B2Gold Corp.

Fair Pay & Worker Respect

As a large-scale mining company, B2Gold operates in a high-risk sector for labor rights and workplace safety, but its core business of gold extraction does not inherently advance or harm fair pay and worker respect; these outcomes are determined by the company's specific operational policies and labor practices. B2Gold Corp. demonstrates strong performance in worker safety and retention, though executive pay disparity and contract structures show room for improvement. **Safety & Health:** The company achieved a zero-fatality record for ten consecutive years (2015–2025).

Its Total Recordable Injury Frequency Rate (TRIFR) was 0.28 in 2024 and 0.35 in 2025, which is exceptionally low for the mining sector, qualifying for the highest tier. Comprehensive health benefits are provided to permanent employees, including onsite clinics that conducted over 21,000 consultations in 2025. **Compensation & Equity:** The CEO-to-median pay ratio was reported at 152:1 in 2024, placing it among the fairer ratios in the mining industry. Pay equity examinations are conducted annually; in 2025, the basic salary ratio for women/minorities ranged from 0.81 to 1.04, indicating active gap-closure initiatives but not yet full parity. **Labor Relations & Turnover:** Approximately 60% of the workforce is covered by collective bargaining agreements, with 99% unionization at the Fekola mine. While a seven-day strike occurred in Mali in late 2024, no work stoppages were reported in 2025. The voluntary turnover rate is excellent, recorded at 7.8% in 2024 and 8.3% in 2025, well below the 10% industry benchmark. **Employment Structure:** The workforce is 97.3% local/national. About 9% of the workforce is classified as supervised labor (contracted), and roughly 11% are on fixed-term contracts. While most receive benefits, the presence of these structures limits the score for contract security. The company reported zero substantiated human rights or labor law violations in 2024 and 2025, supported by third-party audits and an ethics helpline.

Fair Trade & Ethical Sourcing

Gold mining is a high-risk sector for human rights abuses, including child and forced labor in artisanal and small-scale mining (ASM) supply chains, which often intersect with large-scale mining operations. While the company may implement ESG policies, the inherent nature of gold extraction requires rigorous, ongoing due diligence to prevent complicity in unethical sourcing practices. B2Gold Corp. demonstrates strong performance in local procurement and ethical contracting, though some supply chain transparency and audit frequency metrics reflect typical industry challenges. - **Fair Trade & Certifications**: The company achieved 100% conformance with the World Gold Council’s Responsible Gold Mining Principles (RGMPs) across its three operating mines as of 2024/2025.

While not 'Fair Trade' in a retail sense, this industry-specific certification covers the entirety of its primary production (Tier 1). - **Forced/Child Labour**: B2Gold reports zero substantiated incidents of forced or child labour over the last 10 years. It maintains a strict prohibition of employment under age 18 and published its initial Modern Slavery Statement in 2024. - **Ethical Clause Coverage**: 100% of active suppliers in Mali, the Philippines, and Namibia have signed the Supplier Code of Conduct (SCOC). New suppliers are required to sign prior to engagement, and the code includes automated enforcement via potential contract termination. - **Supplier Diversity Spend**: The company excels in local procurement, directing over $1 billion (approximately 78% of total procurement) to local and host-country businesses in 2025. This includes significant commitments to indigenous-owned businesses in Canada ($135 million to Kitikmeot Qualified Businesses). - **Audit Frequency & Traceability**: On-site social performance audits were conducted in 2021/2022 and again in 2025, suggesting a 3-4 year cycle for Tier 1. Traceability is currently focused on the Fekola, Masbate, and Otjikoto operations (Tier 3 mapping), with a risk-based third-party due diligence process under development for 2025 to enhance deeper transparency.

Honest & Fair Business

Gold mining is a high-risk sector for corruption, bribery, and transparency issues, but the core business of extraction does not inherently violate or advance honest business practices. The score remains neutral, as performance depends on the company's specific regulatory compliance, anti-corruption controls, and disclosure transparency. B2Gold Corp. demonstrates a robust governance framework tempered by a significant recent regulatory settlement. Regarding regulatory fines, the company reached a Memorandum of Understanding with the State of Mali in 2024 to settle income tax, customs, and regulatory disputes (repatriation of funds) covering 2016–2023.

This resulted in payments totaling $87 million ($70M for tax/customs and $17M for regulatory disputes), placing it in the -70 tier for breaches exceeding $100M if considering the full settlement scope, or -60 for the specific regulatory portion; per rubric rules, the $87M total settlement for regulatory and tax breaches aligns with the -70 tier ($100M-$250M) when considering the 2024 expense impact of $67M net of accruals plus the $17M regulatory fine. Conversely, the company maintains high standards in other areas. It has had zero financial restatements in the last five years, and its 2024 financial statements received an unqualified opinion from PwC. Audit coverage is high, with 97% of assets/affiliates effectively covered through the audit of its three primary operating mines and major projects. The board is 90% independent (9 out of 10 directors), with all sub-committees comprised of 100% independent directors. B2Gold’s whistleblower program is exemplary, featuring a 24/7 anonymous 'Ethics Helpline' operated by an independent third party (Whistleblower Security Inc.) with documented response protocols (acknowledgment within 14 days) and quarterly Audit Committee oversight. Anti-corruption efforts include a zero-tolerance policy with annual global refresher training and compliance questionnaires for decision-makers. Finally, the company achieves high third-party verification, having retained PwC for limited assurance on its conformance with the World Gold Council’s Responsible Gold Mining Principles across all operating sites.

Kind to Animals

Gold mining is an extractive industry that inherently involves large-scale land clearing, habitat destruction, and ecosystem disruption, which directly threatens local wildlife populations and biodiversity. B2Gold Corp. demonstrates a commitment to wildlife conservation through strategic partnerships and operational standards, though its primary business (mining) inherently impacts habitats. Regarding **wildlife_conservation_impact**, the company has supported the Cheetah Conservation Fund (CCF) since 2012,

with a documented $50,000 commitment in 2022 to support research and the Livestock Guarding Dog program, which has reduced livestock losses by 90%. B2Gold also funded a biodiversity monitoring project in 2014 that identified 24 species using camera traps and donated administrative buildings to conservancies in Namibia. Operationally, the company finalized a 'No Net Loss Roadmap' in 2025 and mandates the protection of Priority Biodiversity Values (PBVs) and critical habitats across its sites. While these efforts are strategic and documented, the tier is capped at -40 because the total financial commitment ($50,000) represents significantly less than 0.3% of the revenue of a senior gold producer, and the core mining activities involve habitat disruption that the conservation efforts aim to mitigate rather than exceed. For **public_policy_engagement**, the company is scored at -60. Evidence shows B2Gold participates in industry discussions and regulatory consultations, such as engaging with the Nunavut Impact Review Board and the Nunavut Water Board. It also sponsored a senior executive roundtable on mining and biodiversity in 2014. These actions align with supporting incremental welfare and environmental reforms within its sector but do not constitute a leadership position in transformative animal welfare legislation. Other KPIs were omitted due to a lack of evidence regarding animal testing, agriculture, or product-based certifications.

No War, No Weapons

Gold mining is a commodity extraction business that is not inherently linked to the arms industry or conflict facilitation, though it operates in regions that may have geopolitical instability. B2Gold Corp. is a gold mining company with no evidence of involvement in arms manufacturing, defense contracts, or military technology.

- **Revenue and Dual-Use:** As a pure-play gold producer, the company has 0% revenue from arms or defense contracts and no dual-use technology portfolio. - **Conflict Minerals:** The company is highly transparent regarding its gold supply chain. It consistently conforms to the World Gold Council’s (WGC) Conflict-Free Gold Standard (CFGS), with annual reports verified by independent third-party assurance (e.g., EEM EHS Management Inc. and PwC). This ensures 100% of its gold production is certified conflict-free, justifying a tier of 30 for conflict_minerals_percentage. - **Conflict Zone Operations:** B2Gold utilizes the Heidelberg Institute’s Conflict Barometer to assess its operating regions (Mali, Philippines, Namibia). For the 2024 and 2025 reporting periods, it determined that none of its operating regions were classified as conflict-affected or high-risk (CAHR). It maintains zero procurement from active conflict zones and conducts due diligence on third-party ore acquisitions to ensure no links to CAHR areas. - **Human Rights and Governance:** The company explicitly aligns its Human Rights Performance Standard with the UN Guiding Principles on Business and Human Rights (UNGPs) and the Voluntary Principles on Security and Human Rights (VPSHR). It reports zero violations of international sanctions regarding the production or export of gold. Board-level oversight is maintained through the Sustainability Committee, which reviews these risks quarterly.

Planet-Friendly Business

Gold mining is an inherently extractive industry that involves significant land disturbance, high energy consumption, and potential for ecosystem degradation, which conflicts with the proactive environmental stewardship required for this value. B2Gold Corp. demonstrates a structured approach to environmental management with significant transparency in its 2024 and 2025 reporting.

**Emissions & Energy:** The company reported consolidated Scope 1 & 2 emissions of 699,000 tCO2e in 2024 and 757,000 tCO2e in 2025. Scope 3 emissions were 1,026,000 tCO2e in 2024 and 564,000 tCO2e (partial) in 2025. Total emissions fall within the 1.5–2M tCO2e range. While the company has a 30% reduction target by 2030, it lacks SBTi-validated targets. Renewable energy usage reached 25% in 2025, supported by major solar expansions at Fekola (52 MW) and Otjikoto (79% site renewable share). **Resource Stewardship:** Water intensity was reported at 15.24 m³ per ounce of gold. Based on 2024 revenue of approximately $1.93B (implied by production and gold prices), water use per $1M revenue is estimated in the 5,000–8,000 m³ range. The company recycled 10.3 million m³ of water. Non-hazardous waste diversion is strong at 82%, though hazardous waste recycling is lower (62%), placing the overall rate in the 70-80% tier. **Compliance & Governance:** B2Gold maintained an exemplary compliance record with zero Level 3+ environmental incidents and zero fines in 2024/2025. It demonstrates leadership in climate disclosure, publishing its fifth TCFD-aligned report and conducting comprehensive scenario analysis (1.5°C, 2°C, and 3°C+ pathways) using NGFS data. **Biodiversity:** The company manages significant conservation areas, including a 15,000-hectare reserve at Otjikoto and extensive mangrove planting (2.1M) at Masbate. These efforts cover over 10% of its operational land footprint, supported by a 'No Net Loss' roadmap finalized in 2025.

Respect for Cultures & Communities

As a gold mining company, B2Gold's core operations involve large-scale land extraction, which inherently carries significant risks of displacement, water contamination, and conflict with indigenous land rights in regions like Mali, the Philippines, and Canada. While the company has policies in place, the extractive nature of the industry frequently leads to documented tensions and community opposition regarding land use and environmental impact. B2Gold demonstrates strong performance in local economic integration and grievance management, balanced by documented physical and economic displacements inherent to its mining operations.

Strengths: The company maintains industry-leading local employment rates, with 97.3% to 97.8% national employment across global operations. Procurement from local and host-country businesses exceeded $1 billion in 2025 (78% of total spend), meeting the rubric's high-tier threshold for local economic contribution. Grievance resolution is robustly tracked; in 2025, the company reported a 73% resolution rate for 67 grievances, while 2024 data showed a near-total resolution of substantiated claims. Revenue sharing is independently verified through the Inuit Impact Benefit Agreement (IIBA) in Canada (including a 1% Net Smelter Royalty and CAD $10M housing investment) and mandatory Social Development Management Programs in the Philippines (1.5% of operating costs). Challenges: The company manages ongoing resettlement and economic displacement at the Fekola (Mali) and Masbate (Philippines) sites. In 2025, 282 households in Mali and 17 households in the Philippines faced displacement. While these are managed via Livelihood Restoration Plans and IFC-aligned standards, they represent active community impacts. Community Relations: While one NGO report (MiningWatch) alleges historical violence and red-tagging in the Philippines, B2Gold's internal reporting (audited by third parties) claims zero substantiated human rights abuses in 2024-2025. Protests have been documented, including a seven-day strike and sit-ins at Fekola in 2024, though these appear to be labor-related or localized disputes rather than systemic community-wide rejections. Water stewardship is positive, with community-led monitoring teams and infrastructure projects (Aroroy Water District) providing water to 4,500 households.

Safe & Smart Tech

As a gold mining company, B2Gold's core business operations do not involve the development or deployment of consumer-facing digital technologies, AI, or data-intensive services that would inherently advance or harm the value of Safe & Smart Tech. B2Gold Corp. demonstrates a solid, industry-standard approach to cybersecurity and data protection, primarily focused on protecting its operational mining assets rather than consumer-facing technology. Regarding **data_breach_severity**, the company reports a perfect security record with no known material losses or security breaches in the past five years.

This supports a tier of 20, as it maintains this record despite being a significant global mining target. For **security_testing_coverage**, the company conducts annual external security assessments and penetration testing across its systems, which warrants a tier of 20 for having a comprehensive methodology and strong independent validation. In terms of **cybersecurity_investment**, **security_training_effectiveness**, and **vulnerability_management**, the company follows industry-standard practices. It employs a multi-layered defense strategy, provides annual attack simulation training for employees, and maintains a formal Vulnerability Management Standard. However, without specific quantitative data on investment as a percentage of revenue or specific outcome metrics (like phishing click rates), these are tiered at 0 (industry standard). **Regulatory_compliance** is also tiered at 0, as the company maintains basic compliance with applicable regulations such as SOX Section 404 and various mining-specific transparency acts (ESTMA, EITI), but does not demonstrate the proactive global policy leadership required for higher tiers. There was no substantive evidence regarding AI ethics, algorithmic transparency, or specific encryption strengths to score those KPIs.

Zero Waste & Sustainable Products

Gold mining is inherently an extractive industry that generates significant volumes of waste, including tailings and overburden, which are difficult to recycle or manage in a circular, cradle-to-cradle framework. B2Gold Corp. demonstrates a structured approach to waste management within its mining operations, primarily focusing on industrial and non-mineral waste streams. For the waste_diversion_rate, the company reported that in 2024, it recycled 9,369 tonnes of non-mineral waste out of 12,475 tonnes generated, resulting in a diversion rate of approximately 75.2%.

This places the company in the industry-leading tier for waste management. Regarding hazardous_waste_management, B2Gold recycled 62% (2,626 tonnes) of its hazardous waste in 2024 and maintains active mitigation for Acid Rock Drainage at its Fekola and Masbate sites. The company also reported zero environmental cyanide-related incidents, supporting a 'very good' management tier. In terms of waste_disposal_violations, the company reported zero Level 3, 4, or 5 environmental incidents in 2024 and 2025, and received no fines or significant notices of violation in 2024, reflecting exemplary compliance over a multi-year period. Waste_reduction_initiatives are evidenced by at least five distinct efforts: maximizing recovery in the mine life cycle, active Acid Rock Drainage mitigation, TSF erosion protection projects, solar energy expansions to reduce operational footprint, and the implementation of global HSE Management System Standards. Finally, for supplier_waste_requirements, B2Gold requires all active suppliers to sign a Supplier Code of Conduct (SCOC) that includes specific mandates for environmental management and waste handling, covering its direct supplier base. KPIs related to product recyclability, packaging, and consumer education were omitted as they are not applicable to the primary production of gold bullion as a raw commodity.