EX-99.1 2 exhibit991-63020.htm EXHIBIT-99.1 Document








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B2GOLD CORP.
Condensed Interim Consolidated Financial Statements
For the three and six months ended June 30, 2020
(Unaudited)


B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30
(Expressed in thousands of United States dollars, except per share amounts)
(Unaudited)
 For the three
months ended
June 30, 2020		For the three
months ended
June 30, 2019		For the six
months ended
June 30, 2020		For the six
months ended
June 30, 2019
Gold revenue$441,939  $267,213  $822,237  $531,195  
Cost of sales    
   Production costs(96,987) (95,313) (188,543) (188,150) 
   Depreciation and depletion(75,582) (56,981) (146,194) (117,612) 
   Royalties and production taxes(31,234) (17,552) (56,965) (35,506) 
Total cost of sales(203,803) (169,846) (391,702) (341,268) 
Gross profit238,136  97,367  430,535  189,927  
General and administrative(8,062) (11,662) (18,250) (26,448) 
Share-based payments (Note 9)
(7,440) (6,054) (11,087) (10,036) 
Community relations(492) (465) (4,226) (1,143) 
Foreign exchange (losses) gains(3,101) (76) (4,333) 1,250  
Share of (loss) income of associate(3,765) —  2,635  —  
Write-down of mineral property interests—  (1,352) —  (1,352) 
Other(3,855) 814  (4,428) 517  
Operating income211,421  78,572  390,846  152,715  
Interest and financing expense(5,051) (7,078) (9,568) (14,517) 
Gains (losses) on derivative instruments3,430  (2,914) (11,412) 3,332  
Other1,108  (437) 929  (503) 
Income from continuing operations before taxes210,908  68,143  370,795  141,027  
Current income tax, withholding and other taxes (Note 13)
(82,229) (24,123) (145,699) (49,692) 
Deferred income tax recovery (expense) (Note 13)
9,282  971  (4,127) (11,099) 
Net income from continuing operations137,961  44,991  220,969  80,236  
Loss from discontinued operations attributable to shareholders of the Company
—  (3,669) —  (12,391) 
Net income for the period$137,961  $41,322  $220,969  $67,845  
Attributable to:    
   Shareholders of the Company$124,446  $37,904  $196,733  $60,199  
   Non-controlling interests (Note 10)
13,515  3,418  24,236  7,646  
Net income for the period$137,961  $41,322  $220,969  $67,845  
Earnings per share from continuing operations
(attributable to shareholders of the Company) (Note 9)
   Basic$0.12  $0.04  $0.19  $0.07  
   Diluted$0.12  $0.04  $0.19  $0.07  
Earnings per share
(attributable to shareholders of the Company) (Note 9)
Basic$0.12  $0.04  $0.19  $0.06  
Diluted$0.12  $0.04  $0.19  $0.06  
Weighted average number of common shares outstanding
(in thousands) (Note 9)
   Basic1,040,661  1,008,345  1,037,847  1,004,897  
   Diluted1,058,388  1,016,322  1,053,696  1,014,725  
See accompanying notes to condensed interim consolidated financial statements.
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE AND SIX MONTHS ENDED JUNE 30
(Expressed in thousands of United States dollars)
(Unaudited)

 For the three
months ended
June 30, 2020		For the three
months ended
June 30, 2019		For the six
months ended
June 30, 2020		For the six
months ended
June 30, 2019
Net income for the period$137,961  $41,322  $220,969  $67,845  
Other comprehensive income    
Items that will not be subsequently reclassified to net income:
Unrealized gain on investment
1,276  693  525  1,362  
Other comprehensive income for the period1,276  693  525  1,362  
Total comprehensive income for the period$139,237  $42,015  $221,494  $69,207  
Other comprehensive income attributable to:
   Shareholders of the Company$1,276  $693  $525  $1,362  
   Non-controlling interests—  —  —  —  
 $1,276  $693  $525  $1,362  
Total comprehensive income attributable to:
   Shareholders of the Company$125,722  $38,597  $197,258  $61,561  
   Non-controlling interests13,515  3,418  24,236  7,646  
 $139,237  $42,015  $221,494  $69,207  

See accompanying notes to condensed interim consolidated financial statements.
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30
(Expressed in thousands of United States dollars)
(Unaudited)
 For the three
months ended
June 30, 2020		For the three
months ended
June 30, 2019		For the six
months ended
June 30, 2020		For the six
months ended
June 30, 2019
Operating activities    
Net income from continuing operations for the period$137,961  $44,991  $220,969  $80,236  
Mine restoration provisions settled(19) —  (208) (124) 
Non-cash charges, net (Note 14)
74,891  62,267  179,420  119,290  
Changes in non-cash working capital (Note 14)
28,558  (25,632) 60,301  (30,739) 
Changes in long-term value added tax receivables(3,302) 1,756  (6,180) (83) 
Cash provided by operating activities of continuing operations238,089  83,382  454,302  168,580  
Cash provided by operating activities of discontinued operations—  9,434  —  10,654  
Cash provided by operating activities238,089  92,816  454,302  179,234  
Financing activities    
Revolving credit facility, drawdowns net of transaction costs (Note 8)
250,000  (5,574) 250,000  (5,574) 
Repayment of revolving credit facility (Note 8)
—  (25,000) (25,000) (25,000) 
Equipment loan facilities, drawdowns net of transaction costs—  3,463  —  3,463  
Repayment of equipment loan facilities (Note 8)
(4,937) (10,067) (15,733) (12,379) 
Interest and commitment fees paid(4,128) (6,499) (7,904) (12,269) 
Common shares issued for cash on exercise of stock options
(Note 9)
11,121  7,005  27,465  28,170  
Dividends paid (Note 9)
—  —  (10,368) —  
Principal payments on lease arrangements (Note 8)
(816) (744) (1,645) (1,501) 
Restricted cash movement
174  (398) 2,278  (1,254) 
Cash provided (used) by financing activities of continuing operations251,414  (37,814) 219,093  (26,344) 
Cash used by financing activities of discontinued operations—  (99) —  (282) 
Cash provided (used) by financing activities251,414  (37,913) 219,093  (26,626) 
Investing activities    
Expenditures on mining interests:    
Fekola Mine(52,340) (12,829) (126,473) (34,113) 
Masbate Mine(4,529) (7,520) (9,290) (15,964) 
Otjikoto Mine(10,920) (17,221) (22,652) (24,503) 
Gramalote Project(446) (614) (13,124) (1,802) 
Other exploration and development (Note 14)
(11,883) (12,563) (21,247) (19,184) 
Non-refundable deposit received on Toega Property (Note 6)
9,000  —  9,000  —  
Other1,109  553  1,092  402  
Cash used by investing activities of continuing operations(70,009) (50,194) (182,694) (95,164) 
Cash used by investing activities of discontinued operations—  (23,164) —  (36,691) 
Cash used by investing activities(70,009) (73,358) (182,694) (131,855) 
Increase (decrease) in cash and cash equivalents419,494  (18,455) 490,701  20,753  
Effect of exchange rate changes on cash and cash equivalents236  638  (3,628) 261  
Cash and cash equivalents, beginning of period207,939  141,583  140,596  102,752  
Less cash associated with discontinued operations, end of period—  (10,245) —  (10,245) 
Cash and cash equivalents, end of period$627,669  $113,521  $627,669  $113,521  
Supplementary cash flow information (Note 14)

See accompanying notes to condensed interim consolidated financial statements.
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of United States dollars)
(Unaudited)
 As at June 30,
2020		As at December 31,
2019
Assets  
Current  
Cash and cash equivalents$627,669  $140,596  
Accounts receivable, prepaids and other (Note 4)
37,541  37,890  
Value-added and other tax receivables11,752  11,070  
Inventories (Note 5)
244,963  217,923  
Assets classified as held for sale (Note 6)
11,855  22,021  
 933,780  429,500  
Value-added tax receivables35,503  25,153  
Mining interests (Note 6 and Note 17 - Schedules)
  
Owned by subsidiaries and joint operations2,170,394  2,046,731  
Investments in joint ventures and associates56,106  130,736  
Other assets (Note 7)
47,272  49,615  
Deferred income taxes 3,248  1,336  
$3,246,303  $2,683,071  
Liabilities  
Current  
Accounts payable and accrued liabilities$78,374  $83,370  
Current income and other taxes payable135,909  53,396  
Dividend payable (Note 9)
20,850  —  
Current portion of long-term debt (Note 8)
22,342  26,030  
Current portion of derivative instruments at fair value (Note 11)
5,935  1,909  
Other current liabilities2,756  357  
 266,166  165,062  
Long-term debt (Note 8)
448,750  235,821  
Mine restoration provisions89,512  75,419  
Deferred income taxes151,630  145,590  
Employee benefits obligation5,252  4,736  
Other long-term liabilities7,805  4,791  
 969,115  631,419  
Equity  
Shareholders’ equity  
Share capital (Note 9)
  
Issued: 1,043,204,042 common shares (Dec 31, 2019 – 1,030,399,987)
2,380,922  2,339,874  
Contributed surplus50,611  56,685  
Accumulated other comprehensive loss(144,546) (145,071) 
Deficit(93,858) (261,245) 
 2,193,129  1,990,243  
Non-controlling interests (Note 10)
84,059  61,409  
 2,277,188  2,051,652  
 $3,246,303  $2,683,071  
Commitments (Note 16)
Approved by the Board
"Clive T. Johnson"
Director
"Robert J. Gayton"
Director

See accompanying notes to condensed interim consolidated financial statements.
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED JUNE 30
(Expressed in thousands of United States dollars)
(Unaudited)
 2020
Shares
(‘000’s)		Share
capital
Contributed
surplus
Accumulated
other
comprehensive
loss
Deficit
Non-
controlling
interests
Total
equity
Balance at December 31, 20191,030,400  $2,339,874  $56,685  $(145,071) $(261,245) $61,409  $2,051,652  
Net income for the period—  —  —  —  196,733  24,236  220,969  
Dividends (Note 9)
—  —  —  —  (31,217) —  (31,217) 
Unrealised gain on investments
—  —  —  525  —  —  525  
Shares issued on exercise of stock options (Note 9)
11,838  26,829  —  —  —  —  26,829  
Shares issued on vesting of RSUs
(Note 9)
966  2,677  (2,677) —  —  —  —  
Interest on loan to non-controlling interest—  —  —  —  1,871  (1,586) 285  
Share-based payments (Note 9)
—  —  8,145  —  —  —  8,145  
Transfer to share capital on exercise of stock options—  11,542  (11,542) —  —  —  —  
Balance at June 30, 20201,043,204  $2,380,922  $50,611  $(144,546) $(93,858) $84,059  $2,277,188  


 2019
Shares
(‘000’s)		Share
capital
Contributed
surplus
Accumulated
other
comprehensive
loss
Deficit
Non-
controlling
interests
Total
equity
Balance at December 31, 2018994,622  $2,234,050  $70,889  $(146,153) $(547,839) $41,906  $1,652,853  
Net income for the period—  —  —  —  60,199  7,646  67,845  
Unrealised gain on investments—  —  —  1,362  —  —  1,362  
Shares issued on exercise of stock options (Note 9)
14,772  26,910  —  —  —  —  26,910  
Shares issued on vesting of RSUs
(Note 9)
539  1,523  (1,523) —  —  —  —  
Interest on loan to non-controlling interest—  —  —  —  1,726  (1,466) 260  
Share-based payments (Note 9)
—  —  11,615  —  —  —  11,615  
Transfer to share capital on exercise of stock options—  11,281  (11,281) —  —  —  —  
Balance at June 30, 20191,009,933  $2,273,764  $69,700  $(144,791) $(485,914) $48,086  $1,760,845  

See accompanying notes to condensed interim consolidated financial statements.
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2020
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)

1 Nature of operations

B2Gold Corp. (“B2Gold” or the “Company”) is a Vancouver-based gold producer with three operating mines. The Company operates the Fekola Mine in Mali, the Masbate Mine in the Philippines and the Otjikoto Mine in Namibia. Up to October 14, 2019, the Company operated two additional mines in Nicaragua - La Libertad and El Limon mines (see Note 6). The Company also has a 50% joint operation interest in the Gramalote Project in Colombia (see Note 6) and an 81% interest in the Kiaka Project in Burkina Faso. In addition, the Company has a portfolio of other evaluation and exploration assets in Mali, Burkina Faso, Namibia, Uzbekistan and Finland.

B2Gold is a public company which is listed on the Toronto Stock Exchange under the symbol “BTO”, the NYSE American LLC under the symbol “BTG” and the Namibian Stock Exchange under the symbol “B2G”. B2Gold’s head office is located at Suite 3100, Three Bentall Centre, 595 Burrard Street, Vancouver, British Columbia, V7X 1J1.

2 Basis of preparation

These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting of International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). These condensed interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019, which have been prepared in accordance with IFRS as issued by the IASB.

These condensed interim consolidated financial statements follow the same accounting policies and methods of application as the most recent audited consolidated financial statements of the Company.

These condensed consolidated interim financial statements were authorized for issue by the Board of Directors on August 5, 2020.

3 Significant accounting judgements and estimates

The preparation of these financial statements in conformity with IFRS requires judgements and estimates that affect the amounts reported. Those judgements and estimates concerning the future may differ from actual results. In addition to those reported in the 2019 annual consolidated financial statements, the following are the areas of accounting policy judgement and accounting estimates applied by management that most significantly affect the Company’s financial statements, including those areas of estimation uncertainty that could result in a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

COVID-19 estimation uncertainty

A global pandemic related to COVID-19 was declared by the World Health Organization in March 2020. The current and expected impacts on global commerce have been and are anticipated to continue to be far-reaching. To date, globally, there has been significant volatility in commodity prices and foreign exchange rates, restrictions on the conduct of business in many jurisdictions, including travel restrictions, and supply chain disruptions. There is significant ongoing global uncertainty surrounding COVID-19 and the extent and duration of the impact that it may have.

The areas of judgement and estimation uncertainty for the Company which may be impacted include estimates used to determine recoverable reserves and resources, estimates used to determine the recoverable amounts of long-lived assets, estimates used to determine the recoverable amounts of value-added tax receivables and estimates regarding deferred income taxes and valuation allowances. Changes related to these could be material.

Mineral reserve and resource estimates

Mineral reserves are estimates of the amount of ore that can be economically and legally extracted from the Company’s mining properties. The Company estimates its Mineral reserves and mineral resources based on information compiled by appropriately qualified persons relating to the geological data on the size, depth and shape of the ore body, and requires complex geological judgements to interpret the data. The estimation of recoverable reserves is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, metallurgical recoveries, permitting and production costs along with geological assumptions and judgements made in estimating the size, and grade of the ore body. Changes in the reserve or resource estimates may impact the carrying value of mining interests, mine restoration provisions, recognition of deferred tax assets, depreciation and amortization charges and royalties receivable.

1
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2020
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
Impairment of long-lived assets

Long-lived assets are tested for impairment, or reversal of a previous impairment, if there is an indicator of impairment or a subsequent reversal. Calculating the estimated recoverable amount of cash generating units for long-lived asset requires management to make estimates and assumptions with respect to future production levels, mill recoveries, operating and capital costs, future metal prices, foreign exchange rates, taxation rates, and discount rates in its life-of-mine plans and preparation of updated feasibility level technical studies when relevant. Changes in any of the assumptions or estimates used in determining the recoverable amount could impact the analysis. Such changes could be material.

Value-added tax receivables

The Company incurs indirect taxes, including value-added tax, on purchases of goods and services at its operating mines and development projects. Indirect tax balances are recorded at their estimated recoverable amounts within current or long-term assets, net of provisions, and reflect the Company’s best estimate of their recoverability under existing tax rules in the respective jurisdictions in which they arise. Management’s assessment of recoverability considers the probable outcomes of claimed deductions and/or disputes. The provisions and balance sheet classifications made to date may be subject to change and such change may be material.

Current and deferred income taxes

The Company is periodically required to estimate the tax basis of assets and liabilities. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the financial statements. Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period that the changes occur.

Each period, the Company evaluates the likelihood of whether some portion or all of each deferred tax asset will not be realized. This evaluation is based on historic and future expected levels of taxable income, the pattern and timing of reversals of taxable temporary timing differences that give rise to deferred tax liabilities, and tax planning initiatives. Levels of future taxable income are affected by, among other things, market gold prices, production costs, quantities of proven and probable gold reserves, interest rates and foreign currency exchange rates.

Uncertain tax positions

The Company’s operations involve the application of complex tax regulations in multiple international jurisdictions. Determining the tax treatment of a transaction requires the Company to apply judgement in its interpretation of the applicable tax law. These positions are not final until accepted by the relevant tax authority. The tax treatment may change based on the result of assessments or audits by the tax authorities often years after the initial filing.

The Company recognizes and records potential liabilities for uncertain tax positions based on its assessment of the amount,
or range of amounts of tax that will be due. The Company adjusts these accruals as new information becomes available. Due to the complexity and uncertainty associated with certain tax treatments, the ultimate resolution could result in a payment that is materially different from the Company’s current estimate of the tax liabilities.

Determination of control or significant influence over investees

The assessment of whether the Company has a significant influence or control over an investee requires the application of judgement when assessing factors that could give rise to a significant influence or control. Factors evaluated when making a judgement of control or significant influence over an investee include, but are not limited to, ownership percentage, representation on the board of directors, participation in the policy-making process, material transactions and contractual arrangements between the Company and the investee, interchange of managerial personnel, provision of essential technical information and potential voting rights. In evaluating these factors, the Company determines the level of power over the investee the Company has. Changes in the Company's assessment of the factors used in determining if control or significant influence exists over an investee would impact the accounting treatment of the investment in the investee.

Joint Arrangements

The Company is party to arrangements over which it does not have control. Judgment is required in determining whether joint control over these arrangements exists, which parties have joint control and whether the arrangement is a joint venture or joint operation. In assessing whether it has joint control, the Company analyzes the activities of the arrangement to determine which activities most significantly affect the returns of the arrangement over its life. These activities are determined to be the relevant activities of the arrangement. If unanimous consent is required over the decisions about the
2
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2020
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
relevant activities, the parties whose consent is required have joint control. The judgments around which activities are considered the relevant activities of the arrangement are subject to analysis by each of the parties to the arrangement and may be interpreted differently. When performing this assessment, the Company generally considers decisions about activities such as managing the asset while it is being designed, developed and constructed, during its operating life and during the closure period. It may also consider other activities including the approval of budgets, expansion and disposition of assets, financing, significant operating and capital expenditures, appointment of key management personnel, representation on the board of directors and other items. When circumstances or contractual terms change, the Company reassesses the control group and the relevant activities of the arrangement.

If the Company has joint control over an arrangement, an assessment of whether the arrangement is a joint venture or joint operation is required. This assessment is based on whether the Company has rights to the assets, and obligations for the liabilities of the arrangement or whether the Company has rights to the net assets of the arrangement. In making this determination, the Company reviews the legal form of the arrangement, the terms of the contractual arrangement and other facts and circumstances. In a situation where the legal form and the terms of the contractual arrangement do not give us rights to the assets and obligations for the liabilities, an assessment of other facts and circumstances is required, including whether the activities of the arrangement are primarily designed for the provision of output to the parties and whether the parties are substantially the only source of cash flows contributing to the arrangement. The consideration of other facts and circumstances may result in the conclusion that a joint arrangement is a joint operation. This conclusion requires judgment and is specific to each arrangement.

4 Accounts receivable, prepaids and other
 June 30, 2020December 31, 2019
 $$
Due from associate14,435  14,441  
Supplier advances11,747  13,768  
Prepaid expenses3,596  2,221  
Other receivables7,763  7,460  
37,541  37,890  

During the quarter ended March 31, 2020, the Company agreed to extend the term of the deferred consideration due from its associate, Calibre, by six months to April 15, 2021.

5 Inventories
 June 30, 2020December 31, 2019
 $$
Gold and silver bullion38,830  46,484  
In-process inventory13,068  10,297  
Ore stock-pile inventory79,100  62,695  
Materials and supplies113,965  98,447  
 244,963  217,923  

Ore stock-pile inventory includes amounts for the Fekola Mine of $48 million (December 31, 2019 - $33 million), for the Otjikoto Mine of $30 million (December 31, 2019 – $28 million), and for the Masbate Mine of $1 million (December 31, 2019 - $2 million).

3
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2020
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
6 Mining interests
 June 30, 2020December 31, 2019
 $$
Property, plant and equipment (depletable)  
Fekola Mine, Mali
Cost1,459,422  1,322,865  
Accumulated depreciation and depletion(348,260) (258,580) 
1,111,162  1,064,285  
Masbate Mine, Philippines  
Cost, net of impairment833,594  815,418  
Accumulated depreciation and depletion(322,459) (295,616) 
 511,135  519,802  
Otjikoto Mine, Namibia  
Cost646,752  638,664  
Accumulated depreciation and depletion(344,496) (323,152) 
 302,256  315,512  
Exploration and evaluation properties (non-depletable)  
Gramalote, Colombia, net of impairment86,746  —  
Kiaka, Burkina Faso78,926  76,807  
Anaconda Regional, Mali31,343  27,139  
Mocoa Royalty, Colombia10,230  10,230  
Ondundu, Namibia10,121  9,778  
Finland Properties, Finland7,495  6,697  
Other19,220  14,321  
 244,081  144,972  
Corporate & other  
Office, furniture and equipment, net1,760  2,160  
 2,170,394  2,046,731  
Investments in joint ventures and associates (accounted for using the equity method)  
Gramalote, Colombia, net of impairment—  77,265  
Calibre, Nicaragua56,106  53,471  
56,106  130,736  
 2,226,500  2,177,467  
Gramalote

On December 23, 2019, the Company and AngloGold Ashanti Limited (“AngloGold”) entered into an amended and restated shareholders agreement for the Gramalote Project in Colombia. Under the revised agreement, B2Gold agreed to sole fund the first $13.9 million of 2020 budgeted expenditures on the Gramalote Project in Colombia, following which B2Gold and AngloGold will each hold a 50% ownership interest in the joint venture ($10.9 million of the sole fund amount) and B2Gold would continue its role of manager of the Gramalote joint venture, which it assumed on January 1, 2020 ($3 million of the sole fund amount). During the six months ended June 30, 2020, the Company sole-funded $12.5 million of expenditures on the Gramalote Project, which resulted in the Company's interest being increased to 50%. As a result of change to the shareholder agreement and completion of the $10.9 million sole fund amount, the Company has determined that the Gramalote Project meets the definition of a Joint Operation in accordance with IFRS 11, Joint Arrangements effective June 30, 2020, and the Company has proportionately consolidated its share of the assets and liabilities of the Gramalote Project.

Subsequent to June 30, 2020, the remaining sole-fund amount of $1.4 million was completed resulting in the Company having met its sole-funding obligation of $13.9 million under the amended shareholder agreement. Each of B2Gold and its partner AngloGold Ashanti will fund its share of expenditures pro rata going forward.
4
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2020
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
Toega

On April 28, 2020, the Company and its 10% partner GAMS-Mining F&I Ltd ("GAMS") entered into a definitive agreement with West African Resources Limited ("West African") for the sale of the Toega property located in Burkina Faso. The purchase consideration, due 90% to B2Gold and 10% to GAMS, consists of: an initial non-refundable cash payment of $10 million; a further payment of $10 million in cash or shares due upon completion of a feasibility study within 2 years (at which time the permits comprising the Toega project will be transferred to West African); production payments of $25 million in the form of a 3% net smelter returns ("NSR") royalty on production from the Toega project area; and a further 0.5% NSR royalty (to commence after the 3% NSR outlined above has been fully paid) which is capped at 1.5 million ounces.

As a result of the transaction, the Company's $9 million share of the non-refundable cash payment has been credited to the carrying value of the mineral property and the remaining value of the Toega property of $12 million has been classified as an asset held for sale on the Condensed Interim Consolidated Balance Sheet at June 30, 2020.

Sale of Nicaraguan Group

On October 15, 2019, the Company completed the sale of El Limon Mine, La Libertad Mine and other additional concessions in Nicaragua (collectively, the "Nicaraguan Group") to Calibre Mining Corp. ("Calibre") for consideration measured at $116 million (net of transaction costs). In accordance with IFRS 5 Non-current assets held for sale and discontinued operations, the Nicaraguan Group met the definition of a discontinued operation for the three and six months ended June 30, 2020. The results of the Nicaraguan Group for the comparative period have been presented as discontinued operations in the Condensed Interim Consolidated Statement of Operations and the Condensed Interim Consolidated Statement of Cash Flows.

7 Other assets
 June 30, 2020December 31, 2019
 $$
Low-grade stockpile27,030  24,153  
Debt service reserve accounts (Note 8)
9,009  11,783  
Reclamation deposits7,141  6,653  
Long-term investments3,341  2,816  
Loan receivable, including accrued interest493  3,984  
Other258  226  
 47,272  49,615  

8 Long-term debt
 June 30, 2020December 31, 2019
 $$
Revolving credit facility:  
Principal amount425,000  200,000  
Less: unamortized transaction costs(6,587) (7,713) 
 418,413  192,287  
Equipment loans and lease obligations:  
Fekola equipment loan facility (net of unamortized transaction costs)35,293  43,061  
Masbate equipment loan facility (net of unamortized transaction costs)9,082  10,799  
Otjikoto equipment loan facility (net of unamortized transaction costs)—  5,973  
Lease liabilities8,304  9,731  
 52,679  69,564  
 471,092  261,851  
Less: current portion(22,342) (26,030) 
 448,750  235,821  
5
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2020
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)

The changes in debt balances during the six months ended June 30, 2020 are as follows:
 Revolving credit facilityEquipment loansLease liabilitiesTotal
 $$$$
Balance at December 31, 2019192,287  59,833  9,731  261,851  
Drawdowns250,000  —  —  250,000  
Debt repayments(25,000) (15,733) (1,645) (42,378) 
Foreign exchange gains—  (72) (116) (188) 
Non-cash interest and financing expense1,126  347  334  1,807  
Balance at June 30, 2020418,413  44,375  8,304  471,092  
Less current portion—  (19,607) (2,735) (22,342) 
418,413  24,768  5,569  448,750  

Revolving credit facility

On May 10, 2019, the Company entered into a revised revolving credit facility ("RCF") agreement with its existing syndicate of banks plus one new lender. The maximum available for drawdown under the facility was increased from $500 million to $600 million with an accordion feature, available on the receipt of additional binding commitments, for a further $200 million.

The RCF bears interest on a sliding scale of between LIBOR plus 2.125% to 2.75% based on the Company’s consolidated net leverage ratio. Commitment fees for the undrawn portion of the facility are also on a similar sliding scale basis of between 0.478% and 0.619%. The term of the RCF is four years, maturing on May 9, 2023.

The Company has provided security on the RCF in the form of a general security interest over the Company’s assets and pledges creating a charge over the shares of certain of the Company’s direct and indirect subsidiaries. In connection with the RCF, the Company must also maintain certain ratios for leverage and interest coverage. As at June 30, 2020, the Company was in compliance with these debt covenants.

On April 8, 2020, the Company drew down $250 million under the RCF. As at June 30, 2020, the Company had drawn down $425 million under the $600 million RCF, leaving an undrawn and available balance of $175 million.

Fekola equipment loan facility

The Company is required to maintain a deposit in a debt service reserve account (“DSRA”) equal at all times to the total of the principal, interest and other payments that become payable over the next six month period. At June 30, 2020, the balance in the DSRA was Euro 8 million ($9 million equivalent).

Otjikoto equipment loan facility

The Otjikoto equipment loan facility was scheduled for repayment on or before December 31, 2023. On March 30, 2020, the Company elected to voluntarily repay the outstanding balance on the Otjikoto equipment loan facility of $6 million.

9 Share capital

The Company’s authorized share capital consists of an unlimited number of common shares and an unlimited number of preferred shares. As at June 30, 2020, the Company had 1,043,204,042 common shares outstanding, including 1,705,000 common shares being held in trust under the Company’s Incentive Plan. No preferred shares were outstanding.

On March 23, 2020, the Company paid a dividend of $0.01 per share totaling $10 million. On June 12, 2020, the Company declared the second quarter dividend of $0.02 per share. Subsequent to June 30, 2020, on July 7, 2020, the Company paid the second quarter dividend of $21 million. The total year-to-date dividends of $31 million have been recognized in deficit in the Condensed Interim Consolidated Statement of Changes in Equity during the period.

For the three and six months ended June 30, 2020, share-based payments expense relating to the vesting of stock options, was $2 million and $4 million, respectively (2019 - $3 million and $6 million, respectively). During the three and six months ended June 30, 2019, $0 million and $1 million, respectively, was capitalized to mining interests and $0 million and $1
6
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2020
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
million, respectively, was included in the results of discontinued operations. For the three and six months ended June 30, 2020, the Company issued 12 million shares for proceeds of $27 million upon the exercise of stock options. As at June 30, 2020, 24 million stock options were outstanding. Subsequent to June 30, 2020, the Company issued a further 2 million shares for proceeds of $5 million on the exercise of stock options.

For the three and six months ended June 30, 2020, share-based payments expense relating to the vesting of restricted share units ("RSUs") was $1 million and $3 million, respectively (2019 - $2 million and $3 million, respectively). During the six months ended June 30, 2020, 2 million RSUs, were granted to employees of the Company and 1 million shares were issued on the vesting of RSUs. As at June 30, 2020, 5 million RSUs were outstanding.

For the three and six months ended June 30, 2020, share-based payments expense relating to the vesting of performance share units ("PSUs") was $1 million and $1 million, respectively (2019 - $0 million and $0 million, respectively). During the six months ended June 30, 2020, 2 million PSUs were issued to employees of the Company. As at June 30, 2020, 2 million PSUs were outstanding.

During the three and six months ended June 30, 2020, 8,000 and 324,000 deferred share units ("DSUs"), respectively, were issued to Directors of the Company. As at June 30, 2020, 1,200,000 DSUs were outstanding.

Earnings per share

The following is the calculation of net income and diluted net income attributable to shareholders of the Company for the period:
 For the three
months ended
June 30, 2020		For the three
months ended
June 30, 2019		For the six
months ended
June 30, 2020		For the six
months ended
June 30, 2019
Net income from continuing operations$137,961  $44,991  $220,969  $80,236  
Non-controlling interests(13,515) (3,418) (24,236) (7,646) 
Net income and diluted net income from continuing operations (attributable to shareholders of the Company)$124,446  $41,573  $196,733  $72,590  
Loss from discontinued operations attributable to shareholders of the Company—  $(3,669) —  (12,391) 
Net income and diluted net income (attributable to shareholders of the Company)$124,446  $37,904  $196,733  $60,199  

The following is the calculation of diluted weighted average number of common shares outstanding for the period:
 For the three
months ended
June 30, 2020		For the three
months ended
June 30, 2019		For the six
months ended
June 30, 2020		For the six
months ended
June 30, 2019
Basic weighted average number of common shares outstanding (in thousands)
1,040,661  1,008,345  1,037,847  1,004,897  
Effect of dilutive securities:    
Stock options12,348  7,785  10,759  9,510  
Restricted share units2,553  192  2,264  318  
Performance share units2,826  —  2,826  —  
Diluted weighted average number of common shares outstanding (in thousands)
1,058,388  1,016,322  1,053,696  1,014,725  
7
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2020
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
The following is the basic and diluted earnings per share:
 For the three
months ended
June 30, 2020		For the three
months ended
June 30, 2019		For the six
months ended
June 30, 2020		For the six
months ended
June 30, 2019
Earnings per share from continuing operations (attributable to shareholders of the Company)
Basic$0.12  $0.04  $0.19  $0.07  
Diluted$0.12  $0.04  $0.19  $0.07  
Earnings per share (attributable to shareholders of the Company)
Basic$0.12  $0.04  $0.19  $0.06  
Diluted$0.12  $0.04  $0.19  $0.06  

10 Non-controlling interest

The following is a continuity schedule of the Company's non-controlling interests:
FekolaMasbateOtjikotoOtherTotal
$$$$$
Balance at December 31, 201930,429  16,189  13,877  914  61,409  
Share of net income (loss)21,207  (260) 3,299  (10) 24,236  
Interest on loan to non-controlling interest(1,586) —  —  —  (1,586) 
Balance at June 30, 202050,050  15,929  17,176  904  84,059  

11 Derivative Financial instruments

Fuel derivatives

During the six months ended June 30, 2020, the Company entered into additional forward contracts for the purchase of 60,885,000 litres of fuel oil and 42,163,000 litres of gas oil with settlements scheduled between May 2020 and May 2022. These derivative instruments were not designated as hedges by the Company and are being recorded at fair value through profit and loss ("FVTPL").

8
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2020
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
The following is a summary, by maturity dates, of the Company’s fuel derivatives contracts outstanding as at June 30, 2020:
 202020212022Total
Forward – fuel oil:   
Litres (thousands)20,525  31,823  10,880  63,228  
Average strike price$0.26  $0.24  $0.26  $0.25  
Forward – gas oil:   
Litres (thousands)17,760  25,014  9,271  52,045  
Average strike price$0.41  $0.33  $0.33  $0.36  
Forward – diesel:   
Litres (thousand)757  —  —  757  
Average strike price$0.57  $—  $—  $0.57  
Collars - fuel oil:
Litres (thousand)10,399  11,055  —  21,454  
Average ceiling price$0.26  $0.26  $—  $0.26  
Average floor price$0.39  $0.39  $—  $0.39  
Collars - gas oil:
Litres (thousand)2,862  6,439  —  9,301  
Average ceiling price$0.40  $0.40  $—  $0.40  
Average floor price$0.57  $0.57  $—  $0.57  

The unrealized fair value of these contracts at June 30, 2020 was $(4) million.
Interest Rate Swaps

On January 24, 2019, the Company entered into a series of interest swaps with a notional amount of $125 million with settlements scheduled between April 2019 and July 2021. Under these contracts, the Company receives a floating rate equal to the 3 month United States dollar LIBOR rate and pays a fixed rate of between 2.36% and 2.67%. These derivative instruments were not designated as hedges by the Company and are being recorded at FVTPL. The unrealized fair value of these contracts at June 30, 2020 was $(3) million.

12 Financial Instruments

The Company’s financial assets and liabilities are classified based on the lowest level of input significant to the fair value measurement based on the fair value hierarchy:

Level 1 – quoted prices in active markets for identical assets or liabilities;

Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

Level 3 – inputs for the asset or liability that are not based on observable market data.

9
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2020
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
As at June 30, 2020, the Company’s financial assets and liabilities that are measured and recognized at fair value on a recurring basis are categorized as follows:
 As at June 30, 2020As at December 31, 2019
 Level 1Level 2Level 1Level 2
 $$$$
Long-term investments (Note 7)
3,341  —  2,816  —  
Long-term debt (Note 8)
—  (471,092) —  (261,851) 
Fuel derivative contracts (Note 11)
—  (3,805) —  (1,292) 
Interest rate swaps (Note 11)
—  (2,999) —  (1,504) 

The Company’s long-term investments consists of shares of publicly traded mining companies. The fair values of these were determined using market quotes from an active market for each investment.

The fair value of the Company's long-term debt, fuel derivative contracts and interest rate swaps were determined using prevailing market rates for instruments with similar characteristics.

The fair value of the Company's other financial instruments approximate their carrying value due to their short-term nature.

13 Income and other taxes

Income tax expense differs from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings from operations before taxes. These differences result from the following items:

 For the three
months ended
June 30, 2020		For the three
months ended
June 30, 2019		For the six
months ended
June 30, 2020		For the six
months ended
June 30, 2019
 $$$$
Income from continuing operations before taxes210,908  68,143  370,795  141,027  
Canadian federal and provincial income tax rates27.00 %27.00 %27.00 %27.00 %
Income tax expense at statutory rates56,945  18,399  100,115  38,077  
Increase (decrease) attributable to:    
Effects of different foreign statutory tax rates11,789  1,850  19,612  2,518  
Non-deductible expenditures8,526  6,889  16,285  13,751  
Losses for which no tax benefit has been recorded2,470  4,311  8,122  7,283  
Benefit of optional tax deductions(3,343) (3,070) (6,283) (5,754) 
Withholding tax1,183  1,651  2,841  3,712  
Change due to foreign exchange(6,131) (5,714) 8,848  2,368  
Change in accruals for tax audits1,000  —  1,000  —  
Non-taxable portion of gains508  —  (356) —  
Amounts over provided in prior years—  (1,164) (358) (1,164) 
Income tax expense72,947  23,152  149,826  60,791  
Current income tax, withholding and other taxes82,229  24,123  145,699  49,692  
Deferred income tax (recovery) expense(9,282) (971) 4,127  11,099  
Income tax expense72,947  23,152  149,826  60,791  

Included in current income tax expense for the three and six months ended June 30, 2020 is $13 million and $23 million, respectively (2019 - $4 million and $9 million, respectively) related to the State of Mali's 10% priority dividend on its free carried interest in the Fekola Mine. This priority dividend is accounted for as an income tax in accordance with IAS 12, Income Taxes.

10
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2020
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
The Gramalote Joint Venture received notice from the Colombian Tax Office (DIAN) that it disagreed with the Joint Venture’s tax treatment of certain items in the 2013 and 2014 income tax returns, resulting in assessments with additional income taxes and penalty fines. These assessments are currently being appealed by the Gramalote Joint Venture and the outcome of these appeals cannot be determined at this time. The Company does not believe that its share of any taxes payable under the assessments are material and no provision for any amounts that may be payable have been recorded at this time, pending the outcome of the appeal process.

14 Supplementary cash flow information

Supplementary disclosure of cash flow information is provided in the tables below:

Non-cash charges (credits):
 For the three
months ended
June 30, 2020		For the three
months ended
June 30, 2019		For the six
months ended
June 30, 2020		For the six
months ended
June 30, 2019
 $$$$
Depreciation and depletion75,582  56,981  146,194  117,612  
Delivery into prepaid sales
—  (12,000) —  (30,000) 
Interest and financing expense4,304  6,414  8,028  13,244  
Share-based payments (Note 9)
7,440  6,054  11,087  10,036  
Unrealized (gain) loss on derivative instruments(6,840) 4,613  4,008  (831) 
Deferred income tax (recovery) expense (Note 13)
(9,282) (971) 4,127  11,099  
Share of (loss) income of associate3,765  —  (2,635) —  
Write-down of mineral property interests—  1,352  —  1,352  
Other(78) (176) 8,611  (3,222) 
 74,891  62,267  179,420  119,290  

Changes in non-cash working capital:
 For the three
months ended
June 30, 2020		For the three
months ended
June 30, 2019		For the six
months ended
June 30, 2020		For the six
months ended
June 30, 2019
 $$$$
Accounts receivable and prepaids470  (1,390) 1,332  (7,824) 
Value-added and other tax receivables(1,146) (230) (682) (2,571) 
Inventories(7,640) (3,743) (16,327) (2,689) 
Accounts payable and accrued liabilities(3,269) 1,354  (6,535) (8,166) 
Current income and other taxes payable40,143  (21,623) 82,513  (9,489) 
 28,558  (25,632) 60,301  (30,739) 

11
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2020
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
Other exploration and development:
 For the three
months ended
June 30, 2020		For the three
months ended
June 30, 2019		For the six
months ended
June 30, 2020		For the six
months ended
June 30, 2019
 $$$$
Fekola Mine, exploration(4,171) (6,215) (5,041) (8,310) 
Masbate Mine, exploration(2,011) (1,103) (3,628) (2,065) 
Otjikoto Mine, exploration(651) (533) (1,023) (864) 
Anaconda Regional, exploration(2,472) (710) (5,326) (948) 
Toega Project, exploration563  (682) (117) (1,153) 
Kiaka Project, exploration(860) (1,442) (1,355) (1,922) 
Ondundu Project, exploration(160) (530) (343) (737) 
Finland Properties, exploration(424) (58) (798) (278) 
Other(1,697) (1,290) (3,616) (2,907) 
(11,883) (12,563) (21,247) (19,184) 
Non-cash investing and financing activities:
 For the three
months ended
June 30, 2020		For the three
months ended
June 30, 2019		For the six
months ended
June 30, 2020		For the six
months ended
June 30, 2019
 $$$$
Interest on loan to non-controlling interest938  868  1,871  1,726  
Share-based payments, capitalized to mineral property interests161  462  319  942  
Change in current liabilities relating to mineral property expenditures(1,797) 188  (717) (46) 
Foreign exchange (loss) gain on Fekola equipment loan facility(792) (753) 72  417  

For the three and six ended June 30, 2020, the Company paid $36 million and $50 million, respectively, of income taxes in cash (2019 - $45 million and $52 million, respectively).

12
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2020
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
15 Segmented Information

The Company’s reportable operating segments for 2020 include its mining operations, namely the Fekola, Masbate and Otjikoto mines. The “Other Mineral Properties” segment consists of the Company’s interests in mineral properties which are at various stages of exploration and development, including the Company's interests in the Gramalote Project and Calibre. The “Corporate and Other” segment includes corporate operations.

For 2019, prior to the sale to Calibre, the Company's interest in El Limon and La Libertad mines were accounted for as discontinued operations.

The Company’s segments are summarized in the following tables:
For the three months ended June 30, 2020
Fekola
Mine		Masbate
Mine		Otjikoto
Mine		Other
Mineral
Properties		Corporate
& Other		Total
$$$$$$
External gold revenue285,780  75,580  80,579  —  —  441,939  
Production costs45,220  32,201  19,566  —  —  96,987  
Depreciation & depletion41,474  12,619  21,489  —  207  75,789  
Net income (loss)115,144  19,458  19,332  (3,458) (12,515) 137,961  
Capital expenditures56,511  6,540  11,571  6,020  21  80,663  
Total assets1,431,586  668,845  436,545  321,819  387,508  3,246,303  

For the three months ended June 30, 2019
Fekola
Mine		Masbate
Mine		Otjikoto
Mine		Limon
Mine		Libertad
Mine		Other
Mineral
Properties		Corporate
& Other		Discont. OperationsTotal
$$$$$$$$$
External gold revenue140,289  81,469  46,462  6,259  23,768  —  12,000  (43,034) 267,213  
Intersegment gold revenue—  —  —  6,549  6,458  —  (13,007) —  —  
Production costs39,596  35,130  20,587  9,531  23,477  —  —  (33,008) 95,313  
Depreciation & depletion27,760  14,102  15,119  5,170  2,308  —  242  (7,478) 57,223  
Net income (loss)38,877  21,381  5,543  (4,145) 546  (1,182) (19,698) —  41,322  
Capital expenditures19,044  8,623  17,754  11,681  11,304  5,527  66  —  73,999  
Total assets1,171,170  533,838  438,377  97,918  67,980  239,156  47,672  —  2,596,111  


For the six months ended June 30, 2020
Fekola
Mine		Masbate
Mine		Otjikoto
Mine		Other
Mineral
Properties		Corporate
& Other		Total
$$$$$$
External gold revenue525,406  149,994  146,837  —  —  822,237  
Production costs88,321  63,211  37,011  —  —  188,543  
Depreciation & depletion80,689  25,177  40,328  —  461  146,655  
Net income (loss)200,553  38,674  20,434  2,217  (40,909) 220,969  
Capital expenditures131,514  12,918  23,675  25,203  61  193,371  
Total assets1,431,586  668,845  436,545  321,819  387,508  3,246,303  
13
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2020
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)

For the six months ended June 30, 2019
Fekola MineMasbate MineOtjikoto MineLimon MineLibertad MineOther Mineral PropertiesCorporate & OtherDiscont. OperationsTotal
$$$$$$$$$
External gold revenue291,774  147,296  95,066  11,249  36,526  —  30,000  (80,716) 531,195  
Intersegment gold revenue—  —  —  16,532  16,409  —  (32,941) —  —  
Production costs85,624  62,647  39,879  20,833  45,840  —  —  (66,673) 188,150  
Depreciation & depletion58,013  27,095  32,504  8,391  5,846  —  479  (14,237) 118,091  
Net income (loss)71,477  37,122  7,558  (6,541) (5,733) (1,692) (34,346) —  67,845  
Capital expenditures42,423  18,029  25,367  19,575  16,801  10,084  217  —  132,496  
Total assets1,171,170  533,838  438,377  97,918  67,980  239,156  47,672  —  2,596,111  

The Company’s mining interests are located in the following geographical locations:
June 30, 2020December 31, 2019
$$
Mining interests
 Mali1,146,355  1,094,998  
 Philippines511,135  519,802  
 Namibia312,551  325,366  
 Colombia96,976  87,495  
 Burkina Faso83,069  79,087  
 Nicaragua56,106  53,471  
 Finland7,495  6,697  
 Canada1,760  2,160  
 Other11,053  8,391  
 2,226,500  2,177,467  


16 Commitments

As at June 30, 2020, the Company had the following commitments (in addition to those disclosed elsewhere in these financial statements):
•For payments at the Fekola Mine of $10 million related to mobile equipment rebuilds, $6 million for mobile equipment for the mine expansion, $3 million related to the solar plant, $3 million for the plant expansion and $3 million related to other smaller projects, all of which are expected to be incurred in 2020.
•For payments of $4 million for the Company's share of development costs at the Gramalote Project, all of which is expected to be incurred in 2020.
•For payments of $1 million for development of the Wolfshag underground at the Otjikoto Mine, all of which is expected to be incurred in 2020.
•For payments of $2 million for the purchase of mobile equipment, $1 million for mobile rebuilds, $1 million for process plant repairs and $1 million for upgrades to the tailings storage facility at the Masbate Mine, all of which is expected to be incurred in 2020.
14
B2GOLD CORP.
MINING INTERESTS SCHEDULE (NOTE 17)
For the six months ended June 30, 2020
(All tabular amounts are in thousands of United States dollars)
(Unaudited)

 CostAccumulated depreciationNet carrying value
Balance at Dec. 31, 2019Additions
Disposals / write-offs
Reclass Balance at Jun. 30, 2020Balance at Dec. 31, 2019Depreciation
Disposals / write-offs
Balance at Jun. 30, 2020Balance at Jun. 30, 2020Balance at Dec. 31, 2019
 $$$$$$$$$$$
Property, plant and equipment (depletable)
Fekola1,322,865  136,577  (20) —  1,459,422  (258,580) (89,699) 19  (348,260) 1,111,162  1,064,285  
Masbate815,418  18,306  (130) —  833,594  (295,616) (26,960) 117  (322,459) 511,135  519,802  
   Otjikoto638,664  27,095  (19,007) —  646,752  (323,152) (40,248) 18,904  (344,496) 302,256  315,512  
 2,776,947  181,978  (19,157) —  2,939,768  (877,348) (156,907) 19,040  (1,015,215) 1,924,553  1,899,599  
Exploration & evaluation properties (non-depletable)
Gramalote—  —  —  86,746  86,746  —  —  —  —  86,746  —  
   Kiaka76,807  2,119  —  —  78,926  —  —  —  —  78,926  76,807  
Anaconda Regional27,139  4,204  —  —  31,343  —  —  —  —  31,343  27,139  
Mocoa Royalty10,230  —  —  —  10,230  —  —  —  —  10,230  10,230  
Ondundu9,778  343  —  —  10,121  —  —  —  —  10,121  9,778  
Finland6,697  798  —  —  7,495  —  —  —  —  7,495  6,697  
   Other14,321  4,899  —  —  19,220  —  —  —  —  19,220  14,321  
 144,972  12,363  —  86,746  244,081  —  —  —  —  244,081  144,972  
Corporate
Office, furniture & equipment4,971  61  —  —  5,032  (2,811) (461) —  (3,272) 1,760  2,160  
 2,926,890  194,402  (19,157) 86,746  3,188,881  (880,159) (157,368) 19,040  (1,018,487) 2,170,394  2,046,731  
Investments in joint ventures (accounted for using the equity method)
   Gramalote77,265  13,124  —  (90,389) —  —  —  —  —  —  77,265  
Calibre53,471  2,635  —  —  56,106  —  —  —  —  56,106  53,471  
130,736  15,759  —  (90,389) 56,106  —  —  —  —  56,106  130,736  
 3,057,626  210,161  (19,157) (3,643) 3,244,987  (880,159) (157,368) 19,040  (1,018,487) 2,226,500  2,177,467  

15
B2GOLD CORP.
MINING INTERESTS SCHEDULE (NOTE 17)
For the year ended December 31, 2019
(All tabular amounts are in thousands of United States dollars)
(Unaudited)
 CostAccumulated depreciationNet carrying value
Balance at Dec. 31, 2018Additions
Disposals / write-offs
Reclass / impairment reversalBalance at Dec. 31, 2019Balance at Dec. 31, 2018Depreciation
Disposals/ write-offs
Balance at Dec. 31, 2019Balance at Dec. 31, 2019Balance at Dec. 31, 2018
 $$$$$$$$$$$
Property, plant and equipment (depletable)
Fekola1,168,491  156,894  (2,520) —  1,322,865  (144,335) (115,676) 1,431  (258,580) 1,064,285  1,024,156  
   Masbate681,509  40,867  (7,435) 100,477  815,418  (248,021) (51,859) 4,264  (295,616) 519,802  433,488  
   Otjikoto575,127  64,266  (729) —  638,664  (238,579) (85,288) 715  (323,152) 315,512  336,548  
Limon217,263  35,099  (252,362) —  —  (149,541) (10,608) 160,149  —  —  67,722  
Libertad315,569  20,721  (336,290) —  —  (295,715) (5,712) 301,427  —  —  19,854  
 2,957,959  317,847  (599,336) 100,477  2,776,947  (1,076,191) (269,143) 467,986  (877,348) 1,899,599  1,881,768  
Exploration & evaluation properties (non-depletable)
   Kiaka73,173  3,634  —  —  76,807  —  —  —  —  76,807  73,173  
Anaconda Regional21,903  5,236  —  —  27,139  —  —  —  —  27,139  21,903  
Toega19,581  2,440  —  (22,021) —  —  —  —  —  —  19,581  
Mocoa Royalty10,230  —  —  —  10,230  —  —  —  —  10,230  10,230  
Ondundu8,273  1,505  —  —  9,778  —  —  —  —  9,778  8,273  
Finland5,947  750  —  —  6,697  —  —  —  —  6,697  5,947  
   Other13,542  8,557  (7,778) —  14,321  —  —  —  —  14,321  13,542  
 152,649  22,122  (7,778) (22,021) 144,972  —  —  —  —  144,972  152,649  
Corporate
   Office, furniture & equipment2,518  2,453  —  —  4,971  (1,838) (973) —  (2,811) 2,160  680  
 3,113,126  342,422  (607,114) 78,456  2,926,890  (1,078,029) (270,116) 467,986  (880,159) 2,046,731  2,035,097  
Investments in joint ventures and associates (accounted for using the equity method)
   Gramalote72,078  5,187  —  —  77,265  —  —  —  —  77,265  72,078  
Calibre—  51,050  —  2,421  53,471  —  —  —  —  53,471  —  
72,078  56,237  —  2,421  130,736  —  —  —  —  130,736  72,078  
 3,185,204  398,659  (607,114) 80,877  3,057,626  (1,078,029) (270,116) 467,986  (880,159) 2,177,467  2,107,175  

16