• B2Gold expects to produce 180,000 ounces of gold annually from 2026 to 2029 at Fekola Regional.

• A mining permit is expected by Q3 2025, with production starting by year-end.

• Mali will hold a 35% stake under the new mining code, including 5% for local investors.

Canadian miner B2Gold expects to extract more than 22 tons of gold from its Fekola Regional project in Mali between 2026 and 2029. The company confirmed in a July 30 update that it anticipates producing 180,000 ounces of gold annually during the first four years of full operations.

A mining permit for the project is expected by the end of the third quarter of 2025, which would allow production to begin before the end of that year. The Fekola Regional project covers several zones under various permits that B2Gold has secured over the years.

Since a September 2024 agreement with the Malian government, the project falls under Mali’s revised mining code. As a result, profits will be split 65% to B2Gold and 35% to Mali, with 5% reserved for local investors. This is a smaller share for B2Gold compared to its 80% stake in the main Fekola gold mine, which remains under a separate joint venture.

Despite the lower profit share, Fekola Regional is a key part of B2Gold’s long-term growth plan. The mine’s projected output over its first four years will represent about one-third of what the flagship Fekola mine is expected to produce in 2025. That mine is forecast to deliver between 515,000 and 550,000 ounces this year.

Located roughly 20 kilometers from the main Fekola mine, the Fekola Regional deposit is expected to remain active well into the 2030s. Upcoming development work will help define its contribution to B2Gold’s overall output in Mali.

However, the company may face challenges navigating Mali’s evolving regulatory environment. The government led by General Assimi Goïta has introduced changes to the mining code in recent years, revisiting agreements signed under previous administrations.