program 19,620 meters Program 8,000 meters Budget $6M Program 127,000 meters • Test southern extension of the • Convert Inferred Mineral Resour
Slide 22: Sabina Acquisition
SABINA ACQUISITION
Slide 23: Nunavut: Gold Mine of Opportunity
NUNAVUT: GOLD MINE OF OPPORTUNITY A Tier-1 Mining Jurisdiction Select Northern Canada Mining Operations Nunavut is fuelled by the gold mining MARY RIVER industry, accounting for 51% of the BAFFINVILLE territory’s overall GDP growth1 HOPE BAY AGNICO IZOK LAKE LUPIN Current levels of gold production e
Slide 24: Back River: Project Highlights
BACK RIVER: PROJECT HIGHLIGHTS With an estimated average head grade of ~6.0 g/t gold, the Goose project ranks among the highest-grade undeveloped gold projects globally Large, High-Grade Highest grade undeveloped open pits in the world with a reserve grade of 5.3 g/t Au Resource Significant track re
Slide 25: Back River: Project Overview
BACK RIVER: PROJECT OVERVIEW Project Highlights Mineral Reserve Estimate Au Tonnes Grade Contained Highest grade undeveloped open pits Area Category (kt) (g/t Au) (koz Au) in the world with Reserve grade of 5.3 g/t Au – (world average is 1.2 g/t)* Proven 7,471 5.42 1,302 Open Pit Probable 2,412 4.80
Slide 26: Back River: 2021 UFS Highlights
BACK RIVER: 2021 UFS HIGHLIGHTS 2021 UFS Summary Results After-Tax NPV & IRR Sensitivity Analysis Assumptions NPV 5% ($M) Au Price (US$/oz) Gold Price (US$/oz) $1,600 IRR (%) Discount Rate (%) 5% US$1,000 US$1,300 US$1,600 US$1,900 US$2,200 Project Parameters $(379) $178 $601 $1,005 $1,407 Total Ore
Slide 27: Back River: On-Track for First Gold in Q1 2025
BACK RIVER: ON-TRACK FOR FIRST GOLD IN Q1 2025 2022 & EARLIER 2023 2024 Q1 2025 First Gold Winter Ice Road (WIR) Full Construction (2023 – 2024) 163km road completed and fully Full construction expected to begin in early 2023 functional Continue pre-stripping of Echo pit with waste / ore stockpiling
Slide 28: Back River: Growth Through Discovery
BACK RIVER: GROWTH THROUGH DISCOVERY 10,000 500 9,000 450 8,000 400 Cumulative Metres Drilled (km) 7,000 350 Total Resource (koz Au) 6,000 300 5,000 250 4,000 200 3,000 150 2,000 100 1,000 50 - 0 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Slide 29: Back River: Open-Ended Exploration Potential
BACK RIVER: OPEN-ENDED EXPLORATION POTENTIAL Llama M &I Resource Umwelt M&I Resource Echo M&I Resource Goose M&I Resource 756,000 oz @ 6.70 g/t Au 2,918,000 oz @ 6.89 g/t Au 183,000 @ 5.78 g/t Au 1,236,000 oz @ 4.45 g/t Au Llama Extension Inferred Resource Open Nuvuyak Inferred Resource 424,000 oz @
Slide 30: Back River Is a Top-Tier Project
BACK RIVER IS A TOP-TIER PROJECT Reserve Grade (g/t Au) Avg. Annual Production (koz Au)1 Avg. AISC (US$/oz Au)1 8.1 365 358 $1,062 $1,007 $963 $911 2 294 287 6.0 5.9 269 $802 $775 $769 $758 223 220 $652 $618 179 3.0 132 117 2.3 100 1.6 1.4 1.3 1.2 1.0 > Back River is one of few fully permitted, cons
Slide 31: Enhanced Reserve Base & Asset Diversification
ENHANCED RESERVE BASE & ASSET DIVERSIFICATION Pro Forma Mineral Reserves (Moz Au) Pro Forma NAV by Jurisdiction2 9.0 8% + 38% 8% Mali 5.4 per share Canada 11% 44% Philippines B2Gold Pro Forma Columbia Namibia Pro Forma Mineral Resources (Moz Au)1 29% 26.0 16.8 + 28% > Combination significantly enhan
Slide 32: Track Record of Value Creation Through M&A
TRACK RECORD OF VALUE CREATION THROUGH M&A Fekola Mine – Acquired in 2014 Mineral Reserves & Resources1 Estimated Value Creation ~7 Moz ~US$1.4B Added Created > Acquired Fekola via combination with Papillon Resources in 2014 at the Pre-Feasibility Study stage > Successfully advanced the project to p
Slide 33: Experienced Operators in the Arctic
EXPERIENCED OPERATORS IN THE ARCTIC B2Gold team successfully advanced Kupol from exploration to construction while at Bema Gold 2002 > Bema announces agreement to acquire interest in Kupol property 2003 > Invests ~US$36M in Kupol property 2004 > Releases Kupol Preliminary Economic Assessment 2005 >
Slide 34: 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 in Glencore signed a 20-year power purchase Agnico signed a memorandum of Yello
Slide 35: Transaction Summary
TRANSACTION SUMMARY Proposed Transaction > B2Gold acquiring all of the outstanding common shares of Sabina > All-share business combination of B2Gold and Sabina > Exchange Ratio of 0.3867 of a B2Gold Share for each Sabina Share implying an offer price of C$1.87 per Sabina Share (as at February 10, 2
Slide 36: Appendix
APPENDIX
Slide 37: Environmental, Social and Governance
ENVIRONMENTAL, SOCIAL AND GOVERNANCE Raising the Bar INDUSTRY BEST PRACTICES Implementation of PROGRESSIVE TAILINGS MANAGEMENT REHABILITATION measures practices and reporting across all operations to minimize continue to evolve in line costs and environmental liability with industry best practices D
Slide 38: Our People
OUR PEOPLE 2022 WORKFORCE as of December 31, 2022 5,090 98% 66% employees globally local employment senior management2 (2021: 4,689) (2021: 97%)1 roles filled by local employees (2021: 54%) EQUITY, DIVERSITY AND INCLUSION as of December 31, 2022 14% 26% of workforce of senior positions identify as f
Slide 39: Local Communities
LOCAL COMMUNITIES MALI Investment into better access to health care and education for local villages UNICEF partnership to support and empower young girls and young women in local communities Ongoing livelihood activities to provide alternatives to artisanal and small-scale mining, including fish an
Slide 40: Local Communities
LOCAL COMMUNITIES PHILIPPINES Improving access to clean water in neighbouring communities Intervention programs for children in conflict with the law Building local capacity through the Digital Jobs Project developing skills in virtual assistance, web development, search engine optimization, graphic
Slide 41: Conservation Initiatives
CONSERVATION INITIATIVES Conservation and philanthropy initiatives for the future of the planet BLACK RHINO ENDANGERED REEF RESTORATION CHEETAH Otjikoto gold bars WEST AFRICAN 2,743 reef balls with CONSERVATION fund sustainable CHIMPANZEES 40,500 coral fragments Sponsored research conservation of Su
Slide 42: 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