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    Francesco Costanzo • Scotiabank

    Francesco Costanzo's questions to B2Gold Corp (BTG) leadership

    Francesco Costanzo's questions to B2Gold Corp (BTG) leadership • Q1 2025

    Question

    Francesco Costanzo, on behalf of Ovais Habib, inquired about the critical path items for the Goose project, the breakdown of capital spending ahead of first gold, and the expected site preparation timeline for Fekola Regional post-permitting.

    Answer

    Executive William Lytle identified powerhouse commissioning as a key near-term item for the Goose project, followed by mill circuit commissioning, and confirmed a three-month pre-stripping period is still required for Fekola Regional. Executive Michael Cinnamond clarified that approximately $60 million in capital spending was accelerated into late 2024 and Q1 2025, keeping the total project budget on track.

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    Francesco Costanzo's questions to B2Gold Corp (BTG) leadership • Q2 2024

    Question

    On behalf of Ovais Habib, Francesco Costanzo of Scotiabank asked about the integrity of the dividend and the company's liquidity position, given the challenges in Mali and revised guidance. He also inquired about the funding plan and borrowing cadence for upcoming projects.

    Answer

    CFO Michael Cinnamond affirmed B2Gold's strong liquidity, citing nearly $0.5 billion in cash and an undrawn $700 million credit facility. He stated that while the company's goal is to maintain the dividend, capital return policies are regularly reviewed alongside major capital outlays. Cinnamond expressed confidence in the company's financial flexibility to fund its capital projects and growth initiatives.

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