September 2015 denver gold show

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A PROFITABLE, GROWTH-ORIENTED, INTERMEDIATE GOLD PRODUCER SEPTEMBER 2015 Cautionary Statement This presentation includes certain “forward-looking statements” within the meaning of applicable securities laws All statements, other than statements of historical fact, included herein including, without limitation, statements relating to B2Gold’s future operating or financial performance, are forward-looking statements Forward-looking statements are frequently, but not always, identified by words such as “plans”, “expects”, “anticipates”, “budgets”, “believes”, “intends”, “estimates”, “potential”, “possible” and similar expressions, or statements that events, conditions or results “will”, “may”, “could”, or “should” occur or be achieved These forward-looking statements may include statements regarding perceived merit of properties; anticipated production; exploration results and budgets; mineral reserves and resource estimates; work programs; capital expenditures; timelines; strategic plans; completion of transactions; market price of precious base metals; or other statements that are not statements of fact Forward-looking statements involve various risks and uncertainties There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements Important factors that could cause actual results to differ materially from our expectations include the uncertainties involving [risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases; fluctuations in metal prices and currency exchange rates; the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for cooperation of government agencies in the development and operation of properties; the need to obtain permits and governmental approvals;] and other risk and uncertainties disclosed in reports and documents filed by B2Gold with applicable securities regulatory authorities from time to time The forward-looking statements made herein reflect our beliefs, opinions and projections on the date the statements are made Except as required by law, we assume no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change Tom Garagan, Senior Vice President of Exploration, a Qualified Person as defined by National Instrument 43-101, has approved the scientific and technical information concerning B2Gold Corp discussed herein (All amounts in this presentation are expressed in United States dollars, unless otherwise stated) About B2Gold  Growing, Profitable Gold Producer  Four producing gold mines  New Otjikoto Mine in Namibia commenced production in December 2014 ahead of schedule and on budget, achieved commercial production in Q1 2015  Completed Fekola Feasibility Study June 2015  Strong Record of Operational Execution  Strong Financial Position  Recent $350 million corporate facility  Good Access to Capital  Proven Management Team  Former management and technical teams of Bema Gold  Strong teams in Nicaragua, the Philippines, Namibia, Mali and Burkina Faso  Ability to discover, finance, build and operate profitable gold mines around the world  Demonstrated History of Accretive Acquisitions and Exploration Success 3 World Map 44 Share Capital Ownership Breakdown Million Shares (1) Total Shares Issued and Outstanding 926,662,317 30,722,840 Directors and Management Stock Options 61,036,743 Restricted Shares Units 1,785,691 Total Shares Fully Diluted Market Capitalization (Basic) 989,487,751 $1,510,459,577 (2) Market Capitalization (Fully Diluted)(3) $1,612,865,034 (1) Approximate figures are as of Sept 2, 2015 (2) Based on the shares currently issued x the closing price of B2Gold shares of $1.63 per share on Sept 2, 2015 (3) Based on the fully diluted shares x the closing price of B2Gold shares of $1.63 per share on Sept 2, 2015 5 2015 First Half Highlights  Record half-year consolidated gold production of 237,425 ounces (including 18,815 ounces of pre-commercial production from Otjikoto), an increase of 30% over the same period in 2014  Consolidated gold revenue of $275.4 million (or record half-year consolidated gold revenue of $298.5 million including $23.1 million of pre-commercial sales from Otjikoto)  Record half-year gold sales of 229,222 ounces (or 247,688 ounces including 18,466 ounces of pre-commercial sales from Otjikoto)  Consolidated cash operating costs of $688 per ounce, $62 per ounce or 8% below budget  All in Sustaining Costs of $1,072 per ounce, $148 per ounce or 12% below budget 2015 Production Guidance  Projected consolidated gold production of 500,000-540,000 ounces at an average operating cash cost of $630-$660 per ounce  Projected All in Sustaining Costs of approx $950-$1,025 per ounce 6 Gold Production Masbate, Philippines – Open pit mine 2014 gold production was 186,195 ounces of gold, at an average cash operating cost of $724 per ounce gold Q-2 gold production was 41,236 ounces of gold at cash operating cost of $782 per ounce First half gold production was 87,477 ounces of gold at a cash operating cost of $725 per ounce First half All in Sustaining Costs of $1,029 per ounce gold In 2015 Masbate is projected to produce 170,000-180,000 ounces of gold at operating cash costs of $740-$775 per ounce Otjikoto, Namibia - Open pit mine Q-2 gold production was 36,963 ounces of gold at cash operating costs of $485 per ounce First half gold production was 68,097 ounces at cash operating costs of $483 per ounce (1) First half All in Sustaining Costs of $615 per ounce gold In 2015 Otjikoto is projected to produce 140,000-150,000 ounces of gold at operating cash costs of $500-$525 per ounce Includes 18,815 ounces of pre commercial production, cash operating costs are calculated from March 1st to June 30th as commercial production was achieved on February728th (1) Gold Production (Con’t) La Libertad Mine, Nicaragua - Open pit mine Total gold production for 2014 was a record 149,763 ounces at cash operating costs of $572 per ounce gold Q2 2015 production was 27,681 ounces of gold at cash operating costs of $813 per ounce First half gold production was 53,007 ounces of gold at cash operating costs of $826 per ounce First half All in Sustaining Costs of $1,164 per ounce gold  In 2015 La Libertad is projected to produce 135,000-145,000 ounces of gold at cash operating costs of $605-$635 per ounce El Limon Mine, Nicaragua - Open pit and underground mine Total gold production for 2014 was 48,045 at cash operating costs of $844 per ounce gold Q2 2015 gold production was 15,686 ounces at an average operating cash cost of $615 per ounce First half gold production was 28,844 ounces of gold at cash operating costs of $671 per ounce First half All in Sustaining Costs of $1,259 per ounce gold  In 2015 El Limon is projected to produce 55,000-65,000 ounces of gold at cash operating costs of $680-$710 per ounce 8 Mining in Namibia ANGOLA  Population of 2.3 million (2011 World Bank estimate)  Strong history of mining  Mining plays vital role in the Namibian economy  Stable Government  Encourages foreign investment  Mining corporate tax rate 37.5%, NSR 3%  Favourable tax treatment on capital expenditures  Good national infrastructure  Otjikoto Project infrastructure  3km from paved National Highway B1 WALVIS BAY  Good water supply on site BOTSWAN A  Self generating power supply  Deep water port access (Walvis Bay) 9 Otjikoto Mine (1) Commenced production on December 11, 2014, on budget and ahead of schedule Otjikoto Preliminary Mine Plan  Probable open pit mineral reserves for the main Otjikoto ore body are 26.5 million tonnes at 1.42 g/t gold containing 1.21 million ounces of gold(2)  year average production of 180,000 ounces of gold per year at an average operating cash cost of $445 - $470 (3)  LOM average is 175,000 over years at $550 - $575 per ounce gold (excludes last two years of processing stockpiled ore)  Commercial production achieved in Q1 2015  Continued excellent safety record Updated Production Schedule Including Wolfshag Zone (3)  Plant and supporting infrastructure has been built to provide for a plant expansion from initial design capacity of 2.5 million tonnes per annum to 3.0 million tonnes per annum by the third quarter of 2015 (on schedule)  This will increase annual gold production to approximately 200,000 ounces in 2016 and 200,000 ounces in 2017, including open pit mining from Wolfshag beginning in late 2016  Wolfshag zone has an inferred resource of 2.6 million tonnes at 8.14g/t gold containing 675,000 ounces gold which could facilitate a further increase in annual gold production (2) (infill and exploration drilling ongoing)  The measured and indicated resource is 1.035 million tonnes at 2.81 g/t containing 93,000 ounces of gold • • (3) All figures based on a 100% basis, B2Gold 90% ownership Calculated using $1,350 gold Includes a portion of the Wolfshag Zone inferred resource which requires further drilling to move to reserve category 10 10 Mining in Nicaragua  Long mining history with a strong Mining Law  Rated the safest country in Central America  Modern infrastructure and easily accessible  Democratic Republic since 1990 Government supportive of foreign investment  Tax regime – 3% NSR and 30% Net Profits Tax  Currency pegged to USD, no foreign currency risk  B2Gold is one of the major employers in Nicaragua with more than 2,000 employees and contractors  B2Gold is the largest exporter of gold in the country and the largest individual exporting company in the country  Major contributor to local and national economy, one of the largest tax payers  Strong commitment to social programs 25 MINING AND EXPLORATION EXPLORATION CALIBRE JV LA LIBERTAD 2015 Current Exploration Targets 2015 Budget $ 5.04 million 13,100 m Chamarro Chamarro Socorro Socorro Jabali Jabali West West Waste Waste pit pit Completed Completed Jabali Jabali Antenna Antenna E E UG UG Drilling Drilling Commenced Commenced Cerro Cerro Quiroz Quiroz N-S N-S vein vein target target EIA EIApermit permit pending pending Los Los Angeles Angeles extensions extensions Phase Phase 11 Complete Complete Drill programs Surface Exploration High grade UG drill program 26 EL LIMON 2015 Current Exploration Targets Tecomapa Drill Target Veta Larga / Portal Generative Target Aparejo - Mercedes Talavera Loma Sola Atravezada Veta Nueva 2015 Budget $ 4.18 million 9,400 m Bonete Concession SP1 Pozo #2 / #8 Planned/Executed Drill Targets Bonete - Limon Concession 27 Mining in The Philippines  Long Mining History  Good Mining Investment Climate and Strong Mineral Potential  Favourable Investment/Tax regime, 30% corporate tax , 2% excise tax; income tax holiday for B2Gold until June 2016, could be extended to 2017  Government has endorsed the B2Gold / CGA merger as “A vote of confidence in the Philippines.”  Masbate Mine is Largest Source of Masbate Island GDP 28 Masbate Masbate Pajo Pajo Mid Mid Overview Overview Pajo Pajo East E ast PHRC114 0.99 g/t Au / 6.7m Pajo Pajo West West Trench values to: 1.29 g/t Au / 38 m Pajo Pajo PHRC079 1.71 g/t Au / 11 m PHRC112 5.82 g/t Au / 3.8m PHRC113 1.61 g/t Au / 12.2m PHRC101 2.0 g/t Au / 7.1 m PHRC119 1.82 g/t Au / 5.9 m Montana Montana Color Colorad ad oo Main Main Vein Vein Dabu Dabu Veins Veins 29 South South Zone Zon e Fekola Stage Open Pit • 9.5 year mine life at 32Mtpa mining rate including prestripping • Initial stages • 75% of reserves • Economic to $700/oz 30 Kiaka Project Burkina Faso Properties 31 31 Kiaka Deposit 200m 32 Exploration Budgets 2015 33 Reserves Estimates(1) As of December 31, 2014 Mineral Reserves Estimates Mine (1) Tonnes Gold Grade (g/t) Contained Gold Ounces 7,940,000 1.66 424,000 Masbate (2) 101,910,000 0.92 3,004,000 Otjikoto (3) 26,300,000 1.41 1,196,000 El Limon (2) 1,370,000 4.89 216,000 La Libertad (4) Total Probable Mineral Reserves 4,840,000 Notes: (1) The Mineral Reserves reported herein are based on the CIM standards Mineral Reserves have been rounded to reflect the accuracy of the estimate and numbers may not add due to rounding Mineral Reserves reported herein are fully diluted (2) The Mineral Reserve estimates for Limon and Masbate projects were compiled and verified as of December 31, 2014 under the supervision of Kevin Pemberton, P.E (Florida, USA), Chief Mine Planning Engineer, and a Qualified Person as defined under NI 43-101 The estimates reflect the attributable Mineral Reserves based on our 95% interest in the Limon Mine Pursuant to the ore sales and purchase agreement between PGPRC and FRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Mine and as such, the Mineral Reserve estimates above reflect 100% of the estimated Mineral Reserves for the Masbate Mine (3) The Mineral Reserve estimates for the Otjikoto Mine were prepared as of December 31, 2014 by Peter Montano, P.E (Colorado, USA), Senior Project Engineer, and a Qualified Person as defined under NI 43-101 The estimates reflect the attributable Mineral Reserves based on our 90% interest in the Otjikoto Mine (4) The Mineral Reserve estimates for La Libertad Mine were compiled and verified as of December 31, 2014 by Mr Donald Hulse, VP of Mining for Gustavson Associates, LLC and a Professional Engineer in the State of Colorado and a Qualified Person as defined under NI 43-101 The estimates reflect a 100% interest in La Libertad Mine 3434 Measured and Indicated Mineral Resource Estimates(1) As of December 31, 2014 Measured Mineral Resources (1) Tonnes Grade (g/t) Contained Gold Ounces Fekola(6)  53,060,000 1.89 3,224,000 Kiaka(7)   27,310,000 1.09 953,000 Gramalote(8)  14,210,000 0.79 359,000   Total Measured Mineral Resources  Indicated Mineral Resources Mine Masbate(4)  4,536,000 (1) Tonnes Gold Grade (g/t) Contained Gold Ounces 131,240,000 0.92 3,893,000 9,770,000 2.07 650,000 Otjikoto(5)  30,460,000 1.47 1,435,000 Fekola(6)  22,230,000 1.94 1,387,000 Kiaka(7)   96,830,000 0.96 2,986,000 Limon(3)  2,630,000 5.36 453,000 50,830,000 0.59 960,000 290,000 5.82 55,000 La Libertad(2)  Gramalote(8)  Pavon(9)  Total Indicated Mineral Resources  11,817,000 35 Measured and Indicated Mineral Resource Estimates (1) As of December 31, 2014 Measured and Indicated Mineral Resources Mine (1) Tonnes Masbate(4)  Gold Grade (g/t) Contained Gold Ounces 131,240,000 0.92 3,893,000 9,770,000 2.07 650,000 Otjikoto(5)  30,460,000 1.47 1,435,000 Fekola(6)  75,290,000 1.9 4,611,000 Kiaka(7)   124,140,000 0.99 3,938,000 Limon(3)  2,630,000 5.36 453,000 65,040,000 0.63 1,319,000 290,000 5.82 55,000 La Libertad(2)  Gramalote(8)  Pavon(9) Total Measured Resources  and Indicated Mineral 16,353,000 36 Inferred Mineral Resource Estimates (1) As of December 31, 2014 Inferred Mineral Resources Mine (1) Tonnes Gold Grade (g/t) Contained Gold Ounces Masbate(4)  9,780,000 1.16 366,000 La Libertad(2)  6,120,000 2.59 510,000 Otjikoto(5)  4,520,000 4.65 676,000 Fekola(6)  6,180,000 1.69 336,000 Kiaka(7)   27,330,000 0.93 815,000 Limon(3)  1,580,000 4.73 241,000 117,450,000 0.44 1,648,000 130,000 5.5 23,000 Gramalote(8)  Pavon(9)  Total Inferred Mineral Resources  4,615,000 37 Notes to Resource Estimates Notes: (1)Mineral Resources are estimated using best practices as defined by the CIM and reporting of Mineral Resources is compliant and in accordance with the disclosure requirements of NI 43-101 Mineral Resources that are not Mineral Reserves not have demonstrated economic viability Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an indicated or measured Mineral Resource as a result of continued exploration Mineral Resources are reported inclusive of Mineral Reserves Mineral Resource numbers have been rounded to reflect the accuracy of the estimate and numbers may not add due to rounding (2)The Mineral Resources estimates for La Libertad Mine were compiled and verified as of December 31, 2014 by Mr Donald Hulse, VP of Mining for Gustavson Associates, LLC and a Professional Engineer in the State of Colorado and a Qualified Person as defined under NI 43-101 The estimates reflect a 100% interest in La Libertad Mine (3)Mineral Resource estimates for the Limon Mine were compiled and verified as of December 31, 2014 under the supervision of Brian Scott, P.Geo., our Vice President Geology and Technical Services, and a Qualified Person as defined under NI 43-101 The estimates reflect the attributable Mineral Resources based on our 95% interest in the Limon Mine (4)Mineral Resource estimates for the Masbate Mine have an effective date of December 31, 2014 and were prepared under the supervision of Tom Garagan, P.Geo., our Senior Vice President of Exploration, and a Qualified Person as defined under NI 43-101 Pursuant to the ore sales and purchase agreement between PGPRC and FRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Mine and as such, the Mineral Resources are reported at 100% interest (5)Mineral Resource estimates for the Otjikoto Mine and the Wolfshag Zone were prepared under the supervision of Mr Tom Garagan, P.Geo., Senior Vice President of Exploration, and a Qualified Person as defined under NI 43-101 The estimates reflect the attributable Mineral Resources based on our 90% interest in the Otjikoto Mine The Mineral Resource estimates for Otjikoto and Wolfshag are effective as of December 31, 2014 (6)Mineral Resource estimates for the Fekola Project were prepared as of August 5, 2013 by Nic Johnson, MAIG, and a Qualified Person as defined under NI 43-101 Notwithstanding our current 100% ownership of the Fekola Project, the attributable portion of the mineral resource has been reduced to 90% to reflect the expected reduction in our ownership percentage in the Fekola Project upon the creation of an exploitation company and the 10% overall ownership percentage that will be attributed to the Mali Government in accordance to applicable laws (7)The Mineral Resource estimate for the Kiaka Project was prepared as of January 8, 2013 by Ben Parsons, MSc, MAusIMM (CP), Principal Consultant for SRK Consulting (UK) Limited, a Qualified Person as defined under NI 43-101 Attributable Mineral Resources are reported at 81% of the total Mineral Resource Notwithstanding our current ownership percentage of the Kiaka Project is 90%, the attributable portion of the Mineral Resource has been reduced to 81% to reflect the expected reduction in our ownership percentage in the Kiaka Project upon commencement of construction and development and the 10% overall ownership percentage that will be attributable to the Burkina Faso government in accordance with applicable laws (8)The Mineral Resource estimate for the Gramalote Project (Gramalote Central, Trinidad and Monjas West) was prepared by Gramalote Colombia Limited personnel as of December 31, 2013 under the supervision of Mr Vaughan Chamberlain, FAusIMM, Senior Vice President: Geology and Metallurgy for AngloGold and a Qualified Person as defined under NI 43-101 The estimate reflects the attributable Mineral Resources based on our 49% interest in the Gramalote Project (9) Mineral Resource estimates for the Pavon project were prepared as of November 14, 2014 under the supervision of Brian Scott, P.Geo., our Vice President Geology and Technical Services, and a Qualified Person as defined under NI 43-101 The estimate reflects the attributable Mineral Resources based on our 100% interest in the project 38 Contact Details B2Gold Corp 3100 - 595 Burrard Street P.O Box 49143 Vancouver BC V7X 1J1, Canada Tel: +604 681 8371 Fax: +604 681 6209 investor@b2gold.com www.b2gold.com Clive Johnson President, CEO +604 681 8371 Ian MacLean Vice President, Investor Relations +604 681 8371 39 [...]... permit granted Feb-14 13 AngloGold Anglogold Randgold Endeavour Randgold Teranga Sabodala B 2Gold Papillon Fekola Project, Mali  Merger with Papillon Resources completed on October 3, 2014 to acquire the Fekola Project and various exploration projects in Mali  B 2Gold Preliminary Economic Assessment filed August 13, 2014  B 2Gold Final Feasibility Study filed June 11, 2015  Significant, ongoing, resource... Colombia (1) B 2Gold (49%) / AngloGold (51%)  B 2Gold completed a Preliminary Economic Assessment in March 2014  Measured and Indicated Resource of 132.7 million tonnes grading 0.63 g/t for 2.6 million ounces of gold  Inferred Resource of 239.7 million tonnes grading 0.44 g/t for 3.4 million ounces  16 million tonnes per year, 95% recoveries, 14 year mine life  Estimated average LOM gold production... probable mineral reserves of 49.2 million tonnes at a grade of 2.35 grams per tonne (“g/t”) gold containing 3.72 million ounces of gold (2) at a stripping ratio of 4.5:1  Average LOM gold recovery of 92.8% resulting in a total of 3.45 million ounces produced over the 12.5 year life of mine (1) 100% basis (2) Using $1,300 gold and an elevated cut off grade of 0.8 grams per tonne 15 Fekola Feasibility Highlights(1)...  B 2Gold is one of the major employers in Nicaragua with more than 2,000 employees and contractors  B 2Gold is the largest exporter of gold in the country and the largest individual exporting company in the country  Major contributor to local and national economy, one of the largest tax payers  Strong commitment to social programs 25 MINING AND EXPLORATION EXPLORATION CALIBRE JV LA LIBERTAD 2015. .. over first 7 years (1) 18 Kiaka Project (1)(2)  One of the largest undeveloped gold resources in West Africa  Volta Prefeasibility Study based on 12 million tonnes per annum plant, producing 340,000 ounces of gold per year for 10.3 years at an average operating cash cost $671 per ounce 124.1 million tonnes at 0.99 g/t gold for 3.9 million ounces in Measured and Indicated Category and 27.3 million... Additional targets on the property 14 Fekola Feasibility Highlights(1)  Open pit gold mine with an initial production life of mine (“LOM”) of 12.5 years based on probable mineral reserves  Average annual gold production for years one through seven of 350,000 ounces per year at a $418 operating cash cost per ounce  Average annual LOM gold production of 276,000 ounces per year at an operating cash cost of $552... $1.176 billion  Net present value (“NPV”) pre-tax of $714 million and after-tax of $398 million at a 5.06% discount rate and gold price of $1,351 per ounce generating an after-tax internal rate of return (“IRR”) of 11.5%  Positive economics at today’s gold prices, however not on B 2Gold s priority list to develop a Feasibility study at this time  Will continue, with partners, to advance the Environmental... stockpiling of sand and gravel from the local river for construction purposes continues  All critical tasks have been completed to allow B 2Gold to continue with the development of the project through the rainy season (June through September)  On schedule for gold production at the end of the fourth quarter 2017 17 Projected Production Projected Annualized Production Rate (koz) ~350 (4) Based on current... 4 stages • 75% of reserves • Economic to $700/oz 30 Kiaka Project Burkina Faso Properties 31 31 Kiaka Deposit 200m 32 Exploration Budgets 2015 33 Reserves Estimates(1) As of December 31, 2014 Mineral Reserves Estimates Mine (1) Tonnes Gold Grade (g/t) Contained Gold Ounces 7,940,000 1.66 424,000 Masbate (2) 101,910,000 0.92 3,004,000 Otjikoto (3) 26,300,000 1.41 1,196,000 El Limon (2) 1,370,000 4.89... December 31, 2014 Measured Mineral Resources (1) Tonnes Grade (g/t) Contained Gold Ounces Fekola(6)  53,060,000 1.89 3,224,000 Kiaka(7)   27,310,000 1.09 953,000 Gramalote(8)  14,210,000 0.79 359,000   Total Measured Mineral Resources  Indicated Mineral Resources Mine Masbate(4)  4,536,000 (1) Tonnes Gold Grade (g/t) Contained Gold Ounces 131,240,000 0.92 3,893,000 9,770,000 2.07 650,000 Otjikoto(5) 
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