Fekola Gold Mine

Friday, March 20, 2020

B2Gold Corp.

Tom Garagan, P.Geo; Peter Montano, P.E.; Ken Jones, P.E.; John Rajala, P.E.

Summary AI Insights

Within the database are 2,969 auger drill holes (24,376 m), 1,166 rotary air blast (RAB) drill holes (24,064 m), 3,889 aircore drill holes (160,879 m), 2,733 reverse circulation (RC) drill holes (313,937 m), 246 holes pre-collared with RC collar and completed with a core tail (RC– core) drill holes (92,436 m), and 536 core drill holes (113,150 m). Of this total, there are 839 aircore drill holes (45,857 m), 500 auger drill holes (3,755 m), 66 core drill holes (12,919 m), 18 RC– core drill holes (5,236 m), and 591 RC drill holes (62,589 m).

FEKOLA GOLD MINE Mali NI 43-101 TECHNICAL REPORT Prepared for: B2Gold Corp. Prepared by: Mr Tom Garagan, P.Geo. Mr Peter Montano, P.E. Mr John Rajala, P.E. Mr Ken Jones, P.E. Effective date: 31 December 2019 CERTIFICATE OF QUALIFIED PERSON I, Tom Garagan, P.Geo, am employed as the Senior Vice President, Exploration with B2Gold Corp.

Detailed Insights

Assuming a gold price of $1,900/oz for the second half of its financial year, B2Gold forecast an operating cash flow of more than $900m for the full year.

B2Gold to be debt-free by month-end, projects $900m in 2020 operating cash flow

The Fekola Mine has sufficient supplies on hand to maintain its budgeted activities through the end of the third quarter and beyond if needed.

The Fekola Mine is located west of Bamako, the capital city of the République de Mali (State of Mali or Mali).

B2Gold has constructed a purpose-built gravel airstrip adjacent the mine, and operates regularly-scheduled flights from Bamako to the mine site.

The Fekola Convention, as amended, governs the procedural and economic parameters pursuant to which B2Gold operates the Fekola Mine.

In August 2017, B2Gold finalized and signed an amendment to the Fekola Convention to address and clarify certain issues under the 2012 Mining Code.

The State of Mali owns all surface rights in the Fekola Mine area, and no surface rights have been registered to a private entity.

B2Gold acquired Papillon in 2014, and has completed geological mapping, geochemical sampling, ground (gravimetric, IP and magnetic) and airborne geophysical surveys, Mineral Resource and Mineral Reserve estimates, a feasibility study (the 2015 feasibility study), and supporting geotechnical, hydrogeological, and environmental studies.

Overall, the testwork program indicated that: The Fekola deposit is classified as hard to very hard competency with above average grinding energy requirements and is moderate to highly abrasive.

In 2018, a similar set of testwork to that conducted for the 2015 feasibility study on the Fekola deposit was completed on selected Fekola North Extension drill core samples.

This certificate applies to the technical report titled “Fekola Gold Mine, Mali, NI 43-101 Technical Report”, that has an effective date of 31 December, 2019 (the “technical report”).

For Fekola, a gold price of US$1,500/oz, a metallurgical recovery of 94.0%, and average operating cost estimates of US$2.27/t mined (mining), US$15.32/t processed (processing) and US$4.27/t processed (general and administrative) were used for pit shell generation.

Mineral Resources are reported at a cut-off of 0.5 g/t Au for Fekola and at a cut-off of 0.35 g/t Au for the Anaconda Area.

The maximum size of a gold exploration permit is specified in a decision of the Minister of Mines and is restricted in the region where B2Gold operates to 100 km2.

In 2012, prior to much of the infill drilling on the Fekola deposit, Dr. Eva Schandl described a suite of 40 thin sections from the deposit to provide information on the lithologies, mineralogy, and hydrothermal alteration.

B2Gold owns an 80% stake in the site, while the remaining interest is with the State of Mali.

The Fekola mine produced 111,450oz of gold in 2017.

43-101 Section Summaries

1.0 SUMMARY

For Fekola, a gold price of US$1,500/oz, a metallurgical recovery of 94.0%, and average operating cost estimates of US$2.27/t mined (mining), US$15.32/t processed (processing) and US$4.27/t processed (general and administrative) were used for pit shell generation. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,350/oz, metallurgical recovery of 94%, selling costs of US$113.88/oz including royalties, average mining cost of US$2.27/t mined, average processing cost of US$15.32/t processed, and site general costs of US$4.27/t processed.

2.0 INTRODUCTION

During the most recent site visit, Mr. Rajala inspected the process plant, reviewed the current process plant operation and mill expansion plans with the management and metallurgical groups, reviewed the progress with the plant expansion, and reviewed ongoing site projects. During the site visits, Mr. Jones viewed the TSF, WRSFs, ancillary facilities and surrounding area, and discussed with staff improvements to the health, safety and environmental management systems and performance including audits by external experts.

4.0 PROPERTY DESCRIPTION AND LOCATION

Exploration Permit (permis de recherche) Under the 2012 Mining Code an exploration permit is granted by order of the Minister of Mines for a period not exceeding eight years, with an initial period of three years, renewable twice, and each renewal period not exceeding two years. Mining License or Exploitation License (permis d'exploitation), May be granted to the holder of an exploration permit or an authorization of prospection for a 30-year period, renewable for successive 10-year periods until the mineral reserves within the license area are exhausted.

5.0 ACCESSIBILITY, CLIMATE, LOCAL INFRASTRUCTURE, AND PHYSIOGRAPHY

The mining operation is situated about 210 km south of Kayes and about 40 km south of the city of Kéniéba. The temperatures in the region vary by season, with a mean annual temperature of approximately 28°C. Mining activities are conducted year-round. The mining license provides the license holder with exclusive access and use of the Project area. The State of Mali owns all surface rights in the Fekola Mine area, and no surface rights have been registered to a private entity. Surface rights have been made available to the operation.

6.0 HISTORY

The programs identified a 10 km2 zone which contained five gold anomalies related to a well-defined structural feature. The two largest zones, noted as II and III, were considered to be potentially economic. The Médinandi gold deposit was interpreted to host three mineralized zones, oriented north–south and northeast–southwest, over an area of 1,200 m x 3.3 m. First gold pour October 7, 2017. Updated Mineral Resource and Mineral Reserve estimates in 2019 for Fekola. The updated Mineral Reserve estimates were incorporated into the 2019 LOMP.

7.0 GEOLOGICAL SETTING AND MINERALIZATION

These shear zones define the boundaries between the Mako, Dialé–Daléma, Falémé and Kofi Series rocks (Bassot, 1987). The Falémé Series is bounded to the east by the SMSZ, which separates the Falémé Series from the Kofi Series sediments. The Kofi Series hosts significant gold mineralization on the eastern side of the SMSZ and is the host to mineralization at Fekola. The mudstone laminae vary from 0.2 to 2.0 mm thick and the siltstone layers vary in thickness from 1 to 10 mm thick. The siltstone layers vary in thickness from 2 to 30 mm thick and the mudstone laminae vary from 1 to 10 mm thickness.

8.0 DEPOSIT TYPES

Orogenic gold deposits occur in variably deformed metamorphic terranes formed during Middle Achaean to younger Precambrian, and continuously throughout the Phanerozoic. Host rocks are metamorphosed to greenschist facies, but locally can achieve amphibolite or granulite facies conditions. These conditions can be related to crustal depth or strain rate. Gold is usually associated with sulphide minerals and can be refractory or free. Most orogenic gold deposits contain 2–5% sulphide minerals and >900 gold fineness.

9.0 EXPLORATION

Within the Menankoto Sud exploration permit and Bantako Nord prospecting authorization, gravimetric methods have proved most useful, mapping out subsurface bedrock topography, identifying areas of deep saprolite at the Anaconda and Mamba zones. In 2012, prior to much of the infill drilling on the Fekola deposit, Dr. Eva Schandl described a suite of 40 thin sections from the deposit to provide information on the lithologies, mineralogy, and hydrothermal alteration. Exploration targets include new high-grade shoots in the Fekola area, infill drilling in the Anaconda Area saprolite, and deeper drilling within the Anaconda Area that targets bedrock mineralization.

10.0 DRILLING

Within the database are 2,969 auger drill holes (24,376 m), 1,166 rotary air blast (RAB) drill holes (24,064 m), 3,889 aircore drill holes (160,879 m), 2,733 reverse circulation (RC) drill holes (313,937 m), 246 holes pre-collared with RC collar and completed with a core tail (RC– core) drill holes (92,436 m), and 536 core drill holes (113,150 m). Drilling completed since the database close out within the Fekola resource area includes one RC exploration drill hole (200 m), two RC–core exploration drill holes (770 m), three core geotechnical drill holes (875 m), one RC geotechnical drill hole (200 m), and six RC–core geotechnical drill holes (2,365 m).

11.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY

Data generated by the Central African campaigns were uploaded into a Target drill hole database. After each meter is drilled, the primary and duplicate laboratory samples and the logging sample are collected. Core field duplicate insertion frequency was halved in February 2015 with the implementation of core preparation duplicates. A section of core with known magnetic susceptibility is used at the start of the drill hole and at the end of the drill hole. The data are imported into Micromine software for checking that drill hole collars are in the correct location and that drill hole data is complete.

12.0 DATA VERIFICATION

The failure is evaluated in context of the surrounding samples and standards to determine if the failure is possibly the result of a standard or blank misidentification or if the failure is possibly the result of a laboratory mix up of samples or sample numbers. In cases where the failure is within a sequence of low grade/insignificant results the project manager may elect to accept the original certificate, regardless of the failure, on the basis that it will not significantly affect any resource data.

13.0 MINERAL PROCESSING AND METALLURGICAL TESTING

Whole ore cyanidation of variability samples at optimised leach conditions The gold extractions for HG domain variability samples ranged from 87.3–96.9%, with an average extraction of 94.2% (seven samples). The testwork results show that thickener underflow densities of 48–50% solids and 60–65% solids (w/w) can be readily achieved for the leach and tailings thickener duties respectively The gold head grades for the first sample batch ranged from 0.87–0.96 g/t (calculated using plus 3/8 inch and -10 mesh fractions).

14.0 MINERAL RESOURCE ESTIMATES

Geological and structural logging and assay results from RC, core, and RC with core tail drill holes were used as the basis of the three-dimensional (3D) models of regolith, lithology, structure, mineralization zones and gold grade estimates. Structural March 2020 Page 14-1 Fekola Gold Mine Mali NI 43-101 Technical Report logging of exploration drill core, along with structural and mineralization zone trends from pit mapping and grade control data were used in the interpretations. Statistics on capped 2 m gold grade composites by mineralization domain show all domains indicate a low level of grade variability.

15.0 MINERAL RESERVE ESTIMATES

Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,350/oz, metallurgical recovery of 94%, selling costs of US$113.88/oz including royalties, average mining cost of US$2.27/t mined, average processing cost of US$15.32/t processed, and site general costs of US$4.27/t processed. The mining cost estimates include the grade control drilling and sampling costs to achieve sufficient data resolution for the delineation of the ore outlines. The equipment ownership costs were included in the estimates for pit optimisation purposes, considering the relatively long mine life compared to the life cycle of the equipment in most cases.

16.0 MINING METHODS

The mine design is based on cutback widths between 250–450 m as guided by Whittle analysis, with a minimum mining width of 40 m on all benches except the floor of the ultimate pit, where the widths will be 25 m. Ground conditions in the Fekola staged pits were interpreted from evaluations made on geotechnical drill hole cores (including use of an optical and acoustic imaging televiewer device), unconfined compressive strength (UCS) tests carried out on representative core samples, and local structural geological conditions.

17.0 RECOVERY METHODS

Should the pebble crushers not be operational, or the metal detector detect tramp metal, a diverter gate ahead of the feed bin allows pebbles to bypass the bin and crushers and feed directly to the pebble crusher discharge conveyor. Approximately five times per week, loaded carbon from the first CIP tank is pumped to the loaded carbon recovery screen, where it is washed with spray water to remove excess slurry. The regenerated carbon (or fresh carbon) is pumped, to the CIP circuit, via the CIP carbon sizing screen.

18.0 PROJECT INFRASTRUCTURE

March 2020 Page 18-2 Fekola Gold Mine Mali NI 43-101 Technical Report Plant internal roads provide access between the administration area, process plant facilities, fuel storage, power plant, mine services area, and accommodation camp. A number of access tracks exist to access infrastructure such as the tailings storage facility, sediment control structures and water bore pumps remote from the plant site. Tailings deposition is actively managed such that the supernatant water pond is maintained at a reasonable distance from the embankment.

20.0 ENVIRONMENTAL STUDIES, COMMUNITY IMPACT

The Project’s environmental management system consists of an overall Environmental and Social Management and Monitoring Plan (ESMMP) that was developed as part of the 2015 ESIA Update. Approval of Mine Closure Plan As part of the process for the granting of an exploitation licence under the 2012 Mining Code, the Fekola Mine is required to submit a mine closure plan. Approval of a Mine Closure Plan As part of the process for the granting of an exploitation permit under the 2012 Mining Code, B2Gold would be required to submit a mine closure plan.

21.0 CAPITAL AND OPERATING COSTS

Labour Assumptions Owner labour to support rebuilds or projects included in capital costs are included in operating costs. Stockpile and rehandle costs are included in process operating costs. Total process costs vary year over year depending on the operational plan. March 2020 Page 21-3 Fekola Gold Mine Mali NI 43-101 Technical Report Stockpile and rehandle costs are included with the processing costs. Total G&A costs vary year over year depending on the operational plan. The capital and operating costs for the Project are based on recent actual costs and the Mineral Reserve-based LOMP.

25.0 INTERPRETATION AND CONCLUSIONS

However, the State of Mali owns all surface rights in the Fekola Mine area, and no surface rights have been registered to a private entity. The 2015 ESIA Update filled gaps identified in the 2013 ESIS, reflected optimization improvement and modifications to the Project design, assessed these improvements and modifications for their potential impacts against baseline conditions in the Project area, and aligned the assessment with international standards including IFC environmental and social performance standards.

26.0 RECOMMENDATIONS

A number of internal mining-related studies are proposed, and an ESIA preparation process for the Anaconda Area would be conducted concurrently with the estimation update. An evaluation of the incorporation of the Anaconda Area mineralization into the Fekola Mine plan should be conducted to determine whether this option, or a stand-alone mine in the Anaconda Area is the better development strategy. The study would evaluate physical, biological and social conditions, and examine environmental and social aspects of any planned development in the Anaconda Area.

CERTIFICATE OF QUALIFIED PERSON

This certificate applies to the technical report titled “Fekola Gold Mine, Mali, NI 43-101 Technical Report”, that has an effective date of 31 December, 2019 (the “technical report”). I have read NI 43–101 and the sections of the technical report for which I am responsible have been prepared in compliance with that Instrument.

Social

B2Gold Corp.

8/19/2020

For Fekola, a gold price of US$1,500/oz, a metallurgical recovery of 94.0%, and average operating cost estimates of US$2.27/t mined (mining), US$15.32/t processed (processing) and US$4.27/t processed (general and administrative) were used for pit shell generation. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,350/oz, metallurgical recovery of 94%, selling costs of US$113.88/oz including royalties, average mining cost of US$2.27/t mined, average processing cost of US$15.32/t processed, and site general costs of US$4.27/t processed.

B2Gold Corp.

9/10/2020

For Fekola, a gold price of US$1,500/oz, a metallurgical recovery of 94.0%, and average operating cost estimates of US$2.27/t mined (mining), US$15.32/t processed (processing) and US$4.27/t processed (general and administrative) were used for pit shell generation. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,350/oz, metallurgical recovery of 94%, selling costs of US$113.88/oz including royalties, average mining cost of US$2.27/t mined, average processing cost of US$15.32/t processed, and site general costs of US$4.27/t processed.

Andrew Duncan

7/14/2020

For Fekola, a gold price of US$1,500/oz, a metallurgical recovery of 94.0%, and average operating cost estimates of US$2.27/t mined (mining), US$15.32/t processed (processing) and US$4.27/t processed (general and administrative) were used for pit shell generation. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,350/oz, metallurgical recovery of 94%, selling costs of US$113.88/oz including royalties, average mining cost of US$2.27/t mined, average processing cost of US$15.32/t processed, and site general costs of US$4.27/t processed.

Hottest Stocks Now

8/19/2020

For Fekola, a gold price of US$1,500/oz, a metallurgical recovery of 94.0%, and average operating cost estimates of US$2.27/t mined (mining), US$15.32/t processed (processing) and US$4.27/t processed (general and administrative) were used for pit shell generation. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,350/oz, metallurgical recovery of 94%, selling costs of US$113.88/oz including royalties, average mining cost of US$2.27/t mined, average processing cost of US$15.32/t processed, and site general costs of US$4.27/t processed.

RH_gold_silver

9/10/2020

For Fekola, a gold price of US$1,500/oz, a metallurgical recovery of 94.0%, and average operating cost estimates of US$2.27/t mined (mining), US$15.32/t processed (processing) and US$4.27/t processed (general and administrative) were used for pit shell generation. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,350/oz, metallurgical recovery of 94%, selling costs of US$113.88/oz including royalties, average mining cost of US$2.27/t mined, average processing cost of US$15.32/t processed, and site general costs of US$4.27/t processed.

B2Gold Corp.

7/7/2020

For Fekola, a gold price of US$1,500/oz, a metallurgical recovery of 94.0%, and average operating cost estimates of US$2.27/t mined (mining), US$15.32/t processed (processing) and US$4.27/t processed (general and administrative) were used for pit shell generation. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,350/oz, metallurgical recovery of 94%, selling costs of US$113.88/oz including royalties, average mining cost of US$2.27/t mined, average processing cost of US$15.32/t processed, and site general costs of US$4.27/t processed.

First Mining DRC-ZAM

6/16/2020

For Fekola, a gold price of US$1,500/oz, a metallurgical recovery of 94.0%, and average operating cost estimates of US$2.27/t mined (mining), US$15.32/t processed (processing) and US$4.27/t processed (general and administrative) were used for pit shell generation. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,350/oz, metallurgical recovery of 94%, selling costs of US$113.88/oz including royalties, average mining cost of US$2.27/t mined, average processing cost of US$15.32/t processed, and site general costs of US$4.27/t processed.

News

Mining Technology

9/11/2020 7:48

B2Gold’s Fekola mill expansion in Mali commissions ahead of schedule

Canada-based mining firm B2Gold has commissioned the mill expansion at its flagship Fekola mine in Mali, which will process 7.5 million tonnes per annum (Mtpa) of ore. Recently, the mining firm partnered with the Government of Mali to assist the country’s people in facing the challenges created by the pandemic as well as its impact on the mining sector. The Fekola gold mine is located in south-western Mali on the border between Mali and Senegal. B2Gold owns an 80% stake in the site, while the remaining interest is with the State of Mali.

International Mining (EU)

9/11/2020 2:47

B2Gold’s Fekola mine expansion starts up ahead of schedule

B2Gold’s Fekola mine expansion starts up ahead of schedule . The company has completed all major construction activities associated with the Fekola mill expansion, as well as successful execution of a process performance test to compare with design expectations, it said. B2Gold acquired Fekola through a merger with Papillon Resources in October 2014, with the company completing construction of the Fekola mill and commencing ore processing more than three months ahead of the original construction schedule and on budget, in September 2017.

PR Newswire

9/10/2020 6:00

B2Gold Reports Successful Commissioning of Fekola Mill Expansion ahead of Schedule; Maintains 2020 Production Guidance and Continues Debt Reduction; Declares Third Quarter Dividend of $0.04 per Share

All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. 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. Readers should refer to B2Gold's Management Discussion and Analysis, available on the Websites, under the heading "Non-IFRS Measures" for a more detailed discussion of how B2Gold calculates certain of such measures and a reconciliation of certain measures to IFRS terms.

E & MJ

9/10/2020 15:49

B2Gold Commissions Fekola Mill Expansion Ahead of Schedule

The expansion at the Fekola mine (above) is completed before the original scheduled date of September 30. The expansion, which included all major construction activities and execution of a process performance test, was scheduled to be completed on September 30. The Fekola mine continues to operate unimpeded and no operational days have been lost due to the recent political developments in Mali or the COVID-19 pandemic, B2Gold said. In addition, the company recently partnered with the government to assist the people of Mali in facing the challenges created by the COVID-19 pandemic and its impact on the mining sector.

Miningreview.com (Africa)

9/10/2020 6:16

B2Gold successfully commissions Fekola mill expansion ahead of schedule

B2Gold has successfully commissioned the mill expansion at its Mali-based Fekola gold mine to 7.5 Mtpa, approximately one month ahead of the scheduled completion date of 30 September 2020. Four days after start-up, a five-day mill performance test was conducted from 26 – 30 August. B2Gold will continue to work with regional and national governments to ensure that its mining operations continue normally, providing important economic benefits to all stakeholders, including our employees, governments and the communities around the mine.

Mining Technology

9/11/2020 4:22

Coronavirus company news summary – India proposes reforms for mining sector – B2Gold commissions mill expansion at Fekola – Metro Mining to close Bauxite Hills Mine

Indian Coal and Mines Minister Pralhad Joshi and officials have reviewed the progress of the country’s mining sector and proposed reforms for stimulating overall economic growth amid the Covid-19 pandemic. Metro Mining has announced plans to close its Bauxite Hills Mine in Cape York as the company struggles to win Chinese contracts. Metro Mining CEO Simon Finnis said that the decision comes due to a dramatic decline in global aluminium prices as China, which is the company’s sole market, stopped buying bauxite to manufacture aluminium during the Covid-19 pandemic.

Seeking Alpha

9/7/2020 23:01

B2Gold: Challenges And Opportunities In Its Operational Environment

Plus, the current higher gold prices together with BTG's strong liquidity position (discussed earlier) would make it easy for the company to fund the project's development once a final construction decision is taken (expected early 2021). The essence of this discussion is that the Malian geopolitical risk (in the context of BTG's Fekola mine in Mali), if materializes, could significantly derail BTG's operating profile keeping in view the contribution of the Fekola mine in delivering low-cost, high-end gold production.

Miningmx (Africa)

9/10/2020 9:33

B2Gold to be debt-free by month-end, projects $900m in 2020 operating cash flow

Commenting in an update, in which it also announced the commissioning of its Fekola mill expansion in Mali, the group said it had repaid $375m of the RCF and “. The Fekola mill has a new capacity of 7.5 million tons in ore a year following its expansion, completed a month ahead of schedule, the company said. Fekola comprised just over 61% of total second quarter gold production which came in at 506,455 oz and 490,206 oz excluding its equity interest in a mine it sold to investment company Calibre last year.

PR Newswire

9/9/2020 8:55

Mining Brief: Fluorspar Industrial Mineral Predicted to Realize Significant Growth as Uses Rise

Ares will again employ More Core Diamond Drilling Services Ltd., to conduct RC drilling for to test for additional fluorspar mineralization within the Lost Sheep fluorspar mine area in Utah to assist planning for possible mining in the future. B2Gold's mining operations at its Fekola Mine have not been affected in any way and the Company continues mining and milling operations as normal. Newmont can exercise the Option only in the event Kirkland intends to restart operations at the Holt Mine and process material subject to the Holt Royalty.

Country

Mali

Minerals

Gold

Resource Estimate

Indicated Mineral Resource

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