Name of the Project
Fekola gold mine expansion project.

Location
Mali.

Project Owner/s
B2Gold.

Project Description
Fekola has total mineral reserves of 56.73-million tonnes grading 1.74 g/t gold and indicated resources of 147.6-million tonnes grading 1.33 g/t gold, as well as inferred resources of 85.51-million tonnes grading 1.12 g/t of gold.

The project comprises the Fekola mine, with the Medinandi permit hosting the Fekola and Cardinal zones; and Fekola Regional, with the Anaconda Area hosting the Bantako, Menankoto, Bakolobi and Dandoko permits.

B2Gold is progressing an engineering study of a Fekola Regional standalone mill and oxide processing facilities, which are expected to be located on the Anaconda Area.

Construction of a standalone oxide mill would constitute Phase 2 of the Fekola Regional development plan. The engineering study will be based on processing four-million tonnes a year of saprolite and transitional (oxide) resources.

The optimisation study analysis indicates that the combined Fekola mine and Fekola Regional processing facilities could produce more than 800 000 oz/y of gold from the Fekola Complex, subject to the delineation of additional mineral resources and development, the completion of feasibility studies and the receipt of all necessary regulatory approvals and permits.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Not stated.

Planned Start/End Date
Not stated.

Latest Developments
B2Gold has reported that its Fekola mining operation has the potential to significantly increase production.

The Toronto miner’s optimisation study analysis indicates that the combined Fekola mine and Fekola regional processing facilities have the potential to produce more than 800 000 oz/y of gold, subject to the delineation of additional mineral resources.

This is substantially more than what the mine is expected to produce this year, with a guidance of 580 000 oz to 610 000 oz for 2023. In the first quarter, Fekola produced 165 864 oz at an all-in sustaining cost of $964/oz.

Fekola produced its three-millionth ounce of gold on April 27. This milestone was accomplished five years and seven months from construction completion, and three years earlier than estimated in the Fekola feasibility study of June 2015.

B2Gold has noted that Fekola production has met, or exceeded, production projections in every year of its operation.

Key Contracts, Suppliers and Consultants
None stated.

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