B2Gold Targets 30% Reduction in GHG Emissions by 2030 and Announces Expansion of the Fekola Solar Plant
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News Release
B2Gold Targets 30% Reduction in GHG Emissions by 2030 and
Announces Expansion of the Fekola Solar Plant
Vancouver, BC, January 26, 2023 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) is pleased to announce that the Company has set a target to reduce its Scope
1 and 2 greenhouse gas (“GHG”) emissions by 30% by 2030 against a 2021 baseline.
As a Company, B2Gold recognizes that climate change is a critical global chal lenge and understands that
it must act accordingly. B2Gold has been an innovative leader within the mining industry with respect to
the management of sustainability issues and this commitment to GHG emissions reduction forms a key part
of our Climate Strategy, incorporating climate management as a part of its business strategy and planning
process.
B2Gold’s Climate Strategy for contributing to global climate change action contains the following
objectives:
• Identify and understand our climate risks (physical and transitional) and incorporate mitigation
measures to make the Company more resilient as society transitions to a low-carbon economy.
• Establish and report progress against science informed emissions reductions targets, including
maintaining an updated GHG emissions inventory (Scope 1, 2 and 3 emissions).
• Evaluate and implement changes to our energy and fuel sources to increase the proportion of
renewable energy used in our operations.
• Continuously improve our disclosure on our climate risk management performance, to align with
the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.
In order t o achieve the Company’s GHG emission reduction target, B2Gold is pursuing i nitiatives to
increase the proportion of renewable energy sources, electrify operations, and improve energy efficiency.
B2Gold is proud to be an industry leader in the implementation of renewable energy solutions to actively
manage our emissions. B2Gold’s Otjikoto and Fekola operations both maintain fully autonomous hybrid
power plants consisting of 5.8 megawatt (“MWac”) and 30 MWac solar installed capacity, respectively.
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B2Gold is also pleased to announce the expansion of its Fekola solar plant, which is currently in the detailed
design stage. The Fekola solar plant expansion is expected to increase solar power capacity by 22 MWac,
reduce GHG emissions by approximately 24,000 tonnes per year and reduce heavy fuel oil consumption by
an average 7.6 million liters per year. Construction of the Fekola solar plant expansion project is expected
to begin in the third quarter of 2023 and is estimated to be complete in the third quarter of 2024.
Since 2016, B2Gold has reported annually on climate risk management in our Responsible Mining Report
and in 2021 the Company released its inaugural Climate Strategy Report. Additional information regarding
B2Gold’s climate risk management and our Environmental, Social and Governance risk management and
performance is available at www.b2gold.com.
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 1,000,000 and 1,0 80,000
ounces in 2023.
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 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 30, 2022 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 an d 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 capit al 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; and including, without limitation: projected gold production, cash
operating costs and AISC on a consolidated and mine by mine basis in 2023; total consolidated gold production of
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between 1,000,000 and 1,080,000 ounces in 2023 ; the Company reducing its GHG by 30% by 2030 against a 2021
baseline; the Fekola solar plant expansion increas ing solar power capacity by 22 MWac, reduc ing GHG emissions
by approximately 24,000 tonnes per year and reduc ing heavy fuel oil consumption by an average 7.6 million liters
per year; and c onstruction of the Fekola solar plant expansion project beginning in the thi rd quarter of 2023 and
completing in the third quarter of 2024. 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 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 w ith 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 lo cal 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 de cision-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; 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 wel l 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, assumptio ns 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, duration and economic viabili ty of such operations,
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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, 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 tim ely 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 man agement'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.