B2Gold Corp.

B2Gold Corp. is a mid-tier gold producer headquartered in Vancouver, Canada, operating primarily in Africa. The company's portfolio consists of 5 projects, comprising 3 operating mines and 2 development projects, in addition to several early-stage exploration prospects. Key assets include Fekola Complex, Masbate, and Goose. The organization's business model centers on operating and developing mineral properties with a primary focus on gold deposits. It employs a range of specialized skills including permitting, engineering, geology, metallurgy, and logistical planning to advance projects from exploration to production. The operational approach utilizes conventional open-pit and underground mining methods, with a flexible model that combines owner-operated management with the use of contractors for specific functions like underground development. Processing capabilities are well-established, featuring conventional carbon-in-pulp and carbon-in-leach circuits, semi-autogenous and ball mill grinding, and cyanide detoxification systems. In certain operational settings, a hub-and-spoke model is employed, where ore from satellite deposits is transported via dedicated haul roads to a central processing facility, demonstrating an ability to create and manage integrated operational complexes. The company also has experience constructing and operating large-scale, off-grid hybrid power plants combining solar and heavy fuel oil sources to power its remote sites, reflecting a capacity for managing complex infrastructure needs.

Strategic priorities are centered on maximizing profitable production from existing operations while pursuing growth through a multi-faceted approach. This includes advancing a pipeline of development and exploration projects, evaluating new opportunities, and executing accretive acquisitions. A key corporate objective is the commitment to reduce Scope 1 and 2 greenhouse gas emissions by 30% by 2030 against a 2021 baseline, driven by investments in renewable energy and operational efficiency. The entity utilizes preliminary economic assessments to de-risk and define the scope of potential projects before committing to full feasibility studies. Recent strategic transactions have included the acquisition of a fully permitted development project and the consolidation of 100% ownership in a key development asset previously held in a joint venture. The organization also focuses on securing long-term operational stability and clarifying fiscal regimes through direct negotiations and agreements with host governments, as evidenced by a 2024 memorandum of understanding. To optimize its portfolio, the company strategically divests non-core assets, such as equity stakes in other producers and royalty packages, while maintaining a competitive dividend policy supported by a dividend reinvestment plan.

The board of directors is composed of 10 members, 9 of whom are independent, ensuring strong oversight. Female representation on the board is 40%, surpassing the 30% target, and women chair 3 of the 4 board subcommittees. Governance is structured through 4 committees: Audit, Compensation, Corporate Governance and Nominating, and Sustainability. The Audit Committee consists of 5 independent directors, all of whom are financially literate, with one member qualifying as an 'audit committee financial expert' under applicable securities regulations. Executive leadership is stable, with the Chief Executive Officer having served in the role since the company's formation in 2006. The governance framework is reinforced by a comprehensive code of business conduct and ethics, an anti-corruption policy, and a whistleblower policy, which apply to all directors, officers, and employees. Recent appointments to the board in 2024 have added specialized expertise in mining equity research and international cyanide management, further strengthening the board's skill set. The company's governance structure requires directors to disclose and manage any potential conflicts of interest in accordance with applicable laws and corporate policies.

A board-level Sustainability Committee, comprising 4 independent directors, provides dedicated oversight for environmental, social, and governance matters. The organization has implemented an integrated set of Health, Safety, and Environmental Management System Standards and stand-alone Performance Standards, which are subject to regular third-party audits and align with international frameworks such as ISO standards, ICMM principles, and the International Cyanide Management Code. A core climate strategy objective is the commitment to reduce Scope 1 and 2 greenhouse gas emissions by 30% by 2030 from a 2021 baseline, supported by investments in renewable energy and operational efficiency programs. Social performance is governed by a Social Responsibility and Human Rights Policy aligned with the UN Guiding Principles on Business and Human Rights and the Voluntary Principles on Security and Human Rights. This is supported by Social Performance Standards covering stakeholder engagement, grievance management, resettlement, and local content. The company conducts human rights and security risk assessments with external experts and is enhancing supply chain due diligence through a Supplier Code of Conduct and a new Supplier Assessment Questionnaire. An EDI Workplaces Policy and a Diversity Policy guide efforts in equity and inclusion, with the board having achieved its 30% female representation target.

The corporate structure has been actively shaped by strategic transactions, including both acquisitions and divestitures. In 2023, the organization acquired Sabina Gold & Silver Corp., which added a 100% owned development district, and also acquired the remaining 50% interest in the Gramalote Project from AngloGold Ashanti to secure full ownership. This followed the 2022 acquisition of Oklo Resources Limited, which expanded its portfolio of prospective landholdings. The company has also streamlined its assets through strategic divestitures, such as the sale of its equity holdings in Calibre Mining Corp. in 2024 and the monetization of a royalty portfolio to Versamet Royalties Corporation in the same year, for which it received a 33% equity stake in Versamet. Ownership structures for its primary assets are varied and reflect partnerships with host governments and local entities. One operational asset involves a 20% state ownership interest. Another is structured with a 40% interest in the mining entity and 100% in the associated processing entity, with a local partner holding the remaining 60% of the mining company. A third operating structure consists of a 90% ownership interest, with a local empowerment company holding the remaining 10%. For certain development assets, the state holds a 10% interest with the right to acquire up to an additional 20%, and a further 5% is available for local stakeholders.