B2Gold Announces Positive Preliminary Economic Assessment Results for the Antelope Deposit at the Otjikoto Mine in Namibia ; After-Tax NPV (5%) of $131 Million with an After-Tax IRR of 35%
News Release
B2Gold Announces Positive Preliminary Economic Assessment Results for the
Antelope Deposit at the Otjikoto Mine in Namibia ;
After-Tax NPV (5%) of $131 Million with an After-Tax IRR of 35%
Vancouver, BC, February 4, 2025 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) is pleased to announce the preliminary results of a positive Preliminary
Economic Assessment (“PEA”) prepared in accordance with National Instrument 43 -101 on the Antelope
deposit located at the Company’s Otjikoto open pit and underground gold mine in Namibia (“Otjikoto”).
The Antelope deposit, which comprises the Springbok Zone, the Oryx Zone, and a possible third structure,
Impala, subject to confirmatory drilling, is located approximately 4 k ilometers (“km”) southwest of the
existing Otjikoto open pit. All dollar figures are in United States dollars unless otherwise indicated.
Highlights
• Enhances the production profile at Otjikoto, with continued strong exploration upside at the
Antelope deposit
o Underground gold mine with an initial life of mine of approximately 5 years (“Life of
Mine”).
o Average grade processed of 5.75 grams per tonne (“g/t”) gold over the Life of Mine.
o Life of Mine gold production of approximately 327,000 ounces with an average gold
recovery of 95%.
o Average annual gold production expected to be approximately 65,000 ounces per year over
the Life of Mine.
▪ In combination with the processing of existing low -grade stockpiles, average
annual Otjikoto gold production expected to be approximately 110,000 ounces per
year from 2029 through 2032 .
o Projected all-in sustaining costs (“AISC”) (see “Non -IFRS Measures”) of approximately
$1,095 per gold ounce over the Life of Mine.
• Strong project economics
o Life of Mine after-tax free cash flow of $185 million at $2,400 per ounce gold price.
o Assuming a discount rate of 5.0%, net present value (“NPV”) after -tax of $ 131 million,
generating an after -tax internal rate of return (“IRR”) o f 35%, with a project payback on
pre-production capital of 1.3 years.
o Estimated pre-production capital cost of $ 129 million.
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• Leverages experience gained by developing and operating the existing Wolfshag underground
mine at Otjikoto
o Permitting and environmental requirements and processes are well understood, and the
Antelope deposit is located within the existing mining license area.
o The existing Wolfshag underground mining team can manage the development and
operation of the Antelope underground mine.
o Existing relationships with suppliers, contractors, regulators, and consultants increases the
confidence level of the PEA and reduces cost and execution risk.
o Surface infrastructure including camp, workshops, offices, and power is in place and
operational.
• Exploration upside remains to expand the size of the Antelope deposit
o A total of $7 million is budgeted for exploration at Otjikoto in 2025 to focus on expanding
and refining the Antelope deposit with a total of 44,000 m eters (“m”) of drilling planned.
o Drilling at the Antelope deposit in 2025 will include 2,500 m of selective infill drilling
down to 25 m x 25 m spacing, to better assess the short range continuity of high -grade
mineralization in the Springbok Zone.
o Other objectives of the 2025 campaign include extending the footprint of Antelope deposit
south of the Springbok Zone and to the north, to establish links between the highly
prospective Oryx Zone and high-grade mineralization intersected in drill holes
approximately one km south of the Otjikoto Phase 5 open pit.
PEA Overview
The PEA, with an effective date of January 15, 2025, was prepared by B2Gold and evaluates recovery of
gold from an underground mining operation located approximately 4 km southwest of the existing Otjikoto
open pit . Three years of initial mine development includes portal excavation and construction,
approximately 3.5 km of primary decline development, and installation of ventilation and other services.
The underground mining operation will move up to approximately 1,400 tonnes per day with development-
based mining methods (assuming a 3.0 g/t cutoff grade and 4.0 m minimum mining thickness) , which will
be hauled to the existing processing plant at Otjikoto. Underground gold production will be blended with
existing Otjikoto low-grade stockpile feed to increase previously projected gold production by an average
of approximately 65,000 ounces per year over the estimated Life of Mine. Engineering and cost parameters,
including mine p roduction and development rates and costs , are based on actual costs for the Wolfshag
Underground Mine with adjustments for the Antelope Mineral Resource and mine design, and include cost
contingencies of 20% for fixed costs and 25% for variable costs. The Inferred Mineral Resource estimate
for the Antelope deposit that forms the basis for this PEA includes 1.75 million tonnes grading 6.91 g/t gold
for a total of 390,000 ounces of gold, the majority of which is hosted in the Springbok Zone. The Antelope
deposit remains open along strike in both directions , highlighting strong potential for future resource
expansion.
The PEA assumptions include revenues using a gold price of $2,400 per ounce over the Life of Mine and
current prices for fuel, reagents, labour, power and other consumables. The key parameters of the PEA are
presented in the following table s:
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Table 1 - Key Parameters of the PEA
Life of Mine
Production Profile
Years 5
Ore tonnes processed (Mt) 1.9
Average gold grade processed (g/t) 5.75
Gold recovery (%) 95.0
Gold ounces produced (oz) 327,392
Average annual gold production (oz) 65,478
Operating & Capital Costs
All-In Sustaining Costs1 ($/oz gold) 1,095
Pre-production capital ($M) 129
Notes:
1. AISC consist of cash operating costs, royalties, corporate G&A, and selling costs and excluding pre-production capital
costs. See “Non-IFRS Measures”.
2. Capital and operating costs include contingencies of 20% (fixed costs) and 25% (variable costs).
3. Mining parameters include a 3.0 g/t cutoff grade, and minimum thickness of 4.0 m.
Table 2 – Project Economics Summary
$2,400/oz Long-Term Gold Price
After-Tax
NPV5.0% ($M) 131
IRR (%) 35
Payback (years) 1.3
Free cash flow ($M) 185
Note:
1. NPV5.0% is calculated as of the start of construction expenditure.
Chart 1 – Incremental Production and Cost Profile by Year
$0
$400
$800
$1,200
$1,600
$2,000
0
20,000
40,000
60,000
80,000
100,000
120,000
2028 2029 2030 2031 2032
AISC (US$/oz)
Gold Production (oz)
Gold Production (oz) AISC (US$/oz)
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Chart 2 – Free Cash Flow by Year
Note:
1. Assumes $2,400 long-term gold price.
Based on the positive results from the PEA, B2Gold believes that the Antelope deposit has the potential to
become a small-scale, low -cost, underground gold mine that can supplement the low -grade stockpile
production during the period of 2028 to 2032 and result in a meaningful production profile for Otjikoto into
the next decade.
The PEA is subject to a number of assumptions and risks including, among others, that all required permits,
permit amendments, and other rights will be obtained in a timely manner, that development of the Antelope
deposit will have the support of the government, geotechnical, hydrogeological, and metallurgical
assumptions will be confirmed , current selective infill drilling will confirm the continuity of high -grade
material in the Springbok Zone, and costs will be similar to the PEA estimates.
The PEA is preliminary in nature and is based on Inferred Mineral Resources that are considered too
speculative geologically to have the engineering and economic considerations applied to them that would
enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA based on these
Mineral Resources will be realized. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
Economic Sensitivities
The Antelope deposit is sensitive to the gold price, as demonstrated in the following table:
Table 3 – Economic Sensitivity to Long-Term Gold Price
Long-Term Gold Price
($/oz)
After-Tax NPV5.0%
($M)
After-Tax IRR
(%)
$2,000 69 23
$2,200 100 29
$2,400 131 35
$2,600 162 40
$2,800 193 44
($50)
$0
$50
$100
$150
2025 2026 2027 2028 2029 2030 2031 2032
Free Cash Flow (US$M)
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Antelope Deposit Mineral Resource Estimate
The Mineral Resource estimate for the Antelope deposit has an effective date of June 14, 2024 , and is
reported using a gold price of $1,850 per ounce.
Inferred Mineral Resource Estimate
Category Domain Tonnes Gold Grade
(g/t)
Contained Gold
Ounces
Inferred Springbok 1,630,000 7.09 370,000
Inferred Other 130,000 4.60 20,000
Inferred Total 1,750,000 6.91 390,000
Notes:
1. The Qualified Person as defined under National Instrument 43-101 for the Springbok Zone June 2024 Mineral Resource
estimate is Andrew Brown, P.Geo., B2Gold’ s Vice President, Exploration.
2. Mineral Resources have been classified using the 2014 CIM Definition Standards. Mineral Resources that are not
Mineral Reserves do not have demonstrated economic viability. There is no guarantee that all or any part of the Mineral
Resource will be converte d into a Mineral Reserve. Inferred Resources are considered too geologically speculative to
have mining and economic considerations applied to them that would enable them to be categorized as Mineral Reserves.
3. Mineral Resources are reported on a 100% basis.
4. The Springbok Zone June 2024 Mineral Resource Estimate assumes an underground mining method. Mineral resources
are reported within optimized stopes that were created using a 3 g/t Au cut-off and minimum thickness of 4 m.
5. “Other” resource ounces are adjacent to the main Springbok Zone and are within the 50 x 50 m drill spacing that defines
the inferred mineral resource.
6. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation
differences between tonnes, grade, and contained metal content.
Antelope Deposit Next Steps
The Company has approved a n initial budget of up to $10 million for 2025 to de-risk the Antelope deposit
development schedule by advancing early work planning, project permits , and long lead orders. Technical
work including geotechnical, hydrogeological, and metallurgical testing is anticipated to be completed over
the next several months. Cost and schedule assumptions will continue to be refined by working with
suppliers and contractors, including running a competitive bid process for the development phase of the
Antelope deposit.
In addition, as part of the $7 million exploration budget for 2025, exploration drilling will continue to
advance the Antelope deposit , including closely spaced drill holes to confirm the Mineral Resource , and
wider spaced drill holes along strike with the aim of extending the deposit to the north and south.
About B2Gold
B2Gold is a responsible international senior gold producer headquartered in Vancouver, Canada. Founded
in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project
under construction in northern Canada and numerous development and exploration projects in various
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countries including Mali, Colombia and Finland. B2Gold forecasts total consolidated gold production of
between 970,000 and 1,075,000 ounces in 2025.
Qualified Persons
Peter D. Montano, P. Eng., Vice President, Projects, a qualified person under NI 43 -101, has approved the
scientific and technical information related to operations matters contained in this news release.
Andrew Brown, P. Geo., Vice President, Exploration, a qualified person under NI 43-101, has approved the
scientific and technical information related to exploration and mineral resource matters contained in this
news release.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President and Chief Executive Officer
For more information on B2Gold please visit the Company website at www.b2gold.com or contact:
Michael McDonald Cherry DeGeer
VP, Investor Relations & Corporate Development Director, Corporate Communications
+1 604-681-8371 +1 604-681-8371
[email protected] [email protected]
Source: B2Gold Corp.
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in
this news release.
Production results and production guidance presented in this news release reflect total production at the mines B2Gold
operates on a 100% project basis. Please see our Annual Information Form dated March 14, 2024, for a discussion
of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward -looking information" and "forward -looking statements" (collectively
forward-looking statements") within the meaning of applicable Canadian and United States securities legislation,
including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated
financial and operational performance, gold production and sales, revenues and cash flows, and capital costs
(sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and budgets
on a consolidated and mine by mine basis; future or estimated mine life, metal price assumptions, ore grades or
sources, gold recovery rates, stripping ratios, throughput, ore processing; statements reg arding anticipated
exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and
including, without limitation: total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025;
the results and estimates in the Antelope deposit PEA, including the project life, average annual gold production, total
gold production, ore tonnes processed , capital cost, net present value, after -tax net cash flow and payback; the
potential to convert existing inferred resources to the indicated category; and the potential to develop the Antelope
deposit as an underground gold mine. All statements in this news release that address events or developments that we
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expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not
historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate",
"project", "target", " potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar
expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or
"might" occur . All such forward-looking statements are based on the opinions and estimates of management as of the
date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond
B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common
shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty
of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development
plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain
and maintain any necessary permits, consents or authorizations required for mining activities; environmental
regulations or hazards and compliance with complex regulations associated with mining activities; climate change
and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the
unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisi tions;
fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential
restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows;
operations in foreign and developing countries and the compliance with foreign laws, including those associated with
operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and
changing policies related to mining and local ownership requirements or resource nationalization generally; remote
operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other
inputs necessary for mining operations; shortages or cost increa ses in necessary equipment, supplies and labour;
regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the
reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related
to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the
dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable o r
uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies;
community support for B2Gold's operations, including risks related to strikes and the halting of such operations from
time to time; conflict s with small scale miners; failures of information systems or information security threats; the
ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of
the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media
and B2Gold's reputation; risks affecting Calibre having an impact on the value of the Company's investment in
Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in
more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current
Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and
Exchange Commission (the "SEC"), which may be viewed at www.sedar .com and www.sec.gov, respectively (the
"Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements.
B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers
reasonable as of the date hereof, based on the information available to management at such time. These assumptions
and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and
future operations, including: development and exploration activities; the timing, extent, duration and economic
viability of such operations, including any mineral res ources or reserves identified thereby; the accuracy and
reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates,
projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign
exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and
future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future
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social, economic and political conditions; and other assumptions and factors generally associated with the mining
industry.
B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current
expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does
not assume any obligation t o update forward -looking statements if circumstances or management's beliefs,
expectations or opinions should change other than as required by applicable law. There can be no assurance that
forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ
materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can
be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do,
what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not
be placed on forward-looking statements.
Non-IFRS Measures
This news release includes certain terms or performance measures commonly used in the mining industry that are not
defined under International Financial Reporting Standards ("IFRS"), including "all-in sustaining costs" (or "AISC").
Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be
comparable to similar measures employed by other companies. The data presented is intended to provide additional
information and should not be considered in isolation or as a substitute for measures of performance prepared in
accordance with IFRS and should be read in conjunction with B2Gold's consolidated financial statements. Readers
should refer to B2Gold's Management Discussion and Analysis, available on the Websites, under the heading "Non-
IFRS Measures" for a more detailed discussion of how B2Gold calculates certain of such measures and a
reconciliation of certain measures to IFRS terms.
Cautionary Statement Regarding Mineral Reserve and Resource Estimates
The disclosure in this news release was prepared in accordance with Canadian National Instrument 43 -101, which
differs significantly from the requirements of the United States Securities and Exchange Commission ("SEC"), and
resource and reserve information contained or referenced in this news release may not be comparable to similar
information disclosed by p ublic companies subject to the technical disclosure requirements of the SEC. Historical
results or feasibility models presented herein are not guarantees or expectations of future performance.