Steel Financial institution: Copper, Gold-focused Exploration in Australia and the Center East

• Complete gold manufacturing of 186,001 ounces in This autumn 2024 : Complete gold manufacturing within the fourth quarter of 2024 was 186,001 ounces. Masbate and Otjikoto each continued to outperform expectations within the fourth quarter of 2024, which partially offset decrease than anticipated manufacturing ranges at Fekola through the quarter because of the continued delays in accessing higher-grade ore from Fekola Section 7, a results of decrease realized mine manufacturing from the Fekola Section 7 and Cardinal pits through the interval. Mining and processing of those higher-grade tonnes is now anticipated in 2025 as gear availability had returned to full capability and mining charges have been at anticipated ranges on the finish of 2024. All three operations are assembly or exceeding gold manufacturing expectations to start out 2025.

• Complete consolidated money working prices of   $968   per gold ounce produced in This autumn 2024 : Complete consolidated money working prices (see “Non-IFRS Measures” ) have been $968 per gold ounce produced through the fourth quarter of 2024, larger than anticipated because of decrease than anticipated manufacturing within the quarter.

• Complete consolidated all-in sustaining prices of   $1,668   per gold ounce offered in This autumn 2024 : Complete consolidated all-in sustaining prices (see ” Non-IFRS Measures “) have been $1,668 per gold ounce offered through the fourth quarter of 2024, larger than anticipated because of decrease than anticipated gold ounces offered ensuing from decrease than anticipated manufacturing, larger than anticipated royalties ensuing from the next than anticipated gold value, and new royalties applied in 2024 for Fekola.

• Complete annual consolidated gold manufacturing of 804,778 ounces : Complete consolidated gold manufacturing for 2024 was 804,778 ounces (together with 19,644 attributable ounces from Calibre Mining Corp. (“Calibre”)), on the low finish of the Firm’s 2024 steerage vary.

• Complete consolidated money working prices and all-in sustaining prices for 2024 inside their steerage ranges : Complete consolidated money working prices for 2024 have been $889 per gold ounce produced, on the higher finish of the annual steerage vary of between $835 and $895 per gold ounce. Complete consolidated all-in sustaining prices for 2024 have been $1,465 per gold ounce offered, inside the annual steerage vary of between $1,420 and $1,480 per gold ounce.

• Attributable web   lack of $0.01   per share in This autumn 2024; Adjusted attributable web   revenue of $0.01   per share in This autumn 2024 : Web loss attributable to the shareholders of the Firm of $12 million ($0.01 per share); adjusted web revenue (see ” Non-IFRS Measures “) attributable to the shareholders of the Firm of $17 million ($0.01 per share). Web loss attributable to the shareholders of the Firm for the 12 months ended December 31, 2024 was $630 million ($0.48 per share), predominantly attributable to non-cash impairment costs on the Goose Venture and the Fekola Complicated, and adjusted web revenue (see ” Non-IFRS Measures “) attributable to the shareholders of the Firm was $207 million ($0.16 per share).

• Working money movement earlier than working capital changes of $145 million in This autumn 2024 : Money movement offered by working actions earlier than working capital changes was $145 million within the fourth quarter of 2024. Money movement offered by working actions earlier than working capital changes and proceeds from the gold prepay association for the 12 months ended December 31, 2024 was $660 million.

• Sturdy monetary place and liquidity : At December 31, 2024, the Firm had money and money equivalents of $337 million and dealing capital (outlined as present property much less present liabilities) of $321 million.

• Goose Venture building and improvement continues to progress on observe for first gold pour within the second quarter of 2025: All deliberate building actions in 2024 have been accomplished and venture building and improvement proceed to progress on observe for first gold pour on the Goose Venture within the second quarter of 2025 adopted by ramp as much as business manufacturing within the third quarter of 2025.

• 2025 Winter Ice Street (“WIR”) Marketing campaign Commenced on the Goose Venture: Following the profitable completion of the 2024 sea raise, building of the 163 kilometer (“km”) WIR started in December 2024 and was accomplished in February 2025. As of February 18, 2025, the WIR is operational with the transportation of all supplies from the Marine Laydown Space (“MLA”) to the Goose Venture website anticipated to be accomplished by Could 15, 2025.

• Complete Goose Venture building and mine improvement money expenditure estimate earlier than first manufacturing stays at C$1,540 million: Based mostly on the development and mine improvement money expenditures incurred to this point, mixed with the estimated expenditures to be incurred via to the primary gold pour within the second quarter of 2025, the Firm reiterates the full Goose Venture building and mine improvement money expenditure estimate of C$1,540 million.

• B2Gold’s preliminary Goose Venture lifetime of mine plan to be launched on the finish of the primary quarter of 2025 based mostly on up to date Mineral Reserves: The Firm continues to estimate that gold manufacturing in calendar 12 months 2025 can be between 120,000 and 150,000 ounces and that common annual gold manufacturing for the six 12 months interval from 2026 to 2031 inclusive can be roughly 310,000 ounces per 12 months, with the newest revealed Mineral Reserves supporting an extended mine life past 2031.

• Feasibility Examine on the Gramalote Venture in Colombia underway and focused for completion in mid-2025 : The constructive Preliminary Financial Evaluation(” PEA“) outcomes on the Firm’s 100% owned Gramalote Venture, accomplished within the second quarter of 2024, outlined a major manufacturing profile with common annual gold manufacturing of 234,000 ounces per 12 months for the primary 5 years of manufacturing, and powerful venture economics over a 12.5 12 months venture life. Because of this, B2Gold commenced work on a feasibility examine with the purpose of completion in mid-2025. Feasibility work together with geotechnical investigation, processing design and website infrastructure design is underway and the examine stays on schedule.

• Subsequent to year-end 2024, constructive PEA outcomes for the Antelope deposit on the Otjikoto Mine in Namibia have been introduced: On February 4, 2025, the Firm introduced constructive PEA outcomes for the Antelope deposit, situated roughly 4 km southwest of the present Otjikoto open pit. Based mostly on the constructive outcomes from the PEA, B2Gold believes that the Antelope deposit has the potential to develop into a small-scale, low-cost, underground gold mine that may complement the low-grade stockpile manufacturing through the interval of 2028 to 2032 and lead to a significant manufacturing profile for Otjikoto into the following decade. The PEA for the Antelope deposit signifies an preliminary mine lifetime of 5 years and complete manufacturing of 327,000 ounces averaging roughly 65,000 ounces per 12 months over the lifetime of mine. Together with the processing of present low grade stockpiles, manufacturing from the Antelope deposit has the potential to extend Otjikoto Mine manufacturing to roughly 110,000 ounces per 12 months for 2029 via 2032.

• Subsequent to year-end 2024, issued convertible senior unsecured notes: On January 28, 2025, the Firm issued 2.75% convertible senior unsecured notes due 2030 (the “Notes”) with an mixture principal quantity of $460 million. The preliminary conversion fee for the Notes is 315.2088 frequent shares of the Firm (the “Shares”) per $1,000 principal quantity of Notes, equal to an preliminary conversion value of roughly $3.17 per Share. The preliminary conversion fee represents a premium of roughly 35% relative to the closing sale value of the Shares on January 23, 2025 and is topic to adjustment in sure occasions. The Firm intends to make use of the web proceeds to fund working capital necessities and for normal company functions.

• Q1 2025 dividend of $0.02 per share declared: On February 19, 2025, B2Gold’s Board of Administrators declared a money dividend for the primary quarter of 2025 of $0.02 per frequent share (or an anticipated $0.08 per share on an annualized foundation), payable on March 20, 2025, to shareholders of file as of March 7, 2025.

Fourth Quarter and Full 12 months 2024 Outcomes

^{(1) Attributable to the shareholders of the Firm.
(2) Non-IFRS measure. For an outline of how these measures are calculated and a reconciliation of those measures to probably the most immediately comparable measures specified, outlined or decided beneath IFRS and introduced within the Firm’s monetary statements, seek advice from “Non-IFRS Measures”.}

Liquidity and Capital Assets

B2Gold continues to take care of a powerful monetary place and liquidity. At December 31, 2024, the Firm had money and money equivalents of $337 million (December 31, 2023 – $307 million). Working capital at December 31, 2024 was $321 million (December 31, 2023 – $397 million). At December 31, 2024, the Firm had $400 million drawn on the Firm’s $800 million revolving credit score facility (“RCF”) with $400 million remaining out there for future draw downs. Subsequent to December 31, 2024, the RCF steadiness was repaid utilizing funds raised from the Notes providing accomplished in January 2025.

First Quarter 2025 Dividend

On February 19, 2025, B2Gold’s Board of Administrators declared a money dividend for the primary quarter of 2025 (the “Q1 2025 Dividend”) of $0.02 per frequent share (or an anticipated $0.08 per share on an annualized foundation), payable on March 20, 2025, to shareholders of file as of March 7, 2025.

In 2023, the Firm applied a Dividend Reinvestment Plan (“DRIP”). For the needs of the Q1 2025 Dividend, the Firm has decided that no low cost can be utilized to calculate the Common Market Worth (as outlined within the DRIP) of its frequent shares issued from treasury. Participation within the DRIP is elective. As a way to take part within the DRIP in time for the Q1 2025 Dividend, registered shareholders should ship a correctly accomplished enrollment kind to Computershare Belief Firm of Canada by no later than 4:00 p.m. (Toronto time) on February 28, 2025. Helpful shareholders who want to take part within the DRIP ought to contact their monetary advisor, dealer, funding supplier, financial institution, monetary establishment, or different middleman via which they maintain frequent shares properly upfront of the above date for directions on how you can enroll within the DRIP.

This dividend is designated as an “eligible dividend” for the needs of the Earnings Tax Act (Canada). Dividends paid by B2Gold to shareholders exterior Canada (non-resident buyers) can be topic to Canadian non-resident withholding taxes.

The declaration and fee of future dividends and the quantity of any such dividends can be topic to the dedication of the Board, in its sole and absolute discretion, taking into consideration, amongst different issues, financial circumstances, enterprise efficiency, monetary situation, progress plans, anticipated capital necessities, compliance with B2Gold’s constating paperwork, all relevant legal guidelines, together with the foundations and insurance policies of any relevant inventory change, in addition to any contractual restrictions on such dividends, together with any agreements entered into with lenders to the Firm, and another components that the Board deems acceptable on the related time. There could be no assurance that any dividends can be paid on the meant fee or in any respect sooner or later.

For extra info relating to the DRIP and enrollment within the DRIP, please seek advice from the Firm’s web site at https://www.b2gold.com/buyers/stock_info/ .

This information launch doesn’t represent a suggestion to promote or the solicitation of a suggestion to purchase securities in any jurisdiction nor will there be any sale of those securities in any province, state or jurisdiction through which such supply, solicitation or sale could be illegal previous to registration or qualification beneath the securities legal guidelines of any such province, state or jurisdiction.

The Firm has filed a registration assertion regarding the DRIP with the U.S. Securities and Alternate Fee that could be obtained beneath the Firm’s profile on the U.S. Securities and Alternate Fee’s web site at http://www.sec.gov/EDGAR or by contacting the Firm utilizing the contact info on the finish of this information launch.

Operations

Fekola Mine – Mali

^{(1) Non-IFRS measure. For an outline of how these measures are calculated and a reconciliation of those measures to probably the most immediately comparable measures specified, outlined or decided beneath IFRS and introduced within the Firm’s monetary statements, seek advice from “Non-IFRS Measures”.}

The Fekola Mine in Mali (owned 80% by the Firm and 20% by the State of Mali) produced 392,946 ounces of gold in 2024, beneath the low finish of its annual steerage vary of between 420,000 and 450,000 ounces because of the vital delay in accessing the higher-grade ore from Fekola Section 7. Harm to an excavator earlier in 2024 and the following want for substitute gear impacted gear availability all through 2024, lowering tonnes mined, which continued to have an effect on the supply of high-grade ore from the Fekola Section 7 pit leading to much less higher-grade ore processed in 2024. Mining and processing of those higher-grade tonnes is anticipated in 2025 as gear availability and utilization have been at full capability on the finish of 2024, with gold manufacturing to start out 2025 assembly expectations. The Fekola mine and mill are working with out limitations and gold manufacturing is being exported for refining as per its common deliberate schedule. For the 12 months ended December 31, 2024, mill feed grade was 1.34 grams per tonne (“g/t”), mill throughput was a file 9.89 million tonnes, and gold restoration averaged 92.6%.

Within the fourth quarter of 2024, the Fekola Mine produced 84,015 ounces of gold, decrease than anticipated, largely because of the delays skilled in accessing higher-grade ore from Fekola Section 7 mentioned above. In the course of the fourth quarter of 2024, the Fekola processing amenities continued to outperform finances because of continued favorable ore fragmentation and continued optimization of the grinding circuit. For the fourth quarter of 2024, mill feed grade was 1.17 g/t, mill throughput was 2.44 million tonnes, and gold restoration averaged 91.9%.

For the 12 months ended December 31, 2024, the Fekola Mine’s money working prices (see ” Non-IFRS Measures “) of $990 per gold ounce produced ($950 per gold ounce offered) have been above the upper finish of Fekola’s steerage vary of between $870 and $930 per gold ounce, primarily because of decrease than anticipated manufacturing and better than anticipated manufacturing prices because of the decrease than anticipated deferred stripping and stockpile stock modifications. Fekola’s money working prices for the fourth quarter of 2024 have been $1,192 per gold ounce produced ($1,247 per gold ounce offered), larger than anticipated for a similar causes famous above.

All-in sustaining prices (see ” Non-IFRS Measures “) for the Fekola Mine for the 12 months ended December 31, 2024 have been $1,723 per gold ounce offered, above the higher finish of the steerage vary of between $1,510 and $1,570 per gold ounce attributable to decrease than anticipated gold ounces offered ensuing from decrease than anticipated manufacturing, larger than anticipated royalties ensuing from the next than anticipated gold value in addition to new royalties and income based mostly manufacturing taxes and State funds applied within the third quarter of 2024. All-in sustaining prices for the Fekola Mine for the fourth quarter of 2024 have been $2,237 per gold ounce offered. As with the total 12 months 2024, all-in sustaining prices per ounce for the fourth quarter of 2024 have been larger than anticipated because of decrease than anticipated gold ounces offered and better than anticipated royalties and income based mostly manufacturing taxes and State funds.

Capital expenditures for the 12 months ended December 31, 2024, totalled $258 million, primarily consisting of $63 million for deferred stripping, $58 million for cellular gear purchases and rebuilds, $34 million for tailings storage facility enlargement and gear, $64 million for improvement of the Fekola underground mine, $21 million for the enlargement of the photo voltaic plant, $8 million for course of and energy plant and $5 million for different mining sustaining capital. Capital expenditures within the fourth quarter of 2024 totalled $60 million, primarily consisting of $9 million for deferred stripping, $21 million for cellular gear purchases and rebuilds, $6 million for tailings storage facility enlargement and gear, $17 million for the event of the Fekola underground mine and $2 million for the enlargement of the photo voltaic plant.

The Fekola Complicated is comprised of the Fekola Mine (Medinandi allow internet hosting the Fekola and Cardinal pits and Fekola underground) and Fekola Regional (Anaconda Space (Bantako, Menankoto, and Bakolobi permits) and the Dandoko allow). The Fekola Complicated is anticipated to supply between 515,000 and 550,000 ounces of gold in 2025 at money working prices of between $845 and $905 per ounce and all-in sustaining prices of between $1,550 and $1,610 per ounce. The Fekola Complicated’s complete 2025 gold manufacturing is anticipated to extend considerably relative to 2024 because of the anticipated contribution of higher-grade ore from Fekola Regional and Fekola underground. Following the anticipated receipt of the exploitation license for Fekola Regional within the first quarter of 2025, mining and trucking operations will begin, with gold manufacturing anticipated in mid-2025. On the Fekola Mine, ore will proceed to be mined from the Fekola and Cardinal pits, with approval of the exploitation section to mine the higher-grade ore at Fekola underground anticipated to be obtained within the second quarter of 2025 adopted by preliminary gold manufacturing from Fekola underground anticipated in mid-2025. Fekola Regional is anticipated to contribute between 20,000 and 25,000 ounces of further gold manufacturing in 2025 via the trucking of open pit ore to the Fekola mill, and between 25,000 and 35,000 ounces of gold manufacturing is anticipated from the mining of higher-grade ore at Fekola underground.

The event of Fekola Regional will improve the general Fekola Complicated lifetime of mine manufacturing profile and is anticipated to increase the mine lifetime of the Fekola Complicated. Fekola Regional is anticipated to contribute roughly 180,000 ounces of further annual gold manufacturing in its first 4 full years of manufacturing from 2026 via 2029. Vital exploration potential stays throughout the Fekola Complicated to additional lengthen the mine life.

The Fekola Mine is anticipated to course of 9.56 million tonnes of ore throughout 2025 at a median grade of 1.84 g/t gold with a course of gold restoration of 93.4%. Gold manufacturing is anticipated to be weighted roughly 40% to the primary half of 2025 and 60% to the second half of 2025.

Capital expenditures in 2025 at Fekola are anticipated to complete roughly $234 million, of which roughly $197 million are anticipated to be categorised as sustaining capital expenditures and $37 million are anticipated to be categorised as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to incorporate roughly $106 million for deferred stripping, $44 million for brand spanking new and substitute Fekola mining gear, $15 million for tailings storage facility building, $14 million for underground improvement, $7 million for different mining prices, $5 million for normal website bills, $4 million for powerhouse, and $2 million for course of plant. Non-sustaining capital expenditures are anticipated to incorporate $21 million for underground improvement, $14 million for regional improvement, and $2 million for mining gear.

Masbate Mine – The Philippines

^{(1) Non-IFRS measure. For an outline of how these measures are calculated and a reconciliation of those measures to probably the most immediately comparable measures specified, outlined or decided beneath IFRS and introduced within the Firm’s monetary statements, seek advice from “Non-IFRS Measures”.}

The Masbate Mine within the Philippines continued its sturdy operational efficiency in 2024, producing 194,046 ounces of gold, on the higher finish of its steerage vary of between 175,000 and 195,000 ounces. For the 12 months ended December 31, 2024, mill feed grade was 0.96 g/t, mill throughput was a file 8.60 million tonnes, and gold restoration averaged 72.8%. Within the fourth quarter of 2024, Masbate produced 49,534 ounces of gold, barely larger than anticipated because of larger than anticipated mill throughput and barely larger ore grade than anticipated, partially offset by barely decrease than anticipated gold restoration. For the fourth quarter of 2024 mill feed grade was 0.95 g/t, mill throughput was 2.19 million tonnes, and gold restoration averaged 74.1%.

The Masbate Mine’s money working prices (see “Non-IFRS Measures” ) of $838 per ounce produced ($835 per gold ounce offered) for the 12 months ended December 31, 2024 have been beneath the low finish of the steerage vary of between $910 and $970 per gold ounce produced, primarily attributable to larger than anticipated gold manufacturing, decrease than anticipated mining and processing prices and better mill productiveness. The Masbate Mine’s money working prices for the fourth quarter of 2024 have been $835 per gold ounce produced ($753 per gold ounce offered).

All-in sustaining prices (see ” Non-IFRS Measures” ) for the Masbate Mine have been $1,155 per gold ounce offered for the 12 months ended December 31, 2024, properly beneath the decrease finish of the steerage vary of between $1,260 and $1,320 per gold ounce offered. All-in sustaining prices for the 12 months ended December 31, 2024 have been decrease than anticipated because of larger than anticipated gold ounces offered, decrease than anticipated money working prices as described above and decrease than anticipated sustaining capital expenditures, partially offset by larger gold royalties ensuing from the next than anticipated common realized gold value. All-in sustaining prices for the Masbate Mine for the fourth quarter of 2024 have been $1,102 per gold ounce offered.

Capital expenditures totalled $30 million in 2024, primarily consisting of cellular gear rebuilds and purchases of $14 million, $3 million in deferred stripping, $3 million for course of plant upgrades, $3 million for enlargement of the present tailings storage facility, and $2 million for land purchases. Capital expenditures for the fourth quarter of 2024 totalled $10 million, primarily consisting of $4 million for cellular gear rebuilds and purchases, $1 million in deferred stripping, $1 million for powerhouse rebuilds, and $1 million for enlargement of the present tailings storage facility.

The Masbate Mine is anticipated to supply between 170,000 and 190,000 ounces of gold in 2025 at money working prices of between $955 and $1,015 per ounce and all-in sustaining prices of between $1,310 and $1,370 per ounce. Gold manufacturing is scheduled to be comparatively constant all through 2025. For 2025, Masbate is anticipated to course of 8.0 million tonnes of ore at a median grade of 0.88 g/t with a course of gold restoration of 79.9%. Mill feed can be a mix of mined contemporary ore from the Primary Vein pit and low-grade ore stockpiles.

Capital expenditures for 2025 at Masbate are anticipated to complete $47 million, of which roughly $30 million are anticipated to be categorised as sustaining capital expenditures and $17 million are anticipated to be categorised as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to incorporate $8 million for deferred stripping, $7 million for mining gear substitute and rebuilds, $6 million for building of a brand new photo voltaic plant, $5 million for tailings storage facility building, $3 million for processing and $1 million for normal website amenities. Non-sustaining capital expenditures are anticipated to incorporate $13 million for Pajo pit land acquisition and $4 million for Pajo improvement.

Otjikoto Mine – Namibia

^{(1) Non-IFRS measure. For an outline of how these measures are calculated and a reconciliation of those measures to probably the most immediately comparable measures specified, outlined or decided beneath IFRS and introduced within the Firm’s monetary statements, seek advice from “Non-IFRS Measures”.}

The Otjikoto Mine in Namibia, through which the Firm holds a 90% curiosity, had a powerful 2024 and produced 198,142 ounces of gold, close to the mid-point of its steerage vary of between 185,000 and 205,000 ounces. For the 12 months ended December 31, 2024, mill feed grade was 1.87 g/t, mill throughput was 3.34 million tonnes, and gold restoration averaged 98.6%. Within the fourth quarter of 2024, the Otjikoto Mine produced 52,452 ounces of gold. For the fourth quarter of 2024, mill feed grade was 2.10 g/t, mill throughput was 0.79 million tonnes, and gold restoration averaged 98.6%.

Ore manufacturing from the Wolfshag underground mine for the fourth quarter of 2024 averaged over 1,650 tonnes per day at a median gold grade of three.61 g/t gold. Open pit mining operations at Otjikoto Mine are anticipated to conclude in 2025, whereas processing operations are anticipated to proceed till economically viable stockpiles are exhausted in 2032. Underground operations beneath the present Otjikoto mine plan are projected to proceed into 2027 with potential to increase underground operations if the continued underground exploration program is profitable in figuring out further underground mineral deposits.

On February 4, 2025, the Firm introduced constructive PEA outcomes for the Antelope deposit on the Otjikoto Mine. The Antelope deposit, comprised of the Springbok Zone, the Oryx Zone, and a attainable third construction, Impala, topic to additional confirmatory drilling, is situated roughly 4 km southwest of the present Otjikoto open pit. Based mostly on the constructive outcomes from the PEA, B2Gold believes that the Antelope deposit has the potential to develop into a small-scale, low-cost, underground gold mine that may complement the low-grade stockpile manufacturing through the interval of 2028 to 2032 and lead to a significant manufacturing profile for Otjikoto into the following decade. The PEA for the Antelope deposit signifies an preliminary mine lifetime of 5 years and complete manufacturing of 327,000 ounces averaging roughly 65,000 ounces per 12 months over the lifetime of mine. Together with the processing of present low grade stockpiles, manufacturing from the Antelope deposit has the potential to extend Otjikoto Mine manufacturing to roughly 110,000 ounces per 12 months for 2029 via 2032. The Firm has accepted an preliminary finances of as much as $10 million for 2025 to de-risk the Antelope deposit improvement schedule by advancing early work planning, venture permits, and lengthy lead orders. Technical work together with geotechnical, hydrogeological, and metallurgical testing is anticipated to be accomplished over the following a number of months. Value and schedule assumptions will proceed to be refined by working with suppliers and contractors, together with operating a aggressive bid course of for the event section of the Antelope deposit.

The Inferred Mineral Useful resource estimate for the Antelope deposit that fashioned the idea for the PEA included 1.75 million tonnes grading 6.91 g/t gold for a complete of 390,000 ounces of gold, nearly all of which is hosted within the Springbok Zone. The Antelope deposit stays open alongside strike in each instructions, highlighting sturdy potential for future useful resource enlargement.

The PEA is preliminary in nature and relies on Inferred Mineral Assets which can be thought-about too speculative geologically to have the engineering and financial concerns utilized to them that might allow them to be categorized as Mineral Reserves, and there’s no certainty that the PEA based mostly on these Mineral Assets can be realized. Mineral Assets that aren’t Mineral Reserves do not need demonstrated financial viability.

The Otjikoto Mine’s money working prices (see ” Non-IFRS Measures “) for the 12 months ended December 31, 2024 have been $699 per gold ounce produced ($668 per gold ounce offered), on the low finish of its steerage vary of between $685 and $745 per gold ounce produced, because of larger than anticipated gold ounces produced. For the fourth quarter of 2024, the Otjikoto Mine’s money working prices have been $733 per gold ounce produced ($700 per ounce gold offered), decrease than anticipated attributable to larger than anticipated gold ounces produced and better than anticipated web will increase in stockpiled ore from open pits.

All-in sustaining prices (see ” Non-IFRS Measures “) for the Otjikoto Mine for the 12 months ended December 31, 2024 have been $951 per gold ounce offered, barely beneath its steerage vary of between $960 and $1,020 per ounce offered because of larger than anticipated gold ounces offered and decrease than anticipated money working prices offset by larger gold royalties ensuing from the next than anticipated realized gold value. All-in sustaining prices for the Otjikoto Mine for the fourth quarter of 2024 have been $913 per gold ounce offered.

Capital expenditures totalled $29 million in 2024, primarily consisting of $20 million for deferred stripping for the Otjikoto pit and $8 million for Wolfshag underground improvement. Capital expenditures for the fourth quarter of 2024 totalled $3 million, primarily consisting of $2 million for Wolfshag underground improvement.

The Otjikoto Mine is anticipated to supply between 165,000 and 185,000 ounces of gold in 2025 at money working prices of between $695 and $755 per ounce and all-in sustaining prices of between $980 and $1,040 per ounce. Gold manufacturing at Otjikoto can be weighted in direction of the primary half of 2025 because of the conclusion of open pit mining actions within the third quarter of 2025. For the total 12 months 2025, Otjikoto is anticipated to course of a complete of three.4 million tonnes of ore at a median grade of 1.63 g/t with a course of gold restoration of 98.0%. Processed ore can be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by present ore stockpiles. Open pit mining operations are scheduled to conclude within the third quarter of 2025, whereas underground mining operations at Wolfshag are anticipated to proceed into 2027. Along with the financial potential of the Antelope deposit, exploration outcomes obtained to this point point out the potential to increase underground manufacturing at Wolfshag previous 2027, supplementing processing operations into 2032 when economically viable stockpiles are forecast to be exhausted.

Capital expenditures in 2025 at Otjikoto are anticipated to complete $39 million, of which roughly $29 million are anticipated to be categorised as sustaining capital expenditures and $10 million are anticipated to be categorised as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to incorporate $16 million for underground improvement, $7 million for tailings storage facility building and $6 million for mining gear substitute and rebuilds. Non-sustaining capital expenditures are anticipated to incorporate roughly $10 million to provoke Antelope deposit improvement.

Goose Venture Growth

The Again River Gold District consists of eight mineral claims blocks alongside an 80 km belt. Development is underway on the most superior venture within the district, the Goose Venture, with improvement on schedule for first gold pour within the second quarter of 2025.

B2Gold acknowledges that respect and collaboration with the Kitikmeot Inuit Affiliation (“KIA”) is central to the license to function within the Again River Gold District and can proceed to prioritize creating the venture in a fashion that acknowledges Inuit priorities, addresses considerations, and brings long-term socio-economic advantages to the Kitikmeot Area. B2Gold appears ahead to persevering with to construct on its sturdy collaboration with the KIA and Kitikmeot Communities.

All deliberate building actions in 2024 have been accomplished and venture building and improvement proceed to progress on observe for first gold pour on the Goose Venture within the second quarter of 2025 adopted by ramp as much as business manufacturing within the third quarter of 2025. The Firm continues to estimate that gold manufacturing in calendar 12 months 2025 can be between 120,000 and 150,000 ounces and that common annual gold manufacturing for the six 12 months interval from 2026 to 2031 inclusive can be roughly 310,000 ounces per 12 months, with the newest revealed Mineral Reserves supporting an extended mine life past 2031. The Firm stays on observe to finish B2Gold’s preliminary Goose Venture lifetime of mine plan based mostly on up to date Mineral Reserves by the top of the primary quarter of 2025.

Following the profitable completion of the 2024 sealift, building of the 163 km WIR started in December 2024 and was accomplished in February 2025. As of February 18, 2025, the WIR is operational with the transportation of all supplies from the MLA to the Goose Venture website anticipated to be accomplished by Could 15, 2025.

Growth of the open pit and underground stay the Firm’s major focus to make sure that satisfactory materials is on the market for mill startup and that the Echo pit is on the market for tailings placement. Open pit mining of the Echo pit continues to fulfill manufacturing targets and is anticipated to be able to obtain tailings when the mill begins. The Umwelt underground improvement stays on schedule for the graduation of manufacturing by the top of the second quarter of 2025. B2Gold is presently reviewing last choices for mining the crown pillar and maximizing volumes of the Echo pit.

Within the fourth quarter of 2024 and 12 months ended December 31, 2024, the Firm incurred money expenditures of $149 million (C$209 million) and $515 million (C$707 million), respectively, for the Goose Venture on building actions and $40 million (C$55 million) and $195 million (C$266 million), respectively, on provides stock. Based mostly on the development and mine improvement money expenditures incurred to this point, mixed with the estimated expenditures to be incurred via to first gold pour within the second quarter of 2025, the Firm reiterates the full Goose Venture building and mine improvement money expenditure estimate of C$1,540 million, as introduced on September 12, 2024.

Gramalote Venture Growth

On June 18, 2024, the Firm introduced the outcomes of a constructive PEA on its 100% owned Gramalote Venture situated within the Division of Antioquia, Colombia. The PEA outlines a major manufacturing profile of 234,000 ounces of annual gold manufacturing for the primary 5 years, with common annual gold manufacturing of 185,000 ounces over a 12.5 12 months venture life with a low-cost construction and favorable metallurgical traits. Moreover, the PEA outlines sturdy economics with an after-tax NPV _5% of $778 million and an after-tax inside fee of return of 20.6%, with a venture payback on pre-production capital of three.1 years at a long-term gold value of $2,000 per ounce.

The pre-production capital value for the venture was estimated to be $807 million (together with roughly $93 million for mining gear and $63 million for contingency). A strong quantity of historic drilling and engineering research have been accomplished on the Gramalote Venture, which considerably de-risks future venture improvement. Based mostly on the constructive outcomes from the PEA, B2Gold believes that the Gramalote Venture has the potential to develop into a medium-scale, low-cost open pit gold mine.

B2Gold has commenced feasibility work with the purpose of finishing a feasibility examine by mid-2025. Because of the work accomplished for earlier research, the work remaining to finalize a feasibility examine for the up to date medium-scale venture is just not in depth. The principle work packages for the feasibility examine embrace geotechnical and environmental website investigations for the processing plant and waste dump footprints, in addition to capital and working value estimates. These work packages, in addition to processing engineering and website infrastructure design, are underway and the examine is on schedule.

The Gramalote Venture will proceed to advance resettlement packages, set up coexistence packages for small miners, work on well being, security and environmental initiatives and proceed to work with the federal government and native communities on social packages.

Because of the desired modifications to the processing plant and infrastructure areas, a Modified Environmental Impression Examine is required. B2Gold has commenced work on the modifications to the Environmental Impression Examine and expects it to be accomplished and submitted shortly following the completion of the feasibility examine. If the ultimate economics of the feasibility examine are constructive and B2Gold makes the choice to develop the Gramalote Venture as an open pit gold mine, B2Gold would make the most of its confirmed inside mine building workforce to construct the mine and mill amenities.

Capital expenditures in 2025 at Gramalote are anticipated to be comparatively constant all year long, totaling $28 million associated primarily to feasibility examine prices and ongoing care and upkeep.

Exploration

B2Gold executed one other 12 months of aggressive exploration in 2024 incurring $61 million (together with $8 million of goal era prices included in different working bills within the Consolidated Assertion of Operations) in comparison with a finances of $63 million. Exploration in 2024 was centered predominantly on the Again River Gold District, with the purpose of enhancing and rising the numerous useful resource base on the Goose Venture and surrounding regional targets. In Namibia, the exploration program on the Otjikoto Mine was the most important since 2012 with a concentrate on drilling the just lately found Antelope deposit. In Mali, the exploration program was directed at a extra strategic seek for near-mine, near-surface sources of further sulphide-related gold mineralization. Within the Philippines, the exploration program at Masbate centered on drilling targets instantly south of mine infrastructure.

B2Gold is planning one other 12 months of in depth exploration in 2025 with a finances of roughly $61 million. A big focus can be exploration on the Again River Gold District, with the purpose of enhancing and rising the numerous useful resource base on the Goose Venture and surrounding regional targets. In Namibia, the exploration program on the Otjikoto Mine can be centered on enhancing and rising the sources on the Antelope deposit. In Mali, an ongoing focus can be on the invention of further high-grade sulphide mineralization throughout the Fekola Complicated. Within the Philippines, the exploration program at Masbate will proceed to concentrate on new targets situated south of the Masbate Mine infrastructure. Early stage exploration packages will proceed within the Philippines, Cote d’Ivoire and Kazakhstan in 2025. Lastly, the seek for new joint ventures and strategic funding alternatives will proceed, constructing on present fairness investments in Snowline Gold Corp., Founders Metals Inc., AuMEGA Metals Ltd., and Prospector Metals Corp.

Outlook

Complete gold manufacturing in 2025 is anticipated to be between 970,000 and 1,075,000 ounces, a major improve from 2024 manufacturing ranges primarily because of the scheduled mining and processing of higher-grade ore from the Fekola Section 7 and Cardinal pits made accessible by the deferred stripping marketing campaign that was undertaken all through 2024, the anticipated contribution from Fekola Regional beginning in mid-2025, the graduation of mining of higher-grade ore at Fekola underground and the graduation of gold manufacturing on the Goose Venture by the top of the second quarter of 2025. The Firm’s full 12 months complete money working prices for the Fekola Complicated, Masbate and Otjikoto are forecast to be between $835 and $895 per gold ounce and complete all-in sustaining prices are forecast to be between $1,460 and $1,520 per gold ounce. Working value steerage for the Goose Venture can be launched within the second quarter of 2025 (previous to the graduation of preliminary manufacturing), after the publication within the first quarter of 2025 of B2Gold’s preliminary Goose Venture lifetime of mine plan based mostly on up to date Mineral Reserves.

Upon completion of the development actions on the Goose Venture, the mine is anticipated to pour first gold within the second quarter of 2025, adopted by ramp as much as business manufacturing within the third quarter, and contribute between 120,000 and 150,000 ounces of gold in 2025. Over the primary six full calendar years of operation from 2026 to 2031 inclusive, the common annual gold manufacturing for the Goose Venture is estimated to be roughly 310,000 ounces of gold per 12 months, with the newest revealed Mineral Reserves supporting an extended mine life past 2031. The Firm stays on observe to finish B2Gold’s preliminary Goose Venture lifetime of mine plan based mostly on up to date Mineral Reserves by the top of the primary quarter of 2025.

Based mostly on the constructive PEA outcomes for the Antelope deposit on the Otjikoto Mine launched in February 2025, B2Gold believes that the Antelope deposit has the potential to develop into a small-scale, low-cost underground gold mine that may complement the low-grade stockpile manufacturing through the interval from 2028 to 2032 and lead to significant manufacturing profile for Otjikoto into the following decade.

Following the discharge of constructive PEA outcomes on the Firm’s Gramalote Venture in Colombia, B2Gold commenced feasibility work with the purpose of finishing a feasibility examine by mid-2025. Because of the work accomplished for earlier research, the work remaining to finalize a feasibility examine for the up to date medium-scale venture is just not anticipated to be in depth. The principle work packages for the feasibility examine embrace geotechnical and environmental website investigations for the processing plant and waste dump footprints, in addition to capital and working value estimates. These work packages, in addition to processing engineering and website infrastructure design, are underway and the examine is on schedule.

The Firm’s ongoing technique is to proceed to maximise worthwhile manufacturing from its present mines, preserve a powerful monetary place, notice the potential improve in gold manufacturing from the Firm’s present improvement initiatives, proceed exploration packages throughout the Firm’s sturdy land packages, consider new exploration, improvement and manufacturing alternatives and proceed to return capital to shareholders.

Fourth Quarter and Full 12 months 2024 Monetary Outcomes – Convention Name Particulars

B2Gold executives will host a convention name to debate the outcomes on Thursday, February 20, 2025, at 8:00 am PT / 11:00 am ET.

Individuals could register for the convention name right here: registration hyperlink . Upon registering, individuals will obtain a calendar invitation by e-mail with dial in particulars and a novel PIN. It will permit individuals to bypass the operator queue and join on to the convention. Registration will stay open till the top of the convention name. Individuals may dial in utilizing the numbers beneath:

• Toll-free in U.S. and Canada: +1 (844) 763-8274
• All different callers: +1 (647) 484-8814

The convention name can be out there to playback for 2 weeks by dialing toll-free within the U.S. and Canada: +1 (855) 669-9658, replay entry code 8765183. All different callers: +1 (412) 317-0088, replay entry code 8765183.

About B2Gold

B2Gold is a accountable worldwide senior gold producer headquartered in Vancouver, Canada. Based in 2007, right this moment, B2Gold has working gold mines in Mali, Namibia and the Philippines, the Goose Venture beneath building in northern Canada and quite a few improvement and exploration initiatives in numerous nations together with Mali, Colombia and Finland. B2Gold forecasts complete consolidated gold manufacturing of between 970,000 and 1,075,000 ounces in 2025.

Certified Individuals

Invoice Lytle, Senior Vice President and Chief Working Officer, a professional individual beneath NI 43-101, has accepted the scientific and technical info associated to operations issues contained on this information launch.

Andrew Brown, P. Geo., Vice President, Exploration, a professional individual beneath NI 43-101, has accepted the scientific and technical info associated to exploration and mineral useful resource issues contained on this information launch.

ON BEHALF OF B2GOLD CORP.

“Clive T. Johnson”
President and Chief Govt Officer

Supply: B2Gold Corp.

The Toronto Inventory Alternate and NYSE American LLC neither approve nor disapprove the data contained on this information launch.

Manufacturing outcomes and manufacturing steerage introduced on this information launch mirror complete manufacturing on the mines B2Gold operates on a 100% venture foundation. Please see our Annual Info Type dated March 16, 2023 for a dialogue of our possession curiosity within the mines B2Gold operates.

This information launch consists of sure “forward-looking info” and “forward-looking statements” (collectively forward-looking statements”) inside the that means of relevant Canadian and United States securities laws, together with: projections; outlook; steerage; forecasts; estimates; and different statements relating to future or estimated monetary and operational efficiency, gold manufacturing and gross sales, revenues and money flows, and capital prices (sustaining and non-sustaining) and working prices, together with projected money working prices and AISC, and budgets on a consolidated and mine by mine foundation; future or estimated mine life, metallic value assumptions, ore grades or sources, gold restoration charges, stripping ratios, throughput, ore processing; statements relating to anticipated exploration, drilling, improvement, building, allowing and different actions or achievements of B2Gold; and together with, with out limitation: remaining properly positioned for continued sturdy operational and monetary efficiency in 2025; projected gold manufacturing, money working prices and all-in sustaining prices (“AISC”) on a consolidated and mine by mine foundation in 2025 for the Fekola Complicated, the Otjikoto Mine, the Masbate Gold Venture and the Goose Venture; complete consolidated gold manufacturing of between 970,000 and 1,075,000 ounces in 2025, with money working prices of between $835 and $895 per ounce and AISC of between $1,460 and $1,520 per ounce; B2Gold’s continued prioritization of creating the Goose Venture in a fashion that acknowledges Indigenous enter and considerations and brings long-term socio-economic advantages to the realm; the Goose Venture capital value being roughly C$1,190 million and the web value of open pit and underground improvement, deferred stripping, and sustaining capital expenditures to be incurred previous to first gold manufacturing being roughly C$350 million and the price for reagents and different working capital objects being C$330 million; the Goose Venture producing roughly 310,000 ounces of gold per 12 months for the primary six years; the potential for first gold manufacturing within the second quarter of 2025 from the Goose Venture and the estimates of such manufacturing; trucking of selective higher-grade saprolite materials from the Anaconda Space to the Fekola mill having the potential to generate roughly 80,000 to 100,000 ounces of further gold manufacturing per 12 months from Fekola Regional sources; the receipt of the exploitation allow for Fekola Regional and Fekola Regional manufacturing anticipated to begin within the second quarter of 2025; the receipt of a allow for Fekola underground and Fekola underground commencing operation in mid-2025; the potential for the Antelope deposit to be developed as an underground operation and contribute gold through the low-grade stockpile processing in 2029 via 2032; the outcomes and estimates within the Gramalote PEA, together with the venture life, common annual gold manufacturing, processing fee, capital value, web current worth, after-tax web money movement, after-tax inside fee of return and payback; the timing and outcomes of a feasibility examine on the Gramalote Venture; the potential to develop the Gramalote Venture as an open pit gold mine; and deliberate 2025 exploration budgets for Canada, Mali, Namibia, The Philippines, Finland, Cote D’Ivoire and different grassroots initiatives. All statements on this information launch that handle occasions or developments that we anticipate to happen sooner or later are forward-looking statements. Ahead-looking statements are statements that aren’t historic information and are usually, though not at all times, recognized by phrases comparable to “anticipate”, “plan”, “anticipate”, “venture”, “goal”, “potential”, “schedule”, “forecast”, “finances”, “estimate”, “intend” or “consider” and related expressions or their adverse connotations, or that occasions or circumstances “will”, “would”, “could”, “may”, “ought to” or “would possibly” happen. All such forward-looking statements are based mostly on the opinions and estimates of administration as of the date such statements are made.

Ahead-looking statements essentially contain assumptions, dangers and uncertainties, sure of that are past B2Gold’s management, together with dangers related to or associated to: the volatility of metallic costs and B2Gold’s frequent shares; modifications in tax legal guidelines; the risks inherent in exploration, improvement and mining actions; the uncertainty of reserve and useful resource estimates; not reaching manufacturing, value or different estimates; precise manufacturing, improvement plans and prices differing materially from the estimates in B2Gold’s feasibility and different research; the power to acquire and preserve any vital permits, consents or authorizations required for mining actions; environmental laws or hazards and compliance with advanced laws related to mining actions; local weather change and local weather change laws; the power to exchange mineral reserves and determine acquisition alternatives; the unknown liabilities of corporations acquired by B2Gold; the power to efficiently combine new acquisitions; fluctuations in change charges; the supply of financing; financing and debt actions, together with potential restrictions imposed on B2Gold’s operations in consequence thereof and the power to generate enough money flows; operations in overseas and creating nations and the compliance with overseas legal guidelines, together with these related to operations in Mali, Namibia, the Philippines and Colombia and together with dangers associated to modifications in overseas legal guidelines and altering insurance policies associated to mining and native possession necessities or useful resource nationalization usually; distant operations and the supply of satisfactory infrastructure; fluctuations in value and availability of power and different inputs vital for mining operations; shortages or value will increase in vital gear, provides and labour; regulatory, political and nation dangers, together with native instability or acts of terrorism and the consequences thereof; the reliance upon contractors, third events and three way partnership companions; the dearth of sole decision-making authority associated to Filminera Assets Company, which owns the Masbate Venture; challenges to title or floor rights; the dependence on key personnel and the power to draw and retain expert personnel; the danger of an uninsurable or uninsured loss; antagonistic local weather and climate circumstances; litigation danger; competitors with different mining corporations; group help for B2Gold’s operations, together with dangers associated to strikes and the halting of such operations every so often; conflicts with small scale miners; failures of data methods or info safety threats; the power to take care of satisfactory inside controls over monetary reporting as required by legislation, together with Part 404 of the Sarbanes-Oxley Act; compliance with anti-corruption legal guidelines, and sanctions or different related measures; social media and B2Gold’s fame; dangers affecting Calibre having an impression on the worth of the Firm’s funding in Calibre, and potential dilution of our fairness curiosity in Calibre; in addition to different components recognized and as described in additional element beneath the heading “Threat Elements” in B2Gold’s most up-to-date Annual Info Type, B2Gold’s present Type 40-F Annual Report and B2Gold’s different filings with Canadian securities regulators and the U.S. Securities and Alternate Fee (the “SEC”), which can be seen at www.sedarplus.ca and www.sec.gov, respectively (the “Web sites”). The record is just not exhaustive of the components that will have an effect on B2Gold’s forward-looking statements.

B2Gold’s forward-looking statements are based mostly on the relevant assumptions and components administration considers cheap as of the date hereof, based mostly on the data out there to administration at such time. These assumptions and components embrace, however aren’t restricted to, assumptions and components associated to B2Gold’s capability to hold on present and future operations, together with: improvement and exploration actions; the timing, extent, period and financial viability of such operations, together with any mineral sources or reserves recognized thereby; the accuracy and reliability of estimates, projections, forecasts, research and assessments; B2Gold’s capability to fulfill or obtain estimates, projections and forecasts; the supply and value of inputs; the value and marketplace for outputs, together with gold; overseas change charges; taxation ranges; the well timed receipt of vital approvals or permits; the power to fulfill present and future obligations; the power to acquire well timed financing on cheap phrases when required; the present and future social, financial and political circumstances; and different assumptions and components usually related to the mining trade.

B2Gold’s forward-looking statements are based mostly on the opinions and estimates of administration and mirror their present expectations relating to future occasions and working efficiency and converse solely as of the date hereof. B2Gold doesn’t assume any obligation to replace forward-looking statements if circumstances or administration’s beliefs, expectations or opinions ought to change aside from as required by relevant legislation. There could be no assurance that forward-looking statements will show to be correct, and precise outcomes, efficiency or achievements may differ materially from these expressed in, or implied by, these forward-looking statements. Accordingly, no assurance could be on condition that any occasions anticipated by the forward-looking statements will transpire or happen, or if any of them do, what advantages or liabilities B2Gold will derive therefrom. For the explanations set forth above, undue reliance shouldn’t be positioned on forward-looking statements.

Non-IFRS Measures

This information launch consists of sure phrases or efficiency measures generally used within the mining trade that aren’t outlined beneath Worldwide Monetary Reporting Requirements (“IFRS”), together with “money working prices” and “all-in sustaining prices” (or “AISC”). Non-IFRS measures do not need any standardized that means prescribed beneath IFRS, and due to this fact they is probably not corresponding to related measures employed by different corporations. The projected vary of AISC is anticipated to be adjusted to incorporate sustaining capital expenditures, company administrative expense, mine-site exploration and analysis prices and reclamation value accretion and amortization, and exclude the consequences of expansionary capital and non-sustaining expenditures. Projected GAAP complete manufacturing money prices for the total 12 months would require inclusion of the projected impression of future included and excluded objects, together with objects that aren’t presently determinable, however could also be vital, comparable to sustaining capital expenditures, reclamation value accretion and amortization. Because of the uncertainty of the probability, quantity and timing of any such objects, B2Gold doesn’t have info out there to offer a quantitative reconciliation of projected AISC to a complete manufacturing money prices projection.   B2Gold believes that this measure represents the full prices of manufacturing gold from present operations, and offers B2Gold and different stakeholders of the Firm with further info of B2Gold’s operational efficiency and talent to generate money flows. AISC, as a key efficiency measure, permits B2Gold to evaluate its capability to help capital expenditures and to maintain future manufacturing from the era of working money flows. This info offers administration with the power to extra actively handle capital packages and to make extra prudent capital funding selections.

The info introduced is meant to offer further info and shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS and needs to be learn along with B2Gold’s consolidated monetary statements. Readers ought to seek advice from B2Gold’s Administration Dialogue and Evaluation, out there on the Web sites, beneath the heading “Non-IFRS Measures” for a extra detailed dialogue of how B2Gold calculates sure such measures and a reconciliation of sure measures to IFRS phrases.

Cautionary Assertion Relating to Mineral Reserve and Useful resource Estimates

The disclosure on this information launch was ready in accordance with Canadian requirements for the reporting of mineral useful resource and mineral reserve estimates, which differ in some materials respects from the disclosure necessities of United States securities legal guidelines. Particularly, and with out limiting the generality of the foregoing, the phrases “mineral reserve”, “confirmed mineral reserve”, “possible mineral reserve”, “inferred mineral sources,”, “indicated mineral sources,” “measured mineral sources” and “mineral sources” used or referenced on this prospectus, any prospectus complement and the paperwork integrated by reference herein or therein are Canadian mineral disclosure phrases as outlined in accordance with Canadian Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Requirements on Mineral Assets and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Requirements”). The definitions of those phrases, and different mining phrases and disclosures, differ from the definitions of such phrases, if any, for functions of the SEC’s disclosure guidelines the SEC for home United States Issuers (the “SEC Guidelines”), (the “Alternate Act”).   Accordingly, mineral reserve and mineral useful resource info and different technical info contained on this information launch is probably not corresponding to related info disclosed by United States corporations topic to the SEC’s reporting and disclosure necessities for home United States issuers.

Historic outcomes or feasibility fashions introduced herein aren’t ensures or expectations of future efficiency.   Mineral sources that aren’t mineral reserves do not need demonstrated financial viability. Because of the uncertainty of measured, indicated or inferred mineral sources, these mineral sources could by no means be upgraded to confirmed and possible mineral reserves. Traders are cautioned to not assume that any a part of mineral deposits in these classes will ever be transformed into reserves or recovered. As well as, United States buyers are cautioned to not assume that any half or all of B2Gold’s measured, indicated or inferred mineral sources represent or can be transformed into mineral reserves or are or can be economically or legally mineable with out further work.

NON-IFRS MEASURES

Money working prices per gold ounce offered and complete money prices per gold ounce offered

‘‘Money working prices per gold ounce” and “complete money prices per gold ounce” are frequent monetary efficiency measures within the gold mining trade however, as non-IFRS measures, they don’t have a standardized that means beneath IFRS and due to this fact is probably not corresponding to related measures introduced by different issuers. Administration believes that, along with standard measures ready in accordance with IFRS, sure buyers use this info to guage our efficiency and talent to generate money movement. Accordingly, these measures are meant to offer further info and shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. The measures, together with gross sales, are thought-about to be a key indicator of the Firm’s capability to generate earnings and money movement from its mining operations.

Money value figures are calculated on a gross sales foundation in accordance with a regular developed by The Gold Institute, which was a worldwide affiliation of suppliers of gold and gold merchandise and included main North American gold producers. The Gold Institute ceased operations in 2002, however the usual is the accepted normal of reporting money value of manufacturing in North America. Adoption of the usual is voluntary and the price measures introduced is probably not corresponding to different equally titled measures of different corporations. Different corporations could calculate these measures in another way. Money working prices and complete money prices per gold ounce offered are derived from quantities included within the assertion of operations and embrace mine website working prices comparable to mining, processing, smelting, refining, transportation prices, royalties and manufacturing taxes, much less silver by-product credit. The tables beneath present a reconciliation of money working prices per gold ounce offered and complete money prices per gold ounce offered to manufacturing prices as extracted from the annual consolidated monetary statements on a consolidated and a mine-by-mine foundation ({dollars} in hundreds):

Money working prices per gold ounce produced

Along with money working prices on a per gold ounce offered foundation, the Firm additionally presents money working prices on a per gold ounce produced foundation. Money working prices per gold ounce produced is derived from quantities included within the assertion of operations and embrace mine website working prices comparable to mining, processing, smelting, refining, transportation prices, much less silver by-product credit. The tables beneath present a reconciliation of money working prices per gold ounce produced to manufacturing prices as extracted from the annual consolidated monetary statements on a consolidated and a mine-by-mine foundation ({dollars} in hundreds):

All-in sustaining prices per gold ounce

In June 2013, the World Gold Council, a non-regulatory affiliation of the world’s main gold mining corporations established to advertise the usage of gold to trade, customers and buyers, offered steerage for the calculation of the measure “all-in sustaining prices per gold ounce”, however as a non-IFRS measure, it doesn’t have a standardized that means beneath IFRS and due to this fact is probably not corresponding to related measures introduced by different issuers. The unique World Gold Council normal turned efficient January 1, 2014 with additional updates introduced on November 16, 2018 which have been efficient beginning January 1, 2019.

Administration believes that the all-in sustaining prices per gold ounce measure offers further perception into the prices of manufacturing gold by capturing all the expenditures required for the invention, improvement and sustaining of gold manufacturing and permits the Firm to evaluate its capability to help capital expenditures to maintain future manufacturing from the era of working money flows. Administration believes that, along with standard measures ready in accordance with IFRS, sure buyers use this info to guage the Firm’s efficiency and talent to generate money movement. Accordingly, it’s meant to offer further info and shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. Adoption of the usual is voluntary and the price measures introduced is probably not corresponding to different equally titled measures of different corporations. The Firm has utilized the ideas of the World Gold Council suggestions and has reported all-in sustaining prices on a gross sales foundation. Different corporations could calculate these measures in another way.

B2Gold defines all-in sustaining prices per ounce because the sum of money working prices, royalties and manufacturing taxes, capital expenditures and exploration prices which can be sustaining in nature, sustaining lease expenditures, company normal and administrative prices, share-based fee bills associated to RSUs/DSUs/PSUs/RPUs, group relations expenditures, reclamation legal responsibility accretion and realized (positive aspects) losses on gasoline spinoff contracts, all divided by the full gold ounces offered to reach at a per ounce determine.

The desk beneath reveals a reconciliation of all-in sustaining prices per ounce to manufacturing prices as extracted from the annual consolidated monetary statements on a consolidated and a mine-by-mine foundation ({dollars} in hundreds):

^{( 1) Included as a part of Share-based funds on the Consolidated Assertion of Operations.
(2) Confer with Sustaining capital expenditures and Sustaining mine exploration reconciliations beneath.}

The desk beneath reveals a reconciliation of sustaining capital expenditures to working mine capital expenditures as extracted from the annual consolidated monetary statements on a consolidated and a mine-by-mine foundation ({dollars} in hundreds):

The desk beneath reveals a reconciliation of sustaining mine exploration to working mine exploration as extracted from the annual consolidated monetary statements on a consolidated and a mine-by-mine foundation ({dollars} in hundreds):

The tables beneath present a reconciliation of all-in sustaining prices per ounce to manufacturing prices as extracted from the annual consolidated monetary statements on a consolidated and a mine-by-mine foundation ({dollars} in hundreds):

^{(1) Included as a part of Share-based funds on the Consolidated Assertion of Operations.
(2) Confer with Sustaining capital expenditures and Sustaining mine exploration reconciliations beneath.}

The desk beneath reveals a reconciliation of sustaining capital expenditures to working mine capital expenditures as extracted from the annual consolidated monetary statements on a consolidated and a mine-by-mine foundation ({dollars} in hundreds):

The desk beneath reveals a reconciliation of sustaining mine exploration to working mine exploration as extracted from the annual consolidated monetary statements on a consolidated and a mine-by-mine foundation ({dollars} in hundreds):

The tables beneath present a reconciliation of all-in sustaining prices per ounce to manufacturing prices as extracted from the annual consolidated monetary statements on a consolidated and a mine-by-mine foundation ({dollars} in hundreds):

^{(1) Included as a part of Share-based funds on the Consolidated Assertion of Operations.
(2) Confer with Sustaining capital expenditures and Sustaining mine exploration reconciliations beneath.}

The desk beneath reveals a reconciliation of sustaining capital expenditures to working mine capital expenditures as extracted from the annual consolidated monetary statements on a consolidated and a mine-by-mine foundation ({dollars} in hundreds):

The desk beneath reveals a reconciliation of sustaining mine exploration to working mine exploration as extracted from the annual consolidated monetary statements ({dollars} in hundreds):

The tables beneath present a reconciliation of all-in sustaining prices per ounce to manufacturing prices as extracted from the annual consolidated monetary statements on a consolidated and a mine-by-mine foundation ({dollars} is hundreds):

^{(1) Included as a part of Share-based funds on the Consolidated Assertion of Operations.
(2) Confer with Sustaining capital expenditures and Sustaining mine exploration reconciliations beneath.}

The desk beneath reveals a reconciliation of sustaining capital expenditures to working mine capital expenditures as extracted from the annual consolidated monetary statements ({dollars} in hundreds):

The desk beneath reveals a reconciliation of sustaining mine exploration to working mine exploration as extracted from the annual consolidated monetary statements ({dollars} in hundreds):

Adjusted web revenue and adjusted earnings per share – primary

Adjusted web revenue and adjusted earnings per share – primary are non-IFRS measures that do not need a standardized that means prescribed by IFRS and due to this fact is probably not corresponding to related measures introduced by different issuers. The Firm defines adjusted web revenue as web revenue attributable to shareholders of the Firm adjusted for non-recurring objects and likewise vital recurring non-cash objects. The Firm defines adjusted earnings per share – primary as adjusted web revenue divided by the fundamental weighted variety of frequent shares excellent.

Administration believes that the presentation of adjusted web revenue and adjusted earnings per share – primary is acceptable to offer further info to buyers relating to objects that we don’t anticipate to proceed on the identical degree sooner or later or that administration doesn’t consider to be a mirrored image of the Firm’s ongoing working efficiency. Administration additional believes that its presentation of those non-IFRS monetary measures present info that’s helpful to buyers as a result of they’re essential indicators of the energy of our operations and the efficiency of our core enterprise. Accordingly, it’s meant to offer further info and shouldn’t be thought-about in isolation as an alternative choice to measures of efficiency ready in accordance with IFRS. Different corporations could calculate this measure in another way.

A reconciliation of web (loss) revenue to adjusted web revenue as extracted from the annual consolidated monetary statements is about out within the desk beneath:

2025 Steerage

The projected vary of all-in sustaining prices is anticipated to be adjusted to incorporate sustaining capital expenditures, company administrative expense, mine-site exploration and analysis prices and reclamation value accretion and amortization and exclude the consequences of expansionary capital and non-sustaining capital expenditures. Projected GAAP complete manufacturing money prices for the total 12 months would require inclusion of the projected impression of future included and excluded objects, together with objects that aren’t presently determinable, however could also be vital, comparable to sustaining capital expenditures, reclamation, value accretion and amortization. Because of the uncertainty of the probability, quantity and timing of any such objects, B2Gold doesn’t have info out there to offer a quantitative reconciliation of projected all-in sustaining prices to a complete manufacturing money prices projection. B2Gold believes that this measure represents the full prices of manufacturing gold from present operations and offers B2Gold and different shareholders of the Firm with further info of B2Gold’s operational efficiency and talent to generate money flows. All-in sustaining prices, as a key efficiency measure, permits B2Gold to evaluate its capability to help capital expenditures and to maintain future gold manufacturing from the era of working money flows. This info offers administration with the power to extra actively handle capital packages and to make extra prudent capital funding selections.

For extra info on B2Gold please go to the Firm web site at www.b2gold.com or contact: Michael McDonald VP, Investor Relations & Company Growth +1 604-681-8371 investor@b2gold.com Cherry DeGeer Director, Company Communications +1 604-681-8371 investor@b2gold.com