B2gold Corp. · TSX:BTO
B2gold — Investor Day (December 2019)
140 slides from B2gold's investor day presentation, Dec 9, 2019
Slide 1: B2Gold Investor Day 2019
B2GOLD INVESTOR DAY 2019 Vancouver, Canada | December 9 TSX: BTO NYSE AMERICAN: BTG NSX: B2G
Slide 2: Welcome & Introduction
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Slide 3: Cautionary Statement
CAUTIONARY STATEMENT 3 Tom Garagan, Senior Vice President of Exploration, a Qualified Person as defined by National Instrument 43-101, has approved the scientific and technical information concerning B2Gold Corp. ("B2Gold") discussed in this presentation. All amounts in this presentation are express
Slide 4: Clive Johnson, Mike Cinnamond, Bill Lytle
4 CLIVE JOHNSON President, CEO & Director MIKE CINNAMOND SVP, Finance & CFO BILL LYTLE SVP, Operations
Slide 5: Tom Garagan, Neil Reeder
5 TOM GARAGAN SVP, Exploration NEIL REEDER VP, Government Relations
Slide 6: Mine & Project Locations
ie A444 Producing Mine f - A4 Development Project ‘ ‘e 4 Exploration Project caunciaee a Head Office \ THE PHILIPPINES 444 Masbate \ / NAMIB! bs AA‘ Bffikoto
Slide 7: Corporate Overview
CORPORATE OVERVIEW 7 The World’s New Senior Gold Producer Successful history of exploration success, accretive COMBINED EXECUTIVE EXPERIENCE acquisitions, production growth and political risk management +280 YEARS of working together for Bema Gold and B2Gold Ongoing commitment to the highest standar
Slide 8: Managing Political Risk
MANAGING POLITICAL RISK 8 B2Gold’s Competitive Advantage/Keys to Success PROVEN TRACK RECORD B2GOLD’S GUIDING OF BEMA GOLD AND B2GOLD BUSINESS PRINCIPLES: MANAGING POLITICAL RISK FAIRNESS | RESPECT AND SUCCEEDING TRANSPARENCY | ACCOUNTABILITY IN COUNTRIES AROUND THE WORLD Always delivering on our pr
Slide 9: Strong & Profitable Production Profile
STRONG & PROFITABLE PRODUCTION PROFILE 9 Annual Gold Production Growth (oz) Fekola Mine, Mali Nicaraguan mines 1,005,000 4 – 1,050,000 Otjikoto Mine, Namibia Consolidated all-in sustaining costs (“AISC”)/oz1 Masbate Mine, The Philippines La Libertad Mine, Nicaragua El Limon Mine, Nicaragua 1. Refer
Slide 10: Share Price Performance: Past 10 Years
SHARE PRICE PERFORMANCE: PAST 10 YEARS 10 B2Gold vs. Gold Price & TSX Global Gold Index BTO Gold Price TSX Global Gold Index Credit: Canaccord Genuity (October 29, 2019) Source: Bloomberg (October 30, 2009 – October 29, 2019) All price performance shown is in US dollars
Slide 11: 2019/2020 Corporate Strategy
2019/2020 CORPORATE STRATEGY 11 Maintain high standards of responsible mining, government relationships, health, safety & environmental stewardship and corporate social responsibility (“CSR”) programs Continue to optimize profitable gold production Continue strong financial performance: • Maximize c
Slide 12: Financial Overview
12 FINANCIAL OVERVIEW
Slide 13: 2019 Consolidated Guidance
2019 CONSOLIDATED GUIDANCE 13 Projected Gold Production, Costs, Gold Revenue & Cash Flows from Operating Activities Gold production1: Projected gold revenue: 935 Koz - 975 Koz $1.3 B 2,3 approx. Cash operating costs2: Projected cash flows from $520 - $560/oz operating activities: $500 M 3 approx. AI
Slide 14: Profitable Production Results
PROFITABLE PRODUCTION RESULTS 14 Third quarter (“Q3”) 2019 gold revenue1: On November 5, 2019, B2Gold declared its $382 M on gold sales of 256,670 oz at an first dividend: average price of $1,489/oz • Quarterly dividend of $0.01 per share will be paid on December 13, 2019 Q3 2019 cash flows from ope
Slide 15: Strong Financial, Liquidity & Cash Position
STRONG FINANCIAL, LIQUIDITY & CASH POSITION 15 Debt reduction in 2018: Revolving credit facility (“RCF”): • Was $700 M1 at December 31, 2017 $600 M • Reduced to $480 M at December 31, 2018 Current undrawn capacity: $300 M ($400 M if $200 M is repaid in 2019) Accordion feature: Estimated debt reducti
Slide 16: Operations Overview
16 OPERATIONS OVERVIEW
Slide 17: YTD 2019 & Q3 2019
YTD 20191 & Q3 2019 17 Consolidated Gold Production & Costs GOLD PRODUCTION: 2019 GUIDANCE2: YTD 2019 CASH OPERATING COSTS3: 935 Koz - 975 Koz $560 (/oz sold) $531 (/oz sold) $520 - $560 (/oz) 5 % $29/oz BUDGET ACTUAL 2019 GUIDANCE BELOW Q1 2019: BUDGET YTD 2019 AISC3: 230,859 oz $909 (/oz sold) $85
Slide 18: 2020 Production
2020 PRODUCTION 18 2020 production profile: 45 Koz - 50 Koz Consolidated gold production: 1,005 Koz - 1,050 Koz based on 5% Nicaragua mines 2020 budgets – final budget and guidance expected in Q1 2020 200 Koz - 210 Koz 20% Fekola expansion to be commissioned in Q3 2020 but production Masbate Mine wi
Slide 19: Consolidated 5-Year Outlook: 2020-2024
CONSOLIDATED 5-YEAR OUTLOOK: 2020 - 2024 19 Consolidated gold production averaging 950 Koz/y based on current operating plans1 Operating plans include2: • Fekola mining and processing expansions • Fekola solar plant • Otjikoto-Wolfshag underground mine AISC3 averaging under $825/oz 1. Assumes an ind
Slide 20: Gramalote Project: Colombia
GRAMALOTE PROJECT: COLOMBIA 20 B2Gold 50%: AngloGold Ashanti Limited (“AGA”) 50% Located 120 km northeast of Medellin in the Antioquia district – a region known to be pro-mining The deposit consists of the main Gramalote resource and two smaller deposits, Trinidad and Monjas West Excellent infrastru
Slide 21: Anaconda: Mali
ANACONDA: MALI 21 Several scoping level plant designs were completed for different processing concepts and throughput rates: • Plant designed for just saprolite – a number of scenarios have been developed for different Mineral Resource assumptions • Plant suitable for processing saprolite that could
Slide 22: 2019/2020 Catalysts
2019/2020 CATALYSTS 22 Fekola: • New Mineral Resource: Q4 2019 • Updated 2020 mine plan: Q1 2020 Gramalote: • Infill drilling recommenced: Q4 2019 • Updated preliminary economic assessment (“PEA”): Q1 2020 • Feasibility study: Q4 2020 Otjikoto: • Wolfshag underground mining decision: Q4 2019
Slide 23: Exploration Overview
23 EXPLORATION OVERVIEW
Slide 24: Exploration & Operations
EXPLORATION & OPERATIONS 24 2 1 1. Includes Anaconda Area 2. Toega
Slide 25: 2019 Drilling Summary
2019 DRILLING SUMMARY 25 As at end of October 2019 AC/RAB AC/RAB RC RC DDH DDH Total Total Country Project area holes metres holes metres holes metres holes metres Burkina Faso GKPO 40 2,572 12 2,336 52 4,908 Burkina Faso Kiaka 14 4,015 14 4,015 Japan Kato 15 2,540 15 2,540 Mali Bantako North 324 9,
Slide 26: 2019 Exploration Budget
2019 EXPLORATION BUDGET 26 Country Project Total Nicaragua La Libertad/El Limon/Regional $ 7,174,494 Namibia Otjikoto/Ondundu $ 4,805,553 Burkina Faso Kiaka/Regional $ 3,405,724 Mali Fekola/Regional $ 20,539,651 Ghana Bui $ 64,752 Philippines Masbate $ 4,000,000 Finland Various $ 995,662 Botswana Va
Slide 27: Exploration Focus: 2019-2020 (i)
EXPLORATION FOCUS: 2019 - 2020 (i) 27 Mali: • 2019: completed infill drilling of the Fekola PEA Mineral Resource • 2020: continue to explore to the north along the Fekola trend • 2019: continued exploration of the previously-announced Anaconda saprolite resource (which remains open) • 2020: continue
Slide 28: Exploration Focus: 2019-2020 (ii)
EXPLORATION FOCUS: 2019 - 2020 (ii) 28 Gramalote: • 2019: drilling commenced in November to complete 47,500 m of infill drilling at Gramalote and 2,500 m at Trinidad • 2020: drilling is scheduled to be completed in May • 2020: new Mineral Resource is scheduled to be completed in Q3 Burkina Faso: • 2
Slide 29: Government Relations Overview
29 GOVERNMENT RELATIONS OVERVIEW
Slide 30: Mali: Government Relations
MALI: GOVERNMENT RELATIONS 30 Senior management team has an excellent relationship with Mali’s Minister of Energy, Mines & Petroleum and other key officials Led by Mohamed Diarra, Country Manager, who has extensive government and industry experience Mohamed is formerly an advisor in Mali for the Min
Slide 31: Canada Enjoys Strong Relations with Mali
CANADA ENJOYS STRONG RELATIONS WITH MALI 31 B2Gold benefits from strong Canada brand in Mali and longstanding Canada-Mali relations $1.6 B in past development assistance to Mali including $136 M in 2018 Many people from Mali have either studied in Canada or have family ties to Canada Fekola is one o
Slide 32: The Philippines: Economic & Political Environment
THE PHILIPPINES: ECONOMIC & POLITICAL ENVIRONMENT 32 One of strongest economies in world: 6.5% growth this year Government continues to prime the economy through infrastructure spending Graphic or chart to go here President Duterte agenda will focus on growth, infrastructure, anti-crime and pro-poor
Slide 33: The Philippines: Government Relations
THE PHILIPPINES: GOVERNMENT RELATIONS 33 Strong executive team in place to manage complex mining environment Good networks into national, provincial and local governments, and Congress of the Philippines Positive visit by the DENR Secretary, Roy Cimatu, to the Masbate Mine
Slide 34: Canada Enjoys Strong Relations with the Philippines
CANADA ENJOYS STRONG RELATIONS WITH THE PHILIPPINES 34 Filipinos are the fastest-growing immigrant community in Canada (one million) Over $2.4 B in bilateral trade Over $2.1 B in Canadian investment in the Philippines (including Masbate)
Slide 35: Namibia: Government Relations
NAMIBIA: GOVERNMENT RELATIONS 35 President Geingob was re-elected in the recent presidential election President Geingob and his Cabinet are very appreciative of B2Gold’s investment and impact (including the Company’s CSR programs) B2Gold can anticipate policy stability under Geingob’s second term Se
Slide 36: Canada Enjoys Warm Relations with Namibia
CANADA ENJOYS WARM RELATIONS WITH NAMIBIA 36 B2Gold has a strong reputation as a responsible and environmentally- conscious Canadian investor Canada benefits from warm bilateral ties that date back to the time of the Namibian fight for independence Value of direct Canadian investment in Namibia is n
Slide 37: Colombia: Government Relations
COLOMBIA: GOVERNMENT RELATIONS 37 Colombia has maintained robust economic growth and is an investment-friendly destination Centre-right government of President Duque is seeking to attract new mining investment Joint venture with AGA at Gramalote will continue to benefit from a strong management team
Slide 38: Canada Enjoys Warm Relations with Colombia
CANADA ENJOYS WARM RELATIONS WITH COLOMBIA 38 Colombia is a key partner of Canada in South America Business ties anchored in the 2011 free trade agreement Canada is one of the largest foreign investors in Colombia: over $5 B in FDI and $1.7 B in trade Double tax treaty and an air transport agreement
Slide 39: Q&A
39 Q&A
Slide 40: Fekola Mine: Mali
40 FEKOLA MINE: MALI
Slide 41: Mohamed Diarra, Ray Mead, Andy Brown
41 MOHAMED DIARRA Country Manager – Mali RAY MEAD General Manager – Fekola Mine ANDY BROWN Exploration Manager – Africa SVP. Exploration
Slide 42: Country Overview
42 COUNTRY OVERVIEW
Slide 43: Fekola Mine: Mali
FEKOLA MINE: MALI 43 Located in the heart of West Africa, Mali has direct access to seven border countries (Algeria, Mauritania, Niger, Burkina Faso, Ivory Coast, Guinea and Senegal) Landlocked country with sea access through to Dakar (Senegal), Abidjan (Ivory Coast) and Lomé (Togo) Land area: 1,241
Slide 44: Political Overview: Mali
POLITICAL OVERVIEW: MALI 44 Second year of President Ibrahim Boubacar Keïta’s second mandate (until 2023) Adoption of the new Mining Code: • Government is clear that the existing Convention is not impacted • Fekola protected by stability clause • Local content on top of the government agenda • Stron
Slide 45: Mali: Security
MALI: SECURITY 45 Located in a low-risk area of Mali: • Mining areas (southern and western Mali) have not been subject to attacks and remain safe Fekola uses a combination of security forces (expatriate, Malian contractors and gendarmes) Exposure to threats are minimized by maximizing use of air tra
Slide 46: New Fadougou
NEW FADOUGOU 46 Relocation & Construction Statistics Relocation statistics: • 913 resettled households (3,272 people resettled) • Extensive consultation with the community and government stakeholders • +700 structures built (which include solar panels and a water distribution network) Construction s
Slide 47: Old Fadougou
OLD FADOUGOU 47
Slide 48: New Fadougou
NEW FADOUGOU 48
Slide 49: UNICEF/B2Gold Partnership
UNICEF/B2GOLD PARTNERSHIP 49 Banking on a Better Future A three-year partnership developed with UNICEF Canada to provide a better future for children, especially girls, in the Kéniéba district Project targeting communities surrounding artisanal mining sites in the Kéniéba district Improving access t
Slide 50: Signature Project: Fekola
SIGNATURE PROJECT: FEKOLA 50 Integrated Rural Development Project (IRDP)
Slide 51: General Mine Update
51 GENERAL MINE UPDATE
Slide 52: Fekola Mine Project Timeline
FEKOLA MINE 52 Project Timeline 2014 2015 2015 2015 October January June November B2Gold acquires Early works Optimized Ground-breaking Papillon construction feasibility ceremony – Resources commences study construction Limited announced commences 2016 2017 2017 2018 2019 June September November Oct
Slide 53: Project Parameters: Fekola
PROJECT PARAMETERS: FEKOLA 53 March 2019 PEA: • 11-year mining life at 74.4 million tonnes per annum (“Mtpa”) peak mining rate, including pre-stripping PH09 • 10 stages of mining PH08 7.5 Mtpa mill throughput increased from a nominal 6 Mtpa after expansion project commenced in October 2019 PH07 PH06
Slide 54: 2019 Mine Overview: Fekola
2019 MINE OVERVIEW: FEKOLA 54 As at September 30, 2019 GOLD PRODUCTION: 2019 Q1 2019: GUIDANCE4: YTD 2019: 445 Koz - 455 Koz 110,349 oz Fekola was ABOVE YTD 2019: budget by 7% 336,567 oz Open Pit Ownership 80% Q3 2019: Q2 2019: 2019 exploration budget $20.5 M (all Mali) 112,321 oz 113,897 oz 2019 ca
Slide 55: 2019 Production: Fekola
2019 PRODUCTION: FEKOLA 55 FY 2019 (E) MINE Total mined tonnes 40,050,000 - 40,450,000 Waste tonnes 32,000,000 - 32,200,000 Ore tonnes 7,900,000 - 8,200,000 Grade (g/t) 1.75 - 1.85 Strip ratio 4.0 - 4.1 FY 2019 (E) MILL Milled tonnes 6,850,000 - 7,000,000 Recovery (%) 94 - 95 Grade (g/t) 2.10 - 2.15
Slide 56: Fekola Mining: 2019
FEKOLA MINING: 2019 56 PH5 PIT EXTENSION 100 mRL PIT EXTENSION PH4 90 mRL PH3 20 mRL PH2 10 mRL PH1
Slide 57: Fekola Mining: 2020 Plan
FEKOLA MINING: 2020 PLAN 57 PH6 90 mRL PH5 PIT EXTENSION PIT EXTENSION 94 mRL PH4 0 mRL PH3 90 mRL -70 mRL PH1
Slide 58: 2020 Guidance: Fekola
2020 GUIDANCE: FEKOLA 58 Total mine tonnage: 65 Mt Mill tonnage throughput planned at 6.8 Mtpa – working around all expansion tie-ins Gold production: approx. 600 Koz - 620 Koz Tailings storage facility (“TSF”) double lift completed in 2020 Capex: • Construction projects • Mining fleet • TSF raise
Slide 59: Fekola Expansion
FEKOLA EXPANSION 59 Four major projects underway: • Mill expansion (additional 1.5 Mtpa capacity) • 30 MW hybrid solar farm installation • Expansion of mining fleet and facilities • Raising of TSF to a three-year capacity through 2022 Cost for mill expansion: $50 M Cost for solar farm: $38 M Cost fo
Slide 60: Fekola Expansion: Mining Fleet
FEKOLA EXPANSION: MINING FLEET 60 2020 Additions 5 x 789 haul trucks initially (Q1) 844K wheel dozers (1 x Q1 & 1 X Q3) 3 x 789 haul trucks (Q2) 777E water carts (1 x Q1 & 1 x Q3) 3 x 789 haul trucks (Q3) 1 x 993K wheel loader (Q2) 3 x 789 haul trucks (Q1 – 2021) 745 lube and fuel trucks (Q1) 1 x 60
Slide 61: Fekola Expansion: Mill Upgrade
FEKOLA EXPANSION: MILL UPGRADE 61 Mill upgrade major equipment: • Lime slaker • Upgraded ball mill drives (from 10.5 MW to 15 MW) • New cyclone cluster • Additional leach tank • Larger pebble crushers • Larger pumps and pump boxes • Increase in tails pipeline diameter • Larger feeder and conveyor dr
Slide 62: Fekola Solar Plant
FEKOLA SOLAR PLANT 62 36 MWdc (30 MWac) capacity 92,736 solar modules 3,312 strings connected to 276 inverters 1,104 trackers with about 90 m each 12,806 piles for tracker foundation Plant layout has been optimized to minimize cut and fill works Activities on budget and on schedule Solar plant is ex
Slide 63: Exploration Update
63 EXPLORATION UPDATE
Slide 64: Exploration Projects: West Africa
EXPLORATION PROJECTS: WEST AFRICA 64
Slide 65: Fekola: District-Scale Gold Endowment
FEKOLA: DISTRICT-SCALE GOLD ENDOWMENT 65 With a gold endowment of just under 10,000 metric tonnes, the Paleoproterozoic of West Africa is one of the world’s great gold provinces Fekola deposit is hosted within Paleoproterozoic Kédougou-Kéniéba Inlier of the Birimian Supergroup (2,200 – 2,050 Ma) of
Slide 66: West Mali Permits
WEST MALI PERMITS 66 Fekola Mine & Anaconda Zones Fekola Mine – Medinandi permit: • 75 km2 (exploitation license) • Hosts Fekola deposit Anaconda zones – Menankoto South permit: • 52 km2 (exploration permit) • approx. 15 km north of Fekola • Hosts Anaconda regional project Anaconda zones – Bantako N
Slide 67: 2019 Exploration Budget
2019 EXPLORATION BUDGET 67 Recap: Objectives Convert the majority of the Fekola Mineral Resource from Inferred to Indicated status Explore the northern extent of the Fekola structure Project area Total Medinandi $ 12,536,548 Menankoto $ 3,901,707 Initiate drilling on the Cardinal structure, west of
Slide 68: 2019 Exploration: Fekola Regional
2019 EXPLORATION: FEKOLA REGIONAL 68 Fekola North: • Over 22,000 m drilled • Bulk of the Mineral Resource drilled to Indicated status • Mineralization continues north of the resource pit shell Cardinal and FMZ: • Infill drilling partially completed on these narrow, northeast-trending low-to-moderate
Slide 69: Fekola Schematic Long Section
FEKOLA SCHEMATIC LONG SECTION 69 West-Facing
Slide 70: 2019 Exploration: Anaconda Regional
2019 EXPLORATION: ANACONDA REGIONAL 70 Over 45,000 m drilled: Mamba: • Over 14,000 m completed • High-grade saprolite mineralization extended 600 m north of the known occurrence • Sulphide mineralization discovered down plunge from, and continuous with, the high-grade saprolite zone Adder: • Over 16
Slide 71: Mamba Schematic Long Section
MAMBA SCHEMATIC LONG SECTION 71
Slide 72: 2020 Exploration: Proposed Budget
2020 EXPLORATION: PROPOSED BUDGET 72 Fekola region: • Push exploration north of the Resource pit • Extensive reconnaissance drilling to test for strike extensions of the Fekola shear zone Cardinal and FMZ: • Complete initial Mineral Resource drilling Mamba: • Infill central part of mineralized zone
Slide 73: Q&A
73 Q&A
Slide 74: Masbate Mine: The Philippines
74 MASBATE MINE: THE PHILIPPINES
Slide 75: Cris Acosta, Dan Moore
75 CRIS ACOSTA President (Filminera Resources Corporation) DAN MOORE President & General Manager (Phil. Gold Processing & Refining Corp.)
Slide 76: Country Overview
76 COUNTRY OVERVIEW
Slide 77: Political Overview: The Philippines
POLITICAL OVERVIEW: THE PHILIPPINES 77 The Philippines is a republic with three branches of government: executive, legislative and judiciary. The country’s system of government is generally modeled on the US system Elections by popular vote are regularly held. The executive branch is led by the pres
Slide 78: Community Investment (i)
COMMUNITY INVESTMENT (i) 78 Coastal Resources Rehabilitation B2Gold’s research has shown that the fishing industry in Masbate has been in decline since the mid-1980s. B2Gold recognizes that the health of the oceans is key to the sustainability of the fishing industry and has decided to work with loc
Slide 79: Community Investment (ii)
COMMUNITY INVESTMENT (ii) 79 Coastal Resources Rehabilitation Mangrove reforestation: • B2Gold has now planted over 1.1 M mangrove propagules, covering more than 250 ha. Mangroves provide fish a place to spawn and help protect the coastal communities from tidal surges during typhoons Coral reef reha
Slide 80: Masbate Mine & Community
MASBATE MINE & COMMUNITY 80 Typhoon Kammuri Typhoon Kammuri passed through Masbate; its eye was less than 50 miles from the Masbate Mine. The maximum sustained wind reached 155 km/hr near the centre and gusts reached up to 235 km/hr There were no casualties at the mine site and no damage to major si
Slide 81: General Mine Update
81 GENERAL MINE UPDATE
Slide 82: Masbate Mine Project Timeline
MASBATE MINE 82 Project Timeline The Aroroy gold district has a long 2013 2013 2014 2016 mining history with large operations dating back to pre-WWII January August November November Modern operations were initiated by B2Gold Announced an Completed Atlas Consolidated Mining & Replaced completes incr
Slide 83: Masbate Mine: Overview
MASBATE MINE: OVERVIEW 83 Conventional open-pit operation, mining multiple pits: • Mining rate: 34 Mtpa total material • 4 x Sandvik DP1500i blasthole drills • 4 x Komatsu PC1250 and PC2000 production excavators • 26 x Cat 777 haul trucks Process plant: 8.2 Mtpa capacity: • Conventional CIL process
Slide 84: Masbate Gold Project: Overview (i)
MASBATE GOLD PROJECT: OVERVIEW (i) 84 Masbate Gold Project (“MGP”) is a non-union worksite with over 1,900 direct and contract employees Safety achievement: MGP achieved one year without a lost-time-injury (“LTI”) on November 16, 2019: The site holds an ISO 14001:2015 Environmental Compliance certif
Slide 85: Masbate Gold Project: Overview (ii)
MASBATE GOLD PROJECT: OVERVIEW (ii) 85 Ball mill 3 expansion was commissioned in early 2019 Process plant performance remains within 2019 budget with forecast milled tonnes at 8 Mtpa Oxide ore ratios are higher than budgeted Feed grade to the mill was higher than budget predictions Throughput was at
Slide 86: 2019 Mine Overview: Masbate
2019 MINE OVERVIEW: MASBATE 86 As at September 30, 2019 2019 GOLD PRODUCTION: GUIDANCE: Q1 2019: 200 Koz - 210 Koz 57,481 oz YTD 2019: Masbate was ABOVE YTD 2019: budget by 9% 166,599 oz Q3 2019: Q2 2019: 51,546 oz 57,572 oz Open Pit 2019 exploration budget $4 M CASH OPERATING COSTS: AISC: 15% 2019
Slide 87: 2019 Production: Masbate
2019 PRODUCTION: MASBATE 87 FY 2019 (E) MINE Ore tonnes 7,900,000 - 8,100,000 Grade (g/t) 1.05 - 1.15 Waste tonnes 23,000,000 - 24,000,000 Total tonnes 30,900,000 - 32,100,000 MILL Processed tonnes 7,900,000 - 8,100,000 Grade (g/t) 1.05 - 1.15 Recovery (%) 71 - 74 Gold production (oz) 200,000 - 210,
Slide 88: 2020 Guidance: Masbate
2020 GUIDANCE: MASBATE 88 Annual projected gold production range of: Capital expenditures will include: 200 Koz - 210 Koz • Land acquisition • Capitalized rebuilds of mining fleet Projected tonnes of ore milled: 8.18 Mtpa • Major rebuilds of two Wartsila power generators Mining from Main Vein phase
Slide 89: Q&A
89 Q&A
Slide 90: Otjikoto Mine: Namibia
90 OTJIKOTO MINE: NAMIBIA
Slide 91: Mark Dawe, Eric Barnard, Andy Brown
91 MARK DAWE Managing Director & Country Manager – Namibia ERIC BARNARD Acting General Manager — Otjikoto Mine ANDY BROWN Exploration Manager – Africa
Slide 92: Country Overview
92 COUNTRY OVERVIEW
Slide 93: Political Overview: Namibia
POLITICAL OVERVIEW: NAMIBIA 93 Stability: defined by sovereign, fiscal, political stability and security of tenure (minimal risk for FDI) Strong private sector advocacy: positive government/private sector interaction Infrastructure and logistics: efficient port, good road and rail network Developed
Slide 94: Otjikoto Mine: Overview
OTJIKOTO MINE: OVERVIEW 94 Gold production commenced in November 2014, ahead of schedule and under budget Plant expansion to 3.1 Mtpa completed in 2015 Excellent gold recovery – averaging >98.5% since 2016 Gold production and profitability have exceeded expectations each year since inception Signifi
Slide 95: Country Overview: Namibia
COUNTRY OVERVIEW: NAMIBIA 95 Second lowest population density in the world (population approx. 2.3 M) Namibian dollar pegged to the South African rand First country in the world to ensconce environmental conservation into the constitution Well developed geological cadastral Mining is the backbone of
Slide 96: Key CSR Initiatives: Namibia
KEY CSR INITIATIVES: NAMIBIA 96 TACKLING THE INFORMAL THE NAMIBIAN CHAMBER OF SAVE THE SAN RHINO GOLD BAR SUPPORTING SETTLEMENTS HOUSING CRISIS ENVIRONMENT BUSHMEN SCHOOLS COMMUNITIES THAT SAVE THE BLACK RHINO • Informal settlements have • B2Gold initiative – umbrella • New schools created in grown
Slide 97: General Mine Update
97 GENERAL MINE UPDATE
Slide 98: Otjikoto Mine Project Timeline
OTJIKOTO MINE 98 Project Timeline 2011 2012 2013 Increased mining rate from 16 Mtpa to December December April 43 Mtpa to maintain high-grade ore Acquired 90% Feasibility Ground-breaking production from Otjikoto from Auryx Gold completed for ceremony and Wolfshag open pits Corp., partnered with 2.5
Slide 99: 2019 Mine Overview: Otjikoto
2019 MINE OVERVIEW: OTJIKOTO 99 As at September 30, 2019 2019 GOLD PRODUCTION: GUIDANCE: Q1 2019: 32,712 oz YTD 2019: 165 Koz - 175 Koz Otjikoto was ABOVE YTD 2019: budget by 4% 119,544 oz • Full-year 2019 gold production is scheduled to Q3 2019: Q2 2019: Open Pit be significantly weighted 49,411 oz
Slide 100: 2019 Production: Otjikoto
2019 PRODUCTION: OTJIKOTO 100 FY 2019 (E) MINE Ore tonnes mined 8,400,000 - 8,600,000 Grade (g/t) 0.95 - 1.05 Waste tonnes 33,500,000 - 34,000,000 Total tonnes 41,900,000 - 42,600,000 MILL Processed tonnes 3,300,000 - 3,400,000 Grade (g/t) 1.6 - 1.7 Recovery (%) 98.5 - 99.0 Gold production (oz) 165,
Slide 101: Project Parameters: Otjikoto
PROJECT PARAMETERS: OTJIKOTO 101 Consistent gold production of 30 Koz - 55 Koz per quarter from Q1 2015 to present Excellent metallurgy – consistently recovering over 98% of contained gold Expected to meet 2019 production guidance of 165 Koz - 175 Koz, at or below cash operating cost guidance of $52
Slide 102: 2020 Physical Parameters: Otjikoto
2020 PHYSICAL PARAMETERS: OTJIKOTO 102 Processing throughput maintained at 3.4 Mtpa and 98% recovery Mining rate is similar to 2019: approx. 43 Mtpa Wolfshag underground (if advanced) is expected to produce high-grade ore concurrently with open-pit mining No significant changes to site operations
Slide 103: 2020 Guidance: Otjikoto
2020 GUIDANCE: OTJIKOTO 103 Annual production: 160 Koz - 170 Koz Tailings: • Continue deposition by cyclone • Quarterly Engineer of Record inspections Milling average: 3.4 Mtpa with 98% recovery Capital expenditure will include: • Stripping campaign at Wolfshag and Wolfshag underground work (when ap
Slide 104: Otjikoto Mine: Wolfshag Underground Project
OTJIKOTO MINE: WOLFSHAG UNDERGROUND PROJECT 104 Operating Assumptions Studying options for underground mining of Wolfshag to supply supplemental ore for processing following cessation of Wolfshag pit during years of low-grade ore processing: • Contractor development • Total development ≈ 15,000 m •
Slide 105: Wolfshag Underground Project: Possible Timeline
OTJIKOTO MINE: WOLFSHAG UNDERGROUND PROJECT 105 Possible Timeline Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 2021 2022 2023 2024 2025 2026 Wolfshag underground study Development contract Tendering and negotiations Environmental Compliance Certificate Underground development Production
Slide 106: Exploration Update
106 EXPLORATION UPDATE
Slide 107: Otjikoto/Wolfshag: Exploration Overview
OTJIKOTO/WOLFSHAG: EXPLORATION OVERVIEW 107 2019 budget: • $4.8 M focused on Otjikoto regional and Ondundu permits • Approx. 12,000 m of drilling completed around Otjikoto this year • Exploration success on Wolfshag • Step out drilling and discovery of underground resource potential on the OTG23 str
Slide 108: Otjikoto: Wolfshag Underground Project Exploration Potential
OTJIKOTO: WOLFSHAG UNDERGROUND PROJECT 108 Exploration Potential Au g/t Otjikoto Pit Wolfshag Pit WLF_UG mine layout OT19-511 4.33 g/t / 7.00 m OTG23 5.20 g/t / 6.00 m OT19-513 4.42 g/t / 4.70 m OT18-482W1 1.90 g/t / 17.00 m OT19-508W1 represents a 600 m step down plunge of including 10.14 g/t / 2.2
Slide 109: Q&A
109 Q&A
Slide 110: Responsible Mining
110 RESPONSIBLE MINING
Slide 111: Ken Jones, Darren Parry, Liane Kelly
111 KEN JONES Manager, Environmental & Permitting DARREN PARRY Corporate Health & Safety Manager LIANE KELLY CSR Advisor
Slide 112: Environment Overview
112 ENVIRONMENT OVERVIEW
Slide 113: Environmental Management & Performance
ENVIRONMENTAL MANAGEMENT & PERFORMANCE 113 Environmental management systems are in place at each operating mine, in accordance with international best practice: • ISO 14001:2015 environmental management systems • Performance standards for critical risks: o Water, tailings, cyanide, air quality, etc.
Slide 114: Tailings Management
TAILINGS MANAGEMENT 114 Increased industry, investor, regulatory and social focus following several catastrophic embankment failures over the last +five years Update of internal standards to align with current international best practices Internal consolidation of access to information for all emban
Slide 115: Environmental Strategic Plan: 2020-2022 (i)
ENVIRONMENTAL STRATEGIC PLAN: 2020 - 2022 (i) 115 B2Gold environmental strategic plan 2020 - 2022 Environmental risk management and performance Environmental legal compliance Mine reclamation Mine geochemical monitoring Water management and reporting Masbate Mine, syndicate waste rock dump, progress
Slide 116: Environmental Strategic Plan: 2020-2022 (ii)
ENVIRONMENTAL STRATEGIC PLAN: 2020 - 2022 (ii) 116 Water management and reporting: • Updating water risk/scarcity assessment and accounting at all sites • External water report • Leading to water use reductions targets Energy and climate change: • Continued implementation of renewable energy sources
Slide 117: External Reporting
EXTERNAL REPORTING 117 B2Gold ESG “transparency” hub: 2020 Consolidated portal for ESG reporting Continued commitment to ESG performance and accountability
Slide 118: Health & Safety Overview
118 HEALTH & SAFETY OVERVIEW
Slide 119: Occupational Health & Safety
OCCUPATIONAL HEALTH & SAFETY 119 System & Performance System and performance standards exceed base regulatory requirements and meet international best practices System Elements: Culture Elements: System is independently audited by external third party System Standards (18) Hazard and Behavior to ens
Slide 120: LTIFR & RWIFR
LTIFR & RWIFR 120 2016 to October 31, 2019 0.8 94% reduction in LTIFR (4 years) 0.7 0.6 78% reduction in LTIFR from 2018 0.5 (200 K man hours) 25% reduction in RWIFR (3 years) 0.4 0.3 28% increase in RWIFR from 2018 0.2 Restricted work injuries in 2018: 0.1 6 – 129 days vs. 2019: 6 – 79 days Average
Slide 121: Benchmarks/Targets
BENCHMARKS/TARGETS 121 YTD 20191 78% reduction in LTIFR since 2018 9 8 87% reduction in total reportable 7 injury frequency rate since 2018 6 (200,000 hours) B2Gold’s lost time and total 5 reportable injury frequency rates are 4 an average 87% lower than the published statistics for industry 3 minin
Slide 122: Occupational Health & Safety
OCCUPATIONAL HEALTH & SAFETY 122 System & Performance Masbate: GKK National Award winner Philippine Department of Labour for Safety Systems and Culture Excellence – silver award finalist Masbate: +1 year (370 days) with no LTI – previously +three years with no LTI Otjikoto: 637 days without an LTI –
Slide 123: Responsible Mining Overview
123 RESPONSIBLE MINING OVERVIEW
Slide 124: B2Gold Responsible Mining Report
B2GOLD RESPONSIBLE MINING REPORT 124 Reporting on company performance regarding: Environmental Social Governance + Economic contribution Sustainable Development Goals
Slide 125: ESG Ratings
ESG RATINGS 125 B2Gold’s rating improved dramatically over the past three years as we evolved our reporting (from Average Performer to Outperformer) B2Gold was added to the Jantzi Social Index (“JSI”) list in September 2019 ESG ratings expect to fluctuate as rating firms evolve their criteria (e.g.
Slide 126: Our Economic Performance
OUR ECONOMIC PERFORMANCE1 126 1. As per 2018 Responsible Mining Report
Slide 127: Our Environment
OUR ENVIRONMENT1 127 1. As per 2018 Responsible Mining Report
Slide 128: Our People
OUR PEOPLE1 128 1. As per 2018 Responsible Mining Report
Slide 129: Our Communities
OUR COMMUNITIES1 129 1. As per 2018 Responsible Mining Report
Slide 130: 2018 Community Investment
2018 COMMUNITY INVESTMENT1 130 ($000s) 1. As per 2018 Responsible Mining Report
Slide 131: Q&A
131 Q&A
Slide 132: Closing Remarks
132 CLOSING REMARKS
Slide 133: Appendix
133 APPENDIX
Slide 134: Probable Mineral Reserve
PROBABLE MINERAL RESERVE1 134 As of December 31, 2018 Country Mine Tonnes (t) Gold Grade (g/t Au) Contained Gold Ounces (oz) Mali Fekola 43,000,000 2.38 3,290,000 The Philippines Masbate 81,500,000 0.82 2,160,000 Namibia Otjikoto 19,800,000 1.54 980,000 La Libertad* 1,100,000 2.01 70,000 Nicaragua E
Slide 135: Notes to Mineral Reserve
NOTES TO MINERAL RESERVE 135 1. Mineral Reserves have been classified using the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"). All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and
Slide 136: Measured & Indicated Mineral Resource
MEASURED & INDICATED MINERAL RESOURCE1 136 As of December 31, 2018 Country Mine or Project Tonnes (t) Gold Grade (g/t Au) Contained Gold Ounces (oz) Measured Burkina Faso Kiaka 33,700,000 1.09 1,180,000 Total Measured Mineral Resources – 100% Project Basis 1,180,000 Indicated Mali Fekola 87,100,000
Slide 137: Inferred Mineral Resource
INFERRED MINERAL RESOURCE1 137 As of December 31, 2018 Country Mine or Project Tonnes (t) Gold Grade (g/t Au) Contained Gold Ounces (oz) Fekola 26,500,000 1.61 1,370,000 Mali Anaconda 21,600,000 1.11 770,000 The Philippines Masbate 18,000,000 0.90 520,000 Namibia Otjikoto 4,200,000 2.27 310,000 La L
Slide 138: Notes to Mineral Resource
NOTES TO MINERAL RESOURCE 138 1. Mineral Resources have been classified using the CIM Standards. Mineral Resources are reported inclusive of those Mineral Resources that have been modified to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viabilit
Slide 139: Glossary: Abbreviated Terms
GLOSSARY: ABBREVIATED TERMS 139 AARL: Anglo American Research Laboratory HFO: heavy fuel oil AC: air core drilling ICMM: International Centre for Mining and Minerals AIF: Annual Information Form IRMA: Initiative for Responsible Mining Assurance ANCOLD: Australian National Committee on Large Dams ISO
Slide 140: Contact Details
140 CONTACT DETAILS B2Gold Corp. Clive Johnson Suite 3100, 595 Burrard Street President, CEO & Director P.O. Box 49143 +1 604 681 8371 Vancouver, BC Canada, V7X 1J1 Ian MacLean VP, Investor Relations Tel: +1 604 681 8371 +1 604 681 8371 Toll Free: +1 800 316 8855 Fax: +1 604 681 6209 Katie Bromley M