Slide 1: A Profitable Growth-Oriented Intermediate Gold Producer
A PROFITABLE GROWTH-ORIENTED INTERMEDIATE GOLD PRODUCER MAY 2017
Slide 2: Cautionary Statement
Cautionary Statement This presentation includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation, including projections of future financial and operational performance; statement
Slide 3: Cautionary Statement (cont.)
Cautionary Statement (cont.) Non-IFRS Measures This presentation includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards (“IFRS”), including “cash operating costs” and “all-in sustaining costs” (or “AI
Slide 4: Mine and Project Locations
MALI BURKINA FASO Fekola Project Kiaka Project ‘G NICARAGUA \ El Limon Mine La Libertad Mine COLOMBIA Gramalote Project WAMMIBIA &! Me Otjikoto Mine
Slide 5: Corporate Overview
Corporate Overview Corporate Strategy: TO CONTINUE GROWING A PROFITABLE AND RESPONSIBLE GOLD PRODUCER THROUGH ACCRETIVE ACQUISITIONS AND EXPLORATION, IRRESPECTIVE OF THE GOLD PRICE Proven Management and Technical Teams • Former management and technical teams of Bema Gold Corporation • Experienced in
Slide 6: Annual Production Growth
Annual Production Growth Fekola mine scheduled to commence 900,000 - production on October 1, 2017 950,000 El Limon La Libertad Masbate 365,000 - 375,000 Otjikoto 545,000 Fekola - 595,000 550,423 45,000 - 55,000(1) 493,265 150,000 165,000 - 160,000 166,285 - 175,000 384,003 145,723 366,313 175,000 -
Slide 7: Fully-Funded Growth (i)
Fully-Funded Growth (i) Utilizing operating cash flow and innovative financings to fund Fekola construction Revolving Credit Facility (“RCF”) • RCF for an aggregate of $425 million • $200 million drawn at March 31, 2017 Gold Prepayment Arrangements • At March 31, 2017, $120 million in outstanding Pr
Slide 8: Fully-Funded Growth (ii)
Fully-Funded Growth (ii) Strong Financial and Cash Position • Cash at the end of Q1 2017 was $103.2 million At-The-Market (ATM) Offering • Up to $100 million equity financing for general corporate purposes and exploration • Approximately $46 million completed by December 2016, at an average price of
Slide 9: B2Gold v Peers
B2Gold v Peers Projected Production Growth Profile B2Gold outperforms its peers with production growth of 87% from 2015 A - 2018 E 87% 77% 39% 24% 7% 7% 2% 3% (8%) (6%) (29%) (32%) Eldorado Goldcorp Agnico Kinross Northern Yamana IAMGOLD Acacia Detour Centerra Endeavour B2Gold Eagle Star Source (as
Slide 10: BTO Performance vs. S&P TSX Gold Index & Gold Price (2 Year)
BTO Performance vs. S&P TSX Gold Index & Gold Price (2 Year) 100 Last Price 260 BTO CN Equity C$3.07 GOLDS Cmdty $1,221.40 240 90 SPTSGD Index C$202.76 220 80 200 70 180 60 B2Gold Volume (M) 161 160 50 140 40 122 120 30 103 100 20 80 10 60 0 40 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15Dec-15
Slide 11: Production Overview
Production Overview • FY 2016 was another record year (for the eighth straight year) for consolidated gold production, producing 550,423 (revised guidance 535,000 – 575,000) ounces, with consolidated cash operating costs(1) an annual record-low at $508 (revised guidance $500 – $535) per ounce, and a
Slide 12: Guidance Updates
Guidance Updates FY 2017 • Consolidated gold production guidance is forecast to be between 545,000 and 595,000 ounces (including estimated pre-commercial production of between 45,000 and 55,000 ounces at the Fekola mine) • Consolidated cash operating costs are forecast to be between $610 and $650 pe
Slide 13: Mining In Mali
Mining In Mali Mali is Africa’s third largest gold producer • Eight mines operating in a 40+ Moz District, which includes Fekola • Northern Mali conflict - no meaningful impact on SW Mali operations Democratic government widely praised for transparency Favorable fiscal regime • Government very suppo
Slide 14: Fekola Feasibility Highlights
Fekola Feasibility Highlights(1) • Open-pit gold mine with average annual gold production for years one through seven of 350,000 ounces per year at cash operating costs of $418 per ounce (based on low-grade stockpiling in the initial years of operation) • Average annual gold production of 276,000 ou
Slide 15: Fekola Mine
Fekola Mine • Construction has advanced significantly at the Fekola mine - on budget and is now estimated to commence production on October 1, 2017, three months ahead of schedule • B2Gold designed and is constructing the Fekola mine with a +25% design factor - based on encouraging exploration resul
Slide 16: Fekola Mine - SAG and Ball Mill Installation
Fekola Mine SAG and Ball Mill Installation 16
Slide 17: Fekola Mine - Leach Thickener and CIC
Fekola Mine Leach Thickener and CIC 17
Slide 18: Fekola Mine - Tailings Thickener
Fekola Mine Tailings Thickener 18
Slide 19: Fekola Mine
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Slide 20: Fekola Mine - Gold Room
Fekola Mine Gold Room 20
Slide 21: Fekola Project - Exploration Update - Kiwi Zone and Fekola Deeps
Fekola Project Exploration Update - Kiwi Zone(1) and Fekola Deeps • Exploration budget for Mali in 2017 has been increased by approx. $3.8 million to approx. $15.4 million • B2Gold’s technical team believes that the Fekola project has the potential to host additional large Fekola- style gold deposit
Slide 22: Fekola Project - Upside Potential
Fekola Project Upside Potential(1) • Fekola drill-defined mineralization extends approximately 1.5 kilometres along strike, 250 metres (“m”) wide and 400 m deep (vertical) • A higher-grade shoot has been identified in drill core that plunges approximately 13°to the NNW and extends over 1,500 m down
Slide 23: Fekola Project - Exploration Update - Anaconda-Adder Zone
Fekola Project Exploration Update - Anaconda-Adder Zone Priority Exploration Targets at Anaconda-Adder Zone • Anaconda-Adder are significant zones of saprolite-hosted gold mineralization across several targets • 72,671 m of drilling (all-types) were completed in 2016, including satellite targets • E
Slide 24: Burkina Faso - Kiaka Project
Burkina Faso Kiaka Project • Located in southcentral Burkina Faso • One of the largest undeveloped gold resources in West Africa • Acquisition cost of approximately $48 million in B2Gold shares • Optionality on gold price and exploration upside • Mining permit received in Q4 2015 • Decree formalizin
Slide 25: Kiaka Project - Update - Toega Prospect and Kiaka Studies
Kiaka Project Update - Toega Prospect and Kiaka Studies • Current plan at the Kiaka project is to update the mineral resource block in late 2017 • Based on recent drilling in early 2017 at the Toega prospect, B2Gold is re-evaluating project economics and the potential impact of higher-grade ore bein
Slide 26: Kiaka Regional Exploration Program
Kiaka Regional Exploration Program Update - Toega Prospect • Exploration budget for Burkina Faso in 2017 has been increased by approx. $2.6 million to approx. $10.2 million due to positive exploration drill results from the Toega project • Diamond drilling program ongoing at Toega • Recent drill res
Slide 27: 2017 and Beyond
2017 and Beyond • Optimise production at existing mines • Continued focus on exploration across all sites 777D truck, grand opening of the Otjikoto mine • Complete Fekola mine construction • On budget and ahead of schedule - October 1 2017 production start • Updated mine model expected by end of Q3
Slide 28: CSR Awards
CSR Awards Strong Commitment to Corporate Social Responsibility (CSR): • 2016 Friend of the Environment Award in Nicaragua for B2Gold's commitment to source water protection and environmental management - APEN(1) • 2015 Social Responsibility Award in Nicaragua for B2Gold’s work on the Jabali Antena
Slide 29: Annual Production Growth (oz)
Annual Production Growth (oz) Fekola mine scheduled to commence 900,000 - production on October 1, 2017 950,000 El Limon La Libertad Masbate 365,000 - 375,000 Otjikoto 545,000 Fekola - 595,000 550,423 45,000 - 55,000(1) 493,265 150,000 165,000 - 160,000 166,285 - 175,000 384,003 145,723 366,313 175,
Slide 30: Appendix
Appendix 30
Slide 31: Board & Management Track Record
Board & Management Track Record BEMA GOLD (2000 – 2007) Volume Price $10.00 75 Acquisition by Kinross 60 $7.50 Volume (millions) Share Price (C$) 45 $5.00 30 $2.50 15 -- -- Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 B2GOLD (2009 – 2017) Volume Price $6.00 60 $4.80 48 Volume (millions) S
Slide 32: Fekola Mine - Construction Update - Q1 2017
Fekola Mine Construction Update - Q1 2017 • Development of the open pit continued to progress ahead of schedule, with a total of 3.0 million tonnes of waste and 300,000 tonnes of ore mined • First phase of the mining fleet, including six CAT 777E haul trucks and two CAT 6020B excavators, is in opera
Slide 33: Fekola Mine - Flowchart
Fekola Mine Flowchart + Sodium Cyanide SAG Mill Cyclones + Lime Ball Mill Coarse Ore Stockpile SAG Mill Discharge Screen Primary Gyratory Crusher Pebble Crushers Cyclone Feed Reclaim Apron Feeders Pump Box + Oxygen Gas + Air Leach CIC + Sodium Cyanide + SO2 (SMBS) Thickener Circuit + Lead Nitrate +
Slide 34: Fekola Mine - Progress Chart
Fekola Mine Progress Chart 34
Slide 35: Fekola Project Feasibility Study - Capital Cost Summary
Fekola Project Feasibility Study Capital Cost Summary Processing (including reagents and $125 M services) Mining (including pre-production) $36 M General Infrastructure $81 M Indirect, Engineering, Owner’s, and $101 M Management Contingency $53 M Total Capital Costs – $395 M Feasibility Study(1)/(2)
Slide 36: Fekola Project Additions
Fekola Project Additions Processing upgrade 4 Mtpa to 5 Mtpa $18 M Construction Fadougou Village Relocation(1) $20 M Updates Pre-stripping Brought Forward(2) $25 M Mining Fleet Purchase Brought Forward(2) $22 M Operating Capital Updates Operations Infrastructure Upgrades(3) $11 M Notes: (1) Fadougou
Slide 37: Fekola Project - Kiwi Zone
Fekola Project Kiwi Zone(1) Priority Exploration Targets at Kiwi Zone Fekola: Open along strike - Kiwi zone • Extends approximately 640 m north of the proposed pit limits of the Fekola deposit • Kiwi occurs up dip from the Fekola Deeps zone • Currently drill testing a zone of near-surface mineraliza
Slide 38: Fekola Project - Anaconda Zone: Vertical Section
Fekola Project Anaconda Zone: Vertical Section(1) (1) Refer to B2Gold’s news release, “2017 Exploration Update: West Africa”, dated February 13, 2017 38
Slide 39: Mining in The Philippines
Mining in The Philippines • Long mining history • Strong mineral potential • Favorable investment / tax regime: 30% corporate tax, 2% excise tax, income tax holiday for B2Gold until June 30, 2017 • Masbate mine is the largest employer and contributor to GDP on Masbate Island 39
Slide 40: Masbate Mine
Masbate Mine • FY 2016 gold production was an annual record of 206,224 (revised guidance 200,000 – 210,000) ounces, at annual record-low cash operating costs of $463 (revised guidance $465 - $505) per ounce, and AISC of $653 (budget $899) per ounce • Q1 2017 gold production was 52,562 (budget 49,993
Slide 41: Masbate 2017
Masbate 2017 Priority Exploration Targets Recent Significant Drill Results 41
Slide 42: DENR Update
DENR(1) Update • In 2016(2), the DENR announced the preliminary results of mining audits carried out in respect of all metallic mines in the Philippines and issued the Masbate mine audit report, which contains the detailed findings from the audit and directed the Company to provide explanations and
Slide 43: Mining in Namibia
Mining in Namibia • Population of 2.3 million (2011 World Bank estimate) • Strong history of mining • Mining plays a vital role in the Namibian economy • Stable government • Encourages foreign investment • Mining corporate tax rate: 37.5%, NSR 4% • Favourable tax treatment on capital expenditures •
Slide 44: Otjikoto Mine - Project Map Showing Wolfshag Zone
Otjikoto Mine Project Map Showing Wolfshag Zone Ongoing drilling at the Otjikoto pit 44
Slide 45: Otjikoto Mine Production
Otjikoto Mine Production • FY 2016 gold production was an annual record of 166,285 (revised guidance 160,000 – 170,000) ounces, at annual record-low cash operating costs of $368 (revised guidance $365 – $450 ) per ounce, and AISC of $604 (budget $629) per ounce • Q1 2017 gold production was 42,774 (
Slide 46: Otjikoto Mine (cont.)
Otjikoto Mine (cont.) • High-grade Wolfshag open pit was brought into production towards the end of Q4 2016: • Expected to increase production at the Otjikoto mine in 2017 (approximately 25% of the mill feed will come from Wolfshag) and beyond • Production increase versus budget and prior-year for Q
Slide 47: Namibia Exploration
Namibia Exploration Wolfshag 2016 Infill and Geotechnical Drilling OTB Marble Depth 275m OT16-460 WA 34m @ 3.9 g/t Au Including 6m @ 8.1 g/t Au 4.5m @ 10.0 g/t Au Otjikoto pit 7000m infill OT16-461 WA 8025N to 7775N 21m @ 9.5 g/t Au 25m X 25m grid 2 g/t cut-off Red outline Red dots – Infill Green do
Slide 48: Mining in Nicaragua
Mining in Nicaragua • Long mining history with a strong Mining Law • Rated the safest country in Central America • Modern infrastructure and easily accessible • Democratic Republic • Government supportive of foreign investment • Tax regime: 3% NSR and 30% Net Profits Tax • Currency pegged to USD, no
Slide 49: La Libertad 2017
La Libertad 2017 Priority Exploration Targets Recent Drill Results 49
Slide 50: La Libertad Mine
La Libertad Mine • FY 2016 gold production was 132,431 (revised guidance 125,000 – 135,000) ounces, at cash operating costs of $659 (revised guidance $650 – $680) per ounce, and AISC of $904 (budget $1,036) per ounce • Q1 2017 gold production was 28,539 (budget 27,989) ounces, at cash operating cost
Slide 51: El Limon 2017
El Limon 2017 Priority Exploration Targets 51
Slide 52: El Limon Mine
El Limon Mine • FY 2016 gold production was 45,483 (guidance 50,000 – 60,000) ounces, at cash operating costs of $781 (revised guidance $690 - $730) per ounce, and AISC of $1,189 (budget $1,008) per ounce • Q1 2017 gold production was 8,861 (budget 11,107) ounces, at cash operating costs of $994 (bu
Slide 53: B2Gold Exploration Budget
B2Gold Exploration Budget 2017 Summary Exploration Budgets 2017 05/05/2017 Country Project Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Totals % age Regional Total Nicaragua La Libertad $ 403,222 $ 625,729 $ 654,154 $ 606,514 $ 589,842 $ 587,797 $ 599,879 $ 590,810 $ 596,217 $ 515,242 $ 509,242 $
Slide 54: Probable Mineral Reserve Estimates
Probable Mineral Reserve Estimates(1) As of December 31, 2016 Tonnes Gold Grade Contained Gold Ounces Contained Gold Kilograms Mine (t) (g/t Au) (oz) (kg) Fekola 43,800,000 2.37 3,340,000 103,900 Masbate 95,290,000 0.88 2,683,000 83,500 Otjikoto 23,140,000 1.33 986,000 30,700 La Libertad 1,910,000 1
Slide 55: Notes to Mineral Reserve Estimates
Notes to Mineral Reserve Estimates Notes: 1. Mineral Reserves have been classified using the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences bet
Slide 56: Measured and Indicated Mineral Resource Estimates
Measured and Indicated Mineral Resource Estimates(1) As of December 31, 2016 Tonnes Gold Grade Contained Gold Ounces Contained Gold Kilograms Mine (t) (g/t Au) (oz) (kg) Measured Kiaka 27,310,000 1.09 953,000 29,600 Gramalote 15,980,000 0.79 406,000 12,600 Total Measured Mineral Resources 1,359,000
Slide 57: Inferred Mineral Resource Estimates
Inferred Mineral Resource Estimates(1) As of December 31, 2016 Tonnes Gold Grade Contained Gold Ounces Contained Gold Kilograms Mine (t) (g/t Au) (oz) (kg) Fekola 4,430,000 1.73 246,000 7,600 Masbate 10,100,000 0.74 240,000 7,500 Otjikoto 1,720,000 5.42 299,000 9,300 La Libertad 2,900,000 4.94 460,0
Slide 58: Notes to Mineral Resource Estimates
Notes to Mineral Resource Estimates Notes: 1. Mineral Resources have been classified using the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. Mineral Resources are reported inclusive of those Mineral Resources that have been modified to Mineral Reserves. Mineral Resources
Slide 59: Contact Details
Contact Details B2Gold Corp Clive Johnson 3100 - 595 Burrard Street President, CEO & Director P.O. Box 49143 +1 604 681 8371 Vancouver BC V7X 1J1, Canada Ian MacLean VP of Investor Relations Tel: +1 604 681 8371 +1 604 681 8371 Fax:+1 604 681 6209 Katie Bromley investor@b2gold.com Manager, www.b2gol