About B2Gold

B2Gold Corp., together with its subsidiaries, operates as an international senior gold producer based in Vancouver, Canada with three operating mines (one mine in each of Mali, Namibia, and the Philippines). In addition, the company has a portfolio of other development and exploration projects in several countries, including Mali, Finland and Uzbekistan. The company focuses on acquiring and developing interests in mineral properties with demonstrated potential for hosting economic mineral deposits, with gold deposits as the primary focus. The company conducts gold mining operations and exploration and drilling campaigns to define and develop Mineral Resources and Mineral Reserves on its properties with an intention of developing, constructing and operating mines on such properties. In addition, the company has a portfolio of other development and exploration projects in several countries, including Mali, Finland and Uzbekistan. The company’s material properties consist of the following three mines: Fekola mine (80% ownership), an open pit gold mine located approximately 40 kilometres (km) south of the city of Kéniéba, Mali (the Fekola Mine); Otjikoto mine (90% ownership), an open pit mine and underground gold mine located approximately 300 km north of Windhoek, the capital of Namibia (the Otjikoto Mine); and Masbate gold project, an open pit gold mine, located near the northern tip of the island of Masbate, 360 km southeast of Manila, the capital of the Philippines (the Masbate Gold Project). Principal Product The company’s principal product is gold, with gold sales from production forming all its revenues. There is a global market into which the company sells its gold and, as a result. On February 2, 2022, the company announced that a Malian subsidiary of B2Gold had received the new Menankoto Permit, issued by the Government in compliance with the procedures and requirements set out under the 2019 Mining Code (Mali) (the 2019 Mining Code) (the previous permit had been issued under the 2012 Mining Code (Mali) (the 2012 Mining Code)), which provides for an initial term of three years and is renewable for two additional three year periods. Menankoto subsequently withdrew the related international arbitration proceedings against the Republic of Mali. On April 21, 2022, the company completed the acquisition of the Bakolobi Research Permit (PR21/1140) in Mali from a local Malian company (the Bakolobi Permit). The Bakolobi Permit has an area of 100 square kilometers (km2) and is held by the company’s subsidiary Malican Exploration SARL. It occupies the gap between the northern boundary of the Medinandi Exploitation Licence (as defined below) and the southern boundary of the Menankoto Permit. The acquisition of the Bakolobi Permit results in the ownership by the company of four contiguous exploration and/or exploitation permits covering 237 km2, extending from the northwestern end of the Bantako Nord Permit and the north-east of the Menankoto Permit, southwest of the Medinandi Exploitation Licence (which hosts the Fekola Mine and Cardinal Zone) to the southeast end of the Bakolobi Permit. On September 20, 2022, the company completed the acquisition of Oklo Resources Limited (Oklo). The company acquired 100% of Oklo (the Oklo Shares). The acquisition of Oklo provides the company with additional landholding covering highly prospective greenstone belts in Mali, West Africa, including the 100 km2 Dandoko Exploration Permit (the Dandoko Permit). The Dandoko Permit is located on a subparallel, north-trending structure east of the prolific Senegal-Mali Shear Zone, approximately 25 km from the Fekola Mine and approximately 25 km from the Anaconda Area. International Operations The company’s principal operations and assets are located in Mali, Namibia, the Philippines, and Colombia. In addition, it has an approximate 25% indirect ownership interest in Calibre's assets in Nicaragua and the United States through the company’s equity interest in Calibre Mining Corp. (Calibre). Material Properties Fekola Complex The Fekola Mine is located in southwestern Mali on the border between Mali and Senegal. In October 2014, the company acquired a 90% interest in Songhoi through the acquisition of Papillon Resources Pty. Ltd. (Papillon), and in January 2015, the company purchased the remaining 10% non-controlling interest in Songhoi held by Mani SARL. The Médinandi Exploitation Licence was initially held in the name of Songhoi Resources SARL (Songhoi). In October 2014, the company acquired a 90% interest in Songhoi through the acquisition of Papillon Resources Pty. Ltd. (Papillon), and in January 2015 the company purchased the remaining 10% non-controlling interest in Songhoi held by Mani SARL. The company holds six additional exploration licences in the Fekola area. The Anaconda Area, which consists of the Menankoto Permit and the Bantako Nord exploration permit (the Bantako Nord Permit), is located approximately 20 to 25 km to the north of the Fekola Mine, and hosts the Anaconda, Adder, Cobra, Cascabel, Mamba and Boomslang zones. On February 2, 2022, the comopany announced that its new Malian subsidiary had received the new Menankoto Permit, issued by the Government of Mali in compliance with the procedures and requirements set out under the 2019 Mining Code, which provides for an initial term of three years and is renewable for two additional three year periods. The Menankoto Permit is held by B2Gold Mali Resources SARL, its wholly-owned subsidiary. A Malian company had previously held a 5% interest in B2Gold Mali Resources SARL, however, in January 2023, the company entered into a purchase agreement with the Malian company to acquire the remaining 5%, and as a result it holds 100% of B2Gold Mali Resources SARL. The Bantako Nord Permit is held by Dampan Ressources, the company’s wholly-owned subsidiary. A Malian company, Dioula Ressources SARL, previously held a 10% interest; however, in February 2023, the company entered into a purchase agreement with Dioula Ressources SARL to acquire the remaining 10%, and as a result it holds 100% of Dampan Ressources. The Bantako Nord Permit has an area of 10 km2 and was renewed in late 2021 under the 2019 Mining Code for a term of three years. The Bantako Nord Permit will be renewable for one additional three-year period. The Bakolobi Permit has an area of 100 km2 and is held by the company’s wholly-owned subsidiary Malican Exploration SARL. It occupies the gap between the northern boundary of the Médinandi Exploitation Licence and the southern boundary of the Menankoto Permit. The Bakolobi Permit was issued by the Government of Mali in compliance with the procedures and requirements set out under the 2019 Mining Code, which provides for an initial term of three years and is renewable for two additional three-year periods. The Kolomba exploration licence (62 km2) (the Kolomba Exploration Licence) and the Batale exploration licence (35 km2) (the Batale Exploration Licence) are located 22 km northeast of the Fekola Mine. The Dandoko Permit (100 km2), which is located 25 km from the Fekola Mine and approximately 25 km from the Anaconda Area, is held by Africa Mining SARL, the company’s wholly-owned subsidiary acquired in October 2022 in connection with the Oklo transaction. The Dandoko Permit was issued / renewed by the Government of Mali in compliance with the procedures and requirements set out under the applicable Mining Code. The Dandoko Permit was granted on August 10, 2017 for an initial three-year period, renewed for an additional three-year period as from August 10, 2020, and renewable for one additional three-year period. Masbate Gold Project The Masbate Gold Project is located on Masbate Island in the Republic of the Philippines. The mine is situated about 360 km southeast of Manila, the capital of the Philippines, within the municipality of Aroroy, Masbate Province, Region V. The Masbate Gold Project produced 212,728 ounces of gold in 2022, just lower than its revised guidance range of between 215,000 and 225,000 ounces, but at the upper end of the original guidance range of 205,000 to 215,000 ounces. The company holds its interest in the Masbate Gold Project through indirectly owned subsidiaries. The company has a 40% interest in Filminera and a 100% interest in PGPRC. The remaining 60% interest in Filminera is held by a Philippines-registered company, Zoom, which is owned by a Philippine shareholder company. Filminera owns the majority of the Masbate Gold Project tenements and is responsible for the mining, environmental, social and community relations on the Masbate Gold Project site. PGPRC developed and owns the process plant on the island of Masbate and is responsible for the sale of all gold. PGPRC and Filminera have a contractual relationship, which includes PGPRC purchasing all of the ore production from Filminera at a price equal to the cost for the ore plus a predetermined percentage, while maintaining joint financial and legal liability for the social and environmental obligations under Philippine laws. As of December 31, 2022, Filminera held 29 patented mineral claims, three MPSAs, including one MPSA assigned by VMC to Filminera on January 29, 2018 and approved on June 22, 2019. On November 14, 2019, the DENR approved the consolidation of the three MPSAs and one EP of Filminera, which resulted in an increase of the contract area by about 3,938 ha. Filminera has an interest in the Pajo property through the Operating Agreement with VMC, which holds an approved MPSA that covers an area of approximately 786 ha and expires in 2030. Otjikoto Mine The Otjikoto Mine is located in the north-central part of the Republic of Namibia. It is situated approximately 300 km north of Windhoek, the country's capital, within the Otjozondjupa Region. The Otjikoto Mine can be accessed off the main B1 road, a primary paved road, from the towns of Otjiwarongo or Otavi located approximately 70 km to the southwest and 50 km to the northeast of the Otjikoto Mine, respectively. Mining Licence 169 (ML169), covering an area of 6,933.99 ha, was granted for a 20-year term, expiring in December 2032, and renewable for further periods, each term not exceeding 15 years. B2Gold Namibia Property (Proprietary) Limited (B2Gold Namibia), the holder of ML169 and operator of the Otjikoto Mine, is 90% owned, indirectly, by the company and 10% by EVI, a Namibian empowerment company. In addition, the company has purchased and consolidated a number of farms into B2Gold Namibia, including the Wolfshag, Otjikoto, Gerhardshausen, Felsenquelle, and Erhardtshof farms. The company holds the surface rights through these farms, and all mine infrastructure and the Otjikoto Mine itself are situated within property owned by B2Gold Namibia. No additional surface rights are required to support its mining operations. The company holds water permit #10971, allowing for 4.0 million cubic millimetres per annum water extraction from selected groundwater wells subject to certain monitoring and reporting conditions, which has been renewed until February 2026. Other Properties Gramalote Project On December 23, 2019, the company entered into an amended and restated agreement with AngloGold with respect to the Gramalote Project, and on January 1, 2020, the company assumed the role of the operator of the project. The in-country operating entity is Gramalote Colombia Limited (Gramalote Colombia). Each of B2Gold and AngloGold holds a 50% interest in the Gramalote Project and funds its share of expenditures pro rata, with equal representation on the Gramalote Project management committee. The Gramalote Project is located approximately 230 km northwest of the Colombian capital of Bogota and approximately 120 km northeast of Medellin, the regional capital of the Department of Antioquia. Gramalote Colombia Limited holds 11,013.50 ha in two registered concession contracts, namely integrated mining permit 14292, totalling 8,720.71 ha (referred to as the Gramalote Ridge permit), and concession title 4894, totalling 2,292.81 ha (referred to as the Trinidad permit). In addition, there are three applications for mineral title, LJC-0812, QHQ-16081, and SF9-09031, which collectively total 11,845.03 ha. Once in production, state royalties on the gold and silver will be payable at approximately 3.2% of the gross metal value at the plant site. During 2022, B2Gold and AngloGold completed a comprehensive review of the alternatives relating to the Gramalote Project and consider that the interests of all stakeholders would be best served by finding a buyer for the Project. The partners commenced a joint sales process for the Gramalote Project in the first quarter of 2023. Calibre Operations In 2023, the company estimated that, based on maintaining a 25% equity interest in Calibre, it would have an attributable share of Calibre's projected gold production of between 60,000 and 70,000 ounces. Environmental, Occupational Health and Safety, Social and Regulatory The company has implemented an integrated Health, Safety and Environmental (HSE) Management System (Management System) and a set of stand-alone Performance Standards for operational health and safety (OHS) and environment (Performance Standards) that identify, define and prescribe the requirements for the development, implementation and administration of HSE activities at corporate and operational site locations. The Management System and Performance Standards are based on compliance with in-country regulatory requirements and conditions, and are further supported by international standards in circumstances where national regulations are not sufficiently stringent (for example, OSHA, NEBOSH and the International Organization for Standardization (ISO) guidelines, and other international and industry best practices, such as the Mining Association of Canada's Towards Sustainable Mining, International Council on Mining and Metals (the ICMM) and the International Cyanide Management Code). The company has also adopted a set of Social Performance Standards at the corporate level to provide minimum requirements for the social practices and performance of its operations. The company’s Social Performance Standards align with international best practices, including those of the IFC, the ICMM and the UNGPs. The company’s Social Performance Standards manage key issues including stakeholder engagement, grievance management, community investment, land acquisition and resettlement, local content, human rights, artisanal and small-scale mining (ASM), social closure, security and human rights, social baseline and impact assessment and management, and Indigenous Peoples and cultural heritage. History B2Gold Corp. was incorporated under the Business Corporations Act (British Columbia) (BCBCA) in 2006.