EX-99.1 2 exhibit991-63022.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, 2022
(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, 2022		For the three
months ended
June 30, 2021		For the six
months ended
June 30, 2022		For the six
months ended
June 30, 2021
Gold revenue$381,985 $362,990 $747,568 $725,292 
Cost of sales    
   Production costs(158,303)(132,293)(281,263)(243,925)
   Depreciation and depletion(81,874)(77,809)(159,137)(144,536)
Royalties and production taxes(23,901)(24,671)(49,591)(51,197)
Total cost of sales(264,078)(234,773)(489,991)(439,658)
Gross profit117,907 128,217 257,577 285,634 
General and administrative(12,549)(10,518)(23,377)(20,616)
Share-based payments (Note 10)
(4,041)(8,673)(12,445)(9,839)
Write-down of mineral property interests(3,158)— (3,158)(1,040)
Reversal of impairment of long-lived assets (Note 6)
909 — 909 — 
Community relations(453)(733)(1,072)(1,314)
Foreign exchange losses(6,001)(4,534)(8,457)(1,040)
Share of net income of associate4,139 4,281 6,911 9,347 
Other income (expense)1,062 547 (970)(3,409)
Operating income97,815 108,587 215,918 257,723 
Interest and financing expense(2,691)(3,049)(5,274)(5,945)
Gains on derivative instruments (Note 12)
7,749 9,491 27,048 17,540 
Other income (Note 6)
2,932 454 10,688 1,156 
Income from operations before taxes105,805 115,483 248,380 270,474 
Current income tax, withholding and other taxes (Note 14)
(60,141)(50,470)(107,795)(91,596)
Deferred income tax (expense) recovery (Note 14)
(4,978)8,969 (9,096)(6,064)
Net income for the period$40,686 $73,982 $131,489 $172,814 
Attributable to:    
   Shareholders of the Company$37,804 $68,457 $118,527 $160,012 
   Non-controlling interests (Note 11)
2,882 5,525 12,962 12,802 
Net income for the period$40,686 $73,982 $131,489 $172,814 
Earnings per share
(attributable to shareholders of the Company) (Note 10)
Basic$0.04 $0.07 $0.11 $0.15 
Diluted$0.04 $0.06 $0.11 $0.15 
Weighted average number of common shares outstanding
(in thousands) (Note 10)
   Basic1,061,270 1,053,054 1,059,060 1,052,303 
   Diluted1,068,276 1,063,900 1,065,891 1,063,542 
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, 2022		For the three
months ended
June 30, 2021		For the six
months ended
June 30, 2022		For the six
months ended
June 30, 2021
Net income for the period$40,686 $73,982 $131,489 $172,814 
Other comprehensive (loss) income    
Items that will not be subsequently reclassified to net income:
Unrealized (loss) gain on investments
(5,571)1,421 (9,370)(639)
Other comprehensive (loss) income for the period(5,571)1,421 (9,370)(639)
Total comprehensive income for the period$35,115 $75,403 $122,119 $172,175 
Other comprehensive (loss) income attributable to:
   Shareholders of the Company$(5,571)$1,421 $(9,370)$(639)
   Non-controlling interests— — — — 
 $(5,571)$1,421 $(9,370)$(639)
Total comprehensive income attributable to:
   Shareholders of the Company$32,233 $69,878 $109,157 $159,373 
   Non-controlling interests2,882 5,525 12,962 12,802 
 $35,115 $75,403 $122,119 $172,175 

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, 2022		For the three
months ended
June 30, 2021		For the six
months ended
June 30, 2022		For the six
months ended
June 30, 2021
Operating activities    
Net income for the period$40,686 $73,982 $131,489 $172,814 
Non-cash charges, net (Note 15)
98,385 67,847 171,345 143,046 
Changes in non-cash working capital (Note 15)
(8,736)(146,112)(53,471)(170,978)
Changes in long-term value added tax receivables(5,456)(4,033)(17,174)(7,344)
Cash provided (used) by operating activities124,879 (8,316)232,189 137,538 
Financing activities    
Revolving credit facility transaction costs (Note 8)
— — (2,401)— 
Repayment of equipment loan facilities (Note 8)
(4,705)(7,343)(11,495)(14,570)
Interest and commitment fees paid(1,096)(822)(2,324)(1,733)
Cash proceeds from stock option exercises (Note 10)
8,600 1,082 12,631 1,834 
Dividends paid (Note 10)
(42,512)(41,893)(84,746)(83,965)
Principal payments on lease arrangements (Note 8)
(2,448)(693)(3,667)(1,428)
Distributions to non-controlling interests (Note 11)
(3,158)(7,234)(4,180)(9,234)
Funding from non-controlling interests (Note 11)
730 — 730 — 
Changes in restricted cash accounts
162 388 — 499 
Cash used by financing activities(44,427)(56,515)(95,452)(108,597)
Investing activities    
Expenditures on mining interests:    
Fekola Mine(20,198)(8,721)(48,426)(26,117)
Masbate Mine(14,057)(6,778)(19,750)(13,342)
Otjikoto Mine(23,152)(21,091)(39,283)(39,966)
Gramalote Project(4,130)(4,002)(8,537)(7,469)
Anaconda Property, pre-development(6,717)— (6,929)— 
Other exploration and development (Note 15)
(15,982)(15,253)(29,236)(25,424)
Cash paid on acquisition of mineral property (Note 6 )
(48,258)— (48,258)— 
Cash paid on exercise of mineral property option (Note 6)
— — (7,737)— 
Funding of reclamation accounts(1,917)(2,178)(4,098)(3,499)
Purchase of common shares of associate— (5,945)— (5,945)
Other(358)(1,990)(358)(3,523)
Cash used by investing activities(134,769)(65,958)(212,612)(125,285)
Decrease in cash and cash equivalents(54,317)(130,789)(75,875)(96,344)
Effect of exchange rate changes on cash and cash equivalents(7,751)362 (10,432)(1,200)
Cash and cash equivalents, beginning of period648,760 512,568 672,999 479,685 
Cash and cash equivalents, end of period$586,692 $382,141 $586,692 $382,141 
Supplementary cash flow information (Note 15)

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,
2022		As at December 31,
2021
Assets  
Current  
Cash and cash equivalents$586,692 $672,999 
Accounts receivable, prepaids and other (Note 4)
55,378 32,112 
Deferred consideration receivable43,649 41,559 
Value-added and other tax receivables5,760 14,393 
Inventories (Note 5)
300,203 272,354 
Assets classified as held for sale (Note 6)
13,609 12,700 
 1,005,291 1,046,117 
Long-term investments22,748 32,118 
Value-added tax receivables80,601 63,165 
Mining interests (Note 6 and Note 18 - Schedules)
  
Owned by subsidiaries and joint operations2,251,470 2,231,831 
Investments in associates116,605 104,236 
Other assets (Note 7)
88,298 82,371 
Deferred income taxes — 1,455 
$3,565,013 $3,561,293 
Liabilities  
Current  
Accounts payable and accrued liabilities$87,593 $111,716 
Current income and other taxes payable84,150 92,275 
Current portion of long-term debt (Note 8)
19,308 25,408 
Current portion of mine restoration provisions (Note 9)
734 734 
Other current liabilities (Note 11)
24,956 1,056 
 216,741 231,189 
Long-term debt (Note 8)
47,318 49,726 
Mine restoration provisions (Note 9)
93,035 116,547 
Deferred income taxes195,528 187,887 
Employee benefits obligation7,349 7,115 
Other long-term liabilities7,569 7,822 
 567,540 600,286 
Equity  
Shareholders’ equity  
Share capital (Note 10)
2,447,033 2,422,184 
Contributed surplus68,749 67,028 
Accumulated other comprehensive loss(145,669)(136,299)
Retained earnings542,438 507,381 
 2,912,551 2,860,294 
Non-controlling interests (Note 11)
84,922 100,713 
 2,997,473 2,961,007 
 $3,565,013 $3,561,293 
Commitments (Note 17)
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)
 2022
Shares
(‘000’s)		Share
capital
Contributed
surplus
Accumulated
other
comprehensive
loss
Retained earnings
Non-
controlling
interests
Total
equity
Balance at December 31, 20211,056,334 $2,422,184 $67,028 $(136,299)$507,381 $100,713 $2,961,007 
Net income for the period— — — — 118,527 12,962 131,489 
Dividends (Note 10)
— — 573 — (85,457)— (84,884)
Unrealised loss on investments
— — — (9,370)— — (9,370)
Shares issued on exercise of stock options (Note 10)
4,301 12,631 — — — — 12,631 
Shares issued on vesting of RSUs
(Note 10)
2,079 7,401 (7,401)— — — — 
Transactions with non-controlling interests
(Note 11)
— — — — 1,987 (28,753)(26,766)
Share-based payments (Note 10)
— — 13,366 — — — 13,366 
Transfer to share capital on exercise of stock options— 4,817 (4,817)— — — — 
Balance at June 30, 20221,062,714 $2,447,033 $68,749 $(145,669)$542,438 $84,922 $2,997,473 

 2021
Shares
(‘000’s)		Share
capital
Contributed
surplus
Accumulated
other
comprehensive
loss
Retained earnings
Non-
controlling
interests
Total
equity
Balance at December 31, 20201,051,138 $2,407,734 $48,472 $(138,533)$254,343 $88,574 $2,660,590 
Net income for the period— — — — 160,012 12,802 172,814 
Dividends (Note 10)
— — 532 — (84,595)— (84,063)
Unrealised loss on investments
— — — (639)— — (639)
Shares issued on exercise of stock options (Note 10)
1,343 1,834 — — — — 1,834 
Shares issued on vesting of RSUs
(Note 10)
1,610 4,721 (4,721)— — — — 
Transactions with non-controlling interests— — — — 753 (25,421)(24,668)
Share-based payments (Note 10)
— — 12,702 — — — 12,702 
Transfer to share capital on exercise of stock options— 699 (699)— — — — 
Balance at June 30, 20211,054,091 $2,414,988 $56,286 $(139,172)$330,513 $75,955 $2,738,570 

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, 2022
(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. The Company also has a 50% joint operation interest in the Gramalote gold project in Colombia (the "Gramalote Project"). The Company has an approximately 25% interest in Calibre Mining Corp. ("Calibre") and an approximately 19% interest in BeMetals Corp. ("BeMetals"). In addition, the Company has a portfolio of evaluation and exploration assets in other countries including Mali, 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 3400, Park Place, 666 Burrard Street, Vancouver, British Columbia, V6C 2X8.

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 as issued by the International Accounting Standards Board ("IFRS"). These condensed interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021, which have been prepared in accordance with IFRS.

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 3, 2022.

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. 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.

Areas of judgement

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.

Sources of estimation uncertainty

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, 2022
(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 assets requires management to make estimates and assumptions that include such factors as reserves and resources, future production levels, metallurgical recovery estimates, operating and capital costs, future metal prices and discount rates. Changes in any of these 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 and expected timing 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 and the associated repatriation of retained earnings, 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, metal prices, production costs, quantities of proven and probable gold reserves, interest rates and foreign currency exchange rates. The availability of retained earnings for distribution depends on future levels of taxable income as well as future reclamation expenditures, capital expenditures, dividends and other uses of available cash flow.

4 Accounts receivable, prepaids and other
 June 30, 2022December 31, 2021
 $$
Current portion of derivative instruments (Note 12)
22,540 12,823 
Supplier advances12,628 7,291 
Prepaid expenses12,368 4,151 
Other receivables7,842 7,847 
55,378 32,112 

5 Inventories
 June 30, 2022December 31, 2021
 $$
Gold and silver bullion62,338 52,867 
In-process inventory19,296 13,260 
Ore stock-pile inventory74,459 72,242 
Materials and supplies144,110 133,985 
 300,203 272,354 

Ore stock-pile inventory includes amounts for the Fekola Mine of $53 million (December 31, 2021 - $52 million), for the Otjikoto Mine of $14 million (December 31, 2021 – $16 million), and for the Masbate Mine of $7 million (December 31, 2021 - $4 million).
2
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2022
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
6 Mining interests
 June 30, 2022December 31, 2021
 $$
Property, plant and equipment (depletable)  
Fekola Mine, Mali
Cost1,694,560 1,645,337 
Accumulated depreciation and depletion(693,494)(609,899)
1,001,066 1,035,438 
Masbate Mine, Philippines  
Cost1,098,492 1,085,687 
Accumulated depreciation and depletion(495,652)(449,675)
 602,840 636,012 
Otjikoto Mine, Namibia  
Cost820,350 782,208 
Accumulated depreciation and depletion(507,016)(475,303)
 313,334 306,905 
Exploration and evaluation properties (pre-depletable)  
Gramalote Project, Colombia, net of impairment128,054 119,866 
Bakolobi Property, Mali49,303 — 
Menankoto Property, Mali33,832 33,739 
Bantako North Property, Mali20,213 15,351 
Kiaka Royalty, Burkina Faso18,488 18,488 
Finland Properties, Finland16,668 12,561 
Mocoa Royalty, Colombia10,230 10,230 
Uzbekistan Properties, Uzbekistan10,465 8,802 
Anaconda pre-development, Mali8,085 — 
Other10,940 11,019 
 306,278 230,056 
Corporate & other  
Office, furniture and equipment, net27,952 23,420 
 2,251,470 2,231,831 
Investments in associates (accounted for using the equity method)  
Calibre, Various106,324 93,728 
BeMetals, Various10,281 10,508 
116,605 104,236 
 2,368,075 2,336,067 

Impairment of Gramalote Project long-lived assets

During the years ended December 31, 2014 and December 31, 2015, the Company recorded impairment charges of $97 million and $36 million, respectively, for a cumulative impairment charge of $133 million. Subsequent to June 30, 2022, based on the preliminary results of the optimized feasibility study for the Gramalote Project, a joint venture between B2Gold and AngloGold Ashanti Limited (“AngloGold”), both partners have determined that the project does not currently meet their investment thresholds for development of the project at this time. Therefore, in conjunction with finalizing the optimized feasibility study, B2Gold and AngloGold have jointly made the decision to review the alternatives for the Gramalote Project over the coming months. The decision was considered to be an impairment indicator. The Company has performed an impairment test on the Gramalote Project cash-generating unit (“CGU”) as at June 30, 2022.

The carrying value of the Gramalote Project’s exploration and evaluation property was compared to the property’s recoverable amount which was determined to be its fair value less costs of disposal as at June 30, 2022. To estimate the recoverable amount of the Gramalote Project’s CGU for impairment, the Company utilized a discounted cash flow model incorporating estimates and assumptions that included such factors as reserves and resources, future production levels, metallurgical recovery estimates, operating and capital costs, future metal prices, foreign exchange rates and the discount rate. Management’s estimate of the FVLCD of its CGU is classified as level 3 in the fair value hierarchy. The Company’s
3
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2022
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
estimate of future cash flows is subject to risks and uncertainties and therefore could change in the future if the underlying assumptions change.

Key assumptions used for the impairment test at June 30, 2022 were:
•Long-term gold price of $1,650/ounce
•Silver price of $23/ounce
•Mine life of 12 years with construction beginning in 2024
•Discount rate of 6.5%

The Company’s analysis concluded that the carrying value of the Gramalote Project at June 30, 2022 was not impaired. The recoverable amount of the Gramalote Project CGU is most sensitive to changes in the gold price and discount rate. In isolation, a $50 per ounce reduction in the gold price would result in a reduction in the recoverable amount of approximately $38 million. A 25 basis point increase in the discount rate would result in a reduction in the recoverable amount of approximately $9 million.

Oklo acquisition

On May 26, 2022 the Company announced a Scheme Implementation Agreement (the "Agreement") to buy 100% of the outstanding shares of Oklo Resources Limited ("Oklo") for consideration of 0.0206 of a common share of the Company and Australian $0.0525 in cash for each Oklo share held. The transaction contemplated by the Agreement (the "Transaction") will be completed by way of a Scheme of Arrangement under the Australian Corporations Act 2001 (the "Scheme").

The Transaction, including without limitation, the Scheme, is subject to approval by the Court, the Oklo shareholders at the Scheme Meeting, together with other customary closing conditions. The Scheme is also conditional on, among other things, approval from the Malian Minister of Mines of the indirect transfer of ownership of certain mineral rights, and approval from the TSX and NYSE American, including in respect of the issuance and listing of new B2Gold Shares issuable pursuant to the Scheme.

The Company is expected to issue approximately 11 million common shares in connection with the Scheme. Upon completion, the former shareholders of Oklo will own approximately 1% of the Company.

Subject to receipt of all necessary Court, regulatory, shareholder and third party approvals, B2Gold expects the transaction to be completed in the third quarter of 2022.

Bakolobi permit

On April 21, 2022 the Company completed the acquisition of the Bakolobi permit in Mali from a local Malian company for $24 million in cash. The Company also paid $24 million in cash pursuant to a continuing obligation to the previous ownership group of the Bakolobi permit (which includes an international mining company) under the terms of a previous purchase and sale agreement related to the purchase of the Bakolobi permit.

Ondundu property

On December 31, 2021, the Company entered into an agreement with Osino Resources Corp. ("Osino") for the sale of the Ondundu Property in Namibia. The consideration agreed to was as follows:
•$4 million in cash to be received upon closing;
•$5 million of Osino common shares to be received upon closing;
•$4 million in cash to be received six months after closing;
•$2.5 million to be received upon the earlier of (i) completion of a feasibility study including the Ondundu Property or (ii) first gold production from the property, to which no value has been assigned.

During the quarter ended June 30, 2022, the agreement was revised such that upon closing the Company will receive 12 million common shares of Osino initially estimated to be valued at $10 million at June 30, 2022 (based on a price $1.08 per Osino common share on June 30, 2022 and an exchange rate of Cdn. $1.29 to $1) instead of $4 million in cash and $5 million in Osino common shares. As a result of the change in consideration, a portion of the previously recorded impairment loss on the Ondundu Property has been reversed to increase the value of the Ondundu Property by $1 million. The impairment reversal was recorded in the Condensed Interim Consolidated Statement of Operations for the period ended June 30, 2022. The Ondundu Property, with a carrying value of $14 million (December 31, 2021 – $13 million), continues to be classified as an asset held for sale on the Condensed Interim Consolidated Balance Sheet at June 30, 2022.

4
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2022
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
Subsequent to June 30, 2022, on July 20, 2022, the transaction was completed at a further loss of $3 million from the date of the agreement modification, due to a change in the market price of Osino shares at closing.

During the six months ended June 30, 2022, the Company paid $8 million to exercise its option to acquire the remaining 51% interest in the Ondundu property prior to the closing of the sale.

Calibre

On January 12, 2022, the Company's associate, Calibre acquired Fiore Gold Ltd. for a combination of shares and cash. As a result of the shares issued in the transaction, the Company's investment was diluted from approximately 33% of the outstanding shares of Calibre to approximately 25%. A gain on this dilution of $5 million was recognized in Other income in the Condensed Interim Consolidated Statement of Operations during the six months ended June 30, 2022. The Company determined that it still has significant influence over the decision-making process of Calibre as a result of holding approximately 25% of the outstanding shares and having an executive of the Company sit on Calibre's Board of Directors.

7 Other assets
 June 30, 2022December 31, 2021
 $$
Low-grade stockpile38,875 34,318 
Reclamation deposits29,022 26,170 
Debt service reserve accounts
8,004 8,701 
Deferred financing costs7,854 8,959 
Derivative instruments at fair value (Note 12)
2,347 2,602 
Other2,196 1,621 
 88,298 82,371 

8 Long-term debt
 June 30, 2022December 31, 2021
 $$
Equipment loans and lease obligations:  
Fekola equipment loan facilities (net of unamortized transaction costs)29,646 42,408 
Masbate equipment loan facility (net of unamortized transaction costs)2,172 3,865 
Lease liabilities34,808 28,861 
 66,626 75,134 
Less: current portion(19,308)(25,408)
 47,318 49,726 

The changes in debt balances during the six months ended June 30, 2022 are as follows:
 Equipment loansLease liabilitiesTotal
 $$$
Balance at December 31, 202146,273 28,861 75,134 
Lease liabilities incurred— 9,733 9,733 
Repayments(11,495)(3,667)(15,162)
Foreign exchange gains(3,092)(752)(3,844)
Non-cash interest and financing expense132 633 765 
Balance at June 30, 202231,818 34,808 66,626 
Less current portion(14,348)(4,960)(19,308)
17,470 29,848 47,318 
5
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2022
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)

Revolving credit facility

The Company has a revolving credit facility ("RCF") with a syndicate of international banks for an aggregate amount of $600 million. The RCF also allows for an accordion feature whereby upon receipt of additional binding commitments, the facility may be increased to $800 million any time prior to the maturity date of December 16, 2025. As at June 30, 2022, the Company had available undrawn capacity of $600 million. 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, 2022, the Company was in compliance with these debt covenants.

9 Mine restoration provisions

The Company’s mine restoration provisions consist primarily of costs associated with mine reclamation and closure activities. In calculating the present value of the Company’s mine restoration provisions at June 30, 2022, management used a risk-free rate applicable to each location’s functional currency ranging from 2.98% to 3.04% (December 31, 2021 - 1.52% to 1.69%) and an inflation rate of 2.1% (December 31, 2021 - 2.5%). The undiscounted cash flows, before inflation adjustments, and including the Company's proportionate share of the reclamation costs for Gramalote, to settle the mine restoration provisions was estimated at approximately $105 million at June 30, 2022 (December 31, 2021 - $105 million). Due to the nature of mine closure plans, cash expenditures are expected to occur over a significant period of time with the majority of the expenditures expected to occur in the years from 2031 to 2047.

The following table shows the movement in the provision for mine restoration provisions:
 June 30, 2022December 31, 2021
 $$
Balance, beginning of year117,281 104,282 
Reclamation spending— (343)
Accretion expense1,076 1,438 
Change in obligation(24,588)12,484 
Liabilities associated with assets sold— (580)
Balance, end of period93,769 117,281 
Less: current portion(734)(734)
93,035 116,547 

10 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, 2022, the Company had 1,062,713,923 common shares outstanding (December 31, 2021 - 1,056,333,691 shares), including 1,705,000 common shares being held in trust under the Company’s Incentive Plan. No preferred shares were outstanding.

During the six months ended June 30, 2022, the Company paid two quarterly dividends of $0.04 per share totaling $85 million (2021 - $84 million).

During the six months ended June 30, 2022, approximately 3 million stock options were granted to employees with exercise prices ranging from Cdn. $4.43 to Cdn. $5.79 per share. These stock options have a term of up to ten years and vest over a period of up to five years. The estimated fair value when granted of these options, totalling $5 million, is being recognized as a share-based payment expense over the vesting period. The fair value was calculated using the Black-Scholes option pricing model based on a risk-free annual interest rate of up to 2.69%, an expected life of up to ten years, an expected volatility of up to 54% and a dividend yield rate of up to 4.6%.

For the three and six months ended June 30, 2022, share-based payments expense relating to the vesting of stock options, was $3 million and $7 million, respectively, (2021 - $6 million and $7 million, respectively). For the three and six months ended June 30, 2022, the Company issued 3 million and 4 million, respectively, shares for proceeds of $9 million and $13 million, respectively, upon the exercise of stock options. The weighted average market price of the shares at the time of exercise was Cdn. $5.56. As at June 30, 2022, 31 million stock options were outstanding.

6
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2022
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
The following is a summary of changes to stock options outstanding:
Number of outstanding optionsWeighted-average exercise price
('000's)(in Cdn. $)
Outstanding at December 31, 202132,4894.75
Granted3,4015.67
Exercised(4,302)3.72
Forfeited or expired(782)5.35
Outstanding at June 30, 202230,8064.98

For the three and six months ended June 30, 2022, share-based payments expense relating to the vesting of restricted share units ("RSUs") was $1 million and $3 million, respectively, (2021 - $2 million and $3 million, respectively). During the six months ended June 30, 2022, the Company granted 1 million RSUs to employees and issued 2 million shares on the vesting of RSUs. As at June 30, 2022, 3 million RSUs were outstanding.

For the three and six months ended June 30, 2022, share-based payments expense relating to the vesting of performance share units ("PSUs") was $2 million and $3 million, respectively, (2021 - $1 million and $2 million, respectively).

During the quarter ended June 30, 2022, the Company granted 1 million PSUs to employees of the Company. The number of shares to be issued will be 0% to 200% of the number of PSUs depending on total shareholder return compared to a group of peer companies over the period January 1, 2022 to December 31, 2024. The estimated fair value when granted of $8 million is being recognized over the vesting period. The fair value was calculated using a risk-neutral Monte Carlo simulation based on a correlated Geometric Brownian Motion. The model used historical share price volatility ranging from 32% to 81% for the group, a Canadian risk-free annual interest rate of 2.88%, and a United States risk-free annual interest rate of 2.76%.

As at June 30, 2022, 5 million PSUs were outstanding.

For the three and six months ended June 30, 2022, share-based payments recovery relating to the change in fair value of deferred share units ("DSUs") was $2 million and $0 million, respectively, (2021 - $0 million and $2 million recovery, respectively). As at June 30, 2022, 2 million DSUs were outstanding.

7
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2022
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
Earnings per share

The following is the calculation of basic and diluted earnings per share:
 For the three
months ended
June 30, 2022		For the three
months ended
June 30, 2021		For the six
months ended
June 30, 2022		For the six
months ended
June 30, 2021
Net income and diluted net income (attributable to shareholders of the Company)
37,804 68,457 $118,527 160,012 
Basic weighted average number of common shares outstanding (in thousands)
1,061,270 1,053,054 1,059,060 1,052,303 
Effect of dilutive securities:    
Stock options2,706 7,653 2,549 8,032 
Restricted share units717 1,892 699 1,906 
Performance share units3,583 1,301 3,583 1,301 
Diluted weighted average number of common shares outstanding (in thousands)
1,068,276 1,063,900 1,065,891 1,063,542 
Earnings per share (attributable to shareholders of the Company)
Basic$0.04 $0.07 $0.11 $0.15 
Diluted$0.04 $0.06 $0.11 $0.15 

11 Non-controlling interests

The following is a continuity schedule of the Company's non-controlling interests:
FekolaMasbateOtjikotoOtherTotal
$$$$$
Balance at December 31, 202159,089 16,653 24,927 44 100,713 
Share of net income (loss)6,630 3,923 2,427 (18)12,962 
Distributions to non-controlling interest(26,870)— (1,493)— (28,363)
Interest on loan to non-controlling interest(1,689)— — — (1,689)
Participating funding from non-controlling interest— — — 1,273 1,273 
Other— — 26 — 26 
Balance at June 30, 202237,160 20,576 25,887 1,299 84,922 

As at June 30, 2022, there was $24 million due to the State of Mali for their share of dividends declared by the Company's subsidiary Fekola SA (Note 15). This amount was included in Other Current Liabilities on the Condensed Interim Consolidated Balance Sheet at June 30, 2022.

12 Derivative financial instruments

During the six months ended June 30, 2022, the Company entered into additional forward contracts for the purchase of 1,969,000 litres of fuel oil with settlements scheduled between November 2023 and January 2024. 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, 2022
(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, 2022:
 202220232024Total
Forward – fuel oil:   
Litres (thousands)23,034 22,604 656 46,294 
Average strike price$0.34 $0.37 $0.43 $0.36 
Forward – gas oil:   
Litres (thousands)14,937 17,066 — 32,003 
Average strike price$0.36 $0.43 $— $0.40 

The unrealized fair value of these contracts at June 30, 2022 was $25 million (December 31, 2021 - $15 million).

13 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.

As at June 30, 2022, the Company’s financial assets and liabilities that are measured at fair value are categorized as follows:
 As at June 30, 2022As at December 31, 2021
 Level 1Level 2Level 1Level 2
 $$$$
Long-term investments
22,748 — 32,118 — 
Fuel derivative contracts (Note 12)
— 24,887 — 15,425 

The Company’s long-term investments consist 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 fuel derivative contracts were determined using prevailing market rates for instruments with similar characteristics.

The fair value of the Company's long-term debt also approximates its carrying value as it has a floating interest rate and the Company's credit spread has remained approximately consistent. The fair value of the Company's other financial instruments approximate their carrying value due to their short-term nature.

9
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2022
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
14 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, 2022		For the three
months ended
June 30, 2021		For the six
months ended
June 30, 2022		For the six
months ended
June 30, 2021
 $$$$
Income from operations before taxes105,805 115,483 248,380 270,474 
Canadian federal and provincial income tax rates27.00 %27.00 %27.00 %27.00 %
Income tax expense at statutory rates28,567 31,180 67,063 73,028 
Increase (decrease) attributable to:    
Effects of different foreign statutory tax rates3,745 3,843 10,266 9,947 
Change in income tax rates— — — (20,144)
Future withholding tax(18,090)(7,431)(10,050)7,400 
Non-deductible expenditures7,008 6,574 12,549 12,685 
Use of losses and temporary differences not previously recognised(771)(1,592)(6,581)(4,422)
Benefit of optional tax incentives(4,040)(4,594)(7,329)(9,101)
Withholding and other taxes22,355 18,175 23,632 18,877 
Change due to foreign exchange25,416 (5,036)26,830 9,162 
Non-taxable portion of gains(589)(578)(965)(1,262)
Change in accruals for tax audits587 — 587 — 
Losses for which no tax benefit has been recorded(372)6 (342)151 
Amounts under provided in prior years1,303 954 1,231 1,339 
Income tax expense65,119 41,501 116,891 97,660 
Current income tax, withholding and other taxes60,141 50,470 107,795 91,596 
Deferred income tax expense (recovery)4,978 (8,969)9,096 6,064 
Income tax expense65,119 41,501 116,891 97,660 

Included in current income tax expense for the three and six months ended June 30, 2022 was $6 million and $12 million, respectively, (2021 - $5 million and $13 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, 2022
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
15 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, 2022		For the three
months ended
June 30, 2021		For the six
months ended
June 30, 2022		For the six
months ended
June 30, 2021
 $$$$
Depreciation and depletion81,874 77,809 159,137 144,536 
Share-based payments (Note 10)
3,875 8,673 12,279 9,839 
Reversal of impairment of long-lived assets (Note 6)
(909)— (909)— 
Write-down of mineral property interests3,158 — 3,158 1,040 
Share of net income of associate(4,139)(4,281)(6,911)(9,347)
Non-cash interest and financing expense2,060 1,533 4,036 3,006 
Unrealized losses (gains) on derivative instruments3,934 (7,293)(9,463)(14,544)
Deferred income tax expense (recovery) (Note 14)
4,978 (8,969)9,096 6,064 
Other3,554 375 922 2,452 
 98,385 67,847 171,345 143,046 

Changes in non-cash working capital:
 For the three
months ended
June 30, 2022		For the three
months ended
June 30, 2021		For the six
months ended
June 30, 2022		For the six
months ended
June 30, 2021
 $$$$
Accounts receivable and prepaids(9,183)(6,217)(13,008)(10,034)
Value-added and other tax receivables20,247 (22,050)8,610 (37,984)
Inventories(19,506)(8,195)(26,336)(20,014)
Accounts payable and accrued liabilities(3,661)(6,942)(14,612)(11,320)
Current income and other taxes payable3,367 (102,708)(8,125)(91,626)
 (8,736)(146,112)(53,471)(170,978)

11
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2022
(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, 2022		For the three
months ended
June 30, 2021		For the six
months ended
June 30, 2022		For the six
months ended
June 30, 2021
 $$$$
Fekola Mine, exploration(4,062)(4,140)(10,456)(7,227)
Masbate Mine, exploration(1,378)(1,339)(2,415)(2,425)
Otjikoto Mine, exploration(873)(1,113)(1,379)(1,589)
Bantako North, exploration(2,736)(2,119)(4,356)(3,634)
Menankoto, exploration(1,183)(1,748)(1,507)(2,964)
Finland Properties, exploration(2,639)(584)(4,107)(758)
Uzbekistan Properties, exploration(649)(804)(1,573)(1,468)
Kiaka Project, exploration— (1,574)— (3,051)
Other(2,462)(1,832)(3,443)(2,308)
(15,982)(15,253)(29,236)(25,424)

Non-cash investing and financing activities:
 For the three
months ended
June 30, 2022		For the three
months ended
June 30, 2021		For the six
months ended
June 30, 2022		For the six
months ended
June 30, 2021
 $$$$
Change in accrued distributions to non-controlling interests24,183 14,777 24,183 14,777 
Interest on loan to non-controlling interest999 933 1,987 1,857 
Share-based payments, capitalized to mineral property interests364 1,151 744 1,176 
Change in current liabilities relating to mineral property expenditures(9,522)(1,170)(7,109)(2,378)
Foreign exchange gain (loss) on Fekola equipment loan facilities1,987 (669)3,092 2,115 
Share consideration received on sale of Kronk— 4,741 — 4,741 

For the three and six months ended June 30, 2022, the Company paid $39 million and $98 million, respectively, of current income tax, withholding and other taxes in cash (2021 - $177 million and $198 million, respectively).

12
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2022
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
16 Segmented information

The Company’s reportable operating segments for 2022 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.

The Company’s segments are summarized in the following tables:

For the three months ended June 30, 2022
Fekola
Mine		Masbate
Mine		Otjikoto
Mine		Other
Mineral
Properties		Corporate
& Other		Total
$$$$$$
External gold revenue224,476 99,675 57,834 — — 381,985 
Production costs86,258 40,690 31,355 — — 158,303 
Depreciation & depletion47,573 21,674 12,627 — 669 82,543 
Net income (loss)15,617 25,950 1,098 1,219 (3,198)40,686 
Capital expenditures24,260 15,435 24,025 20,496 33 84,249 
Total assets1,401,223 784,432 441,288 454,578 483,492 3,565,013 

For the three months ended June 30, 2021
Fekola
Mine		Masbate
Mine		Otjikoto
Mine		Other
Mineral
Properties		Corporate
& Other		Total
$$$$$$
External gold revenue208,256 109,377 45,357 — — 362,990 
Production costs69,737 40,348 22,208 — — 132,293 
Depreciation & depletion41,878 24,379 11,552 18 558 78,385 
Net income (loss)44,105 23,624 5,685 3,624 (3,056)73,982 
Capital expenditures12,861 8,117 22,204 12,663 1,695 57,540 
Total assets1,310,771 821,435 465,365 396,183 302,497 3,296,251 

For the six months ended June 30, 2022
Fekola
Mine		Masbate
Mine		Otjikoto
Mine		Other
Mineral
Properties		Corporate
& Other		Total
$$$$$$
External gold revenue422,338 182,768 142,462 — — 747,568 
Production costs147,668 75,454 58,141 — — 281,263 
Depreciation & depletion85,847 39,299 33,991 — 1,388 160,525 
Net income50,316 44,949 22,887 5,914 7,423 131,489 
Capital expenditures58,882 22,165 40,662 38,169 33 159,911 
Total assets1,401,223 784,432 441,288 454,578 483,492 3,565,013 

13
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2022
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
For the six months ended June 30, 2021
Fekola
Mine		Masbate
Mine		Otjikoto
Mine		Other
Mineral
Properties		Corporate
& Other		Total
$$$$$$
External gold revenue423,996 207,832 93,464 — — 725,292 
Production costs127,348 72,333 44,244 — — 243,925 
Depreciation & depletion77,903 44,594 22,039 32 1,105 145,673 
Net income (loss)88,726 67,963 12,402 8,251 (4,528)172,814 
Capital expenditures33,344 15,767 41,555 21,652 3,210 115,528 
Total assets1,310,771 821,435 465,365 396,183 302,497 3,296,251 
The Company’s mining interests are located in the following geographical locations:
June 30, 2022December 31, 2021
$$
Mining interests
Mali1,114,378 1,084,580 
Philippines603,218 636,525 
Namibia313,843 307,434 
Colombia138,284 130,096 
Investments in associates - various116,605 104,236 
Canada27,952 23,420 
Burkina Faso21,087 21,087 
Finland16,668 12,561 
Other16,040 16,128 
 2,368,075 2,336,067 

17 Commitments

As at June 30, 2022, 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 for equipment for the Cardinal area, $10 million related to mobile equipment rebuilds, $4 million related to the tailings facility expansion, $2 million related to mobile equipment purchases and $4 million for other capital projects, $17 million of which is expected to be incurred in 2022 and $13 million of which is expected to be incurred in 2023.
•For payments of $9 million for mobile equipment for the Anaconda project, $8m of which is expected to be incurred in 2022 and $1m of which is expected to be incurred in 2023.
•For payments at the Masbate Mine of $5 million for powerhouse rebuilds and maintenance and $3 million related to mobile equipment purchases, all of which is expected to be incurred in 2022.
•For payments at the Otjikoto Mine of $4 million for the Wolfshag underground project, and payments of $1 million for the national power grid connection line, all of which is expected to be incurred in 2022.
•For payments at the Gramalote Project of $4 million for the Company's share of development costs, $3 million of which is expected to be incurred in 2022 and $1 million of which is expected to be incurred in 2023.
14
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Mining Interest Schedule (Note 18)
For the six months ended June 30, 2022
(All tabular amounts are in thousands of United States dollars)
(Unaudited)

 CostAccumulated depreciationNet carrying value
Balance at Dec. 31, 2021Additions / Equity pick-up
Disposals
Reclass / Mine restoration movementsBalance at June 30, 2022Balance at Dec. 31, 2021Depreciation
Disposals
Balance at June 30, 2022Balance at June 30, 2022Balance at Dec. 31, 2021
 $$$$$$$$$$$
Property, plant and equipment (depletable)
Fekola Mine1,645,337 57,474 (737)(7,514)1,694,560 (609,899)(84,128)533 (693,494)1,001,066 1,035,438 
Masbate Mine1,085,687 24,343 (11)(11,527)1,098,492 (449,675)(45,988)11 (495,652)602,840 636,012 
   Otjikoto Mine782,208 43,890 (201)(5,547)820,350 (475,303)(31,715)2 (507,016)313,334 306,905 
 3,513,232 125,707 (949)(24,588)3,613,402 (1,534,877)(161,831)546 (1,696,162)1,917,240 1,978,355 
Exploration & evaluation properties (pre-depletable)
Gramalote Project119,866 8,188 — — 128,054 — — — — 128,054 119,866 
Bakolobi Property— 49,303 — — 49,303 — — — — 49,303 — 
Menankoto Property33,739 1,249 — (1,156)33,832 — — — — 33,832 33,739 
Bantako North Property15,351 4,862 — — 20,213 — — — — 20,213 15,351 
Kiaka Royalty18,488 — — — 18,488 — — — — 18,488 18,488 
Finland Properties12,561 4,107 — — 16,668 — — — — 16,668 12,561 
Mocoa Royalty10,230 — — — 10,230 — — — — 10,230 10,230 
Uzbekistan Properties8,802 1,663 — — 10,465 — — — — 10,465 8,802 
Anaconda pre-development— 6,929 — 1,156 8,085 — — — — 8,085 — 
   Other11,019 4,139 (4,218)— 10,940 — — — — 10,940 11,019 
 230,056 80,440 (4,218)— 306,278 — — — — 306,278 230,056 
Corporate
Office, furniture & equipment28,540 5,920 — — 34,460 (5,120)(1,388)— (6,508)27,952 23,420 
 3,771,828 212,067 (5,167)(24,588)3,954,140 (1,539,997)(163,219)546 (1,702,670)2,251,470 2,231,831 
Investments in associates (accounted for using the equity method)
Calibre93,728 12,596 — — 106,324 — — — — 106,324 93,728 
BeMetals10,508 (227)— — 10,281 — — — — 10,281 10,508 
104,236 12,369 — — 116,605 — — — — 116,605 104,236 
 3,876,064 224,436 (5,167)(24,588)4,070,745 (1,539,997)(163,219)546 (1,702,670)2,368,075 2,336,067 
15
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Mining Interest Schedule (Note 18)
For the year ended December 31, 2021
(All tabular amounts are in thousands of United States dollars)
(Unaudited)
 CostAccumulated depreciationNet carrying value
Balance at Dec. 31, 2020Additions / Equity pick-up
Disposals / write-offs
Reclass / Mine restoration movementsBalance at Dec. 31, 2021Balance at Dec. 31, 2020Depreciation
Disposals/ write-offs
Balance at Dec. 31, 2021Balance at Dec. 31, 2021Balance at Dec. 31, 2020
 $$$$$$$$$$$
Property, plant and equipment (depletable)
Fekola Mine1,516,134 126,824 (2,508)4,887 1,645,337 (416,559)(193,401)61 (609,899)1,035,438 1,099,575 
   Masbate Mine1,046,577 35,081 (284)4,313 1,085,687 (361,438)(88,450)213 (449,675)636,012 685,139 
   Otjikoto Mine696,956 85,571 (3,277)2,958 782,208 (371,138)(107,383)3,218 (475,303)306,905 325,818 
 3,259,667 247,476 (6,069)12,158 3,513,232 (1,149,135)(389,234)3,492 (1,534,877)1,978,355 2,110,532 
Exploration & evaluation properties (pre-depletable)
Gramalote Project95,435 24,392 — 39 119,866 — — — — 119,866 95,435 
Menankoto Property28,991 4,748 — — 33,739 — — — — 33,739 28,991 
Bantako North Property6,191 9,160 — — 15,351 — — — — 15,351 6,191 
Kiaka Royalty— 18,488 — — 18,488 — — — — 18,488 — 
Finland Properties9,034 3,527 — — 12,561 — — — — 12,561 9,034 
Mocoa Royalty10,230 — — — 10,230 — — — — 10,230 10,230 
Uzbekistan Properties4,131 4,671 — — 8,802 — — — — 8,802 4,131 
   Kiaka Property80,927 4,639 (85,566)— — — — — — — 80,927 
Ondundu Property10,701 7,904 (5,905)(12,700)— — — — — — 10,701 
   Other6,688 9,514 (5,183)— 11,019 — — — — 11,019 6,688 
 252,328 87,043 (96,654)(12,661)230,056 — — — — 230,056 252,328 
Corporate
   Office, furniture & equipment28,394 1,652 (1,506)— 28,540 (4,234)(2,392)1,506 (5,120)23,420 24,160 
 3,540,389 336,171 (104,229)(503)3,771,828 (1,153,369)(391,626)4,998 (1,539,997)2,231,831 2,387,020 
Investments in joint ventures and associates (accounted for using the equity method)
Calibre76,235 17,493 — — 93,728 — — — — 93,728 76,235 
BeMetals— 10,508 — — 10,508 — — — — 10,508 — 
76,235 28,001 — — 104,236 — — — — 104,236 76,235 
 3,616,624 364,172 (104,229)(503)3,876,064 (1,153,369)(391,626)4,998 (1,539,997)2,336,067 2,463,255 

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