B2GOLD CORP

Raised US$460 million of 2.75% convertible senior unsecured notes due February 2030, having launched at US$350 million on 22 January, upsized to US$400 million at pricing and taken the full US$60 million over-allotment at closing on 28 January. The conversion price is about US$3.17 a share, or 315.2088 shares per US$1,000.

debt financing

Filed the Fekola Complex technical report as at December 2023, consolidating the mine, Cardinal, Anaconda and Dandoko: probable reserves of 61.8 million tonnes at 1.70 g/t for 3.39 million ounces and indicated resources of 155.4 million tonnes at 1.28 g/t for 6.39 million ounces, on a 100% basis. B2Gold holds 80% of the Fekola pit and 90% of Anaconda and Dandoko, with Mali entitled under its 2023 mining code to acquire up to a further 20% plus 5% in the latter two.

resource reserve update

Closed the Oklo acquisition, issuing 10.74 million shares and paying about A$27.4 million cash, and folding the Dandoko project into the Fekola Complex. Oklo had reported a March 2021 measured and indicated resource at Dandoko of 8.70 million tonnes at 1.88 g/t for 528,000 ounces. B2Gold's 2022 Mali drilling programme was about 161,000 metres for US$35 million.

business combination

Agreed to acquire Oklo Resources for 0.0206 B2Gold shares plus A$0.0525 cash per share, about A$91.3 million in total including roughly A$27.4 million of cash, issuing about 1% of its own stock. The purchase adds 1,405 square kilometres in Mali including the 550 square kilometre Dandoko project.

business combination

The Anaconda area, 20km from Fekola, was given a maiden indicated resource of 32.4 million tonnes at 1.08 g/t for 1.13 million ounces plus 63.7 million tonnes at 1.12 g/t for 2.28 million ounces inferred, a 196% increase in inferred ounces. B2Gold said selective saprolite averaging 2.2 g/t could be trucked to the Fekola mill from as early as late 2022, subject to permits.

resource reserve update

Mali granted a new exploration permit over the same ground as the disputed Menankoto permit, restoring access to the Anaconda area, and B2Gold published an increased resource for the Cardinal-FMZ zone 500 metres from the Fekola pit. Drilling was to restart by 15 February 2022.

resource reserve update

Reached agreement in principle with Mali: the state will grant a new exploration permit over the same Menankoto ground to a new B2Gold subsidiary, and in exchange B2Gold will withdraw the ICSID arbitration it started in June. The permit was formally received on 2 February 2022.

regulatory community update

Closed the Kiaka sale, receiving US$22.5 million cash and 22.19 million West African Resources shares plus the royalties, with US$45 million still deferred. B2Gold also closed the sale of its 90% of the Toega project to the same buyer for US$18 million in total plus a further 2.7% royalty, exiting Burkina Faso.

asset acquisition disposition

Agreed to sell 81% of the Kiaka project in Burkina Faso to West African Resources for US$45.45 million payable up front and on closing, a further US$45 million on the earlier of a construction start, a positive feasibility study or October 2022, and net smelter royalties of 2.7% on the first 2.5 million ounces and 0.45% on the next 1.5 million. Kiaka came with the 2013 Volta acquisition and was never built by B2Gold.

asset acquisition disposition

Escalated the Menankoto dispute into ICSID arbitration against the Republic of Mali under the 2012 mining code convention, to be heard in Paris. A producing company suing its host government over exploration ground, three months after the renewal was refused.

regulatory community update

Mali told B2Gold in March 2021 that the Menankoto exploration permit, part of the Anaconda area 20km north of Fekola, would not be renewed, despite the company's view that renewal was its right in law. Fekola's own life-of-mine plan and its 530,000-560,000 ounce 2021 guidance do not depend on Anaconda, so the immediate production risk was limited.

regulatory community update

The updated Gramalote assessment put a 13.6-year open pit at 3.85 million ounces, averaging 416,600 ounces a year for the first five years and 283,990 over the life at US$544 cash cost and US$648 all-in sustaining cost. B2Gold took over as manager of the joint venture with AngloGold Ashanti from 1 January 2020.

resource reserve update

Fekola's indicated resource at December 2019 rose to 110.6 million tonnes at 1.70 g/t for 6.052 million ounces, up 1.29 million ounces or 15.4% on a year earlier after allowing for the 455,810 ounces mined in 2019, and up 79% on the 2015 feasibility estimate after allowing for 1.006 million ounces of cumulative production. Fekola passed its first million ounces produced in late December 2019, two and a half years after start-up.

resource reserve update

Closed the Nicaragua sale to Calibre, taking 87.99 million Calibre shares for about 28.35% of the company, US$40 million cash, a US$10 million 2% convertible debenture due October 2021 and a further US$10 million payable in October 2020.

asset acquisition disposition

Drilling extended the shallow high-grade saprolite zone at Mamba, 20km from Fekola, to more than a kilometre of strike and found a wide sulphide zone directly beneath it, which B2Gold read as a possible second Fekola-type deposit. Infill drilling also upgraded 19% of Fekola's inferred resource toward indicated, and B2Gold raised its 2019 Mali exploration budget by US$3 million to US$20.5 million.

drilling result

Agreed to sell the El Limon and La Libertad mines, the Pavon project and other Nicaraguan concessions to Calibre Mining for US$100 million in cash, Calibre shares and a convertible debenture, leaving B2Gold with about 31% of Calibre, a board seat and an advisory role. The two mines had produced over 1.4 million ounces since 2010 and were guided at 150,000-160,000 ounces for 2019.

business combination

Approved the Fekola expansion on the strength of a preliminary economic assessment, lifting plant throughput by 1.5 million tonnes a year to 7.5 million without a new ball mill or extra power generation. The study was driven by the much larger resource declared in October 2018 rather than by new ground.

resource reserve update

Fekola's indicated resource was raised to 92.81 million tonnes at 1.92 g/t for 5.73 million ounces, plus 1.37 million inferred, on 192,000 metres of drilling in 928 holes. Against probable reserves of 3.7 million ounces at the start of production this is a substantial increase, and it underpinned a mill expansion study then in progress.

resource reserve update

More West African drill results, including 15.50m at 8.49 g/t north of Fekola, 26m at 5.44 g/t in a new saprolite zone, and 16m at 4.16 g/t at Kiaka. On the strength of them B2Gold decided to build the Fekola mill with a 25% design margin, potentially 5 million tonnes a year against the feasibility 4 million, for an extra US$15-20 million.

drilling result

Put together the balance of the Fekola construction funding: gold prepaid sales of up to US$120 million approved by members of the revolving credit syndicate led by HSBC, a mining equipment facility of about US$81 million, and an increase to the Otjikoto equipment loan. The prepaid sales are forward metal deliveries over 33 months at an average all-in funding cost of 4.00%, not a loan, so the gold is committed rather than the cash borrowed.

debt financing

The 2015 exploration update extended Fekola 700 metres down plunge below the feasibility pit, with 45.38m at 4.77 g/t in hole FKD_181, and found a new zone near Kiaka at 106m of 2.21 g/t. Fekola remained open along strike to the north and down plunge.

drilling result

The optimised Fekola feasibility study set out a 12.5-year open pit averaging 350,000 ounces a year at US$418 cash cost for the first seven years, on probable reserves of 49.2 million tonnes at 2.35 g/t for 3.72 million ounces, for US$395 million of pre-production capital plus US$67 million of leased fleet. B2Gold started construction and closed a US$350 million revolving credit facility the same day.

resource reserve update

Signed a US$350 million revolving credit facility with a syndicate led by HSBC and including Scotiabank, Societe Generale and ING, with an accordion allowing an increase to US$450 million. Availability was still subject to customary closing conditions at this point; the facility closed alongside the Fekola feasibility study in June 2015.

debt financing

Record 2014 production of 384,003 ounces, with a record fourth quarter of 111,804 ounces at US$646 cash operating cost and US$946 all-in sustaining cost, on a realised gold price of US$1,193. Otjikoto reached commercial production on 28 February 2015, and 2015 was guided about 35% higher at lower unit cost.

production update

Otjikoto reached commercial production on 28 February 2015, ahead of schedule and above budget: 8,587 ounces in January against a plan of 8,267 and 10,228 in February against 8,863, helped by mill availability of 89.6% against a budgeted 70% and throughput 34% above plan.

production update

Poured first gold at Otjikoto in Namibia a week ahead of schedule, about twenty months after the ground-breaking, on 1.3 million cubic metres of earth fill, 20,000 cubic metres of concrete and over 3 million man-hours. Only the second gold mine in the country.

production update

The Federal Court of Australia gave final approval to the Papillon scheme, with implementation and share issue expected on 3 October 2014.

business combination

Otjikoto construction stayed on budget for a late-2014 start, with all major excavations done, over 16,000 cubic metres of concrete poured and about 1,000 people on site, and more high-grade Wolfshag drill results alongside. The feasibility case is about 141,000 ounces a year at US$525 cash cost for five years and 112,000 ounces at US$689 over the mine life.

drilling result

Agreed to merge with Papillon Resources at 0.661 B2Gold shares per Papillon share, about A$1.72 each and roughly US$570 million, to acquire the Fekola project in Mali. B2Gold noted its own share price had fallen since the approach, cutting the implied premium from 36.5% to 20.6%.

business combination

The Gramalote preliminary economic assessment in Colombia, on the 51% AngloGold Ashanti and 49% B2Gold joint venture, outlined a 14-year open pit producing 4.445 million ounces in total, 317,500 a year at US$664 cash cost, for US$1,176 million of pre-production capital. At a US$1,351 gold price the after-tax return was only 11.5% with a 4.8-year payback.

resource reserve update

Declared a maiden inferred resource for the Wolfshag zone at Otjikoto of 6.8 million tonnes at 3.2 g/t for 703,000 ounces, more than twice the 1.42 g/t average grade of the main Otjikoto pit it sits beside. The zone was traced 1,600 metres down plunge and found only during 2013 drilling, while the mine itself was still under construction.

resource reserve update

Closed the Volta acquisition, issuing 23.33 million B2Gold shares plus 2.08 million on options. B2Gold now has about 675 million shares outstanding with former Volta holders at roughly 3.4% fully diluted, and owns 81% of Kiaka in Burkina Faso.

business combination

Agreed to buy Volta Resources for 0.15 B2Gold shares per Volta share, about C$0.42 each and roughly US$63 million in total, a 106% premium to the previous close. The prize is 81% of the Kiaka project in Burkina Faso, which a 2012 pre-feasibility put at about 340,000 ounces a year for ten years.

business combination

Closed the convertible note issue at US$258.75 million after the initial purchasers took the full US$33.75 million over-allotment on 20 August. The notes carry 3.25% to 1 October 2018 and convert at about US$3.93 a share.

debt financing

Launched a private placement of US$225 million of convertible senior subordinated notes due 2018 for general corporate purposes, with a 30-day over-allotment option for a further US$33.75 million.

debt financing

Drilling at the newly found Wolfshag zone beside the Otjikoto pit in Namibia returned high grades, including 18.85m at 5.84 g/t and 13.55m at 6.83 g/t, from 107 holes for 22,194 metres year to date. B2Gold presented it as potential to expand production and mine life at a project already under construction for a fourth-quarter 2014 start.

drilling result