Name of the Project
Gramalote gold project.

Location
The project is located in the province of Antioquia, in Colombia.

Project Owner/s
The project is a joint venture (JV) between B2Gold and AngloGold Ashanti.

Project Description
An updated preliminary economic assessment (PEA) has proven positive. Based on the PEA, B2Gold believes that the project has the potential to become a large, low-cost openpit gold mine.

The PEA envisages an openpit gold mine, with an initial life-of-mine (LoM) of 13.6 years, based on current indicated and inferred mineral resources (for Gramalote Ridge only). Indicated resources are estimated at 78.2-million tonnes grading 0.85 g/t gold and inferred resources at 129.2-million tonnes grading 0.68 g/t gold.

The PEA is based solely on production from the Gramalote Ridge deposit and does not include potential production from the nearby Trinidad deposit.

The openpit operation will move up to 50-million tonnes a year, with an 11-million-tonne-a-year processing plant that includes crushing, grinding and flotation, with fine grinding of the flotation concentrate and agitated leaching of the flotation concentrate and the flotation tails, followed by a carbon-in-pulp recovery process to produce doré bullion.

Gold production is estimated at 3.85-million ounces, with average gold production for the first five years estimated at 416 600 oz.

Potential Job Creation
Not stated.

All-in Sustaining Cost
The project has an average LoM all-in sustaining cost of $648/oz gold, and average LoM all-in costs, including preproduction capital costs, of $882/oz gold.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 5% discount rate, of $1.02-billion and an after-tax internal rate of return of 18.1% at the project decision date, with a project payback period of
3.6 years.

Capital Expenditure
The PEA estimates preproduction capital costs of $901-million. This includes about $160-million for mining equipment.

B2Gold is completing an estimated 42 500 m of infill drilling at Gramalote Ridge to convert existing inferred mineral resources to an indicated category, and 7 645 m of geotechnical drilling for site infrastructure.

Planned Start/End Date
Not stated.

Latest Developments
The JV plans to continue ongoing feasibility work to optimise the PEA results and a final feasibility study is expected to be completed by
December 31, 2020.

The JV partners have agreed on a budget for the feasibility study of about $37-million until the end of 2020. This budget will fund 42 500 m of infill drilling to convert the existing inferred mineral resources to the indicated category, and 7 645 m of geotechnical drilling for site infrastructure. The company expects to complete all drilling by the end of May 2020.

In addition, the budget will fund feasibility work, including an updated mineral resource estimate, detailed mine planning, ongoing environmental studies, additional metallurgical testwork, engineering and detailed economic analysis.

Key Contracts and Suppliers
None stated.

Contact Details for Project Information
B2Gold investor and public relations manager Katie Bromley, tel +1604681 8371 or email kbromley@b2gold.com.
AngloGold Ashanti, Sabrina Brockman, tel +1 646 880 4526 or email sbrockman@anglogoldashanti.com.