Siren Gold Limited (ASX: SNG) – Trading Halt

• Whole gold manufacturing of 288,665 ounces in This fall 2023 : Whole gold manufacturing within the fourth quarter of 2023 was 288,665 ounces, together with 18,054 ounces of attributable manufacturing from Calibre Mining Corp. (“Calibre”). The Fekola, Masbate and Otjikoto mines all exceeded their anticipated manufacturing within the fourth quarter, with Otjikoto reaching file quarterly manufacturing of 81,111 ounces.
• Whole consolidated money working prices of $633 per gold ounce produced in This fall 2023 : Whole consolidated money working prices (see “Non-IFRS Measures” ) (together with estimated attributable outcomes for Calibre) of $633 per gold ounce produced and consolidated money working prices from the Firm’s three working mines of $611 per gold ounce produced.
• Whole consolidated all-in sustaining prices of $1,257 per gold ounce offered in This fall 2023 : Whole consolidated all-in sustaining prices (see ” Non-IFRS Measures “) (together with estimated attributable outcomes for Calibre) of $1,257 per gold ounce offered and consolidated all-in sustaining prices from the Firm’s three working mines of $1,264 per gold ounce offered.
• Achieved higher half of 2023 annual gold manufacturing steering : File annual whole gold manufacturing of 1,061,060 ounces (together with 68,717 attributable ounces from Calibre) for 2023, reaching the higher half of the annual steering vary of between 1,000,000 and 1,080,000 ounces, and marking the Firm’s eighth consecutive 12 months of assembly or exceeding annual manufacturing steering.
• Beneath 2023 whole consolidated money working value steering and achieved low finish of 2023 all-in sustaining value steering vary : Whole consolidated money working prices for 2023 of $654 per gold ounce produced, nicely beneath the annual steering vary of between $670 and $730 per gold ounce primarily because of decrease than anticipated gasoline prices and a weaker Namibian greenback. Whole consolidated all-in sustaining prices for 2023 of $1,201 per gold ounce offered, close to the low finish of the annual steering vary of between $1,195 and $1,255 per gold ounce.
• Attributable internet lack of $0.09 per share in This fall 2023; Adjusted attributable internet revenue of $0.07 per share in This fall 2023 : Web loss attributable to the shareholders of the Firm of $113 million ($0.09 per share); adjusted internet revenue (see ” Non-IFRS Measures “) attributable to the shareholders of the Firm of $91 million ($0.07 per share). For 2023, internet revenue attributable to the shareholders of the Firm of $10 million ($0.01 per share) and adjusted internet revenue (see ” Non-IFRS Measures “) attributable to the shareholders of the Firm of $347 million ($0.28 per share).
• Working money move earlier than working capital changes of $221 million in This fall 2023 : Money move supplied by working actions earlier than working capital changes was $221 million within the fourth quarter of 2023. Money move supplied by working actions earlier than working capital changes was $834 million for the 12 months ended December 31, 2023.
• Robust monetary place and liquidity : At December 31, 2023, the Firm had money and money equivalents of $307 million and dealing capital (outlined as present property much less present liabilities) of $397 million.
• Building on the Goose Venture continues to progress on monitor, with the undertaking remaining on schedule for first gold pour within the first quarter of 2025: Concrete and metal works within the mill space so far proceed to progress forward of schedule. Exterior cladding of the mill constructing and truck store is full, and cladding of the ability home will begin within the first quarter of 2024. Moreover, the ball mill can be set in place within the first quarter of 2024, roughly 4 months forward of schedule. Following the profitable completion of the 2023 sealift, development of the 2024 winter ice street (“WIR”) is being finalized and scheduled to be totally operational by February 23, 2024, transporting all required supplies from the Marine Laydown Space (“MLA”) to the Goose Venture website by the top of April 2024.
• Preliminary Financial Evaluation(” PEA”) underway on the Gramalote Venture with completion anticipated by the top of the second quarter of 2024 : In 2023, B2Gold entered into a purchase order settlement with AngloGold Ashanti Restricted (“AngloGold”) to accumulate AngloGold’s 50% curiosity within the Gramalote Venture situated within the Division of Antioquia, Colombia. B2Gold now owns 100% of the Gramalote Venture. In 2023, the Firm accomplished an in depth evaluate of the Gramalote Venture, together with the power measurement 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 smaller scale undertaking. A proper examine commenced within the fourth quarter of 2023, with the aim of finishing a PEA by the top of the second quarter of 2024.

• Subsequent to year-end 2023, introduced constructive exploration drilling outcomes from the Antelope deposit on the Otjikoto Mine in Namibia: On January 31, 2024, the Firm introduced constructive exploration drilling outcomes from the Antelope deposit, situated roughly 3 kilometers (“km”) south of the Otjikoto Section 5 open pit. The Antelope deposit has the potential to be developed as an underground mining operation, which may complement the anticipated processing of low-grade stockpiles on the Otjikoto mill from 2026 via 2031.
• Subsequent to year-end 2023, acquired an upfront cost of $500 million, to additional improve monetary flexibility and supply extra money liquidity: In January 2024, B2Gold entered right into a sequence of pay as you go gold gross sales (the “Gold Prepay”) with a lot of current lenders to additional improve monetary flexibility and supply extra money liquidity at engaging phrases because the Firm continues to fund sustaining, improvement, and development initiatives throughout the working portfolio, and enhance monetary capability for potential development initiatives in Namibia and Colombia. The Firm acquired an upfront cost of $500 million, based mostly on gold ahead curve costs averaging roughly $2,191 per ounce, in alternate for equal month-to-month deliveries of gold from July 2025 to June 2026 totaling 264,775 ounces, representing roughly 10% of anticipated annual gold manufacturing in every of 2025 and 2026 (topic to finalization of manufacturing steering for 2025 and 2026). Gold deliveries could be from manufacturing from any of the Firm’s working mines and the Gold Prepay could be settled previous to maturity via accelerated supply of the remaining deliverable gold ounces.
• Q1 2024 dividend of $0.04 per share declared: On February 21, 2024, B2Gold’s Board of Administrators declared a money dividend for the primary quarter of 2024 of $0.04 per frequent share (or an anticipated $0.16 per share on an annualized foundation), payable on March 20, 2024, to shareholders of file as of March 7, 2024.
• B2Gold consolidated gold manufacturing anticipated to extend to file ranges in 2025: Primarily based on present estimates, consolidated gold manufacturing is predicted to be between 1,130,000 and 1,260,000 ounces in 2025, pushed by a big enhance in gold manufacturing from the Fekola Advanced, relative to 2024, because of the scheduled mining and processing of higher-grade ore from the Fekola and Cardinal pits made accessible by the significant stripping marketing campaign that can be undertake all through 2024, a full 12 months contribution of higher-grade ore from Fekola Regional, and graduation of mining the higher-grade Fekola underground (topic to receipt of vital permits for Fekola Regional and Fekola underground). As well as, the Goose Venture is predicted to begin gold manufacturing within the first quarter of 2025 and contribute between 220,000 and 260,000 ounces of gold manufacturing in calendar 12 months 2025.

Replace on Off-Website Assault in Mali

On February 15, 2024, the Firm reported three fatalities from an off-site armed assault in Mali. Touring on the nationwide freeway underneath Malian gendarme escort, a bus transporting B2Gold staff from the Fekola Mine to Bamako was concerned in an incident when it was attacked roughly 75 km west of Bamako. This tragic occasion was the results of an armed assault on the worker transport convoy, which included Malian gendarmerie automobiles in entrance and within the rear of the transport convoy. Sadly, as of February 21, 2024, B2Gold deeply regrets to report {that a} fourth worker has handed away because of accidents sustained within the assault. Three staff stay in intensive care and are being handled for his or her accidents in Bamako. All B2Gold staff touring on the bus have now been accounted for. B2Gold needs to specific its deepest condolences to the households of the deceased staff and extends its greatest needs for a full restoration to all these staff who had been injured within the assault.

The assault occurred over 300 km northeast of the Fekola Mine website, alongside a transport route that has been the main target of elevated safety presence by the Malian armed forces. Mining and processing actions on the Fekola Mine weren’t impacted by this incident. The Firm is actively engaged with the Malian authorities on a full investigation into the reason for the assault, and on additional enhancements to safety alongside the nationwide freeway.

Fourth Quarter and Full Yr 2023 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 immediately comparable measures specified, outlined or decided underneath IFRS and introduced within the Firm’s monetary statements, check with “Non-IFRS Measures”.}

Liquidity and Capital Assets

B2Gold continues to take care of a robust monetary place and liquidity. At December 31, 2023, the Firm had money and money equivalents of $307 million (December 31, 2022 – $652 million). Working capital at December 31, 2023 was $397 million (December 31, 2022 – $802 million). Throughout the 12 months ended December 31, 2023, the Firm drew down $150 million on the Firm’s $700 million revolving credit score facility (“RCF”) with $550 remaining obtainable for future draw downs. Subsequent to December 31, 2023, the Firm utilized a portion of the proceeds from the $500 million Gold Prepay accomplished in January 2024 to repay the $150 million stability drawn on the RCF, leaving the total quantity of $700 million obtainable for future draw downs.

First Quarter 2024 Dividend

On February 21, 2024, B2Gold’s Board of Administrators declared a money dividend for the primary quarter of 2024 (the “Q1 2024 Dividend”) of $0.04 per frequent share (or an anticipated $0.16 per share on an annualized foundation), payable on March 20, 2024, to shareholders of file as of March 7, 2024.

In 2023, the Firm applied a Dividend Reinvestment Plan (“DRIP”). For the needs of the Q1 2024 Dividend, the Firm is happy to announce {that a} low cost of three% can be utilized to calculate the Common Market Value (as outlined within the DRIP) of its frequent shares issued from treasury. Nevertheless, the Firm might, occasionally, in its discretion, change or eradicate any relevant low cost, which might be publicly introduced, all in accordance with the phrases and situations of the DRIP. Participation within the DRIP is non-obligatory. So as to take part within the DRIP in time for the Q1 2024 Dividend, registered shareholders should ship a correctly accomplished enrollment type to Computershare Belief Firm of Canada by no later than 4:00 p.m. (Toronto time) on February 29, 2024. 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 nicely prematurely of the above date for directions on enroll within the DRIP.

As a part of the long-term technique to maximise shareholder worth, B2Gold expects to declare future quarterly dividends on the similar stage. This dividend is designated as an “eligible dividend” for the needs of the Revenue Tax Act (Canada). Dividends paid by B2Gold to shareholders exterior Canada (non-resident traders) can be topic to Canadian non-resident withholding taxes.

The declaration and cost of future dividends and the quantity of any such dividends can be topic to the willpower of the Board, in its sole and absolute discretion, making an allowance for, amongst different issues, financial situations, enterprise efficiency, monetary situation, development 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 another components that the Board deems applicable on the related time. There could be no assurance that any dividends can be paid on the meant charge or in any respect sooner or later.

For extra info relating to the DRIP and enrollment within the DRIP, please check with the Firm’s web site at https://www.b2gold.com/investors/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 during which such supply, solicitation or sale could be illegal previous to registration or qualification underneath 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 Change Fee that could be obtained underneath 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 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 essentially the most immediately comparable measures specified, outlined or decided underneath IFRS and introduced 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) was a robust performer in 2023, producing 590,243 ounces of gold, close to the mid-point of the annual steering vary of 580,000 to 610,000 ounces. For the 12 months ended December 31, 2023, mill feed grade was 2.13 grams per tonne (“g/t”), mill throughput was a file 9.41 million tonnes, and gold restoration averaged 92.3%. Within the fourth quarter of 2023, the Fekola Mine produced 143,010 ounces of gold. Throughout the fourth quarter of 2023, the Fekola processing services continued to outperform expectations because of continued beneficial ore fragmentation and continued optimization of the grinding circuit. For the fourth quarter of 2023, mill feed grade was 1.99 g/t, mill throughput was 2.42 million tonnes, and gold restoration averaged 93.4%. Mined ore tonnage and grade proceed to reconcile nicely with the Fekola useful resource mannequin.

For the 12 months ended December 31, 2023, the Fekola Mine’s money working prices (see ” Non-IFRS Measures “) of $572 per gold ounce produced ($566 per gold ounce offered) had been on the decrease finish of Fekola’s steering vary of between $565 and $625 per gold ounce produced. Fekola’s money working prices for the fourth quarter of 2023 had been $605 per gold ounce produced ($646 per gold ounce offered), barely decrease than anticipated resulting from greater than anticipated manufacturing within the fourth quarter.

All-in sustaining prices (see ” Non-IFRS Measures “) for the Fekola Mine for the 12 months ended December 31, 2023 had been $1,194 per gold ounce offered, close to the low finish of the revised steering vary of between $1,175 and $1,235 per gold ounce offered, however greater than the unique steering vary of between $1,085 and $1,145 per gold ounce offered. All-in sustaining prices for the Fekola Mine for the fourth quarter of 2023 had been $1,444 per gold ounce offered.

Capital expenditures for the 12 months ended December 31, 2023, totalled $299 million, primarily consisting of $80 million for deferred stripping, $84 million for cellular gear purchases and rebuilds, $39 million for tailings storage facility enlargement and gear, $39 million for the event of the Fekola underground mine, $18 million for the enlargement of the photo voltaic plant, $12 million for website normal capital, $12 million for different mining sustaining capital, $10 million for course of and energy plant, and $5 million for Bantako street development. Capital expenditures within the fourth quarter of 2023 totalled $88 million, primarily consisting of $24 million for deferred stripping, $18 million for cellular gear purchases and rebuilds, $16 million for tailings storage facility enlargement and gear, $14 million for the event of the Fekola underground mine, $7 million for the enlargement of the photo voltaic plant, $5 million website normal capital, and $3 million for different mining sustaining capital.

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 470,000 and 500,000 ounces of gold in 2024 at money working prices of between $835 and $895 per ounce and all-in sustaining prices of between $1,420 and $1,480 per ounce. The Fekola Advanced’s whole 2024 gold manufacturing is anticipated to lower relative to 2023, predominantly because of the delay in receiving an exploitation license for Fekola Regional from the Authorities of Mali, delaying the 80,000 to 100,000 ounces that had been scheduled within the lifetime of mine plan to be trucked to the Fekola mill and processed in 2024. The contribution of this gold manufacturing from Fekola Regional is now assumed to begin firstly of 2025. If an exploitation license is acquired within the first half of 2024, there may be potential for 2024 Fekola Advanced manufacturing to be supplemented with as much as 18,000 ounces of higher-grade ore from Fekola Regional.

Throughout the 12 months ended December 31, 2023, the State of Mali launched a brand new mining code (the “2023 Mining Code”). Receipt of an exploitation license for Fekola Regional stays excellent pending finalization of an implementation decree for the brand new 2023 Mining Code by the State of Mali. B2Gold lately held conferences with representatives of the Authorities of Mali relating to the 2023 Mining Code. The Authorities of Mali assisted the Firm in clarifying the applying of the 2023 Mining Code to current and future initiatives in Mali, and in addition expressed their want for B2Gold to quickly progress the event of Fekola Regional and dedicated to aiding the Firm in such improvement.

The haul street from Bantako North to Fekola is full and development of the mining infrastructure (warehouse, workshop, gasoline depot, and places of work) can be accomplished within the first quarter of 2024. Mining operations will begin upon receipt of an exploitation license, with preliminary gold manufacturing roughly three months after graduation.

Fekola is predicted to course of 9.4 million tonnes of ore throughout 2024 at a mean grade of 1.77 g/t gold with a course of gold restoration of 90.9%. Gold manufacturing is predicted to be evenly weighted between the primary half of 2024 and the second half of 2024. Within the second half of 2024, gold manufacturing is predicted to be weighted roughly 40% to the third quarter and roughly 60% to the fourth quarter.

The anticipated enhance in Fekola’s all-in sustaining prices for 2024 relative to 2023 displays the anticipated lower in manufacturing at Fekola in 2024 because of the delay in receiving an exploitation license for Fekola Regional and better sustaining capital expenditures. Capital expenditures in 2024 at Fekola are anticipated to whole roughly $309 million, of which roughly $202 million is assessed as sustaining capital expenditures and $107 million is assessed as non-sustaining expenditures. Sustaining capital expenditures are anticipated to incorporate $80 million for deferred stripping, $45 million for ongoing development of the brand new tailings storage facility (anticipated to be accomplished within the second quarter of 2025), $39 million for brand spanking new and substitute Fekola mining gear, together with capitalized rebuilds, and $19 million for the enlargement of the Fekola photo voltaic plant (anticipated to be accomplished within the third quarter of 2024). Non-sustaining capital expenditures are anticipated to incorporate $64 million for underground mine improvement and $43 million for mine improvement and infrastructure at Fekola Regional.

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 immediately comparable measures specified, outlined or decided underneath IFRS and introduced within the Firm’s monetary statements, check with “Non-IFRS Measures”.}

The Masbate Mine within the Philippines continued its sturdy operational efficiency in 2023, producing 193,502 ounces of gold, exceeding the higher finish of its steering vary of 170,000 to 190,000 ounces. For the 12 months ended December 31, 2023, mill feed grade was 0.97 g/t, mill throughput was a file 8.30 million tonnes, and gold restoration averaged 74.5%. Gold recoveries for 2023 of 74.5% had been in-line with these of 2022. Common 2023 gold recoveries had been as anticipated regardless of processing a better proportion of sulphide and transitional ore than deliberate. Masbate’s mill throughput was greater than anticipated in 2023 because of continued enhancements to optimization of mill operations and mixing of mill feed. Mined ore tonnage and grade proceed to reconcile nicely with the Masbate useful resource mannequin. Within the fourth quarter of 2023, Masbate produced 46,490 ounces of gold. Decrease ore gold grade through the quarter was offset by greater than anticipated mill throughput. Fourth quarter 2023 mill feed grade was 0.90 g/t, mill throughput was 2.08 million tonnes, and gold restoration averaged 77.0%.

The Masbate Mine’s money working prices (see “Non-IFRS Measures” ) of $859 per gold ounce produced ($844 per gold ounce offered) for the 12 months ended December 31, 2023 had been on the low finish of the revised steering vary of between $855 and $915 per gold ounce produced and considerably beneath the unique steering vary of between $985 and $1,045 per gold ounce produced. Because of decrease than anticipated diesel and heavy gasoline oil prices, Masbate skilled decrease than anticipated mining and processing prices all through 2023, which with the upper than anticipated gold manufacturing, contributed considerably to the decrease than anticipated money working prices per gold ounce produced for Masbate for the 12 months ended December 31, 2023. The Masbate Mine’s money working prices for the fourth quarter of 2023 had been $910 per gold ounce produced ($817 per gold ounce offered).

All-in sustaining prices (see ” Non-IFRS Measures” ) for the Masbate Mine had been $1,143 per gold ounce offered for the 12 months ended December 31, 2023, beneath the decrease finish of the revised steering vary of between $1,155 and $1,215 per gold ounce offered and nicely beneath the unique steering vary of between $1,370 and $1,430 per gold ounce offered. All-in sustaining prices for the 12 months ended December 31, 2023 had been decrease than anticipated because of greater than anticipated gold ounces offered, decrease than anticipated money working prices as described above, and decrease than anticipated sustaining capital expenditures. All-in sustaining prices for the Masbate Mine for the fourth quarter of 2023 had been $1,118 per gold ounce offered.

Capital expenditures totalled $30 million in 2023, primarily consisting of cellular gear rebuilds and purchases of $17 million, $3 million for the completion of a brand new powerhouse generator and different powerhouse engine rebuilds, $2 million in deferred stripping, $2 million for tailings storage facility initiatives, and $2 million for capitalized mill upkeep. Capital expenditures for the fourth quarter of 2023 totalled $9 million, primarily consisting of $5 million for cellular gear rebuilds and purchases, $1 million for capitalized mill upkeep, $1 million for powerhouse rebuilds, and $1 million for the tailings storage facility.

The Masbate Mine is predicted to provide between 170,000 and 190,000 ounces of gold in 2024 at money working prices of between $945 and $1,005 per ounce and all-in sustaining prices of between $1,300 and $1,360 per ounce. Gold manufacturing is scheduled to be comparatively constant all through 2024. For 2024, Masbate is predicted to course of 7.9 million tonnes of ore at a mean grade of 0.93 g/t with a course of gold restoration of 76.0%. Mill feed can be a mix of mined contemporary ore and low-grade ore stockpiles.

Capital expenditures for 2024 at Masbate are anticipated to whole $49 million, of which roughly $33 million is assessed as sustaining capital expenditures and $16 million is assessed as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to incorporate $16 million for mining and cellular gear substitute and rebuilds, $6 million for deferred stripping, $6 million for course of plant, and $3 million for tailings storage facility enlargement. Non-sustaining capital expenditures are anticipated to incorporate $16 million for land acquisition and mine improvement.

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 immediately comparable measures specified, outlined or decided underneath IFRS and introduced within the Firm’s monetary statements, check with “Non-IFRS Measures”.}

The Otjikoto Mine in Namibia, during which the Firm holds a 90% curiosity, had a robust end to 2023 and produced an annual file of 208,598 ounces of gold, on the higher finish of the steering vary of 190,000 to 210,000 ounces, primarily resulting from improved processed grade because of higher-grade ore mined from the Wolfshag underground mine. For the 12 months ended December 31, 2023, mill feed grade was 1.91 g/t, mill throughput was 3.44 million tonnes, and gold restoration averaged 98.6%. Within the fourth quarter of 2023, the Otjikoto Mine produced a quarterly file of 81,111 ounces of gold. For the fourth quarter of 2023, mill feed grade was 2.88 g/t, mill throughput was 0.89 million tonnes, and gold restoration averaged 98.5%.

As of the start of 2023, the Possible Mineral Reserve estimate for the Wolfshag deposit included 203,000 ounces of gold in 1.1 million tonnes of ore at a mean grade of 5.55 g/t gold. Open pit mining operations on the Otjikoto Mine are scheduled to ramp down all through 2024 and conclude in 2025, whereas underground mining operations at Wolfshag are anticipated to proceed via 2026. Processing operations will proceed via 2031, when economically viable stockpiles are forecast to be exhausted.

On January 31, 2024, the Firm introduced constructive exploration drilling outcomes from 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 3 km south of the Otjikoto Section 5 open pit. The Antelope deposit has the potential to be developed as an underground mining operation, which may complement the anticipated processing of low-grade stockpiles on the Otjikoto mill from 2026 via 2031.

The Otjikoto Mine’s money working prices (see ” Non-IFRS Measures “) for the 12 months ended December 31, 2023 had been $585 per gold ounce produced ($568 per gold ounce offered), inside its revised steering vary of between $545 and $605 per gold ounce produced and beneath its authentic steering vary between $590 and $650 per gold ounce produced. Money working prices per gold ounce produced for the 12 months ended December 31, 2023 had been decrease than expectations because of greater than anticipated gold ounces produced and decrease working prices resulting from a weaker than anticipated Namibian greenback. For the fourth quarter of 2023, the Otjikoto Mine’s money working prices had been $451 per gold ounce produced ($503 per ounce gold offered).

All-in sustaining prices (see ” Non-IFRS Measures “) for the Otjikoto Mine for the 12 months ended December 31, 2023 had been $984 per gold ounce offered, inside its revised steering vary of between $950 and $1,010 per ounce offered and nicely beneath its authentic steering vary of between $1,080 and $1,140 per ounce offered. All-in sustaining prices for the 12 months ended December 31, 2023 had been beneath the low finish of its authentic steering vary because of greater than anticipated gold ounces offered, decrease than anticipated money working prices and decrease than anticipated sustaining capital expenditures primarily associated to deferred stripping and underground improvement. All-in sustaining prices for the Otjikoto Mine for the fourth quarter of 2023 had been $816 per gold ounce offered.

Capital expenditures totalled $61 million in 2023, primarily consisting of $47 million for deferred stripping for the Otjikoto pit, $10 million for Wolfshag underground improvement, and $2 million in cellular gear rebuilds. Capital expenditures for the fourth quarter of 2023 totalled $15 million, primarily consisting of $10 million for deferred stripping for the Otjikoto pit and $3 million for Wolfshag underground improvement.

The Otjikoto Mine is predicted to provide between 180,000 and 200,000 ounces of gold in 2024 at money working prices of between $685 and $745 per ounce and all-in sustaining prices of between $960 and $1,020 per ounce. Gold manufacturing at Otjikoto is predicted to be comparatively constant all through 2024. For 2024, Otjikoto is predicted to course of a complete of three.4 million tonnes of ore at a mean grade of 1.77 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 current medium and high-grade ore stockpiles.

Capital expenditures in 2024 at Otjikoto are anticipated to whole $33 million, of which roughly $32 million is assessed as sustaining capital expenditures and $1 million is assessed as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to incorporate $32 million for deferred stripping and deferred underground improvement.

Goose Venture Improvement

On April 19, 2023, the Firm accomplished the acquisition of Sabina Gold & Silver Corp. (“Sabina”), ensuing within the Firm buying Sabina’s 100% owned Again River Gold District situated in Nunavut, Canada by issuing roughly 216 million frequent shares of B2Gold as consideration. The Again River Gold District consists of 5 mineral claims blocks alongside an 80 km belt.

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 growing the undertaking in a way that acknowledges Inuit priorities, addresses considerations, and brings long-term socio-economic advantages to the Kitikmeot Area. B2Gold seems ahead to persevering with to construct on its sturdy collaboration with the KIA and Kitikmeot Communities.

Building on the Goose Venture continues to progress on monitor, with the undertaking remaining on schedule to pour first gold within the first quarter of 2025. Concrete and metal works within the mill space so far are progressing forward of schedule. Exterior cladding of the mill constructing and truck store is full and cladding of the ability home will begin within the first quarter of 2024. Enclosure of those buildings has allowed for work to proceed via the colder months and stay on schedule. Moreover, the ball mill can be set in place within the first quarter of 2024, roughly 4 months forward of schedule, and the main target will swap to piping, electrical, and mechanical programs as supplies start to reach by way of the WIR from the MLA. Crews for set up of piping, electrical, and mechanical programs have been mobilized and can work throughout the enclosed workshops and buildings as the positioning ramps as much as peak 2024 development season. Progress so far has significantly de-risked the Goose Venture as the positioning ramps as much as the height 2024 development season.

Following the profitable completion of the 2023 sealift, development of the 163 km WIR between the MLA and the Goose Venture is being finalized. The WIR is scheduled to be totally operational by February 23, 2024, transporting all required supplies from the MLA to the Goose Venture website by the top of April 2024, holding the Goose Venture on schedule to pour first gold within the first quarter of 2025.

After finishing an in depth evaluate of the Goose Venture design, supplies, and development schedule as a part of the 2024 budgeting course of, the Firm has revised the full development capital estimate from C$800 million to C$1,050 million. A lot of the enhance within the development capital estimate pertains to underestimated labour and website working prices within the feasibility examine, together with extra normal inflationary impacts on development supplies, consumables, and transportation prices. As well as, an in depth evaluate of the undertaking design has recognized deficiencies in undertaking elements together with energy technology and distribution, laboratory, piping, and controls and instrumentation, that are being corrected to ship a dependable operation. In 2024, B2Gold expects to incur roughly C$280 million in development capital prices. Future development value variance is predicted to be minimal as over half of the development capital prices to be incurred in 2024 are associated to labour with a purpose to carry the undertaking near commissioning by the top of the 12 months, and all main elements have been bought or are underneath contract. Within the fourth quarter of 2023 and post-acquisition to December 31, 2023, the Firm incurred $126 million (C$171 million) and $282 million (C$381 million), respectively for development actions on the Goose Venture.

As well as, the online value of open pit and underground improvement, deferred stripping, and sustaining capital expenditures to be incurred previous to first gold manufacturing is estimated at roughly C$200 million (together with roughly C$125 million of direct mining prices associated to open pit and underground improvement). The price of these initiatives is primarily associated to optimization modifications within the underground mine plan because of switching the underground mining methodology to long-hole stoping and prioritizing ore from the Umwelt crown pillar space forward of the zones beneath. It’s anticipated that the rise in underground improvement prices can be offset throughout operations via decrease sustainable working prices than might be achieved with the cut-and-fill underground mining methodology. Moreover, B2Gold has elected to advance open pit mining of the Echo Pit, which is underway and can produce development fill, stockpile ore, and supply tailings storage capability. Open pit mining of the Umwelt Pit is predicted to begin later within the first quarter of 2024 and can produce a lot of the commissioning ore in addition to future tailings storage. In 2024, B2Gold expects to incur roughly C$170 million in open pit and underground improvement, deferred stripping, and sustaining capital expenditures.

In 2024, the Firm will undertake a buildup of working capital over the Goose Venture development interval as much as the primary quarter of 2025 with a purpose to materially de-risk the execution of the manufacturing ramp-up section and preliminary years of operation by together with 2025 and sure 2026 consumables and sustaining capital gear on the 2024 sealift. Areas of focus for working capital embrace: accelerated buy and extra storage of diesel gasoline to handle the necessities for operations in 2025 and a part of 2026; crucial stock of consumables and spares for mining and processing to keep away from the requirement for air transport; and improvement of open pit and underground ore stockpiles to offer a constant and uninterrupted feed to the method plant. The Firm estimates that roughly C$205 million of gasoline, reagents, and different working capital gadgets can be bought in 2024 to construct up website stock ranges, which is able to considerably de-risk the undertaking from operational and provide chain disruptions. Submit-acquisition to December 31, 2023, $57 million of consumables stock prices had been incurred, together with long-term consumables of $44 million.

Fekola Advanced Improvement

Primarily based on B2Gold’s preliminary planning, the Anaconda Space may present selective higher-grade saprolite materials (common annual grade of as much as 2.2 g/t gold) to be trucked roughly 20 km and fed into the Fekola mill at a charge of as much as 1.5 million tonnes each year. Trucking of selective higher-grade saprolite materials from the Anaconda Space to the Fekola mill will enhance the ore processed and has the potential to generate roughly 80,000 to 100,000 ounces of gold manufacturing per 12 months from Fekola Regional sources. Receipt of a mining allow for the Fekola Regional licenses stays excellent pending finalization of an implementation decree for the brand new 2023 Mining Code by the State of Mali. The Firm doesn’t presently forecast any manufacturing from Fekola Regional within the Firm’s 2024 steering, with manufacturing now anticipated to begin firstly of 2025. If an exploitation license for Fekola Regional is acquired within the first half of 2024, there may be potential for 2024 Fekola Advanced manufacturing to be supplemented with as much as 18,000 ounces of higher-grade ore from Fekola Regional. As well as, if the Firm is profitable in discovering extra sulphide ore throughout the Fekola Advanced, the trucking of oxide ore from Fekola Regional to the Fekola mill might probably be prolonged. B2Gold lately held conferences with the representatives of the Authorities of Mali relating to the 2023 Mining Code. The Authorities of Mali assisted the Firm in clarifying the applying of the 2023 Mining Code to current and future initiatives in Mali, and in addition expressed their want for B2Gold to quickly progress the event of Fekola Regional and dedicated to aiding the Firm in such improvement.

For the fourth quarter of 2023 and the 12 months ended December 31, 2023, the Firm invested $10 million and $56 million respectively, within the improvement of Fekola Regional (Anaconda Space) saprolite mining together with street development, mine infrastructure, and mining gear. For 2023, the Firm had budgeted a complete of $63 million for Fekola Regional improvement.

Gramalote Venture Improvement

B2Gold’s in-house initiatives workforce has commenced work on varied smaller scale undertaking improvement plans for the Gramalote Venture, with the aim of figuring out a higher-return undertaking than the beforehand contemplated three way partnership improvement plan. Primarily based on the outcomes of the 2022 Gramalote feasibility examine, the contemplated bigger scale undertaking didn’t meet the mixed funding return thresholds for improvement by each B2Gold and AngloGold. In 2023, B2Gold accomplished an in depth evaluate of the Gramalote Venture, together with the power measurement 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 smaller scale undertaking. The outcomes of the evaluate allowed the Firm to find out the optimum parameters and assumptions for a proper examine, which commenced within the fourth quarter of 2023, with the aim of finishing a PEA by the top of the second quarter of 2024.

Exploration

B2Gold executed one other 12 months of aggressive exploration in 2023 incurring $78 million (together with $2 million of goal technology prices included in different working bills within the Consolidated Assertion of Operations) in comparison with a revised finances of roughly $84 million (authentic finances of $64 million). Exploration in 2023 was targeted predominantly in Mali, different working mine websites in Namibia and the Philippines, each infill and generative exploration on the Again River Gold District, in addition to a continued deal with grassroots targets all over the world.

B2Gold is planning one other 12 months of in depth exploration in 2024 with a finances of roughly $63 million. A major focus can be exploration on the Again River Gold District, with the aim 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 would be the largest program since 2012, with 39,000 meters of drilling deliberate to outline and develop the lately found Antelope deposit. In Mali, the exploration program can be a extra strategic seek for near-mine, near-surface sources of extra sulphide-related gold mineralization. Within the Philippines, the exploration program at Masbate will deal with changing inferred mineral useful resource areas and increasing the present open pits. Early stage exploration applications will proceed in Finland, the Philippines, and Cote d’Ivoire in 2024. Lastly, the seek for new joint ventures and strategic funding alternatives will proceed, constructing on current fairness investments in Snowline Gold Corp. and Matador Mining Ltd.

Outlook

Whole gold manufacturing in 2024 is anticipated to be between 860,000 and 940,000 ounces, together with 40,000 to 50,000 ounces of attributable manufacturing from Calibre. Manufacturing is predicted to be comparatively constant all through 2024, with third quarter manufacturing anticipated to be barely decrease and fourth quarter manufacturing anticipated to be barely greater. The anticipated lower in gold manufacturing relative to 2023 is predominantly resulting from decrease manufacturing on the Fekola Advanced because of the delay in receiving an exploitation license for Fekola Regional from the Authorities of Mali, delaying the 80,000 to 100,000 ounces that had been scheduled within the lifetime of mine plan to be trucked to the Fekola mill and processed in 2024. The contribution of this gold manufacturing from Fekola Regional is now assumed to begin firstly of 2025. The Firm’s whole consolidated money working prices for the 12 months (together with estimated attributable outcomes for Calibre) are forecast to be between $835 and $895 per gold ounce produced and whole consolidated all-in sustaining prices (together with estimate attributable outcomes for Calibre) are forecast to be between $1,360 and $1,420 per gold ounce offered. The anticipated enhance within the Firm’s consolidated money working prices per ounce for 2024 displays the processing of lower-grade ore at Fekola in 2024. The entire consolidated all-in sustaining prices per ounce for 2024 replicate the ultimate full 12 months of spending on each the brand new Fekola tailings storage facility and the Fekola photo voltaic plant enlargement, along with the continued substantial capitalized stripping marketing campaign deliberate at Fekola for 2024.

B2Gold consolidated gold manufacturing is predicted to extend to file ranges in 2025. Primarily based on present estimates, consolidated gold manufacturing in 2025 is predicted to be between 1,130,000 and 1,260,000 ounces, pushed by a big enhance in gold manufacturing from the Fekola Advanced, relative to 2024, because of the scheduled mining and processing of higher-grade ore from the Fekola and Cardinal pits made accessible by the significant stripping marketing campaign that can be undertaken all through 2024, a full 12 months contribution of higher-grade ore from Fekola Regional, and graduation of mining from the higher-grade Fekola underground (topic to receipt of vital permits for Fekola Regional and Fekola underground). As well as, the Goose Venture is predicted to begin gold manufacturing within the first quarter of 2025 and contribute between 220,000 and 260,000 ounces of gold manufacturing in calendar 12 months 2025. The Firm nonetheless expects gold manufacturing from the Goose Venture to be roughly 300,000 ounces per 12 months over the primary 5 years of operation. Because of the anticipated completion of a number of capital initiatives in 2024 and early 2025, the Firm additionally expects that there can be a big lower in each sustaining and development capital expenditures in 2025.

Building of the Goose Venture is progressing on monitor, with the undertaking remaining on schedule for first gold pour within the first quarter of 2025. Building continues forward of schedule throughout the mill and processing buildings, together with preparatory work for peak development actions within the second and third quarters of 2024. Mine improvement is nicely underway on the Echo Pit and Umwelt Underground mine to generate high-grade stockpiles previous to mill commissioning. Following the profitable completion of the 2023 sealift, development of the WIR is being finalized and scheduled to be totally operational by February 23, 2024, transporting all required supplies from the MLA to the Goose Venture website by the top of April 2024.

Outcomes of the Fekola Advanced technical report outlining the trucking of ore from the Anaconda Space can be launched within the first quarter of 2024. Outcomes point out that the trucking of each oxide and sulphide ore from Fekola Regional to be toll milled by the Fekola mill is the optimum choice to maximise the worth of Fekola Regional, and to increase the processing lifetime of the Fekola mill.

The Firm has accomplished an in depth evaluate of the Gramalote Venture, together with the power measurement 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 smaller scale undertaking. A proper examine commenced within the fourth quarter of 2023, with the aim of finishing a PEA by the top of the second quarter of 2024.

The Firm’s ongoing technique is to proceed to maximise worthwhile manufacturing from its mines, additional advance its pipeline of remaining improvement and exploration initiatives, consider new exploration, improvement and manufacturing alternatives and proceed to pay an business main dividend yield.

Fourth Quarter and Full Yr 2023 Monetary Outcomes – Convention Name Particulars

B2Gold executives will host a convention name to debate the outcomes on Thursday, February 22, 2024, at 8:00 am PT / 11:00 am ET.

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

• Toll-free in U.S. and Canada: +1 (800) 319-4610
• All different callers: +1 (604) 638-5340

The convention name can be obtainable to playback for 2 weeks by dialing toll-free within the U.S. and Canada: +1 (800) 319-6413, replay entry code 0672. All different callers: +1 (604) 638-9010, replay entry code 0672.

About B2Gold

B2Gold is a low-cost worldwide senior gold producer headquartered in Vancouver, Canada. Based in 2007, immediately, B2Gold has working gold mines in Mali, Namibia and the Philippines, a mine underneath development in northern Canada and quite a few improvement and exploration initiatives in varied nations together with Mali, Colombia and Finland. B2Gold forecasts whole consolidated gold manufacturing of between 860,000 and 940,000 ounces in 2024.

Certified Individuals

Invoice Lytle, Senior Vice President and Chief Working Officer, a certified particular person underneath NI 43-101, has permitted the scientific and technical info associated to operations issues contained on this information launch.

Andrew Brown, P. Geo., Vice President, Geology & Technical Companies, a certified particular person underneath NI 43-101, has permitted 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 Government Officer

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

Manufacturing outcomes and manufacturing steering introduced on this information launch replicate whole manufacturing on the mines B2Gold operates on a 100% undertaking 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 contains sure “forward-looking info” and “forward-looking statements” (collectively “forward-looking statements”) throughout the which means of relevant Canadian and United States securities laws, together with: projections; outlook; steering; 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, which in the event that they happen, would have on our enterprise, our deliberate capital and exploration expenditures; future or estimated mine life, steel worth assumptions, ore grades or sources, gold restoration charges, stripping ratios, throughput, ore processing; statements relating to anticipated exploration, drilling, improvement, development, allowing and different actions or achievements of B2Gold; and together with, with out limitation: projected gold manufacturing, money working prices and AISC on a consolidated and mine by mine foundation in 2024; whole consolidated gold manufacturing of between 860,000 and 940,000 ounces in 2024, with money working prices of between $835 and $895 per ounce and AISC of between $1,360 and $1,420 per ounce; the Firm’s gold manufacturing to be comparatively constant all through 2024; consolidated gold manufacturing of between 1,130,000 and 1,260,000 ounces in 2025, together with a big enhance within the gold manufacturing on the Fekola Advanced, with anticipated decrease consolidated AISC; B2Gold’s continued prioritization of growing the Goose Venture in a way that acknowledges Indigenous enter and considerations and brings long-term socio-economic advantages to the realm; the Goose Venture capital value being roughly C$1,050 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$200 million; the development capital value to finish the Goose Venture being roughly C$335 million; the WIR on the Goose Venture being operational by February 23, 2024; the potential for first gold manufacturing within the first quarter of 2025 from the Goose Venture; the Firm’s whole capitalized stripping expenditures moderating in 2024; the potential for Fekola Regional to offer saprolite materials to feed the Fekola mill inside three months after receipt of an exploitation license; the timing and outcomes of a examine for the Fekola Advanced optimization examine; the numerous enhance in gold manufacturing in 2025 from the Fekola Advanced because of the scheduled ore from Fekola Regional and graduation of mining at Fekola underground; the impression of the 2023 Mali Mining Code; the potential to increase Wolfshag underground mine previous 2026; the potential for the Antelope deposit to be developed as an underground operation and contribute gold through the low-grade stockpile processing in 2026 via 2031; the timing and outcomes of a PEA for the Gramalote Venture; and B2Gold’s attributable share of Calibre’s manufacturing. All statements on this information launch that deal with occasions or developments that we count on to happen sooner or later are forward-looking statements. Ahead-looking statements are statements that aren’t historic information and are typically, though not all the time, recognized by phrases akin to “count on”, “plan”, “anticipate”, “undertaking”, “goal”, “potential”, “schedule”, “forecast”, “finances”, “estimate”, “intend” or “imagine” and comparable expressions or their adverse connotations, or that occasions or situations “will”, “would”, “might”, “may”, “ought to” or “may” 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 steel 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 rules or hazards and compliance with advanced rules related to mining actions; local weather change and local weather change rules; the power to switch mineral reserves and determine acquisition alternatives; the unknown liabilities of corporations acquired by B2Gold; the power 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 in consequence thereof and the power to generate enough money flows; operations in overseas and growing 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 typically; distant operations and the provision of enough infrastructure; fluctuations in worth and availability of vitality 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 chance of an uninsurable or uninsured loss; adversarial local weather and climate situations; 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 occasionally; conflicts with small scale miners; failures of data programs or info safety threats; the power to take care of enough inner controls over monetary reporting as required by regulation, 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 status; 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 underneath 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 Change Fee (the “SEC”), which can be seen at www.sedar.com and www.sec.gov, respectively (the “Web sites”). The record will not be 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 affordable as of the date hereof, based mostly on the knowledge obtainable to administration at such time. These assumptions and components embrace, however are usually not restricted to, assumptions and components associated to B2Gold’s potential to hold on present and future operations, together with: improvement and exploration actions; the timing, extent, length 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 potential to fulfill or obtain estimates, projections and forecasts; the provision and price of inputs; the worth and marketplace for outputs, together with gold; overseas alternate 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 affordable phrases when required; the present and future social, financial and political situations; and different assumptions and components typically related to the mining business.

B2Gold’s forward-looking statements are based mostly on the opinions and estimates of administration and replicate 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 regulation. 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 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.

Non-IFRS Measures
This information launch contains sure phrases or efficiency measures generally used within the mining business that aren’t outlined underneath 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 which means prescribed underneath IFRS, and due to this fact they might not be akin to comparable measures employed by different corporations. The info introduced is meant to offer extra info and shouldn’t be thought of in isolation or as an alternative to measures of efficiency ready in accordance with IFRS and ought to be learn along with B2Gold’s consolidated monetary statements. Readers ought to check with B2Gold’s Administration Dialogue and Evaluation, obtainable on the Web sites, underneath the heading “Non-IFRS Measures” for a extra detailed dialogue of how B2Gold calculates sure of 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 Nationwide Instrument 43-101, which differs considerably from the necessities of the US Securities and Change Fee (“SEC”), and useful resource and reserve info contained or referenced on this information launch might not be akin to comparable info disclosed by public corporations topic to the technical disclosure necessities of the SEC. Historic outcomes or feasibility fashions introduced herein are usually not ensures or expectations of future efficiency.

NON-IFRS MEASURES

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

‘‘Money working prices per gold ounce” and “whole 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 which means underneath IFRS and due to this fact might not be akin to comparable measures introduced by different issuers. Administration believes that, along with standard measures ready in accordance with IFRS, sure traders use this info to guage our efficiency and skill to generate money move. Accordingly, these measures are meant to offer extra info and shouldn’t be thought of in isolation or as an alternative to measures of efficiency ready in accordance with IFRS. The measures, together with gross sales, are thought of to be a key indicator of the Firm’s potential to generate earnings and money move 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 customary of reporting money value of manufacturing in North America. Adoption of the usual is voluntary and the fee measures introduced might not be akin to different equally titled measures of different corporations. Different corporations might calculate these measures in another way. Money working prices and whole money prices per gold ounce offered are derived from quantities included within the assertion of operations and embrace mine website working prices akin 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 whole 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 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 website working prices akin 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 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, customers and traders, supplied 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 which means underneath IFRS and due to this fact might not be akin to comparable measures introduced by different issuers. The unique World Gold Council customary grew to become 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 supplies extra 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 potential to help capital expenditures to maintain future manufacturing from the technology of working money flows. Administration believes that, along with standard measures ready in accordance with IFRS, sure traders use this info to guage the Firm’s efficiency and skill to generate money move. Accordingly, it’s meant to offer extra info and shouldn’t be thought of in isolation or as an alternative to measures of efficiency ready in accordance with IFRS. Adoption of the usual is voluntary and the fee measures introduced might not be 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 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 are sustaining in nature, sustaining lease expenditures, company normal and administrative prices, share-based cost bills associated to RSUs/DSUs/PSUs/RPUs, group relations expenditures, reclamation legal responsibility accretion and realized (positive aspects) losses on gasoline by-product 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 1000’s):

^{(1) Included as a element of Share-based funds on the Consolidated Assertion of O perations.
(2) Consult 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 1000’s):

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 1000’s):

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 1000’s):

^{(1) Included as a element of Share-based funds on the Consolidated Assertion of Operations.
(2) Consult 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 1000’s):

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 1000’s):

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 1000’s):

^{(1) Included as a element of Share-based funds on the Consolidated Assertion of Operations.
(2) Consult 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 1000’s):

The desk beneath reveals a reconciliation of sustaining mine exploration to working mine exploration as extracted from the annual consolidated monetary statements ({dollars} in 1000’s):

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 1000’s):

^{(1) Included as a element of Share-based funds on the Consolidated Assertion of Operations.
(2) Consult 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 1000’s):

The desk beneath reveals a reconciliation of sustaining mine exploration to working mine exploration as extracted from the annual consolidated monetary statements ({dollars} in 1000’s):

Adjusted internet revenue and adjusted earnings per share – fundamental

Adjusted internet revenue and adjusted earnings per share – fundamental are non-IFRS measures that should not have a standardized which means prescribed by IFRS and due to this fact might not be akin to comparable measures introduced by different issuers. The Firm defines adjusted internet revenue as internet revenue 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 internet revenue divided by the essential weighted variety of frequent shares excellent.

Administration believes that the presentation of adjusted internet revenue and adjusted earnings per share – fundamental is acceptable to offer extra info to traders relating to gadgets that we don’t count on to proceed on the similar stage 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 info that’s helpful to traders 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 extra info and shouldn’t be thought of in isolation as an alternative to measures of efficiency ready in accordance with IFRS. Different corporations might calculate this measure in another way.

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

For extra info 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 De Geer Director, Company Communications +1 604-681-8371 investor@b2gold.com