B2gold Corp. · TSX:BTO
B2gold — Investor Presentation (May 2024)
46 slides from B2gold's investor presentation, May 2024
Slide 1: A Low-Cost International Senior Gold Producer
TSX BTO A Low-Cost International NYSE AMERICAN BTG NSX B2G Senior Gold Producer CORPORATE PRESENTATION MAY 2024 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 detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current Form 40-F Annual Report 100% project ba
Slide 3: Globally Diversified Senior Gold Producer
GLOBALLY DIVERSIFIED SENIOR GOLD PRODUCER BACK RIVER Nunavut, Canada CENTRAL LAPLAND JV Finland FEKOLA COMPLEX1 MASBATE GOLD PROJECT GRAMALOTE Mali Philippines Colombia OTJIKOTO MINE HEAD OFFICE Namibia Vancouver, Canada Producing Mine Development Project Exploration Project Headquarters 3 1. Includ
Slide 4: Health & Safety Performance
HEALTH & SAFETY PERFORMANCE Q1 2024 Consolidated Highlights1 LTIFR TRIFR Severity Rate Masbate 0.12 0.37 8.35 Zero LTI Lost time injury Total recordable Lost time + restricted work 1,962 days (+5 years) frequency rate injury frequency rate injuries +34.5 million hours worked 6 YEAR 0.70 0.63 0.65 B2
Slide 5: Strong & Profitable Production Profile
STRONG & PROFITABLE PRODUCTION PROFILE Robust Production Levels Expected in 2025 1,400 $1,600 1,030 - $1,400 1,200 1,150 $1,360 - $1,420 1,047 1,061 1,041 1,028 860 - $1,200 Guidance Range 1,000 980 954 $1,201 940 $1,033 Fekola Gold Production (koz) $947 $1,000 $888 AISC ($/oz Au) 800 $860 $862 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: Corporate Structure
CORPORATE STRUCTURE SNAPSHOT (as of May 7, 2024) ANALYST COVERAGE SHAREHOLDERS2 TSX: BTO NYSE AMERICAN: BTG Bank of America C$5.30 Share Price C$3.52 BMO Capital Markets C$6.00 Basic Shares Outstanding 1,307M Canaccord Genuity C$7.50 Institutional Basic Market Capitalization C$4.6B CIBC Capital Mark
Slide 8: Q1 2024 Results & 2024 Guidance
Q1 2024 RESULTS & 2024 GUIDANCE Gold Production, Cash Operating Costs & All-In Sustaining Costs Q1 2024 Q2 2024 Q3 2024 Q4 2024 Fekola 119,141 oz Masbate 49,782 oz Otjikoto 45,416 oz Calibre1 11,377 oz TOTAL 225,716 oz YTD Production1 25% of Annual Guidance Mid-Point Q1 2024 ACTUAL GUIDANCE 2024 Gol
Slide 9: 2024 Production & Cost Guidance
2024 PRODUCTION & COST GUIDANCE TOTAL CONSOLIDATED Gold production1 860 Koz - 940 Koz Cash operating costs2,3 $835 - $895 /oz AISC2,3 $1,360 - $1,420 /oz FEKOLA MINE Mali 54% MASBATE GOLD PROJECT The Philippines 20% 54% Type Open Pit Type Open Pit Gold production 470 Koz - 500 Koz Gold production 17
Slide 10: 2025 Preliminary Production Outlook
2025 PRELIMINARY PRODUCTION OUTLOOK Record Production from B2Gold Operated Mines Expected in 2025 Gold production 1,030 - 1,150 Koz FEKOLA MINE Mali 54% 54% MASBATE GOLD PROJECT The Philippines 17% Type Open Pit / Underground Type Open Pit Gold production 560 Koz - 610 Koz Gold production 170 Koz -
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 2030 = B2
Slide 12: Back River Gold District Highlights
BACK RIVER GOLD DISTRICT 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 Resource1 The Goose Project has an open pit reserve grade of 5.3 g/t Au, one of the highest grade undevelope
Slide 13: Back River Gold District Map
BACK RIVER GOLD DISTRICT MAP GOOSE (229 km2 license) Hosts 6 gold deposits permitted for mining M&I Mineral Resource1 of 26.3 Mt at 6.02 g/t for 5.1 Moz of gold Inferred Mineral Resource1 of 8.4 Mt at 6.64 g/t for 1.80 Moz gold GEORGE (166 km2 license) ~50 km northwest of Goose, consists of over 20
Slide 14: Back River Gold District Resources
BACK RIVER GOLD DISTRICT RESOURCES Strong Resource Base with Exploration Upside District Highlights1 Mineral Reserve Estimate1 Tonnes Grade Contained Highest grade undeveloped open pits Au 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
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 Llama Extension Inferred Resourc
Slide 16: Back River Gold District Exploration Update
BACK RIVER GOLD DISTRICT EXPLORATION UPDATE Exploration and Infill Drill Result Highlights from B2Gold’s Inaugural Drilling Campaign GOOSE 22,840 m of drilling over 65 drill holes completed in 2023 Llama Deposit: 23GSE-626 7.79 g/t Au over 22.0m, including a higher-grade interval of 11.22 g/t Au ove
Slide 17: Goose Project Construction Timeline
GOOSE PROJECT CONSTRUCTION TIMELINE On Track for Mill Completion in Q1 2025 and First Gold Pour in Q2 2025 2023 & EARLIER 2024 Q2 2025 First Gold Pour Full Construction & Infrastructure Full Construction & Infrastructure Full construction began in 2023 Continue pre-stripping of Echo pit with waste /
Slide 18: Goose Project Updates
GOOSE PROJECT UPDATES Winter Ice Road 2024 winter ice road campaign successfully completed April 2024 Exceeded 2,100 loads in the 2024 winter ice road campaign; doubling the loads from 2023 All materials necessary to complete project construction have arrived at Goose Project site Marine Laydown Are
Slide 19: Goose Project Updates
GOOSE PROJECT UPDATES Mill Construction at the Goose Project Site is Progressing on Schedule Goose Project Plant Site Area – April 2024 Goose Project Accommodation Complex – April 2024 19
Slide 20: Goose Project Updates
GOOSE PROJECT UPDATES 2024 Winter Ice Road Campaign Successfully Completed All necessary materials delivered from the MLA to the Goose Project site to complete project construction 20
Slide 21: Goose Project Updates
GOOSE PROJECT UPDATES Mill and Truck Shop Structural Steel & Cladding Progress October 2023 November 2023 April 2024 21
Slide 22: Goose Project – Revised Capital Estimate
GOOSE PROJECT – REVISED CAPITAL ESTIMATE Capital construction estimate updated for B2Gold project upgrades and additional inflation Goose Project B2GOLD INITIAL CAPITAL ESTIMATE JUNE 2023 Revised Capex Estimate1 C$800 MILLION C$1,050M - - Increase for inflation from 2021 to 2023 B2Gold design change
Slide 23: Fekola Overview
FEKOLA OVERVIEW FEKOLA MINE Mali Type Open Pit B2Gold Ownership 80% Processing Throughput 9.0 Mtpa Mineral Reserve Grade 1.70 g/t Au1 Gold Recovery ~94.0% 470 - 500 Koz $1,420 - $1,480 2024 gold production 2024 AISC2 guidance guidance 2014 2015 2017 2019 2023 Acquired Construction Open Pit Mill 3.0M
Slide 24: 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 25: Fekola Complex Growth
FEKOLA COMPLEX GROWTH Trucking of Regional Ore to Fekola Mill the Optimal Option to Maximize Value of Fekola Regional Existing Sources Developing Sources FEKOLA MILL Fekola Pit Sulphide & Oxide Ore Bantako North1 Menankoto1 Cardinal Pit Dandoko1 Fekola Processing Plant Fekola Underground2 9.0 Mtpa P
Slide 26: Fekola Complex Mineral Resources
FEKOLA COMPLEX MINERAL RESOURCES Mineral Resources1 GOLD TONNES GRADE AREA OUNCES (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 Fek
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% 180 - 200 Koz $960 - $1,020 2024 gold production 2024 AISC2 guidance guidance 2011 2013 2014 2022 2023 Acquired Construction
Slide 28: Otjikoto Growth – Antelope Deposit
OTJIKOTO GROWTH – ANTELOPE DEPOSIT Positive Exploration Results Indicate the Potential for Possible Underground Development High-grade, Otjikoto-style mineralization discovered ~3 km south of the Phase 5 open pit at Otjikoto 20,715 m in 37 drill holes completed at the Antelope deposit in 2023, plan
Slide 29: 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 ~75.0% 170 - 190 Koz $1,300 - $1,360 2024 gold production 2024 AISC3 guidance guidance 2008 2009 2013 2016 2023 Construction Open
Slide 30: Gramalote Project
GRAMALOTE PROJECT Updated Gramalote PEA on track for completion in Q2 2024 Progressing work on various smaller scale project development plans with the goal of Permitted Large Project Layout from 2022 Feasibility Study identifying a higher-return project than the previously contemplated joint ventur
Slide 31: 2024 Exploration Budget
2024 EXPLORATION BUDGET BACK RIVER | NUNAVUT, CANADA FEKOLA AND OTJIKOTO | NAMIBIA MASBATE | THE PHILIPPINES Budget $28M FEKOLA REGIONAL1 | MALI Budget $9M Budget $4M Program 25,000 meters Budget $10M Program 39,000 meters Program 7,000 meters • Drilling will target extensions of the Program 20,000
Slide 32: Exploration Strategic Investments
EXPLORATION STRATEGIC INVESTMENTS SNOWLINE GOLD1 Yukon MATADOR MINING2 Newfoundland Exploration Stage | ~9.9% Ownership Exploration Stage | ~9.9% Ownership Acquired original position in Snowline Gold in March 2023 Acquired original position in Matador Mining in October 2022 Highly Prospective Land P
Slide 33: Appendix
APPENDIX
Slide 34: 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 35: 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 36: Our People
OUR PEOPLE 2024 WORKFORCE as of March 31, 2024 6,326 96.5% 55.4% employees globally National employment senior management (2023: 6,150) (2023: 97.2%)1,3 roles filled by national employees (2023: 58.6%) 2,3 EQUITY, DIVERSITY AND INCLUSION as of March 31, 2024 13.7% 26% of workforce of senior position
Slide 37: Local Communities
LOCAL COMMUNITIES MALI Investment into better access to health care and education for local villages; Ongoing livelihood activities to provide alternatives to artisanal and small- scale mining, including fish and poultry farming UNICEF partnership to support and empower young girls and young women i
Slide 38: Local Communities
LOCAL COMMUNITIES PHILIPPINES Improving access to clean water in neighbouring communities Community investment initiatives including: building of 12 schools, donation of school supplies/ equipment, ambulances, hospital equipment, medicines, vaccines, and personal protective equipment Building local
Slide 39: Conservation Initiatives
CONSERVATION INITIATIVES Conservation and philanthropy initiatives for the future of the planet NAMIBIAN RHINO ENDANGERED WEST REEF RESTORATION CHEETAH GOLD BAR AFRICAN CHIMPANZEES 2,743 reef balls with CONSERVATION Ground-breaking donation Supported study on 40,500 coral fragments Sponsored researc
Slide 40: Fekola Pit Long Section
FEKOLA PIT Fekola Pit Long Section: West-Facing 40
Slide 41: 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 42: Experienced Operators in the Arctic
EXPERIENCED OPERATORS IN THE ARCTIC B2Gold technical team 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 > Rel
Slide 43: 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 44: Goose Project Construction Update - Photos
GOOSE PROJECT CONSTRUCTION UPDATE - PHOTOS MILL BUILDING CLADDING ACCOMMODATION COMPLEX GOOSE PROJECT SITE OVERVIEW 44 Photos as of April 2024.
Slide 45: Goose Project Construction Update - Photos
GOOSE PROJECT CONSTRUCTION UPDATE - PHOTOS FUEL STORAGE CONTAINERS AIRSTRIP MARINE LANDING AREA OPEN PIT UNDERGROUND PORTAL MINING FLEET 45 Photos as of November 2023.
Slide 46: 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