Name of the Project
Back River Gold – Goose mine gold project.

Location
Back River district, in Nunavut, Canada.

Project Owner/s
B2Gold acquired Sabina Gold & Silver Corp in April 2023.

Project Description
The project involves the underground development at the Umwelt deposit and openpit mining at the Echo deposit.

B2Gold has opted for an accelerated underground development plan, which will increase gold output in the first five years to more than 300 000 oz/y.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated after-tax net present value, at a 5% discount rate, of C$1.1-billion and an internal rate of return of 28%, with a payback of 2.3 years.

Capital Expenditure
C$1.54-billion.

Planned Start/End Date
Ramp-up to full production is expected in the third quarter of 2025.

Latest Developments
B2Gold has revised the capital expenditure estimate for the Goose project by 23% to C$1.54-billion.

The increase is primarily owing to a three-month delay in the expected start of gold production, now pushed to the second quarter of 2025. The delay, which was previously announced, is linked to an additional three months of mining added to the schedule. This adjustment ensures alignment of the Umwelt openpit, underground development, and crown pillar activities, and provides significant tailings storage capacity in the Echo openpit. Consequently, the mill is now expected to begin wet commissioning in the second quarter of 2025, with full production ramp-up anticipated in the third quarter.

Further, the acceleration of certain capital expenses, which were initially scheduled for after the start of production, has contributed to the revised estimate.

To date, B2Gold has invested C$1-billion in the construction and development of the mine, representing 66% of the total estimated cost before gold production starts. The company anticipates an additional C$530-million in expenses from July 1, 2024, until the start of production.

Despite the increased costs, B2Gold has noted that it remains in a robust financial position. As of June 30, 2024, the company reported a working capital balance of C$600-million and has access to an undrawn C$700-million revolving credit facility.

The company also expects to generate operating cash flow from its existing operations.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
B2Gold, tel +1 604 681 8371 or email investor@b2gold.com.