B2Gold’s Johnson channels global experience

[Ben Graham]

B2Gold (TSX: BTO)(NYSE-A: BTG) is set to wrap up the year after pivoting seamlessly from starting Canada’s newest gold mine in the Arctic to complex negotiations in strife-torn Africa.

The combination — tapping CEO Clive Johnson’s formative experience in Russia on both fronts, building in extreme climates and operating in a challenging state — is a key reason he is the Northern Miner Group’s Person of the Year for 2025.

The recognition arrives as B2Gold re-establishes its reputation for meeting guidance, delivers a major northern project on schedule and prepares for renewed growth across multiple jurisdictions.

Commercial production at the Goose mine in Nunavut was declared in early October, only months after first gold in June. At the same time, B2Gold spent much of the year navigating a sensitive permitting process in Mali under a new mining code.

“In terms of highlights for the year, of course getting the Goose Mine up and running is a big one,” Johnson said by phone from Vancouver in November. “We also made a lot of progress in Mali in what has been a challenging situation there.”

Clive Johnson receives the Person of the Year award from TNM Group President Anthony Vaccaro in London at the Miner’s International Metals Symposium Nov. 30.

Targets

Goose, reached through a long supply chain with limited seasonal access, required a steady ramp-up and close attention to commissioning. B2Gold expects the plant to reach its targeted 4,000-tonne-per-day throughput before year-end and forecasts average production of about 300,000 oz. annually during its first several years.

“When you ramp up a new mine, you always need to work through challenges,” Johnson said. “There’s getting the mining rate where it should be, making sure you’re accessing the grades you expected, and dialing in the new mill.”

Several of the construction leads who built Goose were part of Johnson’s early career at Bema Gold, when he helped develop mines in remote regions of Russia.

“Between Bema and B2Gold, that team has built around eight mines around the world,” he said. “I appreciate the personal recognition, but I definitely feel that whenever we get an individual award, it really needs to reflect the whole team and how we accomplish things together.”

New rules

Mali remained B2Gold’s most closely watched jurisdiction. The country has faced shifting security dynamics and a revised mining code that affects new deposits. The Fekola mine itself continues to operate under the 2012 rules until 2040, but the company is seeking approval to truck ore from satellite zones into the Fekola mill.

Those regional zones to the north must be converted to a licence under the 2023 regime.

Johnson said operations in the country’s southwest have remained stable.

“We’ve had no interruption in our supply chain for fuel,” he said. “We continue to operate as we always have, and that continues to work well.”

He was critical of what he described as exaggerated reporting on the broader security climate.

“There was an article a few weeks ago suggesting that al-Qaeda was about to take over the country,” Johnson said. “I think that’s irresponsible; it’s simply not the case.”

The company views the Fekola Regional permit as an important near-term catalyst. Satellite ore would be trucked to the existing mill, making the economics attractive even under the new mining code.

“Everything is lining up to get that permit,” Johnson said. “We’re comfortable we’ll have it by the end of the year.”

Fekola produced 367,049 oz. in the nine months to Sept. 30, compared with 392,946 oz. for all of 2024, and has maintained full-year 2025 consolidated guidance of 515,000 to 550,000 oz. for the operation. The forecast includes 485,000 to 510,000 oz. from open-pit mining and 30,000 to 40,000 oz. from the now-permitted underground mine.

Illegal mining

Mali’s artisanal gold sector continued to expand during the year, driven by high prices and large-scale illegal operations in some regions. Johnson said the government has begun addressing the issue.

“It’s large-scale operations, mostly backed by Chinese money. Environmentally, it’s terrible,” he said. “The Malian government is very aware of it and has recently been moving to seize equipment, arrest people and push back.”

While Mali drew much of the external focus, B2Gold also advanced exploration in Namibia, where it made a new discovery at Antelope, part of the Otjikoto operation. Antelope could produce about 65,000 oz. annually over five years as an underground feed, according to a preliminary economic assessment released in February.

Antelope’s Springbok zone hosts 1.75 million inferred tonnes grading 6.91 grams gold per tonne for about 390,000 oz. contained metal, according to the company’s initial resource published in June 2024.

Difficult 2024

Progress at Goose, Mali and Namibia made 2025 what Johnson described as a “turnaround year” after a difficult 2024.

“Our production was lower than anticipated, and it was the first time since B2Gold was founded in 2007 that we had to re-guide our production numbers,” he said. “This year, we’re back to meeting the guidance we’ve set.”

The gold price provided an unusually strong backdrop but did not alter the company’s planning assumptions.

“We try to keep a conservative view on the gold price,” Johnson said. “Running your business on the assumption that the commodity you sell is guaranteed to be worth more in future — that’s not a sound business plan.”

He contrasted the current market with the period when Bema was building mines at about $300 an oz. gold.

“There weren’t many mines being built at that point in the cycle,” he said.

On growth, B2Gold continues to balance internal development with selective engagement in the junior sector. Its history includes friendly takeovers such as Central Sun and CGA Mining, but Johnson said the approach remains disciplined.

“In every deal we’ve done of that sort, it’s been a friendly takeover of a junior, where we can offer a premium and then bring our strengths to bear — in construction, operations and financing.”

Snowline Gold

More recently, B2Gold has favoured strategic equity positions over outright acquisitions. Its 9.9% stake in Snowline Gold is the most prominent example.

Johnson described Snowline’s Valley discovery in the Yukon as “absolutely a world-class discovery.”

“I have no doubt it’s going to be developed,” he said. “I’d say it’s too big not to be developed.”

He noted that his own career began in the territory.

“I spent some of my earliest days in the early 1980s as a young claimstaker up in the Yukon,” he said.

The broader environment for northern development is also shifting. Goose comes online as Ottawa scales up investment in northern infrastructure and mining, particularly in Nunavut. Johnson said the change is evident on the ground.

“There’s now a genuine sense of optimism,” he said. “They realize they can maintain their cultural history while still being involved in modern economic activity.”

Despite returning to Canada with Goose, B2Gold intends to remain internationally focused, including assessing opportunities in regions such as Kazakhstan.

“I’m definitely a bit of a news junkie,” Johnson said. “I do a lot of reading — current affairs, politics and history.”

Philippines

Masbate in the Philippines produced 64,043 oz. in the third quarter, with mill feed grading 0.88 gram gold per tonne and throughput of 2.17 million tonnes. In the first nine months of 2025, the mine produced 198,807 oz.

Johnson said Masbate’s consistency demonstrates discipline across the portfolio.

“We’ve always been driven more by geology than geography,” he said. “Because of our international experience, we really can look almost anywhere in the world.”

More than 98% of B2Gold’s global workforce are nationals of the countries where it operates. Throughout the interview, Johnson emphasized the operational philosophy he considers essential in any jurisdiction.

“If you’re going to work in different parts of the world, the most important thing is how you treat people,” he said. “Leave a country and a mine in better shape than you found it, and make sure the communities around your operations genuinely benefit.”