Name of the Project
Back River Gold – Goose mine gold project.

Location
Back River district, in Nunavut, Canada.

Project Owner/s
Precious Metals miner B2Gold.

Project Description
The Back River gold district comprises 11 mineral claims blocks along an 80 km belt. Construction is under way at Goose, the most advanced project in the district.

Based on the mineral reserve life-of-mine (LoM) plan, B2Gold is evaluating a flotation/concentrate leach process as a potential option to increase gold recovery and reduce operating costs. 

The company is starting a study on the installation of a semiautogenous grinding (SAG) mill, to be paired in conjunction with the existing 4 000 t/d ball mill, which could potentially expand mill throughput capacity.

B2Gold believes that the addition of a SAG mill could potentially result in an increase in the mill throughput, from 4 000 t/d to 6 000 t/d, which, in turn, could result in an increase in average yearly gold production.

The miner further plans to evaluate underground and openpit mining strategies to lower costs and capture additional existing mineral resources into the mine plan.

The mineral reserve estimate includes probable reserves of 11.3-million tonnes grading 6.82 g/t gold for a total of 2.48-million ounces of gold.

Average yearly gold production is estimated at 270 000 oz over the mineral reserve LoM of nine years.

The company is also evaluating the viability of building and running the Goose project winter ice road on a less than yearly basis.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated after-tax net present value, at a 5% discount rate, of C$1.1-billion and an internal rate of return of 28%, with a payback of 2.3 years.

Capital Expenditure
C$1.54-billion.

Planned Start/End Date
B2Gold poured first gold at the mine in June 2025, officially starting production at its first Canadian operation and expanding the company’s global footprint.

Latest Developments
B2Gold has lowered its 2025 output forecast for the Goose mine, owing to crushing plant constraints, but has reaffirmed its consolidated production guidance of 970 000 oz to 1.075-million ounces for the year.

The Goose mine, which achieved first gold on June 30, remains on track for commercial production in the coming weeks. However, the company now expects the operation to produce 80 000 oz to 110 000 oz this year, down from its original guidance of 120 000 oz to 150 000 oz. Output in the fourth quarter is expected to align with earlier estimates of about 70 000 oz.

B2Gold has said that supplemental mobile crushing capacity will enable the Goose mill to run at its 4 000 t/d design rate, while permanent circuit optimisations are being implemented. Longer-term guidance remains unchanged, with production forecast at about 250 000 oz in 2026 and averaging 300 000 oz/y for the first six years of operation.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
B2Gold, tel +1 604 681 8371 or email investor@b2gold.com.