U.S.
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
40-F
☐ Registration
statement pursuant to Section 12 of the Securities Exchange Act of 1934
or
☒ Annual
report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934
For the fiscal
year ended: December 31,
2023
Commission File Number: 001-35936
B2Gold
Corp.
(Exact
name of registrant as specified in its charter)
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British
Columbia
(Province
or Other Jurisdiction of Incorporation or Organization) |
1040
(Primary
Standard Industrial Classification Code) |
Not
Applicable
(I.R.S.
Employer Identification No.) |
Park
Place
Suite
3400 - 666 Burrard Street
Vancouver,
British Columbia
V6C 2X8
(604)
681-8371
(Address
and telephone number of registrant’s principal executive offices)
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CT
Corporation System
28
Liberty Street
New
York, New
York 10005
(215)
590-9070
(Name,
address (including zip code) and telephone number (including area code) of agent for service in the United States) |
Securities
registered pursuant to Section 12(b) of the Act:
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| Title
of Each Class: |
Trading
Symbol(s): |
Name
of Each Exchange On Which Registered: |
| Common
Shares, no par value |
BTG |
NYSE
American LLC |
Securities
registered pursuant to Section 12(g) of the Act: None
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
For
annual reports, indicate by check mark the information filed with this form:
☒ Annual Information
Form ☒
Audited Annual Financial Statements
Indicate
the number of outstanding shares of each of the registrant’s classes of capital or common stock as of the close of the period covered
by the annual report: As
of December 31, 2023, there were 1,302,396,192
common shares outstanding.
Indicate
by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to
such filing requirements for the past 90 days. ☒ Yes
☐ No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was
required to submit such files). ☒ Yes
☐ No
Indicate
by check mark whether the Registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
☐ Emerging
growth company
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the transition period for complying with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of
its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public
accounting firm that prepared or issued its audit report. ☒
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐
EXPLANATORY
NOTE
B2Gold
Corp. (“we”, “us”, “our” or the “Company”) is a Canadian corporation that is permitted,
under a multijurisdictional disclosure system adopted by the United States, to prepare this Annual Report on Form 40-F (“Annual
Report”) pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in accordance
with disclosure requirements in effect in Canada, which are different from those of the United States.
FORWARD
LOOKING STATEMENTS
This
Annual Report and the Exhibits incorporated by reference herein contain "forward-looking information" and "forward-looking statements"
(collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including:
projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance,
gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected
cash operating costs and all-in sustaining costs ("AISC"), and budgets on a consolidated and mine by mine basis, which if they occur,
would have on our business, our planned capital and exploration expenditures; future or estimated mine life, metal price assumptions,
ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated exploration,
drilling, development, construction, permitting and other activities or achievements of the Company; and including, without limitation:
projected gold production, cash operating costs and AISC on a consolidated and mine by mine basis in 2024; total consolidated gold production
of between 860,000 and 940,000 ounces in 2024, with cash operating costs of between $835 and $895 per ounce and AISC of between $1,360
and $1,420 per ounce; the Company’s gold production to be relatively consistent throughout 2024; consolidated gold production of
between 1,130,000 and 1,260,000 ounces in 2025, including a significant increase in the gold production at the Fekola Complex, with expected
lower consolidated AISC; our continued prioritization of developing the Goose Project in a manner that recognizes Indigenous input and
concerns and brings long-term socio-economic benefits to the area; the Goose Project capital cost being approximately C$1,050 million,
and the net cost of open pit and underground development, deferred stripping, and sustaining capital expenditures to be incurred prior
to first gold production being approximately C$200 million; the construction capital cost to complete the Goose Project being approximately
C$335 million; the winter ice road at the Goose Project being operational by February 23, 2024; the potential for first gold production
in the first quarter of 2025 from the Goose Project; the Company’s total capitalized stripping expenditures moderating in 2024;
the potential for Fekola Regional to provide saprolite material to feed the Fekola mill within three months after receipt of an exploitation
license; the timing and results of a study for the Fekola Complex optimization study; the significant increase in gold production in 2025
from the Fekola Complex as a result of the scheduled ore from Fekola Regional and commencement of mining at Fekola underground; the impact
of the 2023 Mali Mining Code; the potential to extend Wolfshag underground mine past 2026; the potential for the Antelope deposit to be
developed as an underground operation and contribute gold during the low-grade stockpile processing in 2026 through 2031; the timing and
results of a PEA for the Gramalote Project; and the Company’s attributable share of Calibre’s production. All statements in
this Annual Report and the Exhibits incorporated by reference herein that address events or developments that we expect to occur in the
future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although
not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget",
"estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would",
"may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as
of the date such statements are made.
Forward-looking
statements are inherently subject to known and unknown risks, uncertainties and other factors, many of which are beyond our ability to
control, that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed
or implied by such forward-looking information. As a result, actual actions, events or results may differ materially from those described
in the forward-looking statements, and there may be other factors that cause actions, events or results to differ from those anticipated,
estimated or intended including, without limitation, those referred to in our Annual Information Form incorporated by reference as Exhibit
99.1 to this Annual Report under the heading "Risk Factors" and elsewhere.
Forward-looking
statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond the Company’s control, including
risks associated with or related to: the volatility of metal prices and the Company’s common shares; changes in tax laws; the dangers
inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production,
cost or other estimates; actual production, development plans and costs differing materially from the estimates in the Company’s
feasibility and
other
studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental
regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations;
the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by the Company;
the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt
activities, including potential restrictions imposed on the Company's operations as a result thereof and the ability to generate sufficient
cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations
in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and changing policies related to
mining and local ownership requirements or resource nationalization generally; remote operations and the availability of adequate infrastructure;
fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary
equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects
thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to
Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel
and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions;
litigation risk; competition with other mining companies; community support for the Company's operations, including risks related to strikes
and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information
security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404
of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and the Company's
reputation; risks affecting Calibre having an impact on the value of the Company's investment in Calibre, and potential dilution of our
equity interest in Calibre; as well as other factors identified and as described in more detail under the heading "Risk Factors" in our
most recent Annual Information Form, this Annual Report and our other filings with Canadian securities regulators and the U.S. Securities
and Exchange Commission (the "SEC"), which may be viewed at www.sedarplus.ca and www.sec.gov, respectively (the "Websites"). The list
is not exhaustive of the factors that may affect the Company's forward-looking statements.
Forward-looking
statements are based on the opinions and estimates of our management and reflect their current expectations regarding future events and
operating performance. We do not assume any obligation to update forward-looking statements if circumstances or management's beliefs,
expectations or opinions should change other than as required by applicable law. Although we have attempted to identify important factors
that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors
that cause actual results to differ materially from those which are anticipated, estimated, or intended. There can be no assurance that
forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the
forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities we will derive therefrom. For the
reasons set forth above, undue reliance should not be placed on forward-looking statements. All the forward-looking statements contained
in this prospectus or incorporated by reference herein are qualified by these cautionary statements.
RESOURCE
AND RESERVE ESTIMATES
This
Annual Report and the Exhibits incorporated by reference herein and therein, have been prepared in accordance with Canadian standards
for the reporting of mineral resource and mineral reserve estimates, which differ from the previous and current standards of the United
States securities laws. In particular, and without limiting the generality of the foregoing, the terms “mineral reserve”,
“proven mineral reserve”, “probable mineral reserve”, “inferred mineral resources,”, “indicated
mineral resources,” “measured mineral resources” and “mineral resources” used or referenced in this prospectus
and the documents incorporated by reference herein are Canadian mineral disclosure terms as defined in accordance with Canadian National
Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining,
Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by
the CIM Council, as amended (the “CIM Definition Standards”).
For
United States reporting purposes, the SEC has adopted amendments to its disclosure rules (the "SEC Modernization Rules") to modernize
the mining property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act. The SEC Modernization
Rules more closely align the SEC's disclosure requirements and policies for mining properties with current industry and global regulatory
practices and standards, including NI 43-101, and replace the historical property disclosure requirements for mining registrants that
were included in Industry Guide 7 under the U.S. Securities Act. As a foreign private issuer that is eligible to
file
reports with the SEC pursuant to the MJDS, we are not required to provide disclosure on our mineral properties under the SEC Modernization
Rules and we provide disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource information
contained in this Annual Report and the Exhibits incorporated by reference herein may not be comparable to similar information disclosed
by United States companies.
As
a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated
mineral resources" and "inferred mineral resources." In addition, the SEC has amended its definitions of "proven mineral reserves" and
"probable mineral reserves" to be "substantially similar" to the corresponding CIM Definition Standards that are required under NI 43-101.
While the above terms are "substantially similar" to CIM Definition Standards, there are differences in the definitions under the SEC
Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance that any mineral reserves or mineral resources
that we may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources"
and "inferred mineral resources" under NI 43-101 would be the same had we prepared the reserve or resource estimates under the standards
adopted under the SEC Modernization Rules. Further, estimates of inferred mineral resources have significant geological uncertainty and
it should not be assumed that all or any part of an inferred mineral resource will be converted to the measured or indicated categories.
Mineral resources that are not mineral reserves do not meet the threshold for reserve modifying factors, such as estimated economic viability,
that would allow for conversion to mineral reserves.
DIFFERENCES
IN UNITED STATES AND CANADIAN REPORTING PRACTICES
We
prepare our annual financial statements, which are filed with this report on Form 40-F, in accordance with IFRS Accounting Standards as
issued by the International Accounting Standards Board. Accordingly, our financial statements may not be comparable to financial statements
of the United States companies.
NYSE
AMERICAN STATEMENT OF CORPORATE GOVERNANCE DIFFERENCES
As
a Canadian corporation listed on the NYSE American LLC (the “NYSE American”) and a foreign private issuer under the Exchange
Act, we are permitted to follow our home country practice in lieu of certain NYSE American corporate governance standards. In order to
claim these exemptions, Section 110 of the NYSE American Company Guide requires us to provide to the NYSE American written certification
from independent Canadian counsel that the non-complying practice is not prohibited by Canadian law. In addition, we must disclose the
significant differences between our corporate governance practices and those U.S. domestic issuers are required to follow under the NYSE
American corporate governance standards. Except as set forth below, we are in compliance with NYSE American corporate governance standards.
Section
123 of the NYSE American Company Guide recommends that the minimum quorum requirement for a meeting of shareholders is 33 1/3 % of the
outstanding common shares. In addition, Section 123 requires that an issuer listed on NYSE American state its quorum requirement in its
bylaws. We follow Canadian laws with respect to quorum requirements. Our quorum requirement is set forth in our articles, which provide
that a quorum for the transaction of business at any meeting of shareholders is two shareholders present in person or represented by proxy
who hold at least 5% of the issued common shares entitled to vote at the meeting.
The
NYSE American Company Guide requires that the solicitation of proxies and delivery of proxy statements for all shareholder meetings be
solicited pursuant to a proxy statement that conforms to the proxy rules of the SEC. We solicit proxies in accordance with the British
Columbia Business Corporations Act, applicable Canadian securities laws, including National Instrument 54-101 and National Instrument
51-102, and the rules and policies of the Toronto Stock Exchange, which may differ in certain respects from the proxy rules of the SEC.
The
NYSE American Company Guide generally requires a company’s compensation committee to consist solely of independent directors. We
may from time to time appoint to our compensation committee one or more directors that are not independent, in compliance with applicable
Canadian securities regulations and the rules of the Toronto Stock Exchange.
The
NYSE American Company Guide requires a listed company to obtain the approval of its shareholders for certain types of securities issuances,
including private placements that may result in the issuance of common shares (or securities convertible into common shares) equal to
20% or more of presently outstanding shares for less than the greater of book or market value of the shares. Under Canadian laws and applicable
Toronto Stock Exchange rules, shareholder approval is required for certain transactions including private placements or acquisitions where
more than 25% of presently outstanding shares are issued or issuable, where securities issued or issuable to insiders exceed 10% in the
context of an acquisition, where the transaction results in a change of control or certain related party transactions. We will seek a
waiver from NYSE American’s shareholder approval requirements in
circumstances
where the securities issuance does not trigger such a requirement under the British Columbia Business Corporations Act, applicable Canadian
securities regulations or the rules of the Toronto Stock Exchange.
DOCUMENTS
INCORPORATED BY REFERENCE
The
following documents, or the portions thereof indicated below, that are filed as exhibits to this Annual Report, are incorporated herein
by reference.
•Annual
Information Form of the Company for the year ended December 31, 2023;
•Management’s
Discussion and Analysis of the Company for the year ended December 31, 2023; and
•Audited
Annual Consolidated Financial Statements for the year ended December 31, 2023 and notes thereto, together with the report of auditors
thereon.
CONTROLS
AND PROCEDURES
Information
regarding our disclosure controls and procedures, internal control over financial reporting and changes in internal control over financial
reporting is included in the Management Discussion and Analysis incorporated herein by reference to Exhibit 99.3, under the heading “Disclosure
Controls and Internal Control Over Financial Reporting.”
Our
independent registered public accounting firm, PricewaterhouseCoopers LLP (PCAOB ID No 271)
has audited our internal controls over financial reporting. PricewaterhouseCoopers LLP’s report is located with our Audited Annual
Consolidated Financial Statements, which are incorporated herein by reference to Exhibit 99.2.
NOTICES
PURSUANT TO REGULATION BTR
There
were no notices required by Rule 104 of Regulation BTR that the Company sent during the year ended December 31, 2023 concerning any
equity security subject to a blackout period under Rule 101 of Regulation BTR.
AUDIT
COMMITTEE AND AUDITOR INFORMATION
We
have a separately-designated standing audit committee established in accordance with section 3(a)(58)(A) of the Exchange Act. The following
information is included in the “Audit Committee”, “Audit Committee—Composition of the Audit Committee”,
“Audit Committee—Pre-Approval Policies and Procedures” and “Audit Committee—External Auditor Service Fees”
sections of our Annual Information Form, which are incorporated herein by reference to Exhibit 99.1:
•Information
regarding our Audit Committee composition, independence, audit committee financial expert and pre-approval policies and procedures; and
•Information
regarding fees billed by our principal accountants for each of the last two fiscal years.
CODE
OF ETHICS
We
have adopted a code of business conduct and ethics that applies to all of our directors, officers and employees. During the year ended
December 31, 2023, the Company did not make any amendments to the code of business conduct and ethics, nor did the Company grant
any waiver or implicit waiver of the code to the Company’s principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions. A copy of the code of business conduct and ethics, as amended, was previously
filed with the SEC and is posted on our website at http://www.b2gold.com/corporate/governance/.
OFF-BALANCE
SHEET ARRANGEMENTS
The
Company has no off-balance sheet arrangements.
CONTRACTUAL
AND OTHER OBLIGATIONS
Information
regarding our contractual and other obligations is included in the Management Discussion and Analysis incorporated herein by reference
to Exhibit 99.3, under the heading "Liquidity and Capital Resources".
MINE
SAFETY DISCLOSURE
We
do not operate any mine in the United States and have no mine safety incidents to report for the year ended December 31, 2023.
DISCLOSURE
REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
applicable
RECOVERY
OF ERRONEOUSLY AWARDED COMPENSATION
The
Company adopted an Executive Officer Incentive Compensation Clawback Policy (the “Clawback Policy”) on November 8, 2023 pursuant
to Section 811 of the NYSE American Company Guide. A copy of the Clawback Policy is attached hereto as Exhibit 97.
For
the year ended December 31, 2023, we were not required to prepare an accounting restatement, nor was there an outstanding balance
as of December 31, 2023 of erroneously awarded compensation to be recovered from the application of our compensation recovery policy
to a prior restatement.
UNDERTAKINGS
We
undertake to make available, in person or by telephone, representatives to respond to inquiries made by the SEC staff, and to furnish
promptly, when requested to do so by the SEC staff, information relating to the securities registered pursuant to Form 40-F; the securities
in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.
CONSENT
TO SERVICE OF PROCESS
We
have previously filed with the SEC a written consent to service of process and power of attorney on Form F-X. Any change to the name or
address of our agent for service shall be communicated promptly to the SEC by amendment to the Form F-X referencing our file number.
SIGNATURES
Pursuant
to the requirements of the Exchange Act, the Company certifies that it meets all of the requirements for filing on Form 40-F and has duly
caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized.
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B2GOLD CORP.
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/s/
Clive Johnson |
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Name:
Clive Johnson |
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Title:
President and Chief Executive Officer |
| Date:
March 14, 2024 |
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EXHIBIT
INDEX
The following
documents are being filed with the SEC as exhibits to this Annual Report on Form 40-F.
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| Exhibit |
Description |
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| 101.INS |
Inline
XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline
XBRL document |
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| 104 |
Cover
Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
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