Grande Portage Stakes Added Claims to Accommodate Potential Surface Facilities at the New Amalga Gold Project

B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Firm”) is happy to announce its operational and monetary outcomes for the primary quarter of 2025. All greenback figures are in United States {dollars} until in any other case indicated.

2025 First Quarter Highlights

• Gold manufacturing of 192,752 ounces in Q1 2025 : Consolidated gold manufacturing within the first quarter of 2025 was 192,752 ounces, increased than anticipated. All B2Gold operations exceeded manufacturing budgets within the first quarter, and the Firm stays on monitor to fulfill its consolidated annual manufacturing steering vary. All three operations proceed to fulfill or exceed gold manufacturing expectations to start out the second quarter of 2025.
• Consolidated money working prices of   $832   per gold ounce produced in Q1 2025 : Consolidated money working prices (see “Non-IFRS Measures” ) had been $832 per gold ounce produced ($880 per gold ounce offered) throughout the first quarter of 2025. Money working prices per ounce produced for the primary quarter of 2025 had been decrease than anticipated on account of decrease than anticipated gasoline prices and better than anticipated gold manufacturing.
• Consolidated all-in sustaining prices of   $1,533   per gold ounce offered in Q1 2025 : Consolidated all-in sustaining prices (see ” Non-IFRS Measures “) had been $1,533 per gold ounce offered throughout the first quarter of 2025. Consolidated all-in sustaining prices for the primary quarter of 2025 had been decrease than anticipated on account of decrease than anticipated complete consolidated money working prices per gold ounce offered and decrease than anticipated sustaining capital expenditures.
• Attributable web   inco   me of   $0.04   per share; adjusted attributable web earnings of   $0.09   per share in Q1 2025 : Web earnings attributable to the shareholders of the Firm of $58 million, or $0.04 per share; adjusted web earnings (see ” Non-IFRS Measures “) attributable to the shareholders of the Firm of $122 million, or $0.09 per share.
• Working money stream earlier than working capital changes of $244 million in Q1 2025 : Money stream offered by working actions earlier than working capital changes was $244 million, or $0.19 per share, within the first quarter of 2025.
• Robust monetary place and liquidity : At March 31, 2025, the Firm had money and money equivalents of $330 million and dealing capital (outlined as present property much less property categorised as held on the market and present liabilities) of $174 million. Through the first quarter of 2025, the Firm repaid the excellent stability of $400 million on the Firm’s $800 million revolving credit score facility (“RCF”), leaving $800 million remaining obtainable for future draw downs.
• 2025 Winter Ice Street (“WIR”) marketing campaign accomplished on the Goose Undertaking: Following the profitable completion of the 2024 sea elevate, development of the 163 kilometer (“km”) WIR commenced in December 2024 and was accomplished in February 2025, forward of schedule. B2Gold efficiently accomplished the 2025 WIR marketing campaign in mid-April 2025, one month forward of schedule, and delivered all essential materials from the Marine Laydown Space (“MLA”) to assist operations till subsequent yr’s WIR marketing campaign.
• Complete Goose Undertaking development and mine improvement money expenditure estimate earlier than first manufacturing stays at C$1,540 million: Primarily based on the development and mine improvement money expenditures incurred up to now, mixed with the estimated expenditures to be incurred by way of to the primary gold pour within the second quarter of 2025, the Firm expects to be in-line with the full Goose Undertaking development and mine improvement money expenditure estimate of C$1,540 million, as introduced on September 12, 2024. Working value steering for the Goose Undertaking for the second half of 2025 shall be launched in mid-2025 following the graduation of first gold manufacturing.
• Goose Undertaking development and improvement proceed to progress on monitor for first gold pour within the second quarter of 2025; estimated manufacturing of 120,000 to 150,000 ounces in 2025: All deliberate development actions in 2024 and early 2025 had been accomplished and mission development and improvement proceed to progress on monitor for first gold pour on the Goose Undertaking 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 yr 2025 shall be between 120,000 and 150,000 ounces and that common annual gold manufacturing for the six-year interval from 2026 to 2031 inclusive shall be roughly 300,000 ounces per yr.
• Up to date Mineral Reserve Lifetime of Mine Plan for the Goose Undertaking introduced; optimization research have commenced: On March 27, 2025, the Firm introduced an up to date Mineral Reserve Lifetime of Mine Plan for the Goose Undertaking. The up to date technical report highlighted the strong Mineral Assets on the Goose Undertaking and the additional potential to increase identified deposits and uncover further mineralization, in addition to an up to date Mineral Reserve estimate. The Firm is pursuing a number of optimization research for the Goose Undertaking, together with one research to research growing mill throughput on the Goose Undertaking from 4,000 tonnes per day (“tpd”) doubtlessly as much as 6,000 tpd, and a separate research analyzing the implementation of a flotation / focus leach course of which has the potential to extend gold restoration and cut back processing unit prices. The outcomes of those research are anticipated to be finalized in late 2025 / early 2026. As soon as the research are accomplished, the Firm will consider the economics of every choice and pursue the specified selection.
• Feasibility Research on the Gramalote Undertaking in Colombia underway and focused for completion in mid-2025 : The constructive Preliminary Financial Evaluation(” PEA”) outcomes on the Firm’s 100% owned Gramalote Undertaking, accomplished within the second quarter of 2024, outlined a major manufacturing profile with common annual gold manufacturing of 234,000 ounces per yr for the primary 5 years of manufacturing, and robust mission economics over a 12.5 yr mission life. In consequence, B2Gold commenced work on a feasibility research with the aim of completion in mid-2025. Feasibility work together with geotechnical investigation, processing design and web site infrastructure design is underway and the research stays on schedule.
• Constructive PEA outcomes for the Antelope deposit on the Otjikoto Mine in Namibia introduced; improvement determination anticipated in Q3 2025: On February 4, 2025, the Firm introduced constructive PEA outcomes for the Antelope deposit, positioned roughly 4 km southwest of the present Otjikoto open pit. Primarily based 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 throughout the interval of 2028 to 2032 and end in a significant manufacturing profile for Otjikoto into the subsequent 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 yr over the lifetime of mine. Together with the processing of current low grade stockpiles, manufacturing from the Antelope deposit has the potential to extend Otjikoto Mine manufacturing to roughly 110,000 ounces per yr for 2029 by way of 2032. A improvement determination on the Antelope deposit is predicted within the third quarter of 2025.
• Convertible senior unsecured notes issued: 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 price 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 worth of roughly $3.17 per Share. The preliminary conversion price represented a premium of roughly 35% relative to the closing sale worth of the Shares on January 23, 2025, and is topic to adjustment in sure occasions.
• Implementation of Regular Course Issuer Bid (“NCIB”): On April 1, 2025, the Toronto Inventory Change accepted the discover of B2Gold’s intention to implement a NCIB. As of March 20, 2025, the Firm had 1,319,616,807 Shares issued and excellent with approval to buy as much as 65,980,840 Shares, representing 5% of the issued and excellent Shares as of that date over a interval of twelve months commencing April 3, 2025.
• Q2 2025 dividend of $0.02 per share declared : On Might 7, 2025, B2Gold’s Board of Administrators declared a money dividend for the second quarter of 2025 of $0.02 per frequent share (or an anticipated $0.08 per share on an annualized foundation), payable on June 24, 2025, to shareholders of report as of June 11, 2025.

First Quarter 2025 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 essentially the most straight comparable measures specified, outlined or decided below IFRS and offered within the Firm’s monetary statements, check with “Non-IFRS Measures”.
(3) Manufacturing from Calibre Mining Corp.’s ( ” Calibre ” ) La Libertad, El Limon and Pan mines is offered on an approximate 24% foundation till January 24, 2024 and 14% subsequently till June 20, 2024 which represented the Firm’s oblique possession curiosity in Calibre’s operations by way of its fairness funding in Calibre . On June 20, 2024, the Firm lowered its possession curiosity to roughly 4% and decided that it now not had important affect over Calibre and consequently, after June 20, 2024, now not recorded attributable manufacturing representing its oblique possession curiosity in Calibre’s mines by way of an fairness funding.}

Liquidity and Capital Assets

B2Gold continues to keep up a robust monetary place and liquidity. At March 31, 2025, the Firm had money and money equivalents of $330 million (December 31, 2024 – $337 million) and dealing capital (outlined as present property much less property categorised as held on the market and present liabilities) of $174 million (December 31, 2024 – $321 million). Through the first quarter of 2025 the Firm repaid $400 million on the Firm’s $800 million RCF, leaving $800 million remaining obtainable for future draw downs, plus a $200 million accordion characteristic.

Second Quarter 2025 Dividend

On Might 7, 2025, B2Gold’s Board of Administrators declared a money dividend for the second quarter of 2025 (the “Q2 2025 Dividend”) of $0.02 per frequent share (or an anticipated $0.08 per share on an annualized foundation), payable on June 24, 2025 to shareholders of report as of June 11, 2025.

The Firm at the moment has a Dividend Reinvestment Plan (“DRIP”). For the needs of the Q2 2025 Dividend, the Firm has decided that no low cost shall be utilized to calculate the Common Market Value (as outlined within the DRIP) of its frequent shares issued from treasury. 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 by way of which they maintain frequent shares for directions on find out how to enroll within the DRIP.

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

The declaration and fee of future dividends and the quantity of any such dividends shall be topic to the willpower of the Board, in its sole and absolute discretion, considering, 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 principles and insurance policies of any relevant inventory alternate, in addition to any contractual restrictions on such dividends, together with any agreements entered into with lenders to the Firm, and every other components that the Board deems applicable on the related time. There might be no assurance that any dividends shall be paid on the supposed price or in any respect sooner or later.

For extra data concerning the DRIP and enrollment within the DRIP, please check with 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 wherein such supply, solicitation or sale could be illegal previous to registration or qualification below the securities legal guidelines of any such province, state or jurisdiction.

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

Operations

Fekola Advanced – Mali

^{(1) Non-IFRS measure. For an outline of how these measures are calculated and a reconciliation of those measures to essentially the most straight comparable measures specified, outlined or decided below IFRS and offered within the Firm’s monetary statements, check with “Non-IFRS Measures”.}

The Fekola Mine in Mali (owned 80% by the Firm and 20% by the State of Mali) had a robust begin to the yr with gold manufacturing for the primary quarter of 2025 of 93,805 ounces. For the primary quarter of 2025, mill feed grade was 1.31 grams per tonne (“g/t”), mill throughput was 2.45 million tonnes, and gold restoration averaged 91.5%. Mill feed grade in April 2025 was in step with the annual budgeted mill feed grade of 1.84 g/t in 2025.

The Fekola Mine’s money working prices (see “Non-IFRS Measures” ) for the primary quarter of 2025 had been $965 per ounce produced ($1,014 per gold ounce offered). Money working prices per gold ounce produced for the primary quarter of 2025 had been decrease than anticipated on account of increased than estimated gold manufacturing, decrease working prices together with decrease gasoline costs for diesel and heavy gasoline oil, and decrease processing upkeep prices.

All-in sustaining prices (see “Non-IFRS Measures” ) for the primary quarter of 2025 for the Fekola Mine had been $1,937 per gold ounce offered, decrease than anticipated. All-in sustaining prices had been decrease than anticipated on account of decrease than anticipated money working prices per gold ounce offered and decrease than anticipated sustaining capital expenditures, partially offset by increased gold royalties ensuing from the next than anticipated common realized gold worth. Gold royalties embrace increased revenue-based manufacturing taxes primarily based on a sliding scale and revenue-based State funds for the Fekola Mine, which turned efficient for the primary time in March 2025. The decrease sustaining capital expenditures for the primary quarter of 2025 had been primarily a results of timing of expenditures and are anticipated to be incurred later in 2025.

Capital expenditures within the first quarter of 2025 totaled $64 million primarily consisting of $20 million for deferred stripping, $17 million for Fekola underground improvement, $16 million for cellular gear purchases and rebuilds, $4 million for the development of a brand new tailings storage facility (“TSF”) and $3 million for photo voltaic plant enlargement.

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

The Fekola Advanced’s complete 2025 gold manufacturing is anticipated to extend considerably relative to 2024, as a result of contribution of higher-grade ore from Fekola underground within the second half of 2025 and Fekola Regional later within the second half of 2025. Between 25,000 and 35,000 ounces of gold manufacturing is predicted from the mining of higher-grade ore at Fekola underground. Fekola Regional is predicted to contribute between 20,000 and 25,000 ounces of further gold manufacturing in 2025 by way of the trucking of open pit ore to the Fekola mill. Regardless of a delay within the anticipated graduation of mining at Fekola Regional on account of allow delays, the Firm nonetheless expects to fulfill its manufacturing steering from the Fekola Advanced in 2025.

The event of Fekola Regional will improve the general Fekola Advanced lifetime of mine manufacturing profile and is predicted to increase the mine lifetime of the Fekola Advanced. 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 by way of 2029. Vital exploration potential stays throughout the Fekola Advanced to additional lengthen the mine life.

Masbate Mine – The Philippines

^{(1) Non-IFRS measure. For an outline of how these measures are calculated and a reconciliation of those measures to essentially the most straight comparable measures specified, outlined or decided below IFRS and offered within the Firm’s monetary statements, check with “Non-IFRS Measures”.}

The Masbate Mine within the Philippines continued its robust efficiency with first quarter of 2025 gold manufacturing of 46,369 ounces, above expectations. For the primary quarter of 2025, mill feed grade was 0.83 g/t gold, mill throughput was 2.28 million tonnes, and gold restoration averaged 75.9%.

The Masbate Mine’s money working prices (see “Non-IFRS Measures” ) for the primary quarter of 2025 had been $833 per ounce produced ($855 per gold ounce offered). Money working prices per gold ounce produced for the primary quarter of 2025 had been decrease than anticipated on account of increased than anticipated gold manufacturing in addition to decrease working prices due primarily to decrease diesel and heavy gasoline oil prices.

All-in sustaining prices (see “Non-IFRS Measures” ) for the primary quarter of 2025 had been $1,206 per gold ounce offered. All-in sustaining prices for the primary quarter of 2025 had been decrease than anticipated on account of decrease than anticipated money working prices per gold ounce offered and better than anticipated gold ounces offered, partially offset by increased gold royalties ensuing from the next than anticipated common realized gold worth.

Capital expenditures within the first quarter of 2025 totaled $8 million, primarily consisting of $2 million for a photo voltaic plant, $2 million for deferred stripping, $1 million for cellular gear purchases and rebuilds and $1 million for enlargement of the present TSF.

The Masbate Mine is predicted to provide 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 predicted to course of 8.0 million tonnes of ore at a mean grade of 0.88 g/t with a course of gold restoration of 79.9%. Mill feed shall be a mix of mined recent ore from the Foremost Vein pit and low-grade ore stockpiles.

Otjikoto Mine – Namibia

^{(1) Non-IFRS measure. For an outline of how these measures are calculated and a reconciliation of those measures to essentially the most straight comparable measures specified, outlined or decided below IFRS and offered within the Firm’s monetary statements, check with “Non-IFRS Measures”.}

The Otjikoto Mine in Namibia, wherein the Firm holds a 90% curiosity, continued to outperform throughout the first quarter of 2025, producing 52,578 ounces of gold, above expectations. For the primary quarter of 2025, mill feed grade was 1.96 g/t, mill throughput was 0.84 million tonnes, and gold restoration averaged 98.8%.

Money working prices (see “Non-IFRS Measures” ) for the primary quarter of 2025 had been $594 per gold ounce produced ($676 per ounce gold offered). Money working prices per gold ounce produced for the primary quarter of 2025 had been decrease than anticipated consequently increased than anticipated gold manufacturing, a weaker than anticipated Namibia overseas alternate price and decrease than anticipated underground mining prices.

All-in sustaining prices (see “Non-IFRS Measures” ) for the primary quarter of 2025 had been $916 per gold ounce offered. All-in sustaining prices for the primary quarter of 2025 had been decrease than anticipated on account of increased than anticipated gold ounces offered and decrease than anticipated sustaining capital expenditures, partially offset by increased gold royalties ensuing from the next than anticipated common realized gold worth. The decrease sustaining capital expenditures for the primary quarter of 2025 had been primarily a results of timing of expenditures and are anticipated to be incurred later in 2025.

Capital expenditures for the primary quarter of 2025 totaled $4 million, consisting primarily of $3 million for Wolfshag underground mine improvement.

The Otjikoto Mine is predicted to provide 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 shall be weighted in direction of the primary half of 2025 as a result of conclusion of open pit mining actions within the third quarter of 2025. For the total yr 2025, Otjikoto is predicted to course of a complete of three.4 million tonnes of ore at a mean grade of 1.63 g/t with a course of gold restoration of 98.0%. Processed ore shall be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by current 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 up to now 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.

On February 4, 2025, the Firm introduced the constructive PEA outcomes for the Antelope deposit. Primarily based 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 throughout the interval of 2028 to 2032 and end in a significant manufacturing profile for Otjikoto into the subsequent decade. The PEA for Antelope signifies an preliminary mine lifetime of 5 years and complete manufacturing of 327,000 ounces averaging roughly 65,000 ounce per yr over the life-of mine. Together with the processing of current low grade stockpiles, manufacturing from Antelope has the potential to extend Otjikoto Mine manufacturing to roughly 110,000 ounces per yr from 2029 by way of 2032. The Firm has accredited an preliminary finances of as much as $10 million for 2025 to de-risk the Antelope deposit improvement schedule by advancing early work planning, mission permits, and lengthy lead orders. Technical work together with geotechnical, hydrogeological, and metallurgical testing is anticipated to be accomplished over the subsequent a number of months. Price 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. A improvement determination is predicted within the third quarter of 2025.

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 robust potential for future useful resource enlargement.

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

Goose Undertaking

Improvement

The Again River Gold District consists of eight mineral claims blocks alongside an 80 km belt. Development is underway on the most superior mission within the district, the Goose Undertaking, 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 mission in a fashion that acknowledges Inuit priorities, addresses considerations, and brings long-term socio-economic advantages to the Kitikmeot Area. B2Gold seems to be ahead to persevering with to construct on its robust collaboration with the KIA and Kitikmeot Communities.

All deliberate development actions in 2024 and early 2025 had been accomplished and mission development and improvement proceed to progress on monitor. The primary 4 turbines within the powerhouse shall be commissioned by the top of the primary week in Might 2025. Availability of the Echo pond tailings line will happen within the first week of June 2025 with mill start-up instantly following. First gold is predicted by the top of June 2025 with ramp as much as business manufacturing anticipated within the third quarter of 2025. The Firm continues to estimate that gold manufacturing in 2025 shall be between 120,000 and 150,000 ounces and that common annual gold manufacturing for the six yr interval from 2026 to 2031 inclusive shall be roughly 300,000 ounces per yr.

Following the profitable completion of the 2024 sealift, development of the 163 km WIR started in December 2024 and was accomplished in February 2025. The WIR was operational by mid-February 2025 with the transportation of all supplies from the MLA to the Goose Undertaking web site accomplished one month forward of schedule in mid-April 2025. Over 4,000 masses and 80 million litres of gasoline had been transported over the 2025 WIR season.

Improvement of the open pit and underground stay the Firm’s major focus to make sure that enough materials is out there for mill startup and that the Echo pit is out there for tailings placement. Open pit mining of the Echo pit continues to fulfill manufacturing targets and is scheduled to be accomplished by Might 2025, and is anticipated to be able to obtain tailings when the mill begins. Mining of the Umwelt open pit commenced in December 2024 and is at the moment assembly manufacturing targets. The Umwelt underground improvement stays on schedule for the graduation of high-grade stope ore manufacturing within the third quarter of 2025.

Within the first quarter of 2025, the Firm incurred money expenditures of $95 million (C$136 million) for the Goose Undertaking on development and improvement actions.

Primarily based on the development and mine improvement money expenditures incurred up to now, mixed with the estimated expenditures to be incurred by way of to first gold pour within the second quarter of 2025, the Firm expects to be in-line with the full Goose Undertaking development and mine improvement money expenditure estimate of C$1,540 million, as introduced on September 12, 2024. Working value steering for the Goose Undertaking for the second half of 2025 shall be launched in mid-year 2025 following the graduation of gold manufacturing.

Optimization Research

With first gold manufacturing for the Goose Undertaking anticipated by the top of the second quarter of 2025, B2Gold has begun a number of optimization research with the aim of maximizing the long-term worth of the Again River Gold District. These research embrace:

• Evaluating a flotation / focus leach course of as a possible choice to extend gold restoration and cut back working prices (mentioned in additional element beneath);
• Evaluating the set up of a SAG mill to be paired at the side of the present 4,000 tpd ball mill, which might doubtlessly increase mill throughput capability (mentioned in additional element beneath);
• Evaluating the viability of developing and operating the Goose Undertaking winter ice street on a lower than annual foundation;
• Evaluating underground mining strategies and the potential to exceed the deliberate manufacturing from the Umwelt underground by growing the mine manufacturing price by way of improvement of extra energetic manufacturing ranges, and consideration of alternate mine strategies to each decrease prices and seize further current Mineral Assets into the mine plan; and
• Assessing the feasibility of distant operation of floor and underground gear because it presents a possibility to optimize manufacturing efficiencies and cut back worker transportation prices.

In reference to these research, B2Gold shall be reviewing any regulatory necessities and fascinating with the KIA and native communities to make sure any optimization of the Goose Undertaking gives advantages to all stakeholders.

The Firm is pursuing a number of optimization research for the Goose Undertaking, together with one research to research the potential to extend mill throughput on the Goose Undertaking from 4,000 tpd doubtlessly as much as 6,000 tpd, and a separate research analyzing the implementation of a flotation/focus leach course of which has the potential to extend gold restoration and cut back processing unit prices. The Goose Undertaking is at the moment permitted for mill throughput of as much as 6,000 tpd, so no modification to the Undertaking Certificates could be required if the Firm pursues the mill throughput enlargement. The outcomes of those research are anticipated to be finalized in late 2025 / early 2026. As soon as the research are accomplished, the Firm will consider the economics of every choice and pursue the specified selection.

Gramalote Undertaking Improvement

The Gramalote Undertaking is positioned in central Colombia, roughly 230 km northwest of Bogota and 100 km northeast of Medellin, within the Province of Antioquia, which has expressed a constructive perspective in direction of the event of accountable mining initiatives within the area.

Following consolidation of the possession, B2Gold accomplished an in depth evaluation of the Gramalote Undertaking, together with the higher-grade core of the useful resource, facility dimension and placement, energy provide, mining and processing choices, tailings design, resettlement, potential development sequencing and camp design to determine potential value financial savings to develop a medium-scale mission. The outcomes of the evaluation allowed the Firm to find out the optimum parameters and assumptions for the Gramalote PEA, the outcomes of which had been introduced on June 18, 2024. Primarily based on the constructive outcomes from the PEA, B2Gold believes that the Gramalote Undertaking has the potential to develop into a medium-scale, low-cost open pit gold mine and accredited the graduation of a feasibility research.

B2Gold is progressing the feasibility work with the aim of finishing a feasibility research by mid-2025. Because of the work accomplished for earlier research, the work remaining to finalize a feasibility research for the up to date medium-scale mission isn’t intensive. The principle work applications for the feasibility research embrace geotechnical and environmental web site investigations for the processing plant and waste dump footprints, in addition to capital and working value estimates.

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

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

Outlook

The Firm is happy with its constructive first quarter of 2025 working and monetary outcomes. The Firm is on monitor to fulfill its 2025 complete gold manufacturing steering of between 970,000 and 1,075,000 ounces. The Firm’s full yr complete money working prices for the Fekola Advanced, Masbate and Otjikoto proceed to be forecast between $835 and $895 per gold ounce and complete all-in sustaining prices proceed to be forecast between $1,460 and $1,520 per gold ounce. Working value steering for the Goose Undertaking for the second half of 2025 shall be launched in mid-year 2025 following the graduation of gold manufacturing.

Upon completion of the development actions on the Goose Undertaking, the mine is predicted 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 Undertaking is estimated to be roughly 300,000 ounces of gold per yr.

The Firm is pursuing a number of optimization research for the Goose Undertaking, together with one research to research the potential to extend mill throughput on the Goose Undertaking from 4,000 tpd doubtlessly as much as 6,000 tpd, and a separate research analyzing the implementation of a flotation/focus leach course of which has the potential to extend gold restoration and cut back processing unit prices. The Goose Undertaking is at the moment permitted for mill throughput of as much as 6,000 tpd, so no modification to the Undertaking Certificates could be required if the Firm pursues the mill throughput enlargement. The outcomes of those research are anticipated to be finalized in late 2025 / early 2026. As soon as the research are accomplished, the Firm will consider the economics of every choice and pursue the specified selection.

Primarily based 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 throughout the interval from 2028 to 2032 and end in significant manufacturing profile for Otjikoto into the subsequent decade.

The Firm expects to finish a feasibility research for its wholly owned Gramalote Undertaking in Colombia by mid-2025. The feasibility research will embrace modifications to the processing plant and infrastructure places and due to this fact a Modified Environmental Impression Research will even be required. Work on the modifications to the Environmental Impression Research are effectively superior and the Firm expects it to be accomplished and submitted shortly following the completion of the feasibility research. If the ultimate economics of the feasibility research are constructive and the Firm makes the choice to develop the Gramalote Undertaking as an open pit gold mine, the Firm will make the most of its confirmed inside mine development workforce to construct the mine and mill amenities.

The Firm’s ongoing technique is to proceed to maximise accountable worthwhile manufacturing from its current mines, preserve a robust monetary place, understand the potential improve in gold manufacturing from the Firm’s current improvement initiatives, proceed exploration applications throughout the Firm’s strong land packages, consider new exploration, improvement and manufacturing alternatives and proceed to return capital to shareholders.

First Quarter 2025 Monetary Outcomes – Convention Name Particulars

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

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

• Toll-free in U.S. and Canada: +1 (833)-821-2803
• All different callers: +1 (647)-846-2419

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About B2Gold

B2Gold is a accountable worldwide senior gold producer headquartered in Vancouver, Canada. Based in 2007, at the moment, B2Gold has working gold mines in Mali, Namibia and the Philippines, the Goose Undertaking below development 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 particular person below NI 43-101, has accredited the scientific and technical data associated to operations issues contained on this information launch.

Andrew Brown, P. Geo., Vice President, Exploration, a professional particular person below NI 43-101, has accredited the scientific and technical data 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 Change and NYSE American LLC neither approve nor disapprove the data contained in   this information launch.

Manufacturing outcomes and manufacturing steering offered on this information launch mirror the full manufacturing on the mines B2Gold operates on a 100% foundation. Please see our most up-to-date Annual Info Kind for a dialogue of our possession curiosity within the mines B2Gold operates.

This information launch consists of sure “forward-looking data” and “forward-looking statements” (collectively forward-looking statements”) throughout the that means of relevant Canadian and United States securities laws, together with: projections; outlook; steering; forecasts; estimates; and different statements concerning 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 all-in sustaining prices, and budgets on a consolidated and mine by mine foundation, which in the event that they happen, would have on our enterprise, our deliberate capital and exploration expenditures; future or estimated mine life, metallic worth assumptions, ore grades or sources, gold restoration charges, stripping ratios, throughput, ore processing; statements concerning anticipated exploration, drilling, improvement, development, allowing and different actions or achievements of B2Gold; and together with, with out limitation: remaining effectively positioned for continued robust operational and monetary efficiency in 2025; projected gold manufacturing, money working prices and all-in sustaining prices (on a consolidated and mine by mine foundation in 2025 for the Fekola Advanced, the Otjikoto Mine, the Masbate Gold Undertaking and the Goose Undertaking; 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 all-in sustaining prices of between $1,460 and $1,520 per ounce; B2Gold’s continued prioritization of creating the Goose Undertaking in a fashion that acknowledges Indigenous enter and considerations and brings long-term socio-economic advantages to the world; the Goose Undertaking capital value being roughly C$1,190 million and the online 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 gadgets being C$330 million; the Goose Undertaking producing roughly 300,000 ounces of gold per yr for the primary full six years of manufacturing; the potential for first gold manufacturing within the second quarter of 2025 from the Goose Undertaking and the estimates of such manufacturing and the potential ramp-up to business manufacturing by the top of the third quarter of 2025; the receipt of the exploitation allow for Fekola Regional and Fekola Regional manufacturing anticipated to begin within the second half 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 as much as 65,000 per yr throughout the low-grade stockpile processing in 2029 by way of 2032 and the Otjikoto Mine producing a mean of roughly 110,000 ounces per yr throughout that interval; the timing and outcomes of a feasibility research on the Gramalote Undertaking and the outcomes thereof; the potential to develop the Gramalote Undertaking as an open pit gold mine; deliberate 2025 exploration budgets for Canada, Mali, Namibia, the Philippines and Kazakhstan and different grassroots initiatives; and the potential fee of future dividends, together with the timing and quantity of any such dividends, and the expectation that quarterly dividends shall be maintained on the identical degree. All statements on this MD&A that tackle occasions or developments that we anticipate to happen sooner or later are forward-looking statements. Ahead-looking statements are statements that aren’t historic details and are usually, though not all the time, recognized by phrases reminiscent of “anticipate”, “plan”, “anticipate”, “mission”, “goal”, “potential”, “schedule”, “forecast”, “finances”, “estimate”, “intend” or “imagine” and comparable expressions or their unfavourable connotations, or that occasions or circumstances “will”, “would”, “might”, “might”, “ought to” or “may” happen. All such forward-looking statements are primarily based 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 hazards 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 flexibility to acquire and preserve any essential 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 flexibility to switch mineral reserves and determine acquisition alternatives; the unknown liabilities of corporations acquired by B2Gold; the flexibility to efficiently combine new acquisitions; fluctuations in alternate charges; the provision of financing; financing and debt actions, together with potential restrictions imposed on B2Gold’s operations consequently thereof and the flexibility to generate adequate 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 provision of enough infrastructure; fluctuations in worth and availability of power and different inputs essential for mining operations; shortages or value will increase in essential 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 Gold Undertaking; challenges to title or floor rights; the dependence on key personnel and the flexibility to draw and retain expert personnel; the chance of an uninsurable or uninsured loss; hostile local weather and climate circumstances; litigation threat; competitors with different mining corporations; neighborhood assist 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 knowledge methods or data safety threats; the flexibility to keep up enough 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 comparable measures; social media and B2Gold’s fame; in addition to different components recognized and as described in additional element below the heading “Danger Elements” in B2Gold’s most up-to-date Annual Info Kind, B2Gold’s present Kind 40-F Annual Report and B2Gold’s different filings with Canadian securities regulators and the U.S. Securities and Change Fee (the “SEC”), which can be considered at www.sedarplus.ca and www.sec.gov, respectively (the “Web sites”). The checklist isn’t exhaustive of the components which will have an effect on B2Gold’s forward-looking statements.

B2Gold’s forward-looking statements are primarily based on the relevant assumptions and components administration considers cheap as of the date hereof, primarily based on the data obtainable 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 provision and value of inputs; the value and marketplace for outputs, together with gold; overseas alternate charges; taxation ranges; the well timed receipt of essential approvals or permits; the flexibility to fulfill present and future obligations; the flexibility 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 business.

B2Gold’s forward-looking statements are primarily based on the opinions and estimates of administration and mirror their present expectations concerning 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 might be no assurance that forward-looking statements will show to be correct, and precise outcomes, efficiency or achievements might differ materially from these expressed in, or implied by, these forward-looking statements. Accordingly, no assurance might be provided 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.

The projected vary of all-in sustaining prices consists of sustaining capital expenditures, company administrative expense, mine-site exploration and analysis prices and reclamation value accretion, and exclude the consequences of expansionary capital and non-sustaining expenditures. Projected GAAP complete manufacturing money prices for the total yr would require inclusion of the projected affect of future included and excluded gadgets, together with gadgets that aren’t at the moment determinable, however could also be important, reminiscent of sustaining capital expenditures, reclamation value accretion. Because of the uncertainty of the chance, quantity and timing of any such gadgets, B2Gold doesn’t have data obtainable 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 gives B2Gold and different stakeholders of the Firm with further data of B2Gold’s operational efficiency and skill to generate money flows. All-in sustaining prices, as a key efficiency measure, permits B2Gold to evaluate its capability to assist capital expenditures and to maintain future manufacturing from the era of working money flows. This data gives administration with the flexibility to extra actively handle capital applications and to make extra prudent capital funding selections.

Non-IFRS Measures

This information launch consists of sure phrases or efficiency measures generally used within the mining business that aren’t outlined below Worldwide Monetary Reporting Requirements (“IFRS”), together with “money working prices” and “all-in sustaining prices” (or “AISC”). Non-IFRS measures should not have any standardized that means prescribed below IFRS, and due to this fact they is probably not akin to comparable 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 yr would require inclusion of the projected affect of future included and excluded gadgets, together with gadgets that aren’t at the moment determinable, however could also be important, reminiscent of sustaining capital expenditures, reclamation value accretion and amortization. Because of the uncertainty of the chance, quantity and timing of any such gadgets, B2Gold doesn’t have data obtainable 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 gives B2Gold and different stakeholders of the Firm with further data of B2Gold’s operational efficiency and skill to generate money flows. AISC, as a key efficiency measure, permits B2Gold to evaluate its capability to assist capital expenditures and to maintain future manufacturing from the era of working money flows. This data gives administration with the flexibility to extra actively handle capital applications and to make extra prudent capital funding selections.

The information offered is meant to offer further data and shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS and ought to be learn at the side of B2Gold’s consolidated monetary statements. Readers ought to check with B2Gold’s Administration Dialogue and Evaluation, obtainable on the Web sites, below 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 Concerning 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. Specifically, 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 information launch 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 for home United State issuers. As a overseas personal issuer that’s eligible to file studies with the SEC pursuant to the MJDS, B2Gold isn’t required to offer disclosure on its mineral properties below the SEC Guidelines and gives disclosure below NI 43-101 and the CIM Definition Requirements. Accordingly, mineral reserve and mineral useful resource data and different technical data contained on this information launch is probably not akin to comparable data disclosed by corporations topic to the SEC’s reporting and disclosure necessities for home United States issuers.

Mineral sources that aren’t mineral reserves should not have demonstrated financial viability. Because of the uncertainty of measured, indicated or inferred mineral sources, these mineral sources might by no means be upgraded to confirmed and possible mineral reserves. Buyers 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 shall be transformed into mineral reserves or are or shall be economically or legally mineable with out further work.

Historic outcomes or feasibility fashions offered herein aren’t ensures or expectations of future efficiency. Mineral sources that aren’t mineral reserves should not have demonstrated financial viability. Because of the uncertainty of measured, indicated or inferred mineral sources, these mineral sources might by no means be upgraded to confirmed and possible mineral reserves. Buyers 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 shall be transformed into mineral reserves or are or shall be economically or legally mineable with out further work.

B2Gold Corp.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31
(Expressed in 1000’s of United States {dollars}, besides per share quantities)
(Unaudited)

B2Gold Corp.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31
(Expressed in 1000’s of United States {dollars})
(Unaudited)

B2Gold Corp.
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
(Expressed in 1000’s of United States {dollars})
(Unaudited)

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 business however, as non-IFRS measures, they don’t have a standardized that means below IFRS and due to this fact is probably not akin to comparable measures offered by different issuers. Administration believes that, along with typical measures ready in accordance with IFRS, sure buyers use this data to judge our efficiency and skill to generate money stream. Accordingly, these measures are supposed to offer further data 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 stream from its mining operations.

Money value figures are calculated on a gross sales foundation in accordance with an ordinary 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 commonplace of reporting money value of manufacturing in North America. Adoption of the usual is voluntary and the price measures offered is probably not akin to different equally titled measures of different corporations. Different corporations might calculate these measures otherwise. Money working prices and complete money prices per gold ounce offered are derived from quantities included within the assertion of operations and embrace mine web site working prices reminiscent of 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 unaudited condensed interim consolidated monetary statements on a consolidated and a mine-by-mine foundation ({dollars} in 1000’s):

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 web site working prices reminiscent of 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 unaudited condensed interim consolidated monetary statements on a consolidated and a mine-by-mine foundation ({dollars} in 1000’s):

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 using gold to business, shoppers and buyers, offered steering 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 below IFRS and due to this fact is probably not akin to comparable measures offered by different issuers. The unique World Gold Council commonplace turned efficient January 1, 2014 with additional updates introduced on November 16, 2018 which had been efficient beginning January 1, 2019.

Administration believes that the all-in sustaining prices per gold ounce measure gives further perception into the prices of manufacturing gold by capturing the entire expenditures required for the invention, improvement and sustaining of gold manufacturing and permits the Firm to evaluate its capability to assist capital expenditures to maintain future manufacturing from the era of working money flows. Administration believes that, along with typical measures ready in accordance with IFRS, sure buyers use this data to judge the Firm’s efficiency and skill to generate money stream. Accordingly, it’s supposed to offer further data 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 offered is probably not akin to different equally titled measures of different corporations. The Firm has utilized the rules of the World Gold Council suggestions and has reported all-in sustaining prices on a gross sales foundation. Different corporations might calculate these measures otherwise.

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 are sustaining in nature, sustaining lease expenditures, company basic and administrative prices, share-based fee bills associated to restricted share models/deferred share models/efficiency share models/restricted phantom models (“RSUs/DSUs/PSUs/RPUs”), neighborhood relations expenditures, reclamation legal responsibility accretion and realized (good points) losses on gasoline spinoff contracts, all divided by the full gold ounces offered to reach at a per ounce determine.

The tables beneath present a reconciliation of all-in sustaining prices per ounce to manufacturing prices as extracted from the unaudited condensed interim consolidated monetary statements on a consolidated and a mine-by-mine foundation for the three months ended March 31, 2025 ({dollars} in 1000’s):

^{(1) Included as a element of Share-based funds on the Assertion of operations.
(2) Seek advice from 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 unaudited condensed interim consolidated monetary statements for the three months ended March 31, 2025 ({dollars} in 1000’s):

The desk beneath reveals a reconciliation of sustaining mine exploration to working mine exploration as extracted from the unaudited condensed interim consolidated monetary statements for the three months ended March 31, 2025 ({dollars} in 1000’s):

The desk beneath reveals a reconciliation of all-in sustaining prices per ounce to manufacturing prices as extracted from the unaudited condensed interim consolidated monetary statements on a consolidated and a mine-by-mine foundation for the three months ended March 31, 2024 ({dollars} in 1000’s):

^{(1) Included as a element of Share-based funds on the Assertion of operations.
(2) Seek advice from 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 unaudited condensed interim consolidated monetary statements for the three months ended March 31, 2024 ({dollars} in 1000’s):

The desk beneath reveals a reconciliation of sustaining mine exploration to working mine exploration as extracted from the unaudited condensed interim consolidated monetary statements for the three months ended March 31, 2024 ({dollars} in 1000’s):

Adjusted web earnings and adjusted earnings per share – fundamental

Adjusted web earnings and adjusted earnings per share – fundamental are non-IFRS measures that should not have a standardized that means prescribed by IFRS and due to this fact is probably not akin to comparable measures offered by different issuers. The Firm defines adjusted web earnings as web earnings attributable to shareholders of the Firm adjusted for non-recurring gadgets and in addition important recurring non-cash gadgets. The Firm defines adjusted earnings per share – fundamental as adjusted web earnings divided by the fundamental weighted variety of frequent shares excellent.

Administration believes that the presentation of adjusted web earnings and adjusted earnings per share – fundamental is acceptable to offer further data to buyers concerning gadgets that we don’t anticipate to proceed on the identical degree sooner or later or that administration doesn’t imagine 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 data 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 supposed to offer further data and shouldn’t be thought-about in isolation as an alternative choice to measures of efficiency ready in accordance with IFRS. Different corporations might calculate this measure otherwise.

A reconciliation of web earnings to adjusted web earnings as extracted from the unaudited condensed interim consolidated monetary statements is ready out within the desk beneath:

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