Canadian gold miner unlocks new Mali project after $2 billion investment

B2Gold has obtained an exploitation permit from the Malian government for the Menankoto project, which is a crucial step toward increasing gold output in the West African country.

• B2Gold received an exploitation permit for the Menankoto project from the Malian government, paving the way to boost gold production in Mali.
• The Menankoto and Dandoko projects form Fekola Regional, a key source for B2Gold's upcoming production, located near the existing Fekola Mine.
• The permit follows over a year of discussions and is governed by Mali's 2023 Mining Code, while the main Fekola Mine operates under the 2012 Mining Code.
• B2Gold will own 65% of Fekola Regional, with Mali holding 35%, and production is expected to exceed 150,000 ounces of gold annually from 2028 until the mid-2030s.

The authorization was granted to B2Gold's Malian subsidiary on August 7, 2026.

Menankoto, together with the company's Dandoko development permit, is part of Fekola Regional, which the Canadian gold miner sees as a key source of near-term production expansion.

The permission comes after more than a year of consultations between B2Gold and Malian officials, which began in July 2025.

The engagement has already resulted in the permission of underground mining at the Fekola Mine, and the Menankoto exploitation permit has recently been granted.

Both parties are bound by a September 2024 agreement that governs the operation and administration of the larger Fekola Complex.

Menankoto will operate under Mali's 2023 Mining Code, while the current Fekola Mine will be controlled by the 2012 Mining Code.

The Fekola Complex is divided into two main parts: the Fekola Mine, which comprises the Fekola and Cardinal open pits as well as underground operations, is 80% owned by B2Gold and 20% by the Malian government.

B2Gold will own 65% of Fekola Regional, which includes the Menankoto and Dandoko licenses, and the government will own the other 35%.

Fekola Regional, located around 20 kilometers from the present Fekola Mine, is now in the process of being developed.

“The issuance of the Menankoto Exploitation Permit is a significant milestone for both B2Gold and the State of Mali.

The Fekola Complex is currently the largest producing gold mine in Mali, and issuance of the Menankoto Exploitation Permit secures the future of the operation well into the late 2030’s.

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B2Gold is committed to working transparently to ensure the continuation of the positive and mutually beneficial partnership between the Company and the State of Mali, for the benefit of the Malian people and all stakeholders,” Mike Cinnamond, President & Chief Executive Officer, stated.

“The Company's total investment in Mali since 2014 has reached over $2.0 billion, and B2Gold is a significant employer with more than 3,300 workers, of which approximately 98% are Malian nationals.

Through its investments, B2Gold has provided major economic benefits including job creation, training, capacity building and community investments, and looks forward to continuing to build on these benefits for many years to come,” he added.

Following the permit issuance, B2Gold intends to undertake mining pre-stripping operations and reach a deal to process tolls.

Production at Fekola Regional is scheduled to gradually increase throughout 2027.

From 2028, the project is expected to produce more than 150,000 ounces of gold per year until the middle of the 2030s.

The development improves Fekola's position in B2Gold's worldwide portfolio and is projected to provide the firm with a solid production base for the next decade.