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MASBATE PRODUCTION OVERVIEW (i) Q1 2018 - Q3 2018 79 Workforce and contractors account for almost 1,900 people at site (non-union worksite) Safety achievement: to date the site is 3 years (17.8 M manhours) LTI 1 -free as of October 14, 2018 The site holds an Environmental Compliance certificate for ISO 14001-2015 Two principle ore sources to the end of Q3 2018 (Colorado and Main Vein pits) Colorado Pit was completed mid-q3 2018 (ahead of schedule to avoid wet season impacts) Pre-development of Montana Pit for 2019 ore production Total movement of mined material improved on budget (+9%): In-pit dumping opportunities (Colorado Pit), therefore shorter hauls Improved excavator productivity due to softer digging conditions/blast fragmentation, large floor areas (Main Vein stage 3 and Man Vein stage 4) Overall improvement on unit rates, as costs have been maintained at budget for increased movement of mined material 1. Lost-time-injury
MASBATE PRODUCTION OVERVIEW (ii) Q1 2018 - Q3 2018 80 Process plant performance exceeding budget Recovery is approx. 7% higher than budget predictions Higher oxide ore component (62% oxide vs 35% budgeted) Colorado Pit accelerated mining, resource block model predictions from wide-spaced drilling, backfill material has higher recovery than in-situ material Feed grade to the mill is 6% higher than budget predictions (low-grade ore replaced in mill schedule by high-grade ore due to more high grade coming from pits) Throughput better than budget by 4% (softer ore conditions from higher oxide component and fragmentation achieved in the pit) Overall ounces produced 22% ahead of budget Positive impact on cost/oz as unit costs have been improved
MASBATE MINE: THE PHILIPPINES OPEN PIT 81 GOLD PRODUCTION YTD 2018: 164,943 oz 22% ABOVE BUDGET 2018 ANNUAL GUIDANCE 2 200 Koz - 210 Koz Q1 2018 53,147 oz Q2 2018 54,254 oz Q3 2018 57,542 oz YTD 2018 164,943 oz Probable gold reserves 1 Indicated gold resources 1 Inferred gold resources 1 2.42 Moz 3.41 Moz 0.19 Moz CASH OPERATING COSTS (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 3 AISC (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 3 25% BELOW BUDGET $707 $528 25% BELOW BUDGET $710 $534 $545 $595 26% BELOW BUDGET $907 $675 23% BELOW BUDGET $930 $717 $780 $830 2019 E gold production 190 Koz 200 Koz 2018 exploration budget $5 M 2018 capex $49 M Q3 2018 YTD 2018 Q3 2018 YTD 2018 1. Refer to pages 14-17 in B2Gold s Annual Information Form, dated March 23, 2018, for Mineral Reserves & Resources summary, and respective footnotes 2. Guidance revised: Refer to Q3 & YTD 2018 Production & Revenue news release, dated October 11, 2018 3. Guidance revised: Refer to Q3 & YTD 2018 Earnings news release, dated November 6, 2018
MASBATE PRODUCTION: Q1 2018 - Q4 2018 82 Q1 2018 Q2 2018 Q3 2018 Q4 2018 est 2018 est MINE Ore tonnes 2,552,282 2,090,409 1,954,821 1,900,000 8,500,000 Grade (g/t) 1.00 1.16 1.24 1.20-1.30 1.1-1.2 Waste tonnes 6,794,331 7,192,928 7,483,699 7,500,000 29,00,000 Total tonnes 9,346,613 9,283,336 9,438,520 9,500,000 37,500,000 MILL Processed tonnes 1,792,579 1,686,716 1,762,124 1,650,000-1,750,000 6,900,000-7,000,000 Grade (g/t) 1.17 1.29 1.39 1.35-1.45 1.25-1.35 Recovery (%) 78.5 77.3 73.0 72.0-74.0 74.0-77.0 Gold production (oz) 53,147 54,254 57,542 45,000-55,000 200,000-210,000
MASBATE OPERATIONS 2019: SUMMARY 83 Annual production guidance is 1 190 Koz to 200 Koz Milling will average 8.0 Mtpa: Expansion to be in operation at end of 2018 Non-production components to be completed in Q1 2019 and Q2 2019 Mining from Main Vein Phase 3 (fresh), Main Vein Phase 4 (fresh and oxide), Main Vein HMBE (fresh and oxide) and Montana (oxide and transition): 27 Mt of waste 6 Mt of ore including 650 thousand tonnes ( Kt ) of oxide Tailings stage 11 to be completed in Q1 2018: Stage 12 delayed until 2022 due to successful water treatment Design, permitting, and early works to continue (road and pipeline relocations) Capital expenditures will include: land acquisition, tailings storage facility ( TSF ) construction and engineering, capitalized rebuilds of mining fleet, and completion of the 8.0 Mtpa expansion project New mining areas: Montana South is in production now, with Montana North production forecast in Q1 2019 Blue Quartz early works to commence in late 2019, dependent upon permit progress 1. To be updated when the fiscal 2019 budget is completed
EXPANSION UPDATE 8 MTPA PLANT UPGRADE 84 Consists of: 6 MW ball mill Upgraded pebble crusher Additional tails pump stage Transfer pumps Additional cyclone nest Increased return water capacity Mill feed conveyor drive upgrade Elution circuit upgrade Current schedule: Expected to commission in Q1 2019 On schedule and on budget
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