B2Gold continued to have a solid presence on CMJ’s annual Top 40 ranking of Canadian miners. The company’s ranking for 2024 shifted only slightly to #13 from #11 in 2023 ranking. Recently, I had the opportunity to speak with Randall Chatwin (RC), senior vice-president, legal and corporate communications, at B2Gold, to discuss the latest developments at the Goose project in Nunavut, the company’s operations in Mali, and other key updates.
B2Gold continued to have a solid presence on CMJ’s annual Top 40 ranking of Canadian miners. The company’s ranking for 2024 shifted only slightly to #13 from #11 in 2023 ranking. Recently, I had the opportunity to speak with Randall Chatwin (RC), senior vice-president, legal and corporate communications, at B2Gold, to discuss the latest developments at the Goose project in Nunavut, the company’s operations in Mali, and other key update
The Goose Gold Project
With the acquisition of Sabina Gold & Silver in April 2023, B2Gold also acquired Sabina’s 100% owned Back River Gold District located in Nunavut, Canada. The Back River Gold District consisted of eight mineral claim blocks along an 80-km belt, which has now expanded to 11 mineral claim blocks. The most advanced project in the district, the Goose project, has been de-risked with significant infrastructure currently in place. The development of the Goose project opens the Back River Gold District for opportunities yet to be discovered, many of which are the subject of exploration in 2025. All project construction and development activities at the Goose Project have been completed, and on June 30, 2025, B2Gold achieved its first gold pour at the Goose Mine. The company continues to estimate and reiterate its guidance of 120,000 to 150,000 oz. for 2025 and now begin work ramping up to commercial production in the third quarter. The Goose mill has been consistently running at approximately 50% of nameplate capacity during this initial phase, as planned, and the focus during Q3 of 2025 will be to continue steady state operations and increase throughput to full design capacity in the near-term. B2Gold estimates average annual gold production for the initial full six years of operations (2026 to 2031 inclusive) to be approximately 300,000 oz. per year, based only on existing mineral reserves.
CMJ: B2Gold is advancing operations at the Goose Gold Project in Nunavut. How is the company leveraging its Arctic experience to move the project forward efficiently?
RC: One of the most significant ways we are leveraging our Arctic experience is through the construction and management of the winter ice road (WIR). In 2024, we had a very successful season — bringing in all the materials needed to complete construction. This year, we were able to start even earlier, on February 18th — three weeks ahead of schedule — thanks to our team’s experience in Northern Russia with Bema Gold and what we have learned in past seasons in Nunavut. The WIR was operational by mid-February 2025 with the transportation of all materials from the MLA to the Goose project site completed one month ahead of schedule in mid-April 2025. Over 4,000 loads and 80 million litres of fuel were transported over the 2025 WIR season.
That early start significantly reduced the risk of delays in transporting essential supplies from the marine laydown area to the site. This includes critical inputs like the 80 million litres of fuel required to power operations for the next 12 months, upgraded mining equipment, critical spares, and all necessary reagents. Beyond logistics, our Arctic experience informs how we maintain equipment for cold-weather performance and ensure camp operations run smoothly. We use Arctic corridors between buildings to minimize outdoor exposure, and many employees operate on a three-week rotation schedule, which is certainly attractive to the workforce. This schedule allows for better rest and recovery and has also proven to be a competitive recruitment advantage over the more common two-week rotation.
Marine laydown area (MLA)
Following the acquisition of Sabina, the MLA, located on Bathurst Inlet, was reorganized to maximize space for the 2023 sealift. Additionally, the fuel tank containment area at the MLA was enlarged to facilitate increased storage.
The 2024 sealift was completed on September 30, 2024, with 10 ships and one barge having unloaded 123,000 m3 of dry cargo, ~85 million litres of arctic grade diesel fuel, and 58 additional trucks for the 2025 winter ice road (WIR) campaign.
CMJ: It sounds like you are developing best practices for Arctic operations.
RC: Absolutely. We are drawing on a wealth of knowledge from our past projects, including the Bema Gold team days and our experience in Russia. Leaders like Bill (William) Lytle, our senior vice-president and COO, were part of that team, and they are now mentoring the next generation of construction and project managers. That knowledge transfer is vital as many of our senior construction leaders start to turn over leadership roles to the next generation. The Back River Gold District presents a unique opportunity to preserve and pass on this Arctic expertise.
CMJ: I understand that the continuity is especially important given the challenges in attracting young talent to the mining workforce.
RC: Precisely. On the ground, mentorship and real-world training is invaluable — particularly with something as essential as building the ice road, which we will have to do annually, and operating a 4000 t/d mill in the Arctic. Every year, we need to transport fuel, reagents, critical spares, and mining equipment — everything necessary to sustain the mine. So, having both current and future teams equipped with the right skills is critical.
CMJ: Can you talk to us about B2Gold’s relationship with the Kitikmeot Inuit Association (KIA) and how you are collaborating with local communities to build the infrastructure?
RC: We have a strong partnership with the Kitikmeot Inuit Association (KIA), which is the landholder for the Goose project. We entered into an Inuit Impact and Benefit Agreement (IIBA) with the KIA in 2018, a testament to the excellent work done by the Sabina Gold team, which we have been able to build upon.
The IIBA covers Inuit employment, business development, and community support. The Goose project employed 233 Inuit project personnel in 2024, but we continue to work hard to build on that success. In addition, in 2024 alone, about $205 million in expenditures were made to 17 Kitikmeot-qualified businesses. We are working with the five communities in the region to expand employment and procurement/contracting opportunities and provide meaningful support on-site to all Inuit project personnel.
We have initiated an Inuit Employee onboarding program to help ease transition of new Inuit employees to life at site. In addition, we provide access to country foods, culturally relevant programs, celebration of traditions, mental health support, and ensuring there are Inuit representatives in camp to provide support. We are working collaboratively with the KIA and communities to identify investment priorities — whether that is housing, healthcare, education, or cultural initiatives.
One example is our partnership with the Red Fish Arts Society in Cambridge Bay. At the community’s request, we supported their work with at-risk-youth by helping fund welding and art programs. Additionally, we have hosted students at our site, giving them practical opportunities to apply their skills. It is a powerful way to align training with employment.
CMJ: That level of engagement truly sets B2Gold apart. Shifting to Mali, where you operate Fekola,
your largest gold mine — how is the current political situation affecting operations?
RC: Our relationship with the Malian government remains strong and has been consistent throughout the recent negotiation period. With a Memorandum of Understanding (MoU), signed in September 2024, we reached an agreement that aligns with both the government’s goals and B2Gold and its stakeholders’ interests. The MoU has given us a stable framework to continue operating the Fekola Gold Mine and expand gold production at the Fekola Complex, including the Fekola regional project.
We are currently working through the licensing process with the government, and so far, they are fulfilling their commitments under the MoU, just as we are. It is important to note that the site itself has not been affected by political events, and operations have continued to run unimpeded.
Earlier in 2024, we did work through an operational issue when an excavator tipped over, which set back our stripping work in Phase VII. However, by Q3 2024, we had resolved the issue and were back on track. We have now reached the expected ore grade and are meeting or exceeding production budgets for the start of 2025.
CMJ: According to a recent Yahoo Finance analyst report, B2Gold is among the top 13 gold dividend stocks to buy now. How have you achieved this reputation?
RC: It comes down to consistent delivery. Despite the challenges in Mali and building the mine at the Goose project, we have continued to meet our targets — both in terms of budget and timeline. We poured our first gold at the Goose project at the end of June 2025 and are looking forward to achieving commercial production at the Goose Gold Mine in Q3 2025.
Meanwhile in Mali, we have overcome the operational issues in 2024, finalized the MoU, and are now advancing the Fekola regional expansion. The key is that we continue to deliver on our promises quarter after quarter. That builds credibility — and it is being recognized in the market. We also believe the stock remains undervalued, and as we de-risk the Goose project and bring in regional ore at Fekola, we expect to see further positive momentum.
CMJ: Gold had a standout year in 2024 — the best run in over a decade. What is your outlook for the remainder of 2025?
RC: We see ongoing strength in the gold price, largely driven by global geopolitical uncertainty. Gold continues to be a reliable safe-haven investment.
That said, we take a conservative approach in our budgeting — we do not plan based on spot prices — but we certainly welcome the strong price environment and will continue managing our business prudently.
