Projects

Summary of Mineral Reserve & Mineral Resource Estimates

Mineral Reserves are reported from pit designs and underground stope designs based on Indicated Mineral Resources. Mineral Resources are reported inclusive of those Mineral Resources that have been converted to Mineral Reserves.

Economic parameters such as mining costs, processing costs, metallurgical recoveries and geotechnical considerations have been applied to determine economic viability of the Mineral Reserves based on a gold price of US$1,500 per ounce (“/oz”) (unless otherwise stated). Mineral Reserves contained in stockpiles that meet the project-specific Mineral Reserve cut-off grades are also included for the Fekola Mine, the Masbate Gold Project and the Otjikoto Mine.

Mineral Resources amenable to open pit mining are constrained with conceptual pit shells defined by economic parameters and using a gold price of US$1,800/oz. Mineral Resources amenable to underground mining methods are reported above cut-off grades defined by site operating costs and using a gold price of US$1,800/oz. Mineral Resources contained in stockpiles that meet the project-specific cut-off grades are also included for the Fekola Mine, the Masbate Gold Project and the Otjikoto Mine. Gold grades are expressed in grams per tonne of gold (“g/t Au”).

Mineral Reserve and Mineral Resource estimates for our operating mines have been updated to account for mining depletion, using topographic surfaces as of December 31, 2021. These Mineral Reserve and Mineral Resource estimates are reported by project/mine on both a 100% project basis reflecting the total Mineral Resources and Mineral Reserves and the applicable project/mine specific attributable basis reflecting our ownership interest (details in table footnotes below).

Probable Mineral Reserves Statement

Country Mine or Project 100% Project Basis Attributable Ownership Basis
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces
(x 1,000)
Ownership
Percentage
(%)
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces
(x 1,000)
Mali Fekola 62,000 1.86 3,710 80 49,600 1.86 2,960
Philippines Masbate 73,500 0.80 1,890 1003 73,500 0.80 1,890
Namibia Otjikoto 11,600 1.66 620 90 10,400 1.66 560
Total Probable Mineral Reserves
(includes stockpiles)
6,210   5,410
Notes: (Click to expand)
1.Mineral Reserves have been classified using the CIM Standards. 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.
2.Fekola Mine: Mineral Reserves are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali. The Mineral Reserves have an effective date of December 31, 2021 and have been prepared by Peter Montano, P.E., our Vice President, Projects, and a Qualified Person under NI 43-101. Mineral Reserves of the Fekola Mine are based on a conventional open pit mining method, gold price of US$1,500/oz, metallurgical recovery of 94%, selling costs of US$126.38/oz including royalties, average mining cost of US$2.42/t mined, average processing cost of US$15.24/t processed, and site general costs of US$6.93/t processed. Reserve model dilution and ore loss for Fekola was applied through whole block averaging such that at a 0.65 g/t cut-off grade there is a 0.3% increase in tonnes, a 1.3% reduction in grade, and 1.0% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves are reported above a cut-off grade of 0.65 g/t Au. Mineral Reserves of the Cardinal Zone (defined below) are based on a conventional open pit mining method, gold price of US$1,500/oz, metallurgical recovery of 94%, selling costs of US$126.38/oz including royalties, mining costs ranging from US$1.90/t mined for saprolite to US$2.40 for fresh rock, processing costs ranging from US$8.87/t processed for saprolite to US$13.61/t processed for fresh rock, and site general costs of US$0.44/t processed. Reserve model dilution and ore loss for the Cardinal Zone was applied through whole block averaging such that at a 0.40g/t cut-off grade there is a 26% increase in tonnes, a -24% reduction in grade, and 5.0% reduction in ounces when compared to the subcell model. Mineral Reserves are reported above a cut-off grade of 0.65 g/t Au.
3.Masbate Gold Project: Mineral Reserves are reported on a 100% project and attributable basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. We have a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements, and the remaining 60% is owned by Zoom Mineral Holdings Inc. (“Zoom”), a Philippine shareholder company. Please see “Material Properties – Masbate Gold Project” in B2Gold’s 2022 AIF for a further discussion of the foregoing. The Mineral Reserves have an effective date of December 31, 2021. The Qualified Person for the estimate is Peter Montano, P.E., our Vice President, Projects, and a Qualified Person under NI 43-101. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,500/oz, modeled metallurgical recovery (resulting in average LOM metallurgical recoveries by pit that range from 64% to 89%), and average base operating cost estimates of US$1.60-$1.90/t mined (mining), US$12.95/t processed (processing) and US$4.22/t processed (general and administrative). Dilution and ore loss were applied through whole block averaging such that at a cut-off grade of 0.45 g/t Au, there is a 5.8% increase in tonnes, a 5.5% reduction in grade and 0.1% increase in ounces when compared to the Mineral Resource model. Mineral Reserves are reported at cut-off grades that range from 0.36–0.38 g/t Au.
4.Otjikoto Mine: Otjikoto Mineral Reserves are reported on a 100% project and a 90% attributable basis, the remaining 10% interest is held by EVI Mining (Proprietary) Ltd. (“EVI”), a Namibian empowerment company. The Otjikoto Mine Mineral Reserves within the open pits and stockpiles have an effective date of December 31, 2021 and have been prepared by Peter Montano, P.E., our Vice President, Projects, and a Qualified Person under NI 43-101. Mineral Reserves to be mined using open pit methods or in stockpiles are based on a conventional open pit mining method, gold price of US$1,500/oz, metallurgical recovery of 98%, selling costs of US$63.61/oz Au including royalties and levies, average mining cost of US$2.55/t mined, average processing cost of US$12.60/t processed, and site general costs of US$3.36/t processed. Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.45 g/t Au cut-off grade there is a 2.3% decrease in tonnes, a 2.2% reduction in grade, and a 4.4% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves to be mined using open pit methods or in stockpiles are reported above a cut-off grade of 0.45 g/t Au. Mineral Reserves to be mined using underground methods at Wolfshag have an effective date of December 31, 2021, and have been prepared Randy Reichert, P. Eng, our Vice President, Operations, and a Qualified Person under NI 43-101. Mineral Reserves to be mined using underground methods are based on a modified transverse longhole stoping mining method, gold price of US$1,350/oz, metallurgical recovery of 98%, selling costs of US$63.49/oz including royalties and levies, average mining cost of US$84.83/t mined, average processing cost of US$12.06/t processed, general costs of US$3.07/t processed, 10% dilution, and 90% mining recovery. Mineral Reserves to be mined using underground methods are reported above a cut-off grade of 2.68 g/t Au.
5.Stockpiles: Mineral Reserves in stockpiled material are reported in the totals for the Fekola Mine, the Masbate Gold Project and the Otjikoto Mine, and were prepared by mine site personnel at each operation. Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine grade control (“GC”) methods. Stockpile cut-off grades vary by deposit, from 0.40 – 0.65 g/t Au.

Indicated Mineral Resource Statement 

Country Mine or Project 100% Project Basis Attributable Ownership Basis
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces
(x 1,000)
Ownership
Percentage
(%)
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces
(x 1,000)
Mali Fekola

102,800

1.51 4,980 80 82,200 1.51

3,980

Anaconda Area 32,400 1.08 1,130 80 and 85 27,100 1.08 940
Cardinal 8,000 1.67 430 80 6,400 1.67 340
Philippines Masbate 126,500 0.78 3,180 1005 126,500 0.78

3,180

Namibia Otjikoto 48,200 0.88 1,370 90 43,400 0.88

1,230

Colombia Gramalote 173,400 0.73 4,060 50 86,700 0.73

2,030

Total Indicated Mineral Resources
(includes Stockpiles)
15,140  

11,700

Inferred Mineral Resource Statement

Country Mine or Project 100% Project Basis Attributable Ownership Basis
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces
(x 1,000)
Ownership
Percentage
(%)
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces
(x 1,000)
Mali Fekola 10,100 1.23 400 80 8,100 1.23 320
Anaconda Area 63,700 1.12 2,280 80 and 85 53,100 1.12 1,890
Cardinal  19,000 1.21 740 80 15,200 1.21 590
Philippines Masbate 27,800 0.77 690 1005 27,800 0.77 690
Namibia Otjikoto 6,600 1.80 380 90 6,000 1.80 340
Colombia Gramalote 58,200 0.59 1,100 50 29,100 0.59 550
Total Inferred Mineral Resources 5,590   4,390
Notes: (Click to expand)
1.Mineral Resources have been classified using the CIM Standards. Mineral Resources are reported 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. 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.
2.Fekola Mine: Mineral Resources are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali. Mineral Resources have an effective date of December 31, 2021. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., Vice President, Projects. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,800/oz, metallurgical recovery of 94%, selling costs of US$151.13/oz including royalties, average mining cost of US$2.42/t mined, average processing cost of US$15.24/t processed, and site general costs of US$6.93/t processed. Mineral Resources are reported at a cut-off grade of 0.40 g/t Au.
3.Cardinal Zone: Mineral Resources are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali (as part of the Médinandi Exploitation Licence). Mineral Resources have an effective date of December 31, 2021. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,800/oz, metallurgical recovery of 94%, selling costs of US$151.00/oz including royalties, and operating cost estimates of US$1.90–US$2.40/t mined (mining), US$8.37–US$13.11/t processed (processing), US$0.50/t processed (haulage), and US$0.44/t processed (general and administrative). Mineral Resources are reported at a cut-off grade of 0.25 g/t Au for oxide and 0.40 g/t Au for sulphide.
4.Anaconda Area (as defined below): Mineral Resources are reported on a 100% project and an 85% attributable basis for the Menankoto Permit. Under the applicable Malian mining legislation, the State of Mali has a 10% free-carried interest with an option to acquire an additional 10% participating interest (which option has not been exercised to date), and 5% is held by a Malian third party. Mineral Resources are reported on an 80% attributable basis for the Bantako Nord Permit (as defined below)]. Under the applicable Malian mining legislation, the State of Mali has a 10% free-carried interest with an option to acquire an additional 10% participating interest (which option has not been exercised to date), and 10% is held by a Malian third party. Mineral Resources have an effective date of January 11, 2022. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,800/oz, metallurgical recovery of 94%, selling costs of US$151.00/oz including royalties, and operating costs of US$0.97–US$2.00/t mined (mining at surface) plus a sinking rate of US$0.035 per 10 metres (“m”) depth, US$8.37–US$13.11/t processed (processing), US$3.50/t processed (haulage), and US$2.33/t processed (general and administrative).  Mineral Resources are reported at a cut-off grade of 0.30 g/t Au for oxide and a cut-off grade of 0.40 g/t Au for sulphide.
5.Masbate Gold Project: Mineral Resources are reported on a 100% project and attributable basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. We have a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements, and the remaining 60% is owned by Zoom, a Philippine shareholder company. Please see “Material Properties - Masbate Gold Project” in B2Gold’s 2022 AIF for a further discussion of the foregoing. Mineral Resources have an effective date of December 31, 2021. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Vice President, Projects. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,800/oz, modeled metallurgical recovery (resulting in average metallurgical recoveries by resource area that range from 59% to 89%), and operating cost estimates of US$1.60–US$1.92/t mined (mining), US$11.87/t processed (processing) and US$2.53–US$4.22/t processed (general and administrative). Mineral Resources are reported at an average cut-off grade of 0.34 g/t Au.
6.Otjikoto Mine: Mineral Resources are reported on a 100% project and a 90% attributable basis, the remaining 10% interest is held by EVI, a Namibian empowerment company. Mineral Resources have an effective date of December 31, 2021. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Vice President, Projects. Mineral Resource estimates that are amenable to open pit mining methods are reported within a conceptual open pit based on a gold price of US$1,800/oz, metallurgical recovery of 98%, selling costs of US$75.49/oz including royalties and levies, and operating cost estimates of US$2.55/t mined (mining), US$12.60/t processed (processing) and US$3.36/t processed (general and administrative). Mineral Resources that are amenable to open pit mining are reported at a cut-off grade of 0.27 g/t Au. Mineral Resources that are amenable to underground mining are reported at cut-off grades of 1.5, 2.25 or 3.25 g/t Au and a minimum thickness of 1.5 m.
7.Gramalote Project: Mineral Resources are reported on a 100% project and a 50% attributable basis, the remaining 50% interest is held by a subsidiary of AngloGold. The Mineral Resource estimate has an effective date of December 31, 2020. The Qualified Person for the estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. Mineral Resources assume an open pit mining method and are reported within a conceptual pit based on a gold price of US$1,800/oz., metallurgical recovery of 81.7% to 84% for oxide and 90.9% to 97.6% for sulphide, and operating cost estimates of US$1.99–US$2.36/t mined (average mining cost), US$4.79–US$4.89 for oxide, US$7.45–US$7.55/t for sulphide processed (processing) and US$2.10/t processed (general and administrative). Mineral Resources are reported at cut-off grades of 0.15 g/t Au for oxide and 0.18 g/t Au for sulphide.
8.Stockpiles: Mineral Resources in stockpiled material are reported in the totals for the Fekola Mine, the Masbate Gold Project and the Otjikoto Mine and were prepared by mine site personnel at each operation. Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine GC methods.
 

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