B2Gold Announces Updated Mineral Reserve Life of Mine Plan for the Goose Project; Commencing a Study to Expand Mill Throughput at the Goose Project; B2Gold Confirms Construction and Mine Development Cash Expenditure Estimate of C$1,540 million
B2Gold Announces Updated Mineral Reserve Life of Mine Plan for the Goose Project;
Commencing a Study to Expand Mill Throughput at the Goose Project; B2Gold Confirms
Construction and Mine Development Cash Expenditure Estimate of C$1,540 million
Vancouver, BC, March 27, 2025 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) is pleased to announce the results of a technical report in accordance with
National Instrument 43- 101 – Standards of Disclosure for Mineral Projects (“NI-43-101”) for the
Company’s Back River Gold District located in Nunavut, Canada titled “Goose Project and Back River
District, Nunavut, Canada, NI 43- 101 Technical Report” (the “Back River Technical Report”), dated
effective December 31, 2024. The primary purpose of the Back River T echnical Report is to provide an
updated life of mine plan for the Goose Project based solely on an updated Mineral Reserve estimate. All
dollar figures are in United States dollars unless otherwise indicated. The Back River Technical Report will
be filed on SEDAR+ before March 31, 2025.
The Back River Gold District consists of 11 mineral claims blocks along an 80-kilometer (“km”) belt.
Construction is underway at the most advanced project in the district, Goose, with construction and
development on schedule for first gold pour in the second quarter of 2025, follow ed by ramp up to
commercial production expected in the third quarter of 2025.
Highlights of the Back River Technical Report
• Robust Mineral Resources at the Goose Project, with further potential to expand known deposits
and discover additional mineralization
o Indicated Mineral Resource estimate of 3,560,000 ounces of gold (15.5 million tonnes
grading 7.16 grams per tonne (“g/t”) gold;
Indicated Mineral Resource gold grade is a 16% improvement versus the Indicated
Mineral Resource gold grade in the last published technical report on the Goose
Project (the “Prior Report”) by the prior owner;
o Inferred Mineral Resource estimate of 2,440,000 ounces of gold (10.1 million tonnes
grading 7.54 g/t gold);
Inferred Mineral Resource gold grade is a 14% improvement versus the Prior
Report;
o When compared to the Prior Report, the new B2Gold geological model used in the Back
River Technical Report includes a revised methodology for mineral resource estimation
which resulted in a reclassification of a portion of the previously reported Indicated Mineral
Resources to Inferred Mineral Resources, through the application of more stringent
specifications for drill hole spacing that B2Gold felt was more appropriate for the deposit;
The combined effect of B2Gold’s proprietary changes is reflected in a
commensurate shift in the respective totals for Indicated and Inferred Mineral
Resources as expected from B2Gold’s acquisition due diligence;
At Umwelt underground, B2Gold completed infill drilling designed around its
revised drill hole spacing parameters, which contributed to improving the mine
design and efficiencies while reducing operational risk;
o The Company remains highly confident that with additional in-fill drilling to be completed
over time , a large portion of the Inferred Mineral Resources will convert to Indicated
Mineral Resources and therefore be eligible for classification as Mineral Reserves; and
Historically across its existing operations, B2Gold has converted in excess of 75%
of Inferred Mineral Resources to Indicated Mineral Resources through in -fill
drilling.
• Meaningful gold production profile enhances and diversifies B2Gold’s existing gold production
o Open pit and underground gold mine with an initial Mineral Reserve mine life of
approximately 9 years (“Mineral Reserve Life of Mine”);
The Mineral Reserve Life of Mine only contemplates the mining of the Echo,
Umwelt, Llama, and Goose open pits, plus the mining of Umwelt underground;
The Company remains highly confident that multiple areas that were contemplated
to be mined in the Prior Report (Echo underground, Llama underground, and
Goose underground) will be converted from Inferred Mineral Resources to
Indicated Mineral Resources with additional in-fill drilling;
o Mineral Reserve Life of Mine production of approximately 2.3 million ounces of gold;
o Average annual gold production of approximately 300,000 ounces per year for the first six
full years of production from 2026 through 2031 in the Mineral Reserve Life of Mine;
Average annual gold production of over 310,000 ounces per year from 2027
through 2031, which the Company views as representative steady state years for
the Goose Project;
o Average gold grade processed of 6.82 g/t gold over the Mineral Reserve Life of Mine , a
14% improvement compared to the Prior Report; and
o Average gold recovery of 92.5% over the Mineral Reserve Life of Mine.
• Attractive all-in sustaining costs (“AISC”) anticipated at the Goose Project
o AISC (see “Non-IFRS Measures”) from 2025 through 2027 are impacted by sustaining
capital costs to develop and install a new power solution for the Back River Gold District,
including a power plant optimization and the installation of a renewable energy facility ,
both of which are classified as sustaining capital costs but are one -time costs that will
potentially benefit the operation for decades;
o The Company believes the weighted average AISC of approximately $1,360 per ounce
from 2027 through 2031 is a better representation of long- term Goose Project potential
AISC, to be supported by the goal of further expanding Mineral Reserves over time; and
o Projected AISC of approximately $1,547 per gold ounce over the Mineral Reserve Life of
Mine, which the Company anticipates will reduce with the delineation of additional
Mineral Reserves through the conversion of existing Inferred Mineral Resources and the
discovery of additional resources, both of which have the potential to extend mine life;
Excluding the one -time costs to implement a renewable energy facility and
optimize the power plant, Mineral Reserve Life of Mine AISC would be
approximately $1,490.
• Updated Mineral Reserve estimate of approximately 2.5 million gold ounces
o The Mineral Reserve estimate that forms the basis for the Goose Project Mineral Reserve
Life of Mine includes a Probable Mineral Reserve estimate of 11.3 million tonnes grading
6.82 g/t gold for a total of 2,480,000 ounces of gold; and
o Ongoing exploration drilling on the Back River Gold District demonstrates potential to
significantly increase the Mineral Reserve estimate in the future, specifically at the Echo,
Llama, and Goose underground deposits which require tighter spaced drilling to justify
conversion from Inferred Mineral Resources to Indicated Mineral Resources and therefore
be eligible for classification as Mineral Reserves.
• Significant exploration potential remains across the Back River Gold District
o A total of $32 million is budgeted for exploration at the Back River Gold District in 2025,
of which $21 million is allocated to the Goose Project; and
o A significantly increased budget of $11 million is allocated for Back River Gold District
regional exploration, including the prospective George Project located 50 km northwest of
the Goose Project;
The George Project hosts an Indicated Mineral Resource estimate of 420,000
ounces (1.7 million tonnes grading 7.85 g/t gold) and an Inferred Mineral Resource
estimate of 1,120,000 ounces (3.7 million tonnes grading 9.32 g/t gold).
• Multiple Goose Project optimization studies are underway, or set to commence, to enhance the
long-term value of the operation
o On the processing side , B2Gold is currently evaluating a flotation / concentrate leach
process as a potential option to increase gold recovery and reduce operating costs , and is
commencing a study on the installation of a semi-autogenous grinding (“SAG”) mill to be
paired in conjunction with the existing 4,000 tonnes per day (“tpd”) ball mill, which could
potentially expand mill throughput capacity (discussed in further detail below);
o On the mining side, the Company will evaluate underground and open pit mining strategies
to both lower costs and capture additional existing Mineral Resources into the mine plan ;
and
o On the logistics side, B2Gold is e valuating the viability of constructing and running the
Goose Project winter ice road on a less than annual basis.
• Based on the updated Goose Project Mineral Resource inventory, combined with the exploration
upside across the Back River Gold District, the Company is commencing a study to analyze the
potential to increase mill throughput at the Goose Project from 4,000 tpd potentially up to 6,000
tpd
o In order to optimize the long-term value of the Goose Project, B2Gold plans on initiat ing
a study to explore adding a SAG mill to the processing flowsheet , to be paired with the
existing 4,000 tpd ball mill;
o The Company believes that the addition of a SAG mill could result in an increase in the
mill throughput from 4,000 tpd potentially up to 6,000 tpd;
The Goose Project is permitted for mill throughput of up to 6,000 tpd;
o With an increase in mill throughput, B2Gold anticipates that the Goose Project could
achieve an increase in average annual gold production, a reduction in life of mine AISC,
and an increase in net present value of the project;
o Based on the robust existing Mineral Resource inventory across the Back River Gold
District, combined with the gold mineralization prospectivity across the entire nearly
100,000-hectare land package, B2Gold believes it can sustain a mill throughput of 6,000
tpd over a mine life well in excess of the existing Mineral Reserve Life of Mine; and
o The results of this study are expected to be finalized in late 2025 or early 2026.
Back River Technical Report Overview
The Back River Technical Report was prepared by B2Gold technical staff , with an effective date of
December 31, 2024, and evaluates recovery of gold from four open pit deposits and one underground
deposit. The open pit mining operation contemplates moving up to approximately 50,000 tpd
(approximately 18 million tonnes per annum (“Mtpa”)), while the underground mining operation
contemplates mining up to approximately 1,600 tpd (approximately 0.6 Mtpa). Open pit and underground
ore is expected to be processed in a 4,000 tpd ( approximately 1.5 Mtpa) processing plant that includes
crushing, grinding, gravity concentration, with fine grinding and agitated leaching of the ore, followed by
a carbon-in-pulp recovery process to process doré bullion. The Mineral Res erve estimate for the Goose
Project that forms the basis for the Back River Technical Report includes Probable Mineral Reserves of
11.3 million tonnes grading 6.82 g/t gold for a total of 2,480,000 ounces of gold.
The Back River Technical Report assumptions include revenues using broker consensus gold price forecast,
which includes a long-term gold price assumption of $2,212 per ounce, and current prices for the Canadian
dollar exchange rate, fuel, reagents, labour, power and other consumables. The key parameters of the
technical report are presented in the following tables:
Table 1 – Summary Results of the Goose Project Mineral Reserve Life of Mine Plan
Representative
Steady State Years
(2027 – 2031)
Mineral Reserve
Life of Mine
Production Profile
Years 5 9
Ore tonnes processed (Mt) 7.1 11.3
Average gold grade processed (g/t) 7.40 6.82
Gold recovery (%) 92.5 92.5
Gold ounces produced (oz) 1,553,000 2,294,000
Average annual gold production (oz) 311,000 270,0001
Operating Costs
Cash operating costs2 ($/oz gold) 962 1,129
All-In Sustaining Costs3 ($/oz gold) 1,363 1,547
Open pit mining cost ($/t moved) 4.53 4.62
Underground mining cost ($/t mined) 109.89 116.76
Processing cost ($/t processed) 44.55 45.04
Site general cost ($/t processed) 64.00 68.31
Distributable MLA and WIR ($/t processed) 40.83 43.44
Capital Costs
Sustaining capital ($M)4 141 279
Notes:
1. Average annual production calculated as total gold ounces produced divided by the mill processing life of approximately
8.5 years.
2. Cash operating costs consist of mining costs, processing costs and site general costs.
3. AISC consist of cash operating costs, royalties, corporate general and administrative costs , selling costs, silver credits
and sustaining capital expenditures but exclude construction costs and non-sustaining capital expenditures.
4. Sustaining capital costs exclude open pit deferred stripping and underground capitalized development.
Back River Gold District Mineral Resource Estimate Details
Table 2 – Back River Gold District Mineral Resource Estimate
Category Mine, Project or Area Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces
(x 1,000)
Indicated Goose Claims Group 15,460 7.16 3,560
Indicated George Claims Group 1,680 7.85 420
Total Indicated Mineral Resources 17,140 7.23 3,990
Category Mine, Project or Area Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces
(x 1,000)
Inferred Goose Claims Group 10,060 7.54 2,440
Inferred George Claims Group 3,730 9.32 1,120
Total Inferred Mineral Resources 13,780 8.02 3,550
Notes:
1. Mineral Resources have been classified using the CIM Standards and have an effective date of December 31, 2024.
Mineral Resources are reported in situ or in stockpiles, 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.
2. Mineral Resources are reported on a 100% project and attributable basis.
3. The Qualified Person for the Mineral Resource estimate is Andrew Brown, P.Geo., B2Gold’s Vice President, Exploration.
4. The Qualified Person for the stockpile estimate is Peter Montano, P.E., B2Gold’s Vice President, Projects.
5. Goose Claims Group: Mineral Resource estimates that are amenable to open pit mining methods are reported within
conceptual open pit shells based on a gold price of US$2,100/oz, metallurgical recovery of 92.5%, selling costs of
US$107.50/oz gold produced including royalties and levies, and operating cost estimates of US$5.99– 6.63/t mined
(mining), US$32.40–32.72/t processed (processing) and US$22.27/t processed ( site general), pit slope angles of 45º,
and an exchange rate of C$1.33:US$1.00. Mineral Resources potentially amenable to open pit mining methods are
reported at an average cut-off grade of 0.9 g/t gold. Mineral Resource estimates potentially amenable to underground
mining are reported at a cut -off grade of 2.2 g/t gold, assuming a gold price of US$2,100/oz, process recovery of
92.5%, variable mining costs by deposit of US$134.20– 171.18/t mined, processing cost of US$54.72/t processed, and
a selling cost of US$107.50/oz produced. No stope or other constraint was applied.
6. George Claims Group: Mineral Resources potentially amenable to open pit mining methods are reported within
conceptual open pit shells based on a gold price of US$2,100/oz, metallurgical recovery of 92.5%, selling costs of
US$107.50/oz including royalties and levies, and operating cost estimates of US$6.56/t mined (mining), US$57.94/t
processed (processing) and US$26.55/t processed ( site general ), pit slope angles of 43º, and an exchange rate of
C$1.33:US$1.00. Mineral Resources potentially amenable to open pit mining methods are reported at an average cut -
off grade of 1.4 g/t gold. Mineral Resource estimates potentially amenable to underground mining are reported at a
cut-off grade of 3.1 g/t gold, assuming a gold price of US$2,100/oz, process recovery of 92.5%, mining costs of
US$175.46/t mined, processing cost of US$84.50/t processed including haulage, and a selling cost of US$107.50/oz
gold produced. No stope or other constraint was applied.
7. Mineral Resources at the Echo pit account for mining depletion as of December 31, 2024.
8. 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.
Goose Project Mineral Reserve Estimate Details
Table 3 – Goose Project Mineral Reserve Estimate
Category Mining Method Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces
(x 1,000)
Probable Open Pit 7,300 6.19 1,450
Probable Underground 3,800 8.30 1,010
Probable Stockpiles 240 2.76 21
Total Probable Mineral Reserves 11,300 6.82 2,480
Notes:
1. Mineral Reserves have been classified using the CIM Standards, are reported at the point of delivery to the process plant,
and have an effective date of December 31, 2024.
2. Mineral Reserves are reported on a 100% project and attributable basis within the Goose Claims Group.
3. The Qualified Person for the Open Pit and Stockpile Mineral Reserve estimate is Peter Montano, P.E., B2Gold’s Vice
President, Projects.
4. The Qualified Person for the Underground Mineral Reserve estimate is Michael Meyers, P.Eng., B2Gold’s Manager,
Projects.
5. Mineral Reserves from open pit mine methods and stockpiles are based on a conventional open pit mining method, gold
price of US$1,750/oz, metallurgical recovery of 92.5%, selling costs of US$90.00/oz including royalties and levies,
average mining cost of U S$4.92/t mined at surface, average processing cost of US$41.08/t processed, and site general
costs of US$66.95/t processed. Reserve model dilution and ore loss were applied through whole block averaging such
that at a 1.65 g/t Au cut-off, for all pits combined there is a 32% increase in tonnes, a 25% reduction in grade, and a 1%
reduction in ounces when compared to the Mineral Resource model. Mineral Reserves that will be mined by open pit
methods or are in stockpiles are reported above a cut-off grade of 1.65 g/t gold.
6. Mineral Reserves that will be mined by underground methods assume longhole stoping mining methods, gold price of
US$1,750/oz, metallurgical recovery of 92.5%, selling costs of US$90.00/oz including royalties and levies, average
mining cost of US$120.13/t ore mined, average processing cost of US$41.08/t processed, site general costs of US$66.95/t
processed, dilution % variable by stoping area, and 90% mining recovery. Mineral Reserves that will be mined by
underground methods are reported above a cut-off grade of 4.64 g/t gold.
7. 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.
Goose Project Development
B2Gold recognizes that respect and collaboration with the Kitikmeot Inuit Association (“KIA”) is central
to the license to operate in the Back River Gold District and will continue to prioritize developing the
project in a manner that recognizes Inuit priorities, addresses concerns, and brings long- term socio -
economic benefits to the Kitikmeot Region. B2Gold looks forward to continuing to build on its strong
collaboration with the KIA and Kitikmeot Communities.
All planned construction activities in 2024 were completed and project construction and development
continue to progress on track for first gold pour at the Goose Project in the second quarter of 2025 followed
by ramp up to commercial production in the third quarter of 2025. The Company continues to estimate that
gold production in 2025 will be between 120,000 and 150,000 ounces.
The 2025 Winter Ice Road campaign is well underway with the transportation of all materials from the
Marine Laydown Area to the Goose Project expected to be completed by mid-May 2025.
Development of the open pit and underground remain the Company’s primary focus to ensure that adequate
material is available for mill startup and that the Echo pit is available for tailings placement. Open pit
mining of the Echo pit continues to meet production targets and is anticipated to be ready to receive tailings
when the mill starts. The Umwelt underground devel opment remains on schedule for the commencement
of high-grade stope ore production in the third quarter of 2025.
Based on the construction and mine development cash expenditures incurred to date, combined with the
estimated expenditures to be incurred through to 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, as announced on September 12, 2024.
Goose Project Opportunities
With first gold production for the Goose Project expected within three months, B2Gold has begun multiple
optimization studies with the goal of maximizing the long-term value of the Back River Gold District. These
studies include:
• Evaluating a flotation / concentrate leach process as a potential option to increase gold recovery
and reduce operating costs;
• Evaluating the installation of a SAG mill to be paired in conjunction with the existing 4,000 tpd
ball mill, which could potentially expand mill throughput capacity (discussed in further detail
below);
• Evaluating the viability of constructing and running the Goose Project winter ice road on a less
than annual basis;
• Evaluating underground mining methods and the potential to exceed the planned production from
the Umwelt underground by increasing the mine production rate through development of more
active production levels, and consideration of alternate mine methods to both lower costs and
capture additional existing Mineral Resources into the mine plan; and
• Assessing the feasibility of remote operation of surface and underground equipment as it presents
an opportunity to optimize production efficiencies and reduce employee transportation costs.
In connection with these studies, B2Gold will be reviewing any regulatory requirements and engaging with
the KIA and local communities to ensure any optimization of the Goose Project provides benefits to all
stakeholders.
Based on the updated Goose Project Mineral Resource estimate combined with the exploration upside
across the Goose Project claim block, and with the optimization studies listed above, the Company plans
on initiating a formal study to analyze the potential to increase mill throughput at the Goose Project from
4,000 tpd potentially up to 6,000 tpd. The Goose Project is currently permitted for mill throughput of up to
6,000 tpd, so no additional permits or permit amendments would be required if the results of the formal
study on a mill expansion are positive. The results of this study and the corresponding changes to the
economics of the Goose Project are expected to be finalized in late 2025 or early 2026, with the results
anticipated to be press released once completed.
Back River Gold District Exploration
The updated Back River Gold District Mineral Resource estimate provides a strong baseline for B2Gold’s
exploration team to continue building on. Areas of significant focus for the 2025 exploration program at
the Back River Gold District include the following:
• Enhancing and growing the significant mineral resource base at the Goose Project;
o 12,000 m of drilling is planned at the Goose Project targeting extensions of the largest and
highest-grade resources at the Llama and Umwelt deposits;
o In addition, drilling is planned to follow up on the significant results returned in 2023 and
2024 at the Nuvuyak, Mammoth and Hook targets;
• Continuing to realize the excellent prospectivity of the region, with the goal of i dentifying
new regional targets;
o Several new conceptual shallower targets will be tested with drilling in 2025; and
• Regional exploration, including geophysics, mapping, prospecting and till sampling at the George,
Boot, Boulder, Del, Beech and Needle Projects;
o This work will also include an estimated 13,000 m of diamond drilling to follow up drill
ready targets defined during the 2024 summer regional exploration program.
The Company anticipates that based on the objectives of the 2025 and future exploration programs at the
Back River Gold District, there is potential to further convert more Inferred Mineral Resources to Indicated
Mineral Resources as well as continue to grow the total Mineral Resource inventory across the entire nearly
100,000-hectare land package.