B2Gold Provides Construction Update for the Goose Project in Nunavut, Canada; Construction on Budget and on Track to Pour First Gold in Q1 2025
B2Gold Provides Construction Update for the Goose Project in Nunavut, Canada; Construction on
Budget and on Track to Pour First Gold in Q1 2025
Vancouver, BC, September 18, 2023 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX:
B2G) (“B2Gold” or the “Company”) is pleased to provide a construction update on the Goose Project,
located in the 100% owned Back River Gold District in Nunavut, Canada. B2Gold acquired the Back River
Gold District as part of the acquisition of Sabina Gold & Silver (“Sabina”) in April 2023.
Goose Project Update Highlights
• Goose Project on schedule for first gold pour in Q1 2025: All long lead items for the 2024
construction season have been received at B2Gold’s freight consolidation points, prepped for ship
transport and currently the 2023 sealift is underway, which includes delivery of 24 million litres of
diesel fuel.
• Construction capital expenditures remain in line with June 2023 estimate of C$800 million:
The updated construction capital expenditure by B2Gold of C$800 million, plus an additional C$90
million for accelerating underground development, remains in line with B2Gold’s last estimate as
of June 2023 . To date, c apital expenditures are in line with the Company’s expectations , with
approximately C$530 million total cash spent on the project to date (by B2Gold and Sabina).
• Accelerated underground mining plan adopted to increase average gold production in the
first five years to over 300, 000 ounces per year: Underground development at the Umwelt
deposit and open pit mining at the Echo deposit is progressing. The Echo open pit is scheduled to
be mined out and stockpiled prior to process plant commissioning in order to provide tailings
storage capacity.
• Concrete and steel work in the mill area progressing ahead of schedule: Erection of structual
steel has commenced, with building cladding to begin shortly. The Company expects the ball mill
to be set in place in December 2023, ahead of schedule, which significantly de -risks the
construction schedule for mill completion and first gold pour in Q1 2025.
• Phase 1 of the accom modation complex opened in July 2023 : Phase 1 of the accom modation
complex includes 310 beds at the permanent site location, which together with the 160 beds located
at the existing exploration camp, provide the necessary accom modation to support accelerated
construction, mining and exploration activities.
• Earthworks necessary to extend airstrip to be completed in September 2023: Planned
extension of the airstrip to 5,000 feet will allow large capacity, fully loaded passenger planes to
land at the Goose Project during the 2024 construction campaign.
• Winter ice road preparations are well underway: The Request for Proposal process has closed
for the selection of the winter ice road constructor and a decision is expected to be made before the
end of September. The contractor will be managed by B2Gold’s experienced ice road construction
team. The execution strategy for the 2024 ice road season involves an earlier start to the road
construction than previous years, which contributes to de-risking the trucking season. In addition,
the ice road construction will begin from the middle and work out wards in each direction, which
should enable the ice road to be completed earlier than in prior seasons.
• 11,000 meters of drilling over 44 drill holes has been completed to date in 2023 at Back River:
The drill program at the Goose Project has focused on t esting the Umwelt and Llama deposits
down-plunge for resource confirmation and resource expansion, as well as various regional targets.
The drill program is anticipated to run through December 2023.
Goose Project Capital Expenditures
On June 23, 2023, the Company announced an initial construction capital expenditure estimate of C$800
million, which was in line with B2Gold expectations since the Sabina acquisition announcement and
reflects scope changes to further optimize the Goose Project as well as industry inflation . B2Gold has
updated the construction budget to de-risk the project and construct a reliable and low operating cost mine
for the arctic . In addition, the Company has made the decision to accelerate underground mining
development to increase annual gold production over the first five years of the mine plan, which entails
mining of the complete Umwelt crown pillar. The cost to accelerate underground mining is estimated at an
additional C$90 million for a total project expenditure of C$890 million.
Goose Project Infrastructure
Goose Project Site Overview – September 2023
Marine Laydown Area
The purchasing of materials and supplies needed to support the 2024 construction campaign has been
completed and all materials have been provided to the ports for the 2023 sealift. Following the acquisition
of Sabina, t he Marine Laydown Area ( “MLA”) located on Bathurst Inlet, Nunavut was reorganized to
maximize space for the 2023 sealift that is currently underway. Additionally, the fuel tank containment area
at the MLA was enlarged to facilitiate increased storage. The MLA has an approximately 70 person camp,
a 3,000 foot gravel airstrip and heliport, and over 65,000 meters2 of outdoor storage area.
The 2023 sealift is currently underway with an expected shipping volume of 70,000 meters cubed of dry
cargo and 24,000,000 liters of arctic grade diesel fuel. As at August 31, 2023, t he MLA has received its
first two ships and three barges for off -load as part of the 2023 sealift, with four additional ships en-route
carrying materials to the MLA from ports located globally.
Marine Laydown Area offloads – September 2023
Accommodation Complex
Phase 1 of the accom modation complex opened in July 2023, including sleeping quarters , office area,
medical center, gymnasium, kitchens, and water treatment. Phase 1 of the accommodation complex includes
310 beds at the permanent site location, which together with the 160 beds located at the existing exploration
camp, provide the necessary accommodations to support accelerated construction, mining and exploration
activities to ensure an on -time project completion . Phase 2 of the accom modation complex will further
expand the permanent camp. Phase 2 materials have already started to arrive at the MLA and are ready for
transport to the Goose Project site and will be integrated into the complex prior to the 2024 summer
construction season.
Left: Goose Project accommodation complex overview – August 2023
Right: Goose Project accommodation complex – September 2023
Concrete and Steel Work
Concrete and steel work in the mill area are progressing ahead of schedule. The first concrete pour was
completed in July 2023, with approximately 30% of the 2023 concrete foundations and pads complete
within the mill area, power h ouse and truck shop as of August 31, 2023 . Over 2,000,000 k ilograms of
structural steel and approximately 500,000 k ilograms of plate steel has arrived at site. Erection of the
structural steel has commenced for the mill area, power house and truck shop, and cladding will begin in
the near term. Enclosure of these buildings will allow for work to continue through the colder months and
remain on schedule. Additionally, it is expected that the ball mill will be set in place in December 2023,
ahead of schedule, allowing the focus for the start of 2024 to shift to piping.
Left: Goose Project mill building structural steel – August 2023
Center: Goose Project truck shop structural steel – September 2023
Right: Goose Project mill building structural steel – September 2023
Winter Ice Road
The 163 kilometer winter ice road between MLA and the Goose Project will operate between February and
end of-April, depending on temperatures. In 2023, over 800 loads were completed along the ice road. Work
on the ice road is expected to start in December 2023. Ice road construction will begin from the middle and
work outwards in each direction, allowing for completion of the majority of the road before the sea ice
freezes, as the sea ice freezes last . This construction strategy should enable the ice road to be completed
earlier than in prior seasons.
Airstrip
Earthworks necessary to extend the airstrip are expected to be completed in September 2023. Planned
extension of the airstrip to 5,000 feet will allow large capacity, fully loaded passenger planes to land at the
Goose Project during the 2024 construction campaign. B2Gold expects that this will make employee and
contractor rotations and supplying the project site from Edmonton significantly easier and will further de-
risk the project.
Goose Project Mine Development
B2Gold made the decision to accelerate underground mining development to increase average gold
production in the first five years to over 300,000 ounces per year. Mining development is progressing at
the Echo open pit, which will be mined out prior to process plant commissioning in order to provide tailings
storage capacity. Underground mining has exceeded 1,300 meters of horizontal development and the initial
ventilation raise is expected to be completed in October 2023.
Underground mining is scheduled to mine and backfill the full Umwelt pillar earlier in the mine life than
in prior mine plans, which is expected to contribute over 150,000 ounces of gold production to the life of
mine plan. Geotechnical and mine design and engineering continues and is expe cted to be finalized in the
fourth quarter of 2023. The underground development is currently less than 500 meters away from
commencing ore production at the Umwelt crown pillar.
Goose Project Update Life of Mine Plan
The B2Gold technical team continues to analyze ways to optimize the Goose Project life of mine plan.
Areas of optimization currently being studied include:
• Mining of the Umwelt crown pillar
o The crown pillar between the Umwelt open pit and underground mining areas contains
over 150,000 ounces of gold and was only partially included in prior production schedules.
o Geotechnical and mine design and engineering is underway with the goal of mining and
backfilling the crown pillar prior to completion of the Umwelt open pit.
• Underground mining method
o The B2Gold engineering team has determined that most of the Umwelt underground mine
can be mined effectively with long -hole stoping, which is expected to reduce costs and
increase ore production rates.
• Renewable power generation
o The Sabina team previously identified the potential for wind power generation, and studies
are in progress by B2Gold to identify the best solution and to quantify the potential
operational and cost impact to the Goose Project.
B2Gold expects to complete an updated Goose Project life of mine plan in the second half of 2023.
Back River Exploration Update
In the second quarter of 2023, a significant exploration program was approved at the Back River Gold
District for 2023. B2Gold has approved a US$20 million exploration budget for the balance of 2023 to
complete approximately 27,000 meters of drilling. Drilling will be focused in proximity to existing deposits
at the Goose Project, as well as following up on regional targets identified at the George, Boulder, Boot and
Del projects.
Drilling at the Goose Project began in early August with two drill rigs. By the end of August 2023, 5,000
meters of drilling had been completed over 18 drill holes, with 5 drill rigs currently operating. The
objectives for the drilling program at Goose include:
• Select drill holes for a reagent optimization metallurgic sample;
• Test the Umwelt and Llama deposits down -plunge for resource confirmation and resource
expansion; and
• Test regional targets at the Goose Project that were developed based on structural modeling and
geophysical re-processing.
The drill program at the Goose Project is expected to last until December 2023.
26 drill holes and 6,009 meters of drilling was completed at the George Project. The program was designed
to test several targets at George over a strike length of 10 k ilometers. Assay results are still pending for
some holes due to wildfire related issues in Yellowknife , which affected logistics and access to the prep
lab.
About B2Gold
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in
2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines , a mine under
construction in northern Canada and numerous development and exploration projects in various countries
including Mali, Colombia and Finland. B2Gold forecasts total consolidated gold production of between
1,000,000 and 1,080,000 ounces in 2023.
Qualified Persons
Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43 -101, has
approved the scientific and technical information related to operations 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]
The Toronto Stock Exchange and NYSE American LLC neither approve nor disappro ve the information contained in
this news release.
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 16, 2023 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 statement”) within the meaning of applicable Canadian and United States securities legislation,
including: projections; outlook; guidance; forecasts; estimates; 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, and including, without limitation: total consolidated gold production of between
1,000,000 and 1,080,000 ounces in 2023; the completion of mill construction at the Goose Project being completed
in the first quarter of 202 5; the capital cost estimate for the Goose Pro ject being approximately C$890 million; the
underground mining now scheduled to include 150,000 ounces from the Umwelt crown pillar; the Umwelt
underground mine being mined with long -hole stoping, which could reduce costs and increase ore production rates;
the identification of various items that will be added to the original Sabina scope in order to de -risk the construction
phase and maximize the long -term value of the asset ; the setting of the ball mill in December 2023; the 2024 winter
ice road commencing operation in February 2024 ; the earthworks necessary to extend the airstrip being completed
in September 2023. All statements in this news release that address events or developments that we 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", "in tend" 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 B2G old'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 complian ce 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 abili ty to successfully integrate new acquisitions;
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 suf ficient cash flows;
operations in foreign and developing countries and the compliance with foreign laws, including those associated with
operations in Mali, Namibia, the Philippine s 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,
including in response to the COVID -19 outbreak; remote operations and the availability of adequate infrastructure;
fluctuations in price and availabil ity of energy and other inputs necessary for mining operations; shortages or cost
increases 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 personn el and the ability to attract and
retain skilled personnel; the risk of an uninsurable or 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; conflicts 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: the timing, extent, duration and economic viability of such operations, including any
mineral resources or reserves identified thereby; t he 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; fore ign 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 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 e vents and operating performance and speak only as of the date hereof. B2Gold does
not assume any obligation to update forward -looking statements if circumstances or management's beliefs,
expectations or opinions should change other than as required by appl icable 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.