B2Gold Reaches Agreement in Principle on the Menankoto Permit, Located Near the Fekola Mine
News Release
B2Gold Reaches Agreement in Principle on the Menankoto Permit,
Located Near the Fekola Mine
Vancouver, December 9, 2021 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX:
B2G) (“B2Gold” or the “Company”) is pleased to announce that it has reached an agreement in
principle with the State of Mali in connection with the issuance of the Menankoto exploration
permit (the “Menankoto Permit”). The Government of Mali has recently announced that it will
grant a new exploration permit covering the same perimeter as the Menankoto Permit to a new
Malian subsidiary of B2Gold . In consideration of this issuance of a new permit, B2Gold has
undertaken to withdraw the arbitration proceedings that its Malian subsidiary, Menankoto SARL
(“Menankoto”), commenced in June 2021 against the Republic of Mali under the Convention on
the Settlement of Investment Disputes Between States and Nationals of Other States.
Based on the Government of Mali’s recent announcement and related discussions, B2Gold expects
that the new Menankoto Permit will be issued to its new Malian subsidiary prior to the end of 2021
in compliance with the procedures and requirements set out under the Malian 2019 Mining Code
(previous permit had been issued under the Malian 2012 Mining Code) , which provides for an
initial term of three years and renewable for 2 additional three year periods. The Company and the
State of Mali are both pleased with this outcome and the process to reach this agreement, which
was conducted in a fair and transparent manner and restores the Company’s interest in the
Menankoto Permit that it believes Menankoto was entitled to under its original extension
application.
The operations at the Fekola Mine, which is situated on a separate mining licence 20 kilometres
from the Menankoto Permit and is projected to produce 560,000 to 570,000 ounces of gold in
2021, have continued normally and were not impacted by the dispute relating to the Menankoto
Permit. In addition, the Fekola Mine has not included the Mineral Resources from the Anaconda
area (comprised of the Menankoto Permit and the Bantako North permit) in the current Fekola life
of mine plan. The Bantako North permit area (wholly owned with B2Gold’s 10% Malian partner
and which permit was recently renewed for an additional 3-year term) contains a significant portion
of the Mamba deposit saprolite material and remains open. Preliminary planning by the Company
has demonstrated that a pit situated on the Bantako North permit area could provide saprolite
material for at least 1.5 to 2 years to feed the Fekola mill commencing in the second half of 2022
subject to obtaining all necessary permits and completion of a final mine plan. This additional feed
from the Anaconda area to the Fekola Mine has the potential to provide immediate value to the
State of Mali, B2Gold’s 20% partner at the Fekola Mine, and communities near the project, and
creating significant long-term benefits for the Government of Mali as well as value generation for
the communities located both near the Menankoto deposit, regionally and nationally.
The Malian authorities have also recently reviewed and approved an update to the Environmental
and Social Impact Assessment for the Fekola Mine required to include the Cardinal zone, located
within 500 metres of the current Fekola resource pit . The Company is in the process of updating
the Fekola Mine Plan to include production from Cardinal , which has the potential to add an
average of approximately 60,000 ounces per year over the next 6 to 8 years (based on Cardinal's
inferred resource only) to Fekola’s annual gold production. Grade control drilling at Cardinal is
ongoing to upgrade a portion of the Mineral Resource estimate to the Indicated category for 2022
production budget purposes.
Since the Company commenced its investment in Mali , B2Gold has enjoyed a positive and
mutually beneficial relationship with the Government of Mali. Most recently, B2Gold p artnered
with the Government of Mali to assist the people of Mali facing challenges created by the COVID-
19 pandemic, as well as its impact on the mining sector. B2Gold continues to explore additional
ways in which it might help the Government deal with the impact of the pandemic.
About B2Gold Corp.
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
and numerous exploration and development projects in various countries including Mali,
Colombia, Finland and Uzbekistan. B2Gold forecasts total consolidated gold production of
between 1,015,000 and 1,050,000 ounces in 2021.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President & Chief Executive Officer
For more information on B2Gold please visit the Company website at www.b2gold.com or contact:
Ian MacLean Katie Bromley
Vice President, Investor Relations Manager, Investor Relations & Public Relations
604-681-8371 604-681-8371
[email protected] [email protected]
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove 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 30, 2021 for a discussion of our ownership
interest in the mines B2Gold operates.
This news release includes certain "forward -looking information" and "forward -looking statements" (collecti vely
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 operatio nal 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 1,015,000 and 1,050,000 ounces in 2 021;and the receipt of the new Menankoto permit by
B2Gold’s Malian subsidiary by the end of 2021 . 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", "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 duration and extent of the COVID -19 pandemic,
the e ffectiveness of preventative measures and contingency plans put in place by the Company to respond to the
COVID-19 pandemic, including, but not limited to, social distancing, a non -essential travel ban, business continuity
plans, and efforts to mitigate su pply chain disruptions; escalation of travel restrictions on people or products and
reductions in the ability of the Company to transport and refine doré; 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 feas ibility 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
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 sufficient cash
flows; operations in foreign and developing countr ies and the compliance with foreign laws, including those
associated with operations in Mali, Namibia, the Philippine and Colombia and including risks related to changes in
foreign laws and changing policies related to mining and local ownership requiremen ts or resource nationalization
generally, including in response to the COVID -19 outbreak; 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 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 personnel 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 securi ties 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 no t limited to, assumptions and factors related to B2Gold's ability to carry on current
and future operations, including: the duration and effects of COVID -19 on our operations and workforce;
development and exploration activities; the timing, extent, durat ion and economic viability of such operations,
including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections,
forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projec tions 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; t he
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 events 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 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.