Slide 1: A Low-Cost International Senior Gold Producer
ACQUIRE | DISCOVER | FINANCE | BUILD | OPERATE ACQUIRE | DISCOVER | FINANCE | BUILD | OPERATE A LOW-COST INTERNATIONAL SENIOR GOLD PRODUCER March 2020 THE WORLD’S NEW SENIOR GOLD PRODUCER TSX: BTO NYSE AMERICAN: BTG NSX: B2G
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT 2 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 3: Mine & Project Locations
MINE & PROJECT LOCATIONS 3 1 1. Includes Anaconda Area
Slide 4: Corporate Overview
CORPORATE OVERVIEW 4 A Low-cost International 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 highes
Slide 5: Managing Political Risk
MANAGING POLITICAL RISK 5 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 TRANSPARENCY | ACCOUNTABILITY AND SUCCEEDING IN COUNTRIES AROUND THE WORLD Always delivering on our pr
Slide 6: Strong & Profitable Production Profile
STRONG & PROFITABLE PRODUCTION PROFILE 6 Annual Gold Production Growth (oz) Fekola Mine, Mali Otjikoto Mine, Namibia Masbate Mine, The Philippines La Libertad Mine, Nicaragua 3 El Limon Mine, Nicaragua Equity interest in Calibre Mining Corp. Consolidated all-in sustaining costs (“AISC”) /oz1 1. Non-
Slide 7: B2Gold: 10-Year Share Price Performance
B2GOLD: 10-YEAR SHARE PRICE PERFORMANCE 7 vs. TSX Global Gold Index & the Gold Price BTO 320% Gold Price +292% TSX Global Gold Index 270% 220% + 170% 120% 70% + +48% 20% -30% (32%) Credit: Canaccord Genuity (February 21, 2020) -80% Source: Bloomberg Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 F
Slide 8: Consolidated Five-Year Outlook: 2020-2024
CONSOLIDATED FIVE-YEAR OUTLOOK: 2020 - 2024 8 Consolidated gold production averaging 950 Koz /y based on current operating plans1 AISC2 averaging under $825 /oz Operating plans include: • Fekola mining and processing expansion • Fekola solar plant construction • Otjikoto-Wolfshag underground mine de
Slide 9: Health & Safety Performance: By Year
HEALTH & SAFETY PERFORMANCE: BY YEAR 9 Results1 : 0.8 2019 FREQUENCY BENCHMARKS/TARGETS Otjikoto: 0 lost-time-injury (“LTI”) 0.7 and severity2 (5.4 M work hours) 649 days without an LTI 0.6 0.5 Masbate: 0 LTI and severity (200 K HOURS) (+6.5 M work hours) 0.4 408 days without an LTI 0.3 Fekola: redu
Slide 10: Responsible Mining
RESPONSIBLE MINING 10 Raising the Bar CEPA, the Philippines Otjikoto solar plant, Namibia New Fadougou village, Mali The Philippines THE PHILIPPINES: NAMIBIA: MALI: THE JANTZI INDEX: • Capsay Egg Producers Association • Development workshop • AFECK1 Project – ‘Skills for • Added to the Jantzi Social
Slide 11: Environmental Strategic Plan
ENVIRONMENTAL STRATEGIC PLAN 11 Energy & Climate Change Energy and climate change: • Continued implementation of renewable energy sources • Further integration of climate change risk into policy and enterprise and site risk assessment • External energy and climate change report • Leading to emission
Slide 12: Environmental Strategic Plan: Solar Power
ENVIRONMENTAL STRATEGIC PLAN 12 Solar Power Otjikoto solar plant: Fekola solar plant: Commenced operation in May 2018 Expected to be completed in third quarter (”Q3”) 2020 • One of the first fully-autonomous hybrid plants in • One of the largest off-grid hybrid solar/HFO plant in the world the world
Slide 13: 2019 Consolidated Gold Production, Costs & Revenue
2019 CONSOLIDATED 13 Gold Production, Costs & Gold Revenue GOLD PRODUCTION: CASH OPERATING COSTS2: Fourth quarter (“Q4”) 2019 First quarter $520 (“Q1”) 2019: $519 - 245,140 oz /OZ SOLD $560 /OZ 230,859 oz FY 2019 2019 ACTUAL GUIDANCE 2019 GUIDANCE: Full-year 935 Koz - 975 Koz AISC2: (“FY”) 20191: 98
Slide 14: Strong Financial, Liquidity & Cash Position
STRONG FINANCIAL, LIQUIDITY & CASH POSITION 14 Debt reduction in 2018: Larger Fekola mine fleet financing: • Was $700 M1 at December 31, 2017 Up to $40 M of Fekola mine fleet costs expected to be • Reduced to $480 M at December 31, 2018 funded with CAT equipment loans in 2020 Debt reduction in 2019:
Slide 15: 2020 Consolidated Guidance
2020 CONSOLIDATED GUIDANCE 15 Projected Gold Production, Costs, Gold Revenue & Cash Flows from Operating Activities Gold production1: Projected gold revenue3: 1,000 Koz - 1,055 Koz approx. $1.5 B Cash operating costs2: Projected cash flows from $415 - $455 /oz operating activities3: approx. $700 M A
Slide 16: 2020 Mine-by-Mine Production Guidance
2020 MINE-BY-MINE PRODUCTION GUIDANCE 16 Consolidated: Gold production: 1,000 Koz - 1,055 Koz Cash operating costs1: $415 - $455 /oz Namibia, Otjikoto Mine OPEN PIT AISC1: $780 - $820 /oz 18% Gold production: 165 Koz - 175 Koz Cash operating costs: $480 - $520 /oz AISC: $1,010 - $1,050 /oz Mali, Fek
Slide 17: Fekola Mine Overview
FEKOLA MINE OVERVIEW 17 2019 Production/2020 Guidance (Ownership: B2Gold: 80%/State of Mali: 20%) GOLD PRODUCTION: Q1 2019: CASH OPERATING COSTS6: Q4 2019: 110,349 oz $370 119,243 oz $380 - /OZ SOLD $410 Ownership 80% /OZ FY 2019 2019 Mine type Open pit ACTUAL GUIDANCE 2020 exploration budget $18 M
Slide 18: Masbate Mine Overview
MASBATE MINE OVERVIEW 18 2019 Production/2020 Guidance GOLD PRODUCTION: CASH OPERATING COSTS5: Q1 2019: $625 Q4 2019: 57,481 oz $589 - 50,741 oz /OZ SOLD $665 /OZ FY 2019 2019 ACTUAL GUIDANCE Mine type Open pit FY 2019: 2019 217,340 oz 2020 exploration budget $8 M GUIDANCE: 2020 capex (sustaining) $
Slide 19: Otjikoto Mine Overview
OTJIKOTO MINE OVERVIEW 19 2019 Production/2020 Guidance GOLD PRODUCTION: CASH OPERATING COSTS6: Q4 2019: Q1 2019: $520 58,422 oz 32,712 oz $468 - /OZ SOLD $560 /OZ FY 2019 2019 Ownership 90%1 ACTUAL GUIDANCE FY 2019: Mine type Open pit 2019 177,966 oz 2020 exploration budget $4 M (all Namibia) GUIDA
Slide 20: Proven Construction Team
PROVEN CONSTRUCTION TEAM 20 Successfully Constructed Five Mines for Bema Gold & B2Gold on Schedule & on Budget 2001 2007 2010 2014 2017 Julietta Mine, Kupol Mine, La Libertad Mine, Otjikoto Mine, Fekola Mine, Russia Russia Nicaragua Namibia Mali (Bema Gold) (Bema Gold) (B2Gold) (B2Gold) (B2Gold)
Slide 21: Fekola Mine Project Timeline
FEKOLA MINE 21 Project Timeline Expansion study Achieved approved: Optimized feasibility commercial 6 million tonnes per study announced: production: annum (“Mtpa”) to Indicated Mineral 111,450 oz 7.5 Mtpa Resource: 4.3 Moz produced 455,810 oz produced Inferred Mineral (Sep 2017 - (Jan 1, 2019 - Res
Slide 22: Fekola Expansion 2015-2020
FEKOLA EXPANSION 22 2015 - 2020 • Original feasibility study • Mill construction and expansion • Completed preliminary study to • Construction commenced in throughput completed. Additional capex expand Fekola mill from October 2019 and is expected approx. $18 M 6 Mtpa to 7.5 Mtpa to be completed in
Slide 23: Fekola Deposit Schematic Long Section
FEKOLA MINE 23 Fekola Deposit Schematic Long Section (West-facing) 1 1. The Mineral Reserve estimate excludes 894,878 oz of gold produced in 2018 and 2019
Slide 24: 2020 Updated Fekola Mineral Resource
2020 UPDATED FEKOLA MINERAL RESOURCE 24 Organic Growth Resources reported within a pit shell using a $1,500/oz gold price1: • Indicated Mineral Resource estimate of 110.60 million tonnes (“Mt”) at 1.70 grams per tonne (“g/t”), containing 6.05 Moz of gold2 • Inferred Mineral Resource estimate of 28.6
Slide 25: 2020 Exploration: Fekola & Regional Targets
2020 EXPLORATION 25 Fekola & Regional Targets Approx. 41,000 m of diamond drilling and RC drilling is planned for several zones in the Anaconda Area, located approx. 20 km from Fekola (refer to fig. 1) Drilling will focus on expanding the known shallow saprolite resources at the Adder and Mamba zone
Slide 26: Mamba Schematic Long Section
MAMBA SCHEMATIC LONG SECTION 26
Slide 27: 2020 Exploration Budget
2020 EXPLORATION BUDGET 27 International Greenfields/other projects Mali Several exploration ventures around the Fekola regional targets: world in jurisdictions and geologic Drilling 41,000 m on several zones in environments that have the potential for the Anaconda Area located 20 km large deposits
Slide 28: Gramalote Project: Location Map
GRAMALOTE PROJECT: COLOMBIA 28 Location Map
Slide 29: Gramalote Project: Logistical & Infrastructure Advantages
GRAMALOTE PROJECT: COLOMBIA 29 Logistical & Infrastructure Advantages The Gramalote Project is a JV between B2Gold (48.3%) and AngloGold Ashanti (“AGA”) (51.7%) – B2Gold will sole fund the first $13.9 M of expenditures in 2020, following which B2Gold will own a 50% interest in the JV – B2Gold assume
Slide 30: Gramalote Project: Preliminary Economic Assessment
GRAMALOTE PROJECT: COLOMBIA 30 Preliminary Economic Assessment (“PEA”) B2Gold recently completed a PEA which updates and enhances the previous studies on the Gramalote Project in several areas Additional drilling has been completed and a new Mineral Resource model has been developed for the Gramalot
Slide 31: Gramalote PEA: Highlights
GRAMALOTE PEA: HIGHLIGHTS1 31 Assuming an effective date of January 1, 2020, and a gold price of $1,350 /oz, Gramalote Ridge project economic highlights from the PEA include: • An open-pit gold mine with an initial LoM of 13.6 years • Estimated pre-production capital cost of $901 M (based on current
Slide 32: Gramalote Project: Feasibility Study
GRAMALOTE PROJECT: FEASIBILITY STUDY 32 B2Gold and AGA have agreed to a budget in 2020 for the feasibility study of approx. $37M This budget will fund 42,500 m of infill drilling and 7,645 m of geotechnical drilling focusing on the Gramalote Ridge zone – drilling has commenced and is scheduled for c
Slide 33: 2020 Catalysts
2020 CATALYSTS 33 Financial: • Pay down remaining $200 M of the RCF: Q3 Fekola: • Updated 2020 mine plan to be included in B2Gold’s AIF scheduled to be filed by March 30, 2020 • Additional drill results from the Fekola North Extension and Anaconda Area: to be released throughout the year • Completio
Slide 34: Appendix
34 APPENDIX
Slide 35: B2Gold Board of Directors
B2GOLD BOARD OF DIRECTORS 35 CLIVE JOHNSON ROBERT CROSS ROBERT GAYTON JERRY KORPAN BONGANI MTSHISI President, Chairman Director Director Director CEO & Director KEVIN BULLOCK GEORGE JOHNSON ROBIN WEISMAN LIANE KELLY Director Director Director Director Appointed: January 1, 2020
Slide 36: Unsurpassed Executive Team Experience
UNSURPASSED EXECUTIVE TEAM EXPERIENCE 36 +280 Years of Combined Experience Working Together for Bema Gold & B2Gold CLIVE JOHNSON ROGER RICHER MIKE CINNAMOND TOM GARAGAN DENNIS STANSBURY BILL LYTLE IAN MACLEAN DALE CRAIG President, EVP, General Counsel SVP Finance & CFO SVP Exploration SVP Engineerin
Slide 37: Sustainable Initiatives in Mali
SUSTAINABLE INITIATIVES IN MALI 37 Africa School of Mines: Fekola signature project: • B2Gold to contribute $1 M towards the • Introduced a new $10 M Integrated Rural Development Project construction of the new African School of Mines to be undertaken over the next five years • The new school will a
Slide 38: Corporate Social Responsibility (CSR) Awards
CORPORATE SOCIAL RESPONSIBILITY (“CSR”) AWARDS 38 Commitment to the Highest Standards of CSR Text Herethe Philippines Masbate, B2Gold nursery, Nicaragua Mangrove reforestation program, the Philippines Otjikoto Nature Reserve, Namibia 2019 Gawad Kaligtasan at Kalusugan 2017 Exporter of the Year (CSR)
Slide 39: Fekola Expansion Technical Report
FEKOLA EXPANSION TECHNICAL REPORT1,2 39 Highlights Assuming an effective date of January 1, 2019, a gold price of • Forecast expansion capital payback period of less than 1 year $1,300 /oz and a discount rate of 5%, project economics highlights from the Expansion Study PEA include: • Estimated proce
Slide 40: Fekola Expansion: Update
FEKOLA EXPANSION: UPDATE 40 Detailed engineering and design activities have been completed All major long-lead items have been ordered Construction commenced in Q4 2019 and is scheduled to be completed by Q3 2020 The processing upgrade will focus on: • Increased ball mill power • Upgrades to the cyc
Slide 41: Probable Mineral Reserve
PROBABLE MINERAL RESERVE1 41 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 El
Slide 42: Notes to Mineral Reserve
NOTES TO MINERAL RESERVE 42 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 43: Measured & Indicated Mineral Resource
MEASURED & INDICATED MINERAL RESOURCE1 43 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 1
Slide 44: Inferred Mineral Resource
INFERRED MINERAL RESOURCE1 44 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 Li
Slide 45: Notes to Mineral Resource
NOTES TO MINERAL RESOURCE 45 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 viability
Slide 46: Contact Details
46 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 Vice President, Investor Relations Tel: +1 604 681 8371 +1 604 681 8371 Toll Free: +1 800 316 8855 Fax: +1 604 681 6209 Kati