B2Gold Announces Total Consolidated Gold Production for 2024 of 804,778 oz, Within the Revised 2024 Guidance Range; Total Gold Production for 2025 Anticipated to be Between 970,000 and 1,075,000 oz; Goose Project Remains On Track for First Gold in Q2 2025 and
News Release
B2Gold Announces Total Consolidated Gold Production for 2024 of 804,778 oz,
Within the Revised 2024 Guidance Range; Total Gold Production for 2025 Anticipated to be
Between 970,000 and 1,075,000 oz; Goose Project Remains On Track for First Gold in Q2 2025 and
Total Capital Estimate Remains at C$1,540 Million
Vancouver, BC, January 13, 2025 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) is pleased to announce its gold production and revenue results for the fourth
quarter and full year 2024, as well as its 2025 total gold production guidance and 2025 cost guidance for
its current operating mines. All dollar figures are in United States dollars unless otherwise indicated.
Q4 and Full Year 2024 Highlights
• Total gold production of 186,001 ounces in Q4 2024: Total gold production in the fourth quarter of
2024 was 186,001 ounces. At the Fekola Mine, production was lower than expected due to t he
continued delays in accessing higher -grade ore from Fekola Phase 7, a result of lower realized mine
production from the Fekola Phase 7 and Cardinal pits during the period. Mining and processing of these
higher-grade tonnes is now expected in 2025 as equipment availability had returned to full capacity and
mining rates were at expected levels at the end of 2024. The Fekola Mine and mill are operating without
limitations a nd gold production is being exported for re fining as per its regular planned schedu le.
Masbate and Otjikoto both continued to outperform expectations in the fourth quarter of 2024 , which
partially offset a portion of the lower than expected production levels at Fekola during the fourth
quarter.
• Total annual consolidated gold production of 804,778 ounces: Total consolidated gold production
for 2024 was 804,778 ounces (including 19,644 ounces of attributable production from Calibre Mining
Corp. (“Calibre”)), at the low end of the Company’s revised 2024 guidance range.
• Strong quarterly gold revenue to finish 202 4: Consolidated gold revenue in the fourth quarter of
2024 was $500 million on sales of 187,793 ounces at an average realized gold price of $2,661 per gold
ounce. For the full year 2024, consolidated gold revenue was $1.90 billion on sales of 801,524 ounces
at an average realized gold price of $2,373 per gold ounce.
• Re-affirm full year 2024 total consolidated cost guidance: Total consolidated cash operating costs
(see “Non-IFRS Measures”) for the year (including attributable results for Calibre) are still expected
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to be at the upper end of the guidance range of between $835 and $895 per ounce and total consolidated
all-in sustaining costs (“AISC”) (see “Non-IFRS Measures”) for the year (including attributable results
for Calibre) are still forecast to be at the upper end of the revised guidance range of between $1, 420
and $1,480 per ounce.
• Achieved significant safety milestone of 6 years without a Lost Time Injury at Masbate: On
November 17, 2024, the Masbate Mine, located in the Philippines, achieved a major safety milestone,
six years without a Lost Time Injury (“LTI”). Further, Masbate has only seen one LTI in approximately
the last ten years. B2Gold has a longstanding commitment to continuous safety improvement at all of
its sites, and its goal of sending everyone home safe at each of its operations and projects.
• Renewed revolving credit facility in December 2024, increasing the total borrowing capacity to
$800 million: On December 17, 2024, B2Gold completed the renewal of its revolving credit facility,
increasing the total available amount from $700 million to $800 million, plus a $200 million accordion
feature. The new revolving credit facility has a term until December 17, 2028 . The revolving credit
facility was completed with a syndicate of banks: C anadian Imperial Bank of Commerce , ING Bank
N.V ., The Bank of No va Scotia , B ank of Montreal , National Bank of Canada, HSBC Bank USA,
National Association and Citibank N.A., Canadian Branch.
2025 Guidance Highlights
• Total gold production is anticipated to be between 970,000 and 1,075,000 ounces: Total gold
production for 2025 is expected to be between 970,000 and 1,075,000 ounces. The expected increase
in gold production relative to 202 4 is predominantly due to the scheduled mining and processing of
higher-grade ore from the Fekola Phase 7 and Cardinal pits made accessible by the meaningful deferred
stripping campaign that was undertaken throughout 2024, the expected contribution from Fekola
Regional starting in mid-2025, the commencement of mining of higher-grade ore at Fekola
underground, and the commencement of gold production at the Goose Project by the end of the second
quarter of 2025, partially offset by the scheduled conclusion of open pit mining activities at the Otjikoto
Mine in the third quarter of 2025.
• Total consolidated cash operating costs and all -in sustaining costs remain stable : Total
consolidated cash operating cost guidance (see “Non-IFRS Measures”) for the Fekola Complex,
Masbate Mine, and Otjikoto Mine for 2025 of between $835 and $895 per gold ounce . Total all-in
sustaining cost guidance (see “Non-IFRS Measures”) for the Fekola Complex, Masbate Mine, and
Otjikoto Mine for 2025 of between $1,460 and $1,520 per gold ounce. Operating cost guidance for the
Goose Project will be released in the second quarter of 2025 (prior to the commencement of initial
production), after publication in the first quarter of 2025 of B2Gold’s initial Goose Project life of mine
plan based on updated Mineral Reserves.
• B2Gold’s initial Goose Project life of mine plan to be released at the end of the first quarter of
2025 based on updated Mineral Reserves: The Company continues to estimate that gold production
in calendar year 2025 will be between 120,000 and 150,000 ounces and that average annual gold
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production for the six year period from 2026 to 2031 inclusive will be approximately 310,000 ounces
per year, with the latest published Mineral Reserves supporting a long mine life beyond 2031.
• Total Goose Project construction and mine development cash expenditure estimate before first
production remains at C$1,540 million: As of September 30, 2024, C$1,176 million of construction
and mine development cash expenditures (or 76% of the total estimated cash expenditures) had been
incurred. Based on its unaudited November 2024 cost report, the Company estimates that
approximately 83% of the total estimated cash expenditures to first gold had been incurred as of
November 30, 2024. Reconciled total cash expenditures as of December 31, 2024, wil l be published
with the Company’s year -end financial statements to be released in February 2025. Based on the
construction and mine development cash expenditures incurred to date, combined with the estimated
expenditures to be incurred through to the first gold pour in the second quarter of 2025, the Company
reiterates the total Goose Project construction and mine development cash expenditure estimate of
C$1,540 million.
• Goose Project construction and development remains on schedule for first gold pour in the second
quarter of 2025: All planned construction activities for 2024 were completed and project construction
and development continue to progress on track to achieve first gold pour at the Goose Project in the
second quarter of 2025. Following the successful completion of the 2024 sea lift, the construction of
the 163 kilometer (“km”) Winter Ice Road (“WIR”) is well underway and expected to be completed on
schedule and fully operational before March 2025, allowing for the transportation of all materials from
the Marine Laydown Area (“MLA”) to the Goose Project site by the end of May 2025.
• Mining and trucking operations anticipated to commence at Fekola Regional in 2025, with first
gold production expected in mid-2025; initial gold production at Fekola underground also
expected in mid-2025: Following the expected receipt of the exploitation license for Fekola Regional
in the first quarter of 2025, mining and trucking operations will commence, with gold production
expected in mid-2025. The contribution of higher -grade open pit ore from Fekola Regional , to be
trucked to the Fekola mill, is anticipated to contribute between 20,000 and 25,000 ounces in 2025 with
average contribution of approximately 180,000 ounces of additional annual gold production in its first
four full years of production from 2026 through 2029. The approval of the exploitation phase to mine
the higher-grade ore at Fekola underground is expected to be received in the second quarter of 2025
with initial gold production from Fekola underground expected in mid-2025. Significant exploration
potential remains across the Fekola Complex to further extend mine life.
• Preliminary economic assessment (“PEA”) on the Antelope deposit at Otjikoto expected early in
the first quarter of 2025: Following the successful completion in 2024 of an initial Inferred Mineral
Resource Estimate for the Springbok Zone, which is the southernmost shoot of the recently discovered
Antelope deposit located approximately three km south of the Otjikoto Phase 5 open pit at the Otjikoto
Mine in Namibia, the Company commenced a PEA which is expected to be completed early in the first
quarter of 2025. Subject to receipt of a positive PEA and necessary permits and approvals, mining of
the Springbok Zone could begin to contribute to gold production at Otjikoto as early as 2028. An initial
budget of up to $10 million has been approved to de -risk the Antelope deposit development schedule
by advancing early work planning, project permits and long lead orders. Exploration of the greater
Antelope deposit has the potential to supplement the processing of low -grade stockpiles at Otjikoto,
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with an initial goal of adding between 80,000 and 90,000 ounces of additional gold production per year
from 2029 through 2032, with potential to extend mine life further through additional drilling at the
Springbok and Oryx Zones at the Antelope deposit.
• Feasibility Study on the Gramalote Project in Colombia targeted for completion in mid-2025: The
positive PEA results on the Company’s 100% owned Gramalote Project, completed in the second
quarter of 2024, outlined a significant production profile with average annual gold production of
234,000 ounces per year for the first five years of production, and strong project economics over a 12.5
year project life. As a result, B2Gold commenced work on a feasibility study with the goal of
completion in mid-2025. Feasibility work including geotechnical investigation, processing design and
site infrastructure design is underway and the study remains on schedule.
• Continued focus on exploration investment across B2Gold’s prospective land packages: $61
million is budgeted for exploration in 202 5 to support organic growth by advancing the Company’s
pipeline of development, brownfield and greenfield exploration projects, with a considerable portion
allocated to continue the significant exploration campaign at the Back River Gold District.
Fourth Quarter and Full Year 2024 Gold Production
Mine-by-mine production in the fourth quarter and full year 2024 was as follows:
Gold Production (ounces)
Mine Q4 2024 FY 2024 FY 2024 Revised Guidance
Fekola 84,015 392,946 420,000 - 450,000
Masbate 49,534 194,046 175,000 - 195,000
Otjikoto 52,452 198,142 185,000 - 205,000
Equity interest in Calibre (1) - 19,644 20,000
Total 186,001 804,778 800,000 – 870,000
(1) Subsequent to June 20, 2024, B2Gold no longer recorded attributable production for Calibre.
Fekola Mine – Mali
Q4 2024
Tonnes of ore milled 2,442,390
Grade (grams/tonne) 1.17
Recovery (%) 91.9
Gold production (ounces) 84,015
Gold sold (ounces) 86,453
The Fekola Mine in Mali (owned 80% by the Company and 20% by the State of Mali) produced 84,015
ounces in the fourth quarter, lower than anticipated largely due to delays experienced in accessing higher-
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grade ore in Fekola Phase 7, a result of lower realized mine production from the Fekola Phase 7 and Cardinal
pits during the period. Damage to an excavator and the subsequent need for replacement equipment
impacted equipment availability for the first nine months of 2024, reducing tonnes mined, which continued
to affect the availability of higher-grade ore of Fekola Phase 7 during the fourth quarter of 2024 resulting
in less higher-grade ore processed. Mining and processing of these higher-grade tonnes is now expected in
2025 as equipment availability had returned to full capacity and mining rates were at expected levels at the
end of 2 024. Despite short term variations, overall mined ore volumes and grades continue to reconcile
relatively well with modelled values. The Fekola processing facilities continued to perform as expected
with 2.4 million tonnes processed during the fourth quarter of 2024.
For the full year 2024, the Fekola Mine produced 392,946 ounces of gold, below the low-end of its revised
annual guidance range of between 420,000 and 450,000 ounces due to the significant delays in accessing
the higher-grade ore from Fekola Phase 7. At the end of 2024, equipment availability was at full capacity
and mining rates were as expected, positioning Fekola for strong operational performance in 2025. The
Fekola Mine and mill are operating without limitations and gold production is being exported for refining
as per its regular planned schedule.
Masbate Mine – The Philippines
Q4 2024
Tonnes of ore milled 2,190,610
Grade (grams/tonne) 0.95
Recovery (%) 74.1
Gold production (ounces) 49,534
Gold sold (ounces) 51,010
The Masbate Mine in the Philippines continued its strong performance in the fourth quarter of 202 4,
producing 49,534 ounces of gold, ahead of expectations, as a result of higher than anticipated mill
throughput and slightly higher ore grade than budgeted, partially offset by slightly lower than expected gold
recovery.
For the full year 2024, the Masbate Mine produced 194,046 ounces of gold, at the upper end of its revised
guidance range of between 175,000 and 195,000 ounces.
Otjikoto Mine – Namibia
Q4 2024
Tonnes of ore milled 788,536
Grade (grams/tonne) 2.10
Recovery (%) 98.6
Gold production (ounces) 52,452
Gold sold (ounces) 50,330
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The Otjikoto Mine in Namibia, in which the Company holds a 90% interest, also had a strong performance,
producing 52,452 ounces of gold in the fourth quarter of 202 4, with production from the Wolfshag
underground mine remaining consistent through the quarter.
For the full year 2024, the Otjikoto Mine produced 198,142 ounces of gold, near the mid-point of its revised
guidance range of between 185,000 and 205,000 ounces.
Fourth Quarter and Full Year 202 4 Gold Revenue / Y ear-End 2024 Cash and Revolving Credit
Facility Balance
For the fourth quarter of 2024, consolidated gold revenue was $500 million on sales of 187,793 ounces at
an average realized gold price of $2,661 per ounce. For the full year 2024, consolidated gold revenue was
$1.90 billion on sales of 801,524 ounces at an average realized gold price of $2,373 per ounce.
As of December 31, 2024, unaudited cash and cash equivalents totaled approximately $340 million and
$400 million had been drawn on the Company’s revolving credit facility, leaving $400 million available for
future drawdowns, plus a $200 million accordion feature.
2025 Production and Cost Guidance
Guidance (100% Basis) (1)
Fekola
Complex
(2)
Masbate Otjikoto
Existing
Operations
Total
Goose Other
Operations
& Projects
Total
Period Full Year Full Year Full Year Full Year H1 H2 (3) Full Year Full Year
Gold Production (koz) 515 – 550 170 - 190 165 – 185 850 - 925 - 120 -
150 - 970 – 1,075
Cash Operating Costs
($/oz produced) 845 - 905 955 –
1,015 695 – 755 835 –
895 (4) - - - -
Sustaining Capital
Expenditures ($M) 77 22 13 112 8 - - 120
Deferred Stripping / Underground
Development ($M) 120 8 16 144 - - - 144
Sustaining Mine Exploration
Expenditures ($M) 4 - - 4 - 10 - 14
General & Administrative (incl.
Stock Based Compensation) ($M) 15 7 6 28 - - 66 94
All-In Sustaining Costs ($/oz
sold)
1,550 –
1,610
1,310 –
1,370
980 –
1,040
1,460 –
1,520 (4) - - - -
Growth / Construction Capital
Expenditures ($M) 16 17 - 33 101 - 28 162
Deferred Stripping / Underground
Development ($M) 21 - 10 31 69 - - 100
Growth Exploration Expenditures
($M) 5 3 7 15 15 7 11 48
Total Growth / Non-Sustaining
Capital Expenditures ($M) 42 20 17 79 185 7 39 310
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(1) Totals may not add due to rounding. Estimates are based on a $2,250 gold price assumption for 2025.
(2) The Fekola Complex comprises of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal pits and the Fekola underground) and Fekola Regional
(Anaconda Area (Bantako, Menankoto and Bakolobi permits) and the Dandoko permit).
(3) Goose Mine operating cash costs, all-in sustaining costs, and capital expenditures estimates for the second half of 2025 will be released in Q2 2025 after the
release of B2Gold’ s initial Goose life of mine plan.
(4) Total cash operating costs and all-in sustaining costs do not include estimates for the Goose Mine, which will be updated in Q2 2025 prior to commencement of
initial gold production at the Goose Mine.
In 2025, B2Gold expects total gold production to be between 970,000 and 1,075,000 ounces, a significant
increase from 2024 production levels primarily due to the scheduled mining and processing of higher-grade
ore from the Fekola and Cardinal pits made accessible by the meaningful stripping campaign that was
undertaken throughout 2024, the expected contribution from Fekola Regional, the commencement of
mining of higher-grade ore at Fekola underground, and the commencement of gold production at the Goose
Project by the end of the second quarter of 2025.
The Company’s full year t otal cash operating costs for the Fekola Complex, Masbate, and Otjikoto are
forecast to be between $ 835 and $895 per ounce and total AISC are forecast to be between $ 1,460 and
$1,520 per ounce. Operating cost guidance for the Goose Project will be released in the second quarter of
2025 (prior to the commencement of initial production), after publication in the first quarter of 2025 of
B2Gold’s initial Goose Project life of mine plan based on updated Mineral Reserves.
The Company’s total gold production is expected to be significantly higher in the second half of 2025, with
the commencement of gold production from Fekola Regional and Fekola underground in mid-2025, and
the commencement of gold production at the Goose Project expected by the end of the second quarter of
2025.
Fekola Complex – Mali
The Fekola Complex comprises of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal pits
and Fekola underground) and Fekola Regional (Anaconda Area (Bantako, Menankoto, and Bakolobi
permits) and the Dandoko permit). The Fekola Complex’s total 202 5 gold production is anticipated to
increase significantly relative to 202 4, predominantly due to the contribution of higher -grade ore from
Fekola Regional and Fekola underground in mid-2025. Fekola Regional is anticipated to contribute between
20,000 and 25,000 ounces of additional gold production in 2025 through the trucking of open pit ore to the
Fekola mill, and between 25,000 and 35,000 ounces of gold production is expected from the mining of
higher-grade ore at Fekola underground, with production expected to commence in mid-2025.
The development of Fekola Regional will enhance the overall Fekola Complex life of mine production
profile and is expected to extend the mine life of the Fekola Complex. Fekola Regional is anticipated to
contribute approximately 180,000 ounces of additional annual gold production in its first four full years of
production from 2026 through 2029. Significant exploration potential remains across the Fekola Complex
to further extend mine life.
At the Fekola Mine, ore will continue to be mined from the Fekola and Cardinal pits with production of
higher-grade ore at Fekola underground expected to commence in mid -2025. Mining and trucking
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operations at Fekola Regional will commence following the expected receipt of the exploitation license in
the first quarter of 2025, with initial gold production expected in mid-2025.
The Fekola Complex is projected to process 9.56 million tonnes of ore during 2025 at an average grade of
1.84 grams per tonne (“g/t”) gold with a process gold recovery of 93.4%. Gold production is expected to
be weighted approximately 40% to the first half of 2025 and 60% to the second half of 2025.
Capital expenditures in 202 5 at Fekola are expected to total approximately $234 million, nearly a $ 75
million reduction from total estimated capital expenditures in 2024. Approximately $197 million would be
classified as sustaining capital expenditures and $ 37 million would be classified as growth capital
expenditures. Sustaining capital expenditures are expected to include approximately:
• $106 million for deferred stripping;
• $44 million for new and replacement Fekola mining equipment;
• $15 million for tailings storage facility construction;
• $14 million for underground development;
• $7 million for other mining costs;
• $5 million for general site expenses;
• $4 million for powerhouse; and
• $2 million for process plant.
Growth capital expenditures are expected to include approximately:
• $21 million for underground development;
• $14 million for regional development; and
• $2 million for mining equipment.
Masbate Mine – The Philippines
Gold production at Masbate is expected to be relatively consistent throughout 202 5. Masbate is projected
to process 8.0 million tonnes of ore at an average grade of 0.88 g/t gold with a process gold recovery of
79.9%. Mill feed will be a blend of mined fresh ore from the Main Vein pit and low-grade ore stockpiles.
Capital expenditures for 2025 at Masbate are expected to total $47 million, similar to total estimated capital
expenditures in 2024. Approximately $30 million would be classified as sustaining capital expenditures and
$17 million would be classified as growth capital expenditures. Sustaining capital expenditures are expected
to include approximately:
• $8 million for deferred stripping;
• $7 million for mining equipment rebuilds and replacements;
• $6 million for construction of a new solar plant;
• $5 million for tailings storage facility construction;
• $3 million for processing; and