B2Gold (BTO) Corporate presentation summary

Corporate strategy and financial position

• Focus on responsible mining, maximizing profitable gold production, and maintaining strong cash flow while returning capital to shareholders.

• Pursues organic growth through development, exploration, and investment in junior companies, alongside evaluating global M&A opportunities.

• As of September 30, 2024: C$5.8B market cap, $431M cash, $200M debt, $500M undrawn credit facility, and a $0.04 quarterly dividend per share.

Production profile and guidance

• 2024 gold production guidance: 800,000–870,000 oz at $835–$895/oz cash operating costs and $1,420–$1,480/oz AISC.

• 2025 outlook: 1,030,000–1,150,000 oz, driven by increased output from Fekola Complex and Goose Project.

• YTD 2024 production: 599,000 oz at $865/oz cash costs and $1,405/oz AISC.

Key assets and growth projects

• Operates mines in Mali (Fekola), Namibia (Otjikoto), Philippines (Masbate), and is developing the Goose Project in Nunavut, Canada.

• Goose Project: First gold expected Q2 2025, targeting 310,000 oz/year (2026–2031), with C$1,540M revised capex.

• Fekola Complex: 2024 guidance of 420,000–450,000 oz; regional expansion and underground development to add 80,000–100,000 oz/year.

• Gramalote Project (Colombia): PEA outlines 185,000 oz/year over 12.5 years at $622/oz cash costs and $886/oz AISC.