EX-99.1 2 exhibit991-93021.htm EXHIBIT 99.1 Document









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B2GOLD CORP.
Condensed Interim Consolidated Financial Statements
For the three and nine months ended September 30, 2021
(Unaudited)


B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30
(Expressed in thousands of United States dollars, except per share amounts)
(Unaudited)
 For the three
months ended
Sept. 30, 2021		For the three
months ended
Sept. 30, 2020		For the nine
months ended
Sept. 30, 2021		For the nine
months ended
Sept. 30, 2020
Gold revenue$510,859 $487,166 $1,236,151 $1,309,403 
Cost of sales    
   Production costs(130,770)(104,892)(374,695)(293,435)
   Depreciation and depletion(111,768)(77,090)(256,304)(223,284)
Royalties and production taxes(33,154)(33,545)(84,351)(90,510)
Total cost of sales(275,692)(215,527)(715,350)(607,229)
Gross profit235,167 271,639 520,801 702,174 
General and administrative(10,410)(8,770)(31,026)(27,020)
Share-based payments (Note 9)
(5,996)(4,313)(15,835)(15,400)
Reversal of impairment of long-lived assets— 174,309 — 174,309 
Write-down of mineral property interests— (11,451)— (11,451)
Community relations(855)(690)(2,169)(4,916)
Foreign exchange losses(2,718)(3,669)(3,758)(8,002)
Share of net income of associate3,851 10,877 13,198 13,512 
Other(563)(1,000)(3,972)(5,428)
Operating income218,476 426,932 477,239 817,778 
Interest and financing expense(3,112)(3,389)(9,057)(12,957)
Gains (losses) on derivative instruments5,484 (721)23,024 (12,133)
Other43 1,058 159 1,987 
Income from operations before taxes220,891 423,880 491,365 794,675 
Current income tax, withholding and other taxes (Note 13)
(83,024)(84,552)(174,620)(230,251)
Deferred income tax expense (Note 13)
(2,996)(62,289)(9,060)(66,416)
Net income for the period$134,871 $277,039 $307,685 $498,008 
Attributable to:    
   Shareholders of the Company$123,110 $262,868 $283,122 $459,601 
   Non-controlling interests (Note 10)
11,761 14,171 24,563 38,407 
Net income for the period$134,871 $277,039 $307,685 $498,008 
Earnings per share
(attributable to shareholders of the Company) (Note 9)
Basic$0.12 $0.25 $0.27 $0.44 
Diluted$0.12 $0.25 $0.27 $0.44 
Weighted average number of common shares outstanding
(in thousands) (Note 9)
   Basic1,054,747 1,046,973 1,053,127 1,040,911 
   Diluted1,060,687 1,063,818 1,061,756 1,055,609 
See accompanying notes to condensed interim consolidated financial statements.
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30
(Expressed in thousands of United States dollars)
(Unaudited)

 For the three
months ended
Sept. 30, 2021		For the three
months ended
Sept. 30, 2020		For the nine
months ended
Sept. 30, 2021		For the nine
months ended
Sept. 30, 2020
Net income for the period$134,871 $277,039 $307,685 $498,008 
Other comprehensive (loss) income    
Items that will not be subsequently reclassified to net income:
Unrealized (loss) gain on investments
(2,807)2,875 (3,446)3,400 
Other comprehensive (loss) income for the period(2,807)2,875 (3,446)3,400 
Total comprehensive income for the period$132,064 $279,914 $304,239 $501,408 
Other comprehensive (loss) income attributable to:
   Shareholders of the Company$(2,807)$2,875 $(3,446)$3,400 
   Non-controlling interests— — — — 
 $(2,807)$2,875 $(3,446)$3,400 
Total comprehensive income attributable to:
   Shareholders of the Company$120,303 $265,743 $279,676 $463,001 
   Non-controlling interests11,761 14,171 24,563 38,407 
 $132,064 $279,914 $304,239 $501,408 

See accompanying notes to condensed interim consolidated financial statements.
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30
(Expressed in thousands of United States dollars)
(Unaudited)
 For the three
months ended
Sept. 30, 2021		For the three
months ended
Sept. 30, 2020		For the nine
months ended
Sept. 30, 2021		For the nine
months ended
Sept. 30, 2020
Operating activities    
Net income for the period$134,871 $277,039 $307,685 $498,008 
Mine restoration provisions settled— — — (208)
Non-cash charges, net (Note 14)
122,258 (29,744)265,304 149,323 
Changes in non-cash working capital (Note 14)
57,871 52,575 (113,107)112,876 
Changes in long-term value added tax receivables5,283 136 (2,061)(6,044)
Cash provided by operating activities320,283 300,006 457,821 753,955 
Financing activities    
Revolving credit facility drawdowns (Note 8)
— — — 250,000 
Repayment of revolving credit facility (Note 8)
— (425,000)— (450,000)
Repayment of equipment loan facilities (Note 8)
(7,236)(5,266)(21,806)(20,999)
Interest and commitment fees paid(3,967)(2,934)(5,700)(10,838)
Cash proceeds from stock option exercises (Note 9)
1,943 15,670 3,777 43,135 
Dividends paid (Note 9)
(42,186)(62,852)(126,151)(73,220)
Principal payments on lease arrangements (Note 8)
(1,196)(1,265)(2,624)(2,910)
Distributions to non-controlling interests (Note 10)
(23,177)— (32,411)— 
Restricted cash movement
293 (1,047)792 1,231 
Cash used by financing activities(75,526)(482,694)(184,123)(263,601)
Investing activities    
Expenditures on mining interests:    
Fekola Mine(27,961)(29,186)(54,078)(155,659)
Masbate Mine(7,023)(10,132)(20,365)(19,422)
Otjikoto Mine(19,371)(19,044)(59,337)(41,696)
Gramalote Project(9,200)(2,450)(16,669)(15,574)
Other exploration and development (Note 14)
(13,944)(11,274)(39,368)(32,521)
Purchase of common shares of associate (Note 6)
— — (5,945)— 
Funding of reclamation accounts(1,071)(8,697)(4,570)(8,697)
Non-refundable deposit received on Toega Property (Note 6)
— — — 9,000 
Other2,071 (884)(1,452)561 
Cash used by investing activities(76,499)(81,667)(201,784)(264,008)
Increase (decrease) in cash and cash equivalents168,258 (264,355)71,914 226,346 
Effect of exchange rate changes on cash and cash equivalents(3,892)2,146 (5,092)(1,482)
Cash and cash equivalents, beginning of period382,141 627,669 479,685 140,596 
Cash and cash equivalents, end of period$546,507 $365,460 $546,507 $365,460 
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 September 30,
2021		As at December 31,
2020
Assets  
Current  
Cash and cash equivalents$546,507 $479,685 
Accounts receivable, prepaids and other (Note 4)
36,356 21,306 
Value-added and other tax receivables25,687 11,797 
Inventories (Note 5)
269,795 238,055 
Assets classified as held for sale (Note 6)
97,188 11,855 
 975,533 762,698 
Value-added tax receivables37,214 35,383 
Mining interests (Note 6 and Note 17 - Schedules)
  
Owned by subsidiaries and joint operations2,206,136 2,387,020 
Investments in associates100,119 76,235 
Other assets (Note 7)
79,998 76,496 
Deferred income taxes 5,311 24,547 
$3,404,311 $3,362,379 
Liabilities  
Current  
Accounts payable and accrued liabilities$87,623 $89,062 
Current income and other taxes payable77,585 154,709 
Current portion of long-term debt (Note 8)
28,779 34,111 
Other current liabilities1,078 8,211 
Liabilities associated with assets held for sale (Note 6)
4,456 — 
 199,521 286,093 
Long-term debt (Note 8)
54,970 75,911 
Mine restoration provisions94,818 104,282 
Deferred income taxes206,851 220,903 
Employee benefits obligation7,223 5,874 
Other long-term liabilities6,950 8,726 
 570,333 701,789 
Equity  
Shareholders’ equity  
Share capital (Note 9)
  
Issued: 1,055,349,741 common shares (Dec 31, 2020 – 1,051,138,175)
2,418,515 2,407,734 
Contributed surplus61,499 48,472 
Accumulated other comprehensive loss(141,979)(138,533)
Retained earnings412,050 254,343 
 2,750,085 2,572,016 
Non-controlling interests (Note 10)
83,893 88,574 
 2,833,978 2,660,590 
 $3,404,311 $3,362,379 
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 NINE MONTHS ENDED SEPTEMBER 30
(Expressed in thousands of United States dollars)
(Unaudited)
 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— — — — 283,122 24,563 307,685 
Dividends (Note 9)
— — 800 — (127,112)— (126,312)
Unrealised loss on investments
— — — (3,446)— — (3,446)
Shares issued on exercise of stock options (Note 9)
2,069 3,777 — — — — 3,777 
Shares issued on vesting of RSUs
(Note 9)
2,143 6,068 (6,068)— — — — 
Transactions with non-controlling interest
(Note 10)
— — — — 1,697 (29,244)(27,547)
Share-based payments (Note 9)
— — 19,231 — — — 19,231 
Transfer to share capital on exercise of stock options— 936 (936)— — — — 
Balance at September 30, 20211,055,350 $2,418,515 $61,499 $(141,979)$412,050 $83,893 $2,833,978 

 2020
Shares
(‘000’s)		Share
capital
Contributed
surplus
Accumulated
other
comprehensive
loss
Retained earnings (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— — — — 459,601 38,407 498,008 
Dividends (Note 9)
— — 453 — (73,762)— (73,309)
Unrealised gain on investments
— — — 3,400 — — 3,400 
Shares issued on exercise of stock options (Note 9)
18,095 41,635 — — — — 41,635 
Shares issued on vesting of RSUs
(Note 9)
1,473 3,960 (3,960)— — — — 
Interest on loan to non-controlling interest (Note 10)
— — — — 2,746 (2,334)412 
Share-based payments (Note 9)
— — 11,473 — — — 11,473 
Transfer to share capital on exercise of stock options— 18,018 (18,018)— — — — 
Balance at September 30, 20201,049,968 $2,403,487 $46,633 $(141,671)$127,340 $97,482 $2,533,271 

See accompanying notes to condensed interim consolidated financial statements.
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended September 30, 2021
(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 Project in Colombia. In addition, the Company has a portfolio of other evaluation and exploration assets in Mali, Namibia, Uzbekistan and Finland. On October 25, 2021, the Company entered into an agreement to dispose of its 81% interest in the Kiaka Project.

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, 2020, 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 November 2, 2021.

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.

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. The impact of COVID-19 on the global economic environment, and the local jurisdictions in which the Company operates, could result in further changes to the way the Company runs its mines. These changes could result in revenues or costs being different from the Company's expectations. This impact 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 nine months ended September 30, 2021
(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 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.

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.

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.

2
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended September 30, 2021
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
4 Accounts receivable, prepaids and other
 September 30, 2021December 31, 2020
 $$
Supplier advances6,262 5,208 
Current portion of derivative instruments15,537 3,252 
Prepaid expenses7,786 4,903 
Other receivables6,771 7,943 
36,356 21,306 

5 Inventories
 September 30, 2021December 31, 2020
 $$
Gold and silver bullion43,324 39,157 
In-process inventory11,639 7,984 
Ore stock-pile inventory79,822 71,115 
Materials and supplies135,010 119,799 
 269,795 238,055 

Ore stock-pile inventory includes amounts for the Fekola Mine of $59 million (December 31, 2020 - $44 million), for the Otjikoto Mine of $16 million (December 31, 2020 – $25 million), and for the Masbate Mine of $5 million (December 31, 2020 - $2 million).
3
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended September 30, 2021
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
6 Mining interests
 September 30, 2021December 31, 2020
 $$
Property, plant and equipment (depletable)  
Fekola Mine, Mali
Cost1,577,805 1,516,134 
Accumulated depreciation and depletion(557,610)(416,559)
1,020,195 1,099,575 
Masbate Mine, Philippines  
Cost1,067,308 1,046,577 
Accumulated depreciation and depletion(432,177)(361,438)
 635,131 685,139 
Otjikoto Mine, Namibia  
Cost753,538 696,956 
Accumulated depreciation and depletion(429,478)(371,138)
 324,060 325,818 
Exploration and evaluation properties (pre-depletable)  
Gramalote, Colombia, net of impairment112,442 95,435 
Kiaka, Burkina Faso— 80,927 
Menankoto, Mali32,816 28,991 
Bantako Nord, Mali12,934 6,191 
Ondundu, Namibia10,846 10,701 
Mocoa Royalty, Colombia10,230 10,230 
Finland Properties, Finland10,730 9,034 
Uzbekistan Properties, Uzbekistan6,922 4,131 
Other5,876 6,688 
 202,796 252,328 
Corporate & other  
Office, furniture and equipment, net23,954 24,160 
 2,206,136 2,387,020 
Investments in associates (accounted for using the equity method)  
Calibre, Nicaragua89,433 76,235 
BeMetals, Various10,686 — 
100,119 76,235 
 2,306,255 2,463,255 

Menankoto

The Company, through its Malian subsidiary Menankoto SARL (“Menankoto”), is currently involved in a dispute with the Malian Government related to renewal of the Menankoto exploration permit (the “Menankoto Permit”) which it had applied for a renewal of in early February 2021. The Company strongly believes that Menankoto is entitled to a one-year renewal of the Menankoto Permit under applicable law. After ongoing discussions with the Malian Government were not ultimately successful in resolving the situation, on June 24, 2021 the Company announced that it had formally commenced arbitration proceedings against the Republic of Mali. The arbitration has been commenced pursuant to the arbitration clause set out in the Menankoto mining convention (the “Convention”) governed by the 2012 Malian Mining Code (“2012 Mining Code”), on the basis that the Republic of Mali breached its obligations under the Convention and under the 2012 Mining Code. Based on the terms of the Convention, the arbitration will be conducted by the International Centre for Settlement of Investment Disputes in Paris, France. In addition to pursuing arbitration under the Convention, the Company may pursue, as required, all other available legal remedies.

The Company considered the non-renewal of the Menankoto Permit to be an indicator of impairment for its Menankoto Property, which had a carrying value of $33 million. The Company conducted an impairment analysis whereby the carrying value of the Menankoto Permit was compared to an estimate of its recoverable amount which was determined to be its fair
4
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended September 30, 2021
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
value less costs of disposal (“FVLCD”). FVLCD was determined based on the weighted-average probabilities of successful return of the Menankoto Permit through available legal remedies applied to a value of the property based on recent market transactions. The Company’s analysis concluded that the carrying value of the Menankoto exploration property was not impaired.

Kiaka

Subsequent to September 30, 2021, on October 25, 2021, the Company entered into a binding agreement with West African Resources Limited (“WAF”) (the “Kiaka Agreement”), pursuant to which B2Gold agreed to sell to WAF 100% of the issued and outstanding shares of Volta Resources (Cayman) Inc., the holder of an 81% interest in the Kiaka gold project located in Burkina Faso (the “Kiaka Project”). Under the terms of the Kiaka Agreement, B2Gold will receive the following consideration (the “Kiaka Transaction”):
•cash payment of $0.45 million paid on execution of the Kiaka Agreement;
•$45 million payable on closing of the Kiaka Transaction, comprised of 50% cash and 50% in WAF ordinary shares;
•$45 million payable on the earlier of (i) commencement of construction at the Kiaka Project (provided such date will be a minimum of 6 months from the date of the Kiaka Agreement), (ii) completion of a positive feasibility study at the Kiaka Project, and (iii) October 25, 2022, in cash or WAF ordinary shares, at B2Gold’s option but subject to any required WAF shareholder approval to issue WAF ordinary shares; and
•2.7% net smelter return (“NSR”) royalty interest on the first 2,500,000 ounces of gold produced at the Kiaka Project, and a 0.45% NSR royalty interest on the next 1,500,000 ounces of gold produced at the Kiaka Project.

The closing of the Kiaka Transaction is subject to certain customary conditions, including completion of a transaction between WAF and GAMS-Mining F&I Ltd. (“GAMS”) pursuant to which WAF will acquire GAMS’ 9% interest in the Kiaka Project, and completion of the transaction under the Amended Toega Agreement (as defined below).

In accordance with IFRS 5 Non-current assets held for sale and discontinued operations, the Kiaka property meets the definition of an asset held-for-sale and has been accounted for as a disposal group held for sale at September 30, 2021. As a result, Kiaka property balances are presented as current assets held for sale (made up of $85 million of mineral property costs) and current liabilities held for sale (made up of $4 million of deferred income tax liabilities) on the Condensed Interim Consolidated Balance Sheet.

Toega

On April 28, 2020, the Company and its 10% partner GAMS entered into a definitive agreement with WAF for the sale of the Toega property located in Burkina Faso. As a result of the transaction, the Company's $9 million share of the non-refundable cash payment was 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 September 30, 2021 and December 31, 2020.

Subsequent to September 30, 2021, on October 25, 2021, the Company entered into an amended and restated purchase agreement with WAF and GAMS (the “Amended Toega Agreement”), pursuant to which B2Gold agreed to sell to WAF 100% of the shares of Kiaka Gold SARL, the holder of the Toega gold project located in Burkina Faso (the “Toega Project”)(the original transaction was structured as a sale of assets comprising the Toega Project) and GAMS will sell its 10% beneficial interest in the Toega Project. B2Gold holds a 90% beneficial interest in the Toega Project with GAMS holding the remaining 10%. Under the terms of the Amended Toega Agreement, B2Gold will receive cash payments of $18 million ($9 million of which has been received as outlined above), and on the first 1.5 million ounces of gold produced at the Toega Project, a 2.7% NSR royalty until such time as the royalty payments total $22.5 million and thereafter a 0.45% NSR royalty interest (the “Toega Transaction”). The closing of the Toega Transaction is subject to certain customary conditions. The parties expect the Toega Transaction to be completed by the end of November 2021.
5
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended September 30, 2021
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)

Other - Kronk and BeMetals

On April 26, 2021, the Company closed the sale of the outstanding common shares of the Company's subsidiary Kronk Resources Inc. ("Kronk") to BeMetals Corp. ("BeMetals"). In exchange for its interest in Kronk, the Company received 16 million shares of BeMetals valued at $5 million. The gain on the sale of $1 million has been recorded in Other Operating Income in the Condensed Interim Consolidated Statement of Operations for the period. In connection with the transaction, the Company also purchased 17 million shares of BeMetals valued at Cdn. $0.44 per share for a total of $6 million by way of a non-brokered private placement.

Upon closing of the transactions, the Company held approximately 19% of the outstanding shares of BeMetals. As a result, the Company determined that, effective April 26, 2021, it has significant influence over the decision-making process of BeMetals as a result of its share ownership and having executives of the Company sit on BeMetals' Board of Directors. Therefore, the Company is using the equity basis of accounting to account for this investment and has included its investment in BeMetals in Mining Interests. The Company adjusts BeMetals financial results, where appropriate, to give effect to uniform accounting policies.

7 Other assets
 September 30, 2021December 31, 2020
 $$
Low-grade stockpile32,705 28,322 
Reclamation deposits22,986 19,099 
Debt service reserve accounts (Note 8)
8,855 9,805 
Long-term investments5,908 9,354 
Deferred financing costs3,761 5,449 
Derivative instruments at fair value4,079 1,348 
Other1,704 3,119 
 79,998 76,496 

8 Long-term debt
 September 30, 2021December 31, 2020
 $$
Equipment loans and lease obligations:  
Fekola equipment loan facilities (net of unamortized transaction costs)49,233 71,261 
Masbate equipment loan facility (net of unamortized transaction costs)4,712 7,254 
Lease liabilities29,804 31,507 
 83,749 110,022 
Less: current portion(28,779)(34,111)
 54,970 75,911 

6
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended September 30, 2021
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
The changes in debt balances during the nine months ended September 30, 2021 are as follows:
 Equipment loansLease liabilitiesTotal
 $$$
Balance at December 31, 202078,515 31,507 110,022 
Lease liabilities incurred— 258 258 
Repayments(21,806)(2,624)(24,430)
Foreign exchange gains(3,289)(198)(3,487)
Non-cash interest and financing expense525 861 1,386 
Balance at September 30, 202153,945 29,804 83,749 
Less current portion(24,362)(4,417)(28,779)
29,583 25,387 54,970 

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 May 9, 2023. As at September 30, 2021, 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 September 30, 2021, the Company was in compliance with these debt covenants.

Fekola equipment loan facilities

For the first Fekola equipment 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 September 30, 2021, the balance in the DSRA was Euro 8 million ($9 million equivalent). There is no requirement to maintain a DSRA for the second Fekola equipment facility.

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 September 30, 2021, the Company had 1,055,349,741 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 16, 2021, the Company paid a dividend of $0.04 per share totaling $42 million. On June 30, 2021, the Company paid a second dividend of $0.04 per share totaling $42 million. On September 29, 2021, the Company paid a dividend of $0.04 per share totaling $42 million. On March 23, 2020, the Company paid a dividend of $0.01 per share totaling $10 million. On July 7, 2020, the Company paid a dividend of $0.02 per share totaling $21 million. On September 30, 2020, the Company paid a dividend of $0.04 per share totaling $43 million.

During the nine months ended September 30, 2021, approximately 19 million stock options were granted to employees with exercise prices ranging from Cdn. $4.34 to Cdn. $6.30 per share. These stock options have a term of up to five years and vest over a period of up to five years. The estimated fair value when granted of these options, totalling $23 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 0.6%, an expected life of approximately 3 years, an expected volatility of approximately 50% and a dividend yield rate of approximately 4%.

For the three and nine months ended September 30, 2021, share-based payments expense relating to the vesting of stock options, was $3 million and $10 million, respectively, (2020 - $1 million and $5 million, respectively). For the three and nine months ended September 30, 2021, the Company issued 1 million and 2 million shares, respectively, for proceeds of $2 million and $4 million, respectively, upon the exercise of stock options. The weighted average market price of the shares at the time of exercise was Cdn. $5.83. As at September 30, 2021, 34 million stock options were outstanding.

7
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended September 30, 2021
(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, 202016,8533.56
Granted19,4615.45
Exercised(2,068)2.29
Forfeited or expired(300)3.36
Outstanding at September 30, 202133,9464.72

For the three and nine months ended September 30, 2021, share-based payments expense relating to the vesting of restricted share units ("RSUs") was $1 million and $4 million, respectively (2020 - $2 million and $5 million, respectively). During the nine months ended September 30, 2021, the Company issued 2 million shares on the vesting of RSUs.

During the nine months ended September 30, 2021, the Company granted 1 million RSUs to employees of the Company. One-third of the RSUs vest one year from the grant date, another third vest two years from the grant date with the remainder vesting three years from the grant date. The total estimated fair value of the RSUs granted was approximately $7 million based on the market value of the Company’s shares at the grant date. The fair value of each RSU is recorded as a share-based payments expense (and either charged to operations or capitalized to mining interests) over the vesting period.

As at September 30, 2021, 4 million RSUs were outstanding.

For the three and nine months ended September 30, 2021, share-based payments expense relating to the vesting of performance share units ("PSUs") was $1 million and $3 million, respectively (2020 - $0 million and $1 million, respectively).

During the nine months ended September 30, 2021, 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, 2021 to December 31, 2023. The estimated fair value when granted of $7 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 99% for the group, a Canadian risk-free annual interest rate of 0.81%, and a United States risk-free annual interest rate of 0.35%.

As at September 30, 2021, 3 million PSUs were outstanding.

8
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended September 30, 2021
(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
Sept. 30, 2021		For the three
months ended
Sept. 30, 2020		For the nine
months ended
Sept. 30, 2021		For the nine
months ended
Sept. 30, 2020
Net income and diluted net income (attributable to shareholders of the Company)
123,110 262,868 $283,122 459,601 
Basic weighted average number of common shares outstanding (in thousands)
1,054,747 1,046,973 1,053,127 1,040,911 
Effect of dilutive securities:    
Stock options3,429 10,717 5,976 8,945 
Restricted share units1,320 2,740 1,462 2,365 
Performance share units1,191 3,388 1,191 3,388 
Diluted weighted average number of common shares outstanding (in thousands)
1,060,687 1,063,818 1,061,756 1,055,609 
Earnings per share (attributable to shareholders of the Company)
Basic$0.12 $0.25 $0.27 $0.44 
Diluted$0.12 $0.25 $0.27 $0.44 

10 Non-controlling interests

The following is a continuity schedule of the Company's non-controlling interests:
FekolaMasbateOtjikotoOtherTotal
$$$$$
Balance at December 31, 202051,992 16,302 20,727 (447)88,574 
Share of net income20,652 (78)3,706 283 24,563 
Distributions to non-controlling interest(22,011)— (5,366)— (27,377)
Purchase of non-controlling interest— — — 1,099 1,099 
Non-controlling interest associated with mineral properties sold (Note 6)
— — — (736)(736)
Interest on loan to non-controlling interest(2,381)— — — (2,381)
Other— — 151 — 151 
Balance at September 30, 202148,252 16,224 19,218 199 83,893 

Included in distributions to non-controlling interest on the Condensed Interim Consolidated Statements of Cash Flows is $5 million that was accrued at December 31, 2020 (Note 14).

11 Derivative financial instruments

Fuel derivatives

During the nine months ended September 30, 2021, the Company entered into additional forward contracts for the purchase of 26,895,000 litres of fuel oil and 25,122,000 litres of gas oil with settlements scheduled between February 2022 and July 2023. These derivative instruments were not designated as hedges by the Company and are being recorded at fair value through profit and loss ("FVTPL").

9
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended September 30, 2021
(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 September 30, 2021:
 202120222023Total
Forward – fuel oil:   
Litres (thousands)12,671 43,882 15,265 71,818 
Average strike price$0.27 $0.30 $0.34 $0.30 
Forward – gas oil:   
Litres (thousands)12,258 40,171 14,938 67,367 
Average strike price$0.33 $0.37 $0.43 $0.38 
Collars - fuel oil:
Litres (thousand)1,010 — — 1,010 
Average ceiling price$0.26 $— $— $0.26 
Average floor price$0.39 $— $— $0.39 
Collars - gas oil:
Litres (thousand)715 — — 715 
Average ceiling price$0.40 $— $— $0.40 
Average floor price$0.57 $— $— $0.57 

The unrealized fair value of these contracts at September 30, 2021 was $20 million.

Subsequent to September 30, 2021, the Company entered into contracts for a further 6,027,000 litres of fuel oil for delivery between July and September 2023 at a price of $0.42 per litre.

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. The final contracts were settled in July 2021 and no swaps remain outstanding.

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.

As at September 30, 2021, 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 September 30, 2021As at December 31, 2020
 Level 1Level 2Level 1Level 2
 $$$$
Long-term investments (Note 7)
5,908 — 9,354 — 
Fuel derivative contracts (Note 11)
— 19,616 — 4,600 
Interest rate swaps (Note 11)
— — — (2,059)

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.
10
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended September 30, 2021
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)

The fair value of the Company's 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 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.

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
Sept. 30, 2021		For the three
months ended
Sept. 30, 2020		For the nine
months ended
Sept. 30, 2021		For the nine
months ended
Sept. 30, 2020
 $$$$
Income from operations before taxes220,891 423,880 491,365 794,675 
Canadian federal and provincial income tax rates27.00 %27.00 %27.00 %27.00 %
Income tax expense at statutory rates59,641 114,448 132,669 214,562 
Increase (decrease) attributable to:    
Effects of different foreign statutory tax rates10,838 19,819 20,785 39,431 
Change in income tax rates— — (20,144)— 
Future withholding tax1,900 24,000 9,300 24,000 
Non-deductible expenditures8,840 3,700 21,525 19,985 
Use of losses and temporary differences not previously recognised(794)— (5,216)— 
Losses for which no tax benefit has been recorded(151)3,201 — 11,323 
Benefit of optional tax deductions(6,182)(4,899)(15,283)(11,182)
Current withholding tax2,012 656 20,889 3,497 
Change due to foreign exchange11,113 (14,139)20,275 (5,290)
Non-taxable portion of gains(520)(1,543)(1,782)(1,899)
Change in accruals for tax audits— 1,600 — 2,600 
Amounts (over) under provided in prior years(677)(2)662 (360)
Income tax expense86,020 146,841 183,680 296,667 
Current income tax, withholding and other taxes83,024 84,552 174,620 230,251 
Deferred income tax expense2,996 62,289 9,060 66,416 
Income tax expense86,020 146,841 183,680 296,667 

Included in current income tax expense for the three and nine months ended September 30, 2021 is $12 million and $25 million, respectively (2020 - $15 million and $38 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.

11
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended September 30, 2021
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
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
Sept. 30, 2021		For the three
months ended
Sept. 30, 2020		For the nine
months ended
Sept. 30, 2021		For the nine
months ended
Sept. 30, 2020
 $$$$
Depreciation and depletion111,768 77,090 256,304 223,284 
Share-based payments (Note 9)
5,996 4,313 15,835 15,400 
Reversal of impairment of long-lived assets— (174,309)— (174,309)
Write-down of mineral property interests— 11,451 — 11,451 
Share of net income of associate(3,851)(10,877)(13,198)(13,512)
Non-cash interest and financing expense4,610 2,705 7,616 10,733 
Unrealized (gains) losses on derivative instruments(2,532)(1,185)(17,076)2,823 
Deferred income tax expense (Note 13)
2,996 62,289 9,060 66,416 
Other3,271 (1,221)6,763 7,037 
 122,258 (29,744)265,304 149,323 

Changes in non-cash working capital:
 For the three
months ended
Sept. 30, 2021		For the three
months ended
Sept. 30, 2020		For the nine
months ended
Sept. 30, 2021		For the nine
months ended
Sept. 30, 2020
 $$$$
Accounts receivable and prepaids7,269 3,875 (2,765)5,207 
Value-added and other tax receivables6,208 7,105 (31,776)6,423 
Inventories4,075 (6,598)(15,939)(22,925)
Accounts payable and accrued liabilities7,783 (129)(3,537)(6,664)
Current income and other taxes payable32,536 48,322 (59,090)130,835 
 57,871 52,575 (113,107)112,876 

12
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended September 30, 2021
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
Other exploration and development:
 For the three
months ended
Sept. 30, 2021		For the three
months ended
Sept. 30, 2020		For the nine
months ended
Sept. 30, 2021		For the nine
months ended
Sept. 30, 2020
 $$$$
Fekola Mine, exploration(2,096)(4,113)(9,323)(9,154)
Masbate Mine, exploration(1,446)(2,217)(3,871)(5,845)
Otjikoto Mine, exploration(1,257)(698)(2,846)(1,721)
Kiaka Project, exploration(588)(1,243)(3,639)(2,598)
Menankoto, exploration(1,123)(275)(4,087)(3,438)
Bantako Nord, exploration(2,934)(460)(6,568)(2,624)
Ondundu Project, exploration(44)(430)(144)(773)
Finland Properties, exploration(938)(643)(1,696)(1,441)
Uzbekistan Properties, exploration(1,156)(15)(2,624)(1,050)
Other(2,362)(1,180)(4,570)(3,877)
(13,944)(11,274)(39,368)(32,521)
Non-cash investing and financing activities:
 For the three
months ended
Sept. 30, 2021		For the three
months ended
Sept. 30, 2020		For the nine
months ended
Sept. 30, 2021		For the nine
months ended
Sept. 30, 2020
 $$$$
Interest on loan to non-controlling interest944 875 2,801 2,746 
Share-based payments, capitalized to mineral property interests536 64 1,712 383 
Change in current liabilities relating to mineral property expenditures4,906 3,173 2,528 2,456 
Foreign exchange gain (loss) on Fekola equipment loan facilities1,174 (1,634)3,289 (1,562)
Change in accrued distributions to non-controlling interests(19,811)— (5,034)— 
Share consideration received on sale of Kronk— — 4,741 — 

For the three and nine months ended September 30, 2021, the Company paid $37 million and $234 million, respectively, of current income tax, withholding and other taxes in cash (2020 - $44 million and $101 million, respectively).

13
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended September 30, 2021
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
15 Segmented information

The Company’s reportable operating segments for 2021 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, Calibre and BeMetals. The “Corporate and Other” segment includes corporate operations.

The Company’s segments are summarized in the following tables:
For the three months ended September 30, 2021
Fekola
Mine		Masbate
Mine		Otjikoto
Mine		Other
Mineral
Properties		Corporate
& Other		Total
$$$$$$
External gold revenue288,306 117,795 104,758 — — 510,859 
Production costs68,525 36,177 26,068 — — 130,770 
Depreciation & depletion53,858 27,026 30,884 10 671 112,449 
Net income (loss)70,045 46,353 21,133 3,900 (6,560)134,871 
Capital expenditures30,057 8,469 20,628 18,346 (1,640)75,860 
Total assets1,319,807 778,518 458,595 417,324 430,067 3,404,311 
For the three months ended September 30, 2020
Fekola
Mine		Masbate
Mine		Otjikoto
Mine		Other
Mineral
Properties		Corporate
& Other		Total
$$$$$$
External gold revenue309,147 89,154 88,865 — — 487,166 
Production costs54,531 30,698 19,663 — — 104,892 
Depreciation & depletion42,917 14,389 19,784 — 243 77,333 
Reversal of impairment of long-lived assets— 174,309 — — — 174,309 
Net income (loss)111,255 151,999 21,219 1,560 (8,994)277,039 
Capital expenditures33,299 12,349 19,742 6,696 — 72,086 
Total assets1,407,351 806,570 469,141 329,627 169,745 3,182,434 

For the nine months ended September 30, 2021
Fekola
Mine		Masbate
Mine		Otjikoto
Mine		Other
Mineral
Properties		Corporate
& Other		Total
$$$$$$
External gold revenue712,302 325,627 198,222 — — 1,236,151 
Production costs195,873 108,510 70,312 — — 374,695 
Depreciation & depletion131,761 71,620 52,923 42 1,776 258,122 
Net income (loss)158,771 114,316 33,535 12,151 (11,088)307,685 
Capital expenditures63,401 24,236 62,183 39,998 1,570 191,388 
Total assets1,319,807 778,518 458,595 417,324 430,067 3,404,311 

14
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended September 30, 2021
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
For the nine months ended September 30, 2020
Fekola
Mine		Masbate
Mine		Otjikoto
Mine		Other
Mineral
Properties		Corporate
& Other		Total
$$$$$$
External gold revenue834,553 239,148 235,702 — — 1,309,403 
Production costs142,852 93,909 56,674 — — 293,435 
Depreciation & depletion123,606 39,566 60,112 — 704 223,988 
Reversal of impairment of long-lived assets— 174,309 — — — 174,309 
Net income (loss)311,808 190,673 41,653 3,777 (49,903)498,008 
Capital expenditures164,813 25,267 43,417 31,899 61 265,457 
Total assets1,407,351 806,570 469,141 329,627 169,745 3,182,434 
The Company’s mining interests are located in the following geographical locations:
September 30, 2021December 31, 2020
$$
Mining interests
Mali1,066,185 1,134,868 
Philippines635,438 685,139 
Namibia335,258 336,897 
Colombia122,672 105,665 
Burkina Faso— 81,382 
Nicaragua89,433 76,235 
Canada23,954 24,160 
Finland10,730 9,034 
Other22,585 9,875 
 2,306,255 2,463,255 


16 Commitments

As at September 30, 2021, the Company had the following commitments (in addition to those disclosed elsewhere in these financial statements):
•For payments at the Fekola Mine of $7 million related mobile equipment, $5 million for major overhauls, $2 million related to the tailings facility expansion and $1 million for other capital projects, all of which is expected to be incurred in 2021.
•For payments at the Masbate Mine of $1 million related to tailings facility upgrades, $1 million for access to new areas in the mine plan and $1 million for other processing projects, all of which is expected to be incurred in 2021.
•For payments of $44 million for the Wolfshag underground project at the Otjikoto Mine, of which $7 million is expected to be incurred in 2021, $33 million in 2022 and $4 million in 2023. In addition, payments of $9 million for the Nampower grid connection of which $4 million is expected to be incurred in 2021 and $5 million 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 2021 and $1 million which is expected to be incurred in 2022.
15
B2GOLD CORP.
MINING INTERESTS SCHEDULE (NOTE 17)
For the nine months ended September 30, 2021
(All tabular amounts are in thousands of United States dollars)
(Unaudited)

 CostAccumulated depreciationNet carrying value
Balance at Dec. 31, 2020Additions
Disposals
Reclass / Mine restoration movementsBalance at Sept. 30, 2021Balance at Dec. 31, 2020Depreciation
Disposals
Balance at Sept. 30, 2021Balance at Sept. 30, 2021Balance at Dec. 31, 2020
 $$$$$$$$$$$
Property, plant and equipment (depletable)
Fekola1,516,134 67,065 (2,508)(2,886)1,577,805 (416,559)(141,112)61 (557,610)1,020,195 1,099,575 
Masbate1,046,577 25,898 (284)(4,883)1,067,308 (361,438)(70,952)213 (432,177)635,131 685,139 
   Otjikoto696,956 60,508 (1,715)(2,211)753,538 (371,138)(60,041)1,701 (429,478)324,060 325,818 
 3,259,667 153,471 (4,507)(9,980)3,398,651 (1,149,135)(272,105)1,975 (1,419,265)1,979,386 2,110,532 
Exploration & evaluation properties (pre-depletable)
Gramalote95,435 17,007 — — 112,442 — — — — 112,442 95,435 
   Kiaka80,927 3,965 — (84,892)— — — — — — 80,927 
Menankoto28,991 3,825 — — 32,816 — — — — 32,816 28,991 
Bantako Nord6,191 6,743 — — 12,934 — — — — 12,934 6,191 
Ondundu10,701 145 — — 10,846 — — — — 10,846 10,701 
Mocoa Royalty10,230 — — — 10,230 — — — — 10,230 10,230 
Finland9,034 1,696 — — 10,730 — — — — 10,730 9,034 
Uzbekistan4,131 2,791 — — 6,922 — — — — 6,922 4,131 
   Other6,688 4,370 (4,741)(441)5,876 — — — — 5,876 6,688 
 252,328 40,542 (4,741)(85,333)202,796 — — — — 202,796 252,328 
Corporate
Office, furniture & equipment28,394 1,570 (1,506)— 28,458 (4,234)(1,776)1,506 (4,504)23,954 24,160 
 3,540,389 195,583 (10,754)(95,313)3,629,905 (1,153,369)(273,881)3,481 (1,423,769)2,206,136 2,387,020 
Investments in associates (accounted for using the equity method)
Calibre76,235 13,198 — — 89,433 — — — — 89,433 76,235 
BeMetals— 10,686 — — 10,686 — — — — 10,686 — 
76,235 23,884 — — 100,119 — — — — 100,119 76,235 
 3,616,624 219,467 (10,754)(95,313)3,730,024 (1,153,369)(273,881)3,481 (1,423,769)2,306,255 2,463,255 
16
B2GOLD CORP.
MINING INTERESTS SCHEDULE (NOTE 17)
For the year ended December 31, 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 / impairment reversal / Mine restoration movementsBalance at Dec. 31, 2020Balance at Dec. 31, 2019Depreciation
Disposals/ write-offs
Balance at Dec. 31, 2020Balance at Dec. 31, 2020Balance at Dec. 31, 2019
 $$$$$$$$$$$
Property, plant and equipment (depletable)
Fekola1,322,865 192,924 (7,271)7,616 1,516,134 (258,580)(164,898)6,919 (416,559)1,099,575 1,064,285 
   Masbate815,418 42,559 (629)189,229 1,046,577 (295,616)(66,347)525 (361,438)685,139 519,802 
   Otjikoto638,664 73,605 (20,016)4,703 696,956 (323,152)(67,304)19,318 (371,138)325,818 315,512 
 2,776,947 309,088 (27,916)201,548 3,259,667 (877,348)(298,549)26,762 (1,149,135)2,110,532 1,899,599 
Exploration & evaluation properties (pre-depletable)
Gramalote— 7,903 — 87,532 95,435 — — — — 95,435 — 
   Kiaka76,807 4,120 — — 80,927 — — — — 80,927 76,807 
Menankoto25,450 3,541 — — 28,991 — — — — 28,991 25,450 
Ondundu9,778 923 — — 10,701 — — — — 10,701 9,778 
Mocoa Royalty10,230 — — — 10,230 — — — — 10,230 10,230 
Finland6,697 2,337 — — 9,034 — — — — 9,034 6,697 
Bantako Nord1,689 4,502 — — 6,191 — — — — 6,191 1,689 
Uzbekistan2,164 1,967 — — 4,131 — — — — 4,131 2,164 
   Other12,157 5,884 (11,353)— 6,688 — — — — 6,688 12,157 
 144,972 31,177 (11,353)87,532 252,328 — — — — 252,328 144,972 
Corporate
   Office, furniture & equipment4,971 23,423 — — 28,394 (2,811)(1,423)— (4,234)24,160 2,160 
 2,926,890 363,688 (39,269)289,080 3,540,389 (880,159)(299,972)26,762 (1,153,369)2,387,020 2,046,731 
Investments in joint ventures and associates (accounted for using the equity method)
   Gramalote77,265 13,124 — (90,389)— — — — — — 77,265 
Calibre53,471 22,764 — — 76,235 — — — — 76,235 53,471 
130,736 35,888 — (90,389)76,235 — — — — 76,235 130,736 
 3,057,626 399,576 (39,269)198,691 3,616,624 (880,159)(299,972)26,762 (1,153,369)2,463,255 2,177,467 

17