Caligula – A Vital Copper Goal on the Arkun Challenge, WA

• Robust quarterly overall gold manufacturing in This fall 2023: Upper than expected overall gold manufacturing within the fourth quarter of 2023 of 288,665 oz, together with 18,054 oz of attributable manufacturing from Calibre Mining Corp. (“Calibre”).

• Completed higher part of 2023 annual gold manufacturing steering: General gold manufacturing for 2023 used to be 1,061,060 oz (together with 68,717 oz of attributable manufacturing from Calibre), reaching the higher part of 2023 steering and staining the Corporate’s 8th consecutive 12 months of assembly or exceeding annual manufacturing steering.

• Robust quarterly gold income to complete 2023: Consolidated gold income within the fourth quarter of 2023 of $512 million on gross sales of 256,921 oz at a mean learned gold value of $1,993 in line with gold ounce. For the overall 12 months 2023, consolidated gold income used to be $1,934 million on gross sales of 994,060 oz at a mean learned gold value of $1,946 in line with gold ounce.

• Re-affirm complete 12 months 2023 overall consolidated price steering: General consolidated money running prices (see “Non-IFRS Measures”) for the 12 months (together with attributable effects for Calibre) are nonetheless anticipated to be reasonably under the steering vary of $670 and $730 in line with ounce and overall consolidated all-in maintaining prices (“AISC”) (see “Non-IFRS Measures”) for the 12 months (together with attributable effects for Calibre) are nonetheless forecast to be on the low finish of the steering vary of between $1,195 and $1,255 in line with ounce.

• Completed vital protection milestone of five years with out a Misplaced Time Harm at Masbate: On November 17, 2023, the Masbate Mine, situated within the Philippines, completed a significant protection milestone, exceeding 32 million hours, 1,826 days, labored with out a Misplaced Time Harm. B2Gold has a longstanding dedication to steady protection development in any respect of its websites, and its function of sending everybody house protected at each and every of its operations and initiatives.

2024 Steering and 2025 Initial Outlook Highlights

• General gold manufacturing is expected to be 860,000 to 940,000 oz in 2024: General gold manufacturing steering for 2024 of 860,000 to 940,000 oz, together with 40,000 to 50,000 oz of attributable manufacturing from Calibre. The predicted lower in gold manufacturing relative to 2023 is predominantly because of decrease manufacturing on the Fekola Advanced because of the extend in receiving an exploitation license for Fekola Regional from the Executive of Mali, delaying the 80,000 to 100,000 oz 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 initially of 2025.

• General consolidated money running prices and all-in maintaining prices mirror a transition 12 months on the Corporate in 2024: General consolidated money running price steering of $835 to $895 in line with gold ounce, increased than the 2023 steering vary because of the processing of lower-grade ore at Fekola in 2024. General AISC steering of $1,360 to $1,420 in line with gold ounce, reflecting the overall complete 12 months of spending on each the brand new Fekola Tailings Garage Facility (“TSF”) and the Fekola sun plant growth, along with the continued considerable capitalized stripping marketing campaign deliberate at Fekola for 2024.

• B2Gold consolidated gold manufacturing anticipated to extend to file ranges in 2025: In keeping with present estimates, consolidated gold manufacturing in 2025 is predicted to be between 1,130,000 and 1,260,000 oz, pushed through a vital building up 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 obtainable through the significant stripping marketing campaign that might be undertaken during 2024, a complete 12 months contribution of higher-grade ore from Fekola Regional, and graduation of mining the higher-grade Fekola underground (topic to receipt of vital lets in for Fekola Regional and Fekola underground). As well as, the Goose Challenge is predicted to start gold manufacturing within the first quarter of 2025 and give a contribution between 220,000 and 260,000 oz of gold manufacturing in calendar 12 months 2025. On account of the anticipated finishing touch of a number of capital initiatives in 2024 and early 2025, it’s anticipated that there might be a vital lower in each maintaining and expansion capital expenditures in 2025 as neatly.

• Building on the Goose Challenge is progressing heading in the right direction, with the undertaking closing on time table for first gold pour within the first quarter of 2025: Building continues forward of time table inside the mill and processing structures, at the side of preparatory paintings for height building actions in the second one and 3rd quarter of 2024. Mine construction is definitely underway on the Echo Pit and Umwelt Underground mine to generate high-grade stockpiles previous to mill commissioning. Following the a hit finishing touch of the 2023 sea elevate, the development of the Wintry weather Ice Street (“WIR”) is definitely underway and anticipated to be finished on time table and completely operational as of the second one complete week of February 2024, transporting all required fabrics from the Marine Laydown House (“MLA”) to the Goose Challenge website through the tip of April 2024.

• Goose Challenge building capital estimate revised to C$1,050 million: After finishing an in depth evaluation of the Goose Challenge design, fabrics, and building time table as a part of the 2024 budgeting procedure, the Corporate is revising the entire building capital estimate from C$800 million to C$1,050 million. Lots of the building up within the building capital estimate pertains to underestimated labour and website running prices within the feasibility learn about, at the side of further common inflationary affects on building fabrics, consumables and transportation prices. As well as, an in depth evaluation of the undertaking design has known deficiencies in undertaking parts together with energy technology and distribution, laboratory, piping, and controls and instrumentation, which might be being corrected to ship a competent operation. As of December 31, 2023, roughly C$715 million overall money has been spent at the Goose Challenge (through B2Gold and Sabina Gold & Silver Corp. (“Sabina”)). Long run building capital price variance is predicted to be minimum as over part of the development capital prices to be incurred in 2024 are associated with labour with the intention to deliver the undertaking on the subject of commissioning through the tip of the 12 months, and all primary parts had been bought or are below contract.

• Result of the Fekola Advanced optimization learn about outlining the trucking of ore from the Anaconda House (created from the Bantako, Menankoto and Bakolobi lets in) to be launched within the first quarter of 2024: Preliminary result of a Fekola Advanced optimization learn about point out that the trucking of each oxide and sulphide ore from the Anaconda House to the Fekola mill is the optimum technique to maximize the worth of Fekola Regional, and to increase the processing lifetime of the Fekola mill. The learn about is predicted to be launched within the first quarter of 2024.

• Initial financial overview(” PEA“) at the Gramalote Challenge anticipated through the tip of the second one quarter of 2024: The Corporate finished an in depth evaluation of the Gramalote Challenge, together with the ability dimension and placement, energy provide, mining and processing choices, tailings design, resettlement, possible building sequencing and camp design to spot possible price financial savings to increase a smaller scale undertaking. A proper learn about commenced within the fourth quarter of 2023, with the function of finishing a PEA through the tip of the second one quarter of 2024.

• Endured center of attention on exploration funding throughout B2Gold’s extremely potential land applications: $63 million allotted to exploration in 2024 to improve natural expansion through advancing the Corporate’s pipeline of construction, brownfield and greenfield exploration initiatives, with a substantial portion allotted to proceed the numerous exploration marketing campaign on the Again River Gold District.

Gold Prepay Highlights

• In advance cost of $500 million, used to fund maintaining, construction and expansion initiatives around the running portfolio, and building up monetary capability for possible expansion initiatives in Namibia and Colombia: On January 23, 2024, B2Gold finished a gold prepayment for $500 million, in response to gold ahead curve costs averaging roughly $2,191 in line with ounce, in change for equivalent per 30 days deliveries of gold from July 2025 to June 2026 totaling 264,775 oz, representing roughly 10% of anticipated annual gold manufacturing in each and every of 2025 and 2026 (topic to finalization of manufacturing steering for 2025 and 2026). The gold ahead sale and prepay association (the “Gold Prepay”) used to be performed through current revolving credit score facility contributors Financial institution of Montreal, Canadian Imperial Financial institution of Trade, ING Capital Markets LLC, and Nationwide Financial institution of Canada.

Fourth Quarter and Complete Yr 2023 Gold Manufacturing

Mine-by-mine manufacturing within the fourth quarter and whole 12 months 2023 used to be as follows:

^{(1) “B2Gold Consolidated” gold manufacturing is gifted on a 100% foundation, as B2Gold absolutely consolidates the result of its Fekola, Masbate and Otjikoto mines in its consolidated monetary statements ( despite the fact that it does no longer personal 100% of those operations).
(2) “Fairness hobby in Calibre ” represents the Corporate’s roughly 24% oblique percentage of Calibre’s operations during 2023 . B2Gold applies the fairness manner of accounting for its 24% possession hobby in Calibre during 2023 .}

Fekola Mine – Mali

The Fekola Mine in Mali (owned 80% through the Corporate and 20% through the State of Mali) produced 143,010 oz within the fourth quarter, increased than expected in large part because of processing further higher-grade ore from Fekola Section 6 and Cardinal pits. The Fekola processing amenities endured to outperform expectancies with 2.42 million tonnes processed right through the fourth quarter. Mined ore tonnage and grade proceed to reconcile neatly with the Fekola useful resource type.

For the overall 12 months 2023, the Fekola Mine produced 590,243 oz of gold, close to the mid-point of the once a year steering vary of 580,000 to 610,000 oz.

Masbate Mine – The Philippines

The Masbate Mine within the Philippines endured its robust efficiency within the fourth quarter of 2023, generating 46,490 oz of gold, in step with expectancies, because of reasonably increased than expected mill throughput and gold recoveries, offset through reasonably less than anticipated ore grade processed.

For the overall 12 months 2023, the Masbate Mine produced 193,502 oz of gold, exceeding the higher finish of its steering vary of 170,000 to 190,000 oz.

Otjikoto Mine – Namibia

The Otjikoto Mine in Namibia, by which the Corporate holds a 90% hobby, produced 81,111 oz of gold within the fourth quarter of 2023, a quarterly file, with manufacturing from the Wolfshag underground mine closing constant throughout the quarter.

For the overall 12 months 2023, the Otjikoto Mine produced 208,598 oz of gold, close to the higher finish of its steering vary of 190,000 to 210,000 oz.

Fourth Quarter and Complete Yr 2023 Gold Earnings

For the fourth quarter of 2023, consolidated gold income used to be $512 million on gross sales of 256,921 oz at a mean learned gold value of $1,993 in line with ounce. For the overall 12 months 2023, consolidated gold income used to be $1,934 million on gross sales of 994,060 oz at a mean learned gold value of $1,946 in line with ounce.

2024 Manufacturing and Price Steering

^{(1) The Fekola Advanced is created from the Fekola Mine ( Medinandi allow webhosting the Fekola and Cardinal pits and the Fekola underground) and Fekola Regional (Anaconda House ( Bantako , Menankoto and Bakolobi lets in) and the Dandoko in line with mit).
(2) “Fairness hobby in Calibre ” represents the Corporate’s anticipated 1 5 % oblique percentage of Calibre’s operation s efficient January 24 , 2024 . B2Gold applies the fairness manner of accounting for its anticipated 1 5 % possession hobby in Calibre efficient January 24 , 2024 .
(3) Totals would possibly not upload because of rounding.}

In 2024, B2Gold expects overall gold manufacturing to be between 860,000 and 940,000 oz (together with 40,000 to 50,000 attributable oz from Calibre).

The Corporate’s overall consolidated money running prices for the 12 months (together with estimated attributable effects for Calibre) are forecast to be between $835 and $895 in line with ounce and overall consolidated AISC (together with estimated attributable effects for Calibre) are forecast to be between $1,360 and $1,420 in line with ounce.

The Corporate’s consolidated gold manufacturing is predicted to be reasonably constant during 2024, with 3rd quarter manufacturing anticipated to be reasonably decrease, and fourth quarter manufacturing anticipated to be reasonably increased.

Fekola Advanced – Mali

The Fekola Advanced in Mali comprises each the Fekola Mine and Fekola Regional. The Fekola Advanced’s overall 2024 gold manufacturing is expected to lower relative to 2023, predominantly because of decrease manufacturing on the Fekola Advanced because of the extend in receiving an exploitation license for Fekola Regional, delaying the 80,000 to 100,000 oz 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 initially of 2025.

On the Fekola Mine, ore will proceed to be mined from the Fekola and Cardinal pits. Receipt of an exploitation license for Fekola Regional stays remarkable pending finalization of an implementation decree for the brand new 2023 Mining Code through the State of Mali. Because of this, no manufacturing is forecast from Fekola Regional in 2024. The brand new 2023 Mining Code isn’t anticipated to affect the issues which have been stabilized for the Fekola Mine operations below the prevailing Fekola mining conference entered into below the 2012 Mining Code, and the affect of a brand new 2023 Mining Code at the Fekola Regional licenses is being clarified through the Corporate. B2Gold just lately held conferences with the representatives of the Executive of Mali in regards to the 2023 Mining Code. The Executive of Mali assisted the Corporate in clarifying the applying of the 2023 Mining Code to current and long run initiatives in Mali, and in addition expressed their want for B2Gold to swiftly growth the advance of Fekola Regional and dedicated to aiding the Corporate in such construction.

The haul street from Fekola Regional (Bantako North) to the Fekola Mine is operational and building of the haul roads and mining infrastructure (warehouse, workshop, gas depot and workplaces) used to be finished on time table within the fourth quarter of 2023. Mining operations will start upon receipt of an exploitation license, with gold manufacturing roughly 3 months after graduation. If an exploitation license for Fekola Regional is won within the first part of 2024, there may be possible for 2024 Fekola Advanced manufacturing to be supplemented with as much as 18,000 oz of higher-grade ore from Fekola Regional.

In 2025, the Corporate expects a vital building up in gold manufacturing on the Fekola Advanced because of the scheduled mining and processing of higher-grade ore from the Fekola and Cardinal pits, complete 12 months contribution of higher-grade ore from Fekola Regional and graduation of mining the higher-grade Fekola underground (topic to receipt of vital lets in).

Fekola is predicted to procedure 9.4 million tonnes of ore right through 2024 at a mean grade of one.77 grams in line with tonne (“g/t”) gold with a procedure gold restoration of 90.9%. Gold manufacturing is predicted to be lightly weighted between the primary part of 2024 and the second one part of 2024. In the second one part of 2024, gold manufacturing is weighted roughly 40% to the 3rd quarter and roughly 60% to the fourth quarter.

The predicted building up in Fekola’s AISC for 2024 relative to 2023 displays, predominantly, the anticipated lower in manufacturing at Fekola in 2024 because of the extend in receiving an exploitation license for Fekola Regional, delaying the 80,000 to 100,000 oz that had been scheduled within the lifetime of mine plan to be trucked to the Fekola mill and processed in 2024, and better maintaining capital expenditures. Capital expenditures in 2024 at Fekola are anticipated to overall roughly $309 million, of which roughly $202 million is classed as maintaining capital expenditures and $107 million is classed as expansion capital expenditures. Maintaining capital expenditures are expected to incorporate:

• $80 million for capitalized stripping;
• $45 million for building of a brand new TSF to be finished in the second one quarter of 2025;
  • Building is recently on time table;
• $39 million for brand new and alternative Fekola mining apparatus, together with capitalized rebuilds; and
• $19 million for the growth of the Fekola sun plant to be finished within the 3rd quarter of 2024;
  • Building is recently on time table.

Expansion capital expenditures are expected to incorporate:

• $64 million for underground mine construction;
  • Fekola underground ore manufacturing expected to start within the first part of 2025, forward of the prior to now introduced time table; and
• $43 million for mine construction and infrastructure at Fekola Regional.

On account of the anticipated finishing touch of a number of capital initiatives in 2024 and early 2025, it’s anticipated that there might be a vital lower in each maintaining and expansion capital expenditures in 2025, leading to decrease AISC.

Masbate Mine – The Philippines

Gold manufacturing at Masbate is predicted to be reasonably constant during 2024. Masbate is predicted to procedure 7.9 million tonnes of ore at a mean grade of 0.93 g/t gold with a procedure gold restoration of 76.0%. Mill feed might be a mix of mined recent ore from the Major Vein pit and low-grade ore stockpiles.

Capital expenditures for 2024 at Masbate are anticipated to overall $49 million, of which roughly $33 million is classed as maintaining capital expenditures and $16 million is classed as expansion capital expenditures. Maintaining capital expenditures are expected to incorporate:

• $16 million for brand new and alternative Masbate mining apparatus, together with capitalized rebuilds;
• $6 million for capitalized stripping;
• $6 million for procedure plant; and
• $3 million for TSF growth.

Expansion capital expenditures are expected to incorporate $16 million for land acquisition and relocation prices for brand new open pits.

Otjikoto Mine – Namibia

Gold manufacturing at Otjikoto is predicted to be reasonably constant during 2024. Otjikoto is predicted to procedure a complete of three.4 million tonnes of ore at a mean grade of one.77 g/t gold with a procedure gold restoration of 98.0%. Processed ore might be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented through current medium and high-grade ore stockpiles. Open pit mining operations are scheduled to ramp down during 2024 and conclude in 2025, whilst underground mining operations at Wolfshag will proceed thru 2026. Exploration effects won up to now point out the prospective to increase underground manufacturing at Wolfshag previous 2026, supplementing the processing operations which is able to proceed till 2031 when economically viable stockpiles are forecast to be exhausted.

As well as, the Corporate just lately won sure exploration drilling effects from a brand new house, situated roughly 3 kilometers (“km”) south of the Otjikoto Mine Section 5 open pit, known as the Antelope deposit, which the Corporate might be offering a extra detailed replace on in a separate information liberate within the near-term.

Capital expenditures in 2024 at Otjikoto are anticipated to overall $33 million, of which roughly $32 million is classed as maintaining capital expenditures and $1 million is classed as expansion capital expenditures. Maintaining capital expenditures are expected to incorporate $32 million for capitalized stripping and deferred underground construction.

Goose Challenge – Canada

B2Gold acknowledges that recognize 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 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 proceeding to construct on its robust collaboration with the KIA and Kitikmeot Communities. Moreover, B2Gold congratulates Nunavut Tunngavik Inc. and the Governments of Nunavut and Canada for achieving a landmark Nunavut Land and Assets Devolution Settlement. The signing of this settlement is an improbable milestone for Nunavummiut and all Canadians. With this settlement, Nunavummiut now have a better position within the control of lands and sources throughout their huge territory. This will likely support resolution making and improve socio-economic alternatives. B2Gold seems ahead to advancing its relationships with Nunavummiut to proceed to give a contribution to Nunavut’s rising useful resource financial system.

Building on the Goose Challenge continues to growth heading in the right direction, with the undertaking closing on time table to pour gold within the first quarter of 2025. Concrete and metal works within the mill house up to now are progressing forward of time table. External cladding of the mill development and truck store is whole, and cladding of the ability residence will get started within the first quarter of 2024, taking into consideration paintings to proceed thru the chillier months and stay on time table. Moreover, the ball mill might be set in position within the first quarter of 2024, roughly 4 months forward of time table, and the focal point will shift to piping and mechanical techniques as fabrics start to arrive by the use of the WIR street from the MLA.

The 163 km WIR between the MLA and the Goose Challenge is scheduled to function between early February and the tip of April 2024. The 2024 WIR building workforce mobilized to the MLA and Goose Challenge websites in December 2023 and building of the 2024 WIR is definitely underway and anticipated to be finished on time table and completely operational as of the second one complete week of February 2024.

As of December 31, 2023, roughly C$715 million overall money has been spent at the Goose Challenge (through B2Gold and Sabina). After finishing an in depth evaluation of the Goose Challenge design, fabrics, and building time table as a part of the 2024 budgeting procedure, the Corporate is revising the entire building capital estimate from C$800 million to C$1,050 million. Lots of the building up within the building capital estimate pertains to underestimated labour and website running prices within the feasibility learn about, at the side of further common inflationary affects on building fabrics, consumables, and transportation prices. As well as, an in depth evaluation of the undertaking design has known deficiencies in undertaking parts together with energy technology and distribution, laboratory, piping, and controls and instrumentation, which might be being corrected to ship a competent operation. In 2024, B2Gold expects to incur roughly C$280 million in building capital prices. Long run building capital price variance is predicted to be minimum as over part of the development capital prices to be incurred in 2024 are associated with labour with the intention to deliver the undertaking on the subject of commissioning through the tip of the 12 months, and all primary parts had been bought or are below contract.

As well as, the web price of open pit and underground construction, deferred stripping, and maintaining 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 with open pit and underground construction). The price of those tasks is essentially associated with optimization adjustments within the underground mine plan because of switching the underground mining solution to long-hole stoping and prioritizing ore from the Umwelt crown pillar house forward of the zones under. It’s expected that the rise in underground construction prices might be offset right through operations thru decrease sustainable running prices than might be completed with the cut-and-fill underground mining manner. Moreover, B2Gold has elected to advance open pit mining of the Echo Pit, which is underway and can produce building fill, stockpile ore and supply tailings garage capability. Open pit mining of the Umwelt Pit is predicted to start within the first quarter of 2024 and can produce a lot of the commissioning ore in addition to long run tailings garage. In 2024, B2Gold expects to incur roughly C$170 million in open pit and underground construction, deferred stripping, and maintaining capital expenditures.

In 2024, the Corporate will adopt a buildup of running capital over the Goose Challenge building length as much as the primary quarter of 2025 with the intention to materially de-risk the execution of the manufacturing ramp-up section and preliminary years of operation through together with 2025 and sure 2026 consumables and maintaining capital apparatus at the 2024 sealift. Spaces of center of attention for running capital come with: sped up acquire and extra garage of diesel gas to control 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 delivery; and construction of open pit and underground ore stockpiles to supply a constant and uninterrupted feed to the method plant. It’s estimated that roughly C$205 million of gas, reagents, and different running capital pieces might be bought in 2024 to building up website stock ranges, which is able to considerably de-risk the undertaking from operational and provide chain disruptions.

Gramalote Challenge – Colombia

B2Gold’s in-house initiatives workforce has commenced paintings on quite a lot of smaller scale undertaking construction plans for the Gramalote Challenge, with the function of figuring out a higher-return undertaking than the prior to now pondered three way partnership construction plan. In keeping with the result of the 2022 Gramalote feasibility learn about, the pondered higher scale undertaking didn’t meet the mixed funding go back thresholds for construction through each B2Gold and AngloGold Ashanti Restricted. B2Gold has commenced an in depth evaluation of the Gramalote Challenge, together with the ability dimension and placement, energy provide, mining and processing choices, tailings design, resettlement, possible building sequencing and camp design to spot possible price financial savings to increase a smaller scale undertaking. The result of the evaluation allowed the Corporate to resolve the optimum parameters and assumptions for a proper learn about, which commenced within the fourth quarter of 2023, with the function of finishing an preliminary overview through the tip of the second one quarter of 2024.

Capital expenditures in 2024 at Gramalote are anticipated to be reasonably solid during the 12 months, totaling $13 million associated with undertaking learn about prices and ongoing care and upkeep.

Exploration

B2Gold is making plans any other 12 months of intensive exploration in 2024 with the cheap of roughly $63 million. An important center of attention might be exploration on the Again River Gold District, with the function of bettering and rising the numerous useful resource base on the Goose Challenge and surrounding regional objectives. In Namibia, the exploration program on the Otjikoto Mine would be the biggest program since 2012. In Mali, the exploration program might be a extra strategic seek for near-mine, near-surface resources of extra sulphide-related gold mineralization. Within the Philippines, the exploration program at Masbate will center of attention on changing inferred mineral useful resource spaces and increasing the prevailing open pits. Early degree exploration methods will proceed in Finland, the Philippines and Cote d’Ivoire in 2024. In spite of everything, the seek for new joint ventures and strategic funding alternatives will proceed, development on current fairness investments in Snowline Gold Corp. and Matador Mining Ltd.

Canada Exploration

A complete of $28 million is budgeted for exploration on the Again River Gold District in 2024. A complete of 25,000 meters (“m”) of drilling will goal extensions of the Llama and Umwelt deposits, the biggest and very best grade sources on the Goose Challenge. Along with drilling, deep-imaging geophysical strategies are deliberate with the intention to support the Corporate’s skill to focus on new underground sources in spaces akin to Nuvuyak, Goose Neck and Kogoyak. Regional exploration together with geophysics, mapping, and doubtlessly, restricted drilling might be undertaken at the George, Boot, Boulder and Del initiatives.

Mali Exploration

A complete of $10 million is budgeted for exploration in Mali in 2024 with an ongoing center of attention on discovery of extra high-grade, sulphide mineralization around the Fekola Advanced to complement feed to the Fekola mill. A complete of 20,000 m of diamond and opposite stream drilling is deliberate for Mali in 2024.

Namibia Exploration

A complete of $9 million is budgeted for exploration at Otjikoto in 2024, the biggest program for the reason that definition of the Wolfshag discovery in 2012. The point of interest of the exploration program might be drilling the just lately found out Antelope deposit, situated roughly 3 km south of Section 5 of the Otjikoto open pit, with a complete of 39,000 m of drilling deliberate.

The Philippines Exploration

The whole finances for the Philippines in 2024 is roughly $6 million, of which the Masbate exploration finances is $4 million, together with roughly 7,000 m of drilling. The 2024 exploration program will proceed to concentrate on changing inferred mineral useful resource spaces under current design pits, to improve increasing the prevailing open pits. A number of grassroots greenfield objectives might be additional examined as neatly.

An extra $2 million might be allotted to focused on new regional initiatives in extremely potential spaces within the Philippines, leveraging off B2Gold’s presence and operational revel in within the nation. A complete of four,000 m is allotted to checking out new initiatives.

Grassroots Exploration

B2Gold has allotted roughly $13 million (together with $2 million for the grassroots initiatives within the Philippines) in 2024 for its grassroots exploration methods, together with Finland and Cote d’Ivoire.

In Finland, the Corporate has allotted $4 million to fund its 70% contribution to the Central Lapland Joint Undertaking with Aurion Assets Ltd. A complete of 9,700 m of diamond drilling will check objectives outlined right through an in depth prospectivity research finished in 2023.

The cheap of roughly $3 million has been allotted through the Corporate for ongoing exploration in Cote d’Ivoire. A complete of 17,000 m of diamond, opposite stream and reconnaissance auger drilling is deliberate in 2024.

Along with the outlined methods famous above, the Corporate has allotted roughly $4 million for the technology and analysis of latest greenfields objectives.

Initial 2025 Manufacturing Outlook

The initial 2025 outlook is in response to a variety of assumptions and estimates as of December 31, 2023, together with amongst different issues, assumptions about receipt of required lets in. Outlook comes to estimates of recognized and unknown dangers, uncertainties and different elements, which would possibly purpose the real effects to be materially other.

^{(1) The Fekola Advanced is created from the Fekola Mine ( Medinandi allow webhosting the Fekola and Cardinal pits and the Fekola underground) and Fekola Regional (Anaconda House ( Bantako , Menankoto and Bakolobi lets in) and the Dandoko allow).}

In 2025, the Corporate expects a vital building up in gold manufacturing on the Fekola Advanced, relative to 2024, because of the scheduled mining and processing of higher-grade ore from the Fekola and Cardinal pits, complete 12 months contribution of higher-grade ore from Fekola Regional and graduation of mining the higher-grade Fekola underground (topic to receipt of vital lets in). For the overall 12 months 2025, the Fekola Advanced is estimated to supply between 560,000 and 610,000 oz of gold.

At Masbate, gold manufacturing is predicted to be between 170,000 and 190,000 oz in 2025, very similar to 2024. Ore is predicted to be mined from the Major Vein, Blue Quartz, and Outdated Woman open pits. Mill throughput, gold grade processed, and gold recoveries are all anticipated to be very similar to 2024 ranges.

At Otjikoto, gold manufacturing is predicted to be between 180,000 and 200,000 oz in 2025, very similar to 2024. Ore is predicted to be mined from Section 5 of the Otjikoto open pit and from the Wolfshag underground mine. Mill throughput, gold grade processed, and gold recoveries are all anticipated to be very similar to 2024 ranges.

First gold manufacturing on the Goose Challenge is expected within the first quarter of 2025. From first gold manufacturing, the Corporate expects to be running at complete nameplate capability of four,000 tonnes in line with day through the tip of the second one quarter of 2025, with anticipated gold manufacturing for calendar 12 months 2025 of between 220,000 and 260,000 oz. The Corporate nonetheless expects gold manufacturing to be roughly 300,000 oz in line with 12 months over the primary 5 years of operation. An up to date Goose Challenge lifetime of mine plan might be finalized within the first quarter of 2024.

Gold Prepay Association

To additional improve the monetary flexibility of the Corporate and supply extra cash liquidity at sexy phrases because the Corporate continues to fund maintaining, construction and expansion initiatives around the running portfolio, and building up monetary capability for possible expansion initiatives in Namibia and Colombia, B2Gold has entered right into a Gold Prepay with a variety of its current lenders. The Corporate will obtain an prematurely cost of $500 million, in response to gold ahead curve costs averaging roughly $2,191 in line with ounce, in change for equivalent per 30 days deliveries of gold from July 2025 to June 2026 totaling 264,775 oz, representing roughly 10% of anticipated annual gold manufacturing in each and every of 2025 and 2026 (topic to finalization of manufacturing steering for 2025 and 2026). Gold deliveries may also be from manufacturing from any of the Corporate’s running mines and the Gold Prepay may also be settled previous to adulthood thru sped up supply of the remainder deliverable gold oz.

The Gold Prepay used to be performed through Financial institution of Montreal, Canadian Imperial Financial institution of Trade, ING Capital Markets LLC, and Nationwide Financial institution of Canada.

Convention Name

B2Gold executives will host a convention name to speak about the Corporate’s fourth quarter and whole 12 months 2023 manufacturing effects and 2024 steering on Wednesday, January 24, 2024, at 6:00 am PT / 9:00 am ET. Members would possibly dial in the use of the numbers under:

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

Members might also elect to pre-register for the convention name: registration hyperlink . Upon registering, contributors will obtain a calendar invitation through e-mail with dial in main points and a novel PIN. This will likely permit contributors to circumvent the operator queue and fasten without delay to the convention. Registration will stay open till the tip of the convention name.

The convention name might be to be had for playback for 2 weeks through dialing toll-free within the U.S. and Canada: +1 (800) 319-6413, replay get right of entry to code 0643. All different callers: +1 (604) 638-9010, replay get right of entry to code 0643.

About B2Gold

B2Gold is a cheap global senior gold manufacturer headquartered in Vancouver, Canada. Based in 2007, lately, B2Gold has running gold mines in Mali, Namibia and the Philippines, a mine below building in northern Canada and a lot of construction and exploration initiatives in quite a lot of nations together with Mali, Colombia and Finland. B2Gold forecasts overall consolidated gold manufacturing of between 860,000 and 940,000 oz in 2024.

Certified Individuals

Invoice Lytle, Senior Vice President and Leader Running Officer, a professional particular person below NI 43-101, has authorized the clinical and technical knowledge associated with operations issues contained on this information liberate.

Andrew Brown, P.Geo., Vice President, Exploration, a professional particular person below NI 43-101, has authorized the clinical and technical knowledge associated with exploration and mineral useful resource issues contained on this information liberate.

ON BEHALF OF B2GOLD CORP.

“Clive T. Johnson”
President and Leader Govt Officer

The Toronto Inventory Trade and NYSE American LLC neither approve nor disapprove the ideas contained on this information liberate.

Manufacturing effects and manufacturing steering offered on this information liberate mirror overall manufacturing on the mines B2Gold operates on a 100% undertaking foundation. Please see our Annual Data Shape dated March 16, 2023 for a dialogue of our possession hobby within the mines B2Gold operates.

This information liberate comprises sure “forward-looking knowledge” and “forward-looking statements” (jointly “forward-looking statements”) inside the which means of acceptable Canadian and United States securities regulation, together with: projections; outlook; steering; forecasts; estimates; and different statements referring to long run or estimated monetary and operational efficiency, gold manufacturing and gross sales, revenues and money flows, and capital prices (maintaining and non-sustaining) and running prices, together with projected money running prices and AISC, and budgets on a consolidated and mine through mine foundation, which in the event that they happen, would have on our industry, our deliberate capital and exploration expenditures; long run or estimated mine lifestyles, steel value assumptions, ore grades or resources, gold restoration charges, stripping ratios, throughput, ore processing; statements referring to expected exploration, drilling, construction, building, allowing and different actions or achievements of B2Gold; and together with, with out limitation: projected gold manufacturing, money running prices and AISC on a consolidated and mine through mine foundation in 2024; overall consolidated money running prices for 2023 being between $670 and $730 in line with ounce and at AISC of between $1,195 and $1,255 in line with ounce; overall consolidated gold manufacturing of between 860,000 and 940,000 oz in 2024, with money running prices of between $835 and $895 in line with ounce and AISC of between $1,360 and $1,420 in line with ounce; the Corporate’s gold manufacturing to be reasonably constant during 2024; consolidated gold manufacturing of between 1,130,000 and 1,260,000 oz in 2025, together with a vital building up within the gold manufacturing on the Fekola Advanced, with anticipated decrease consolidated AISC; B2Gold’s endured prioritization of creating the Goose Challenge in a way that acknowledges Indigenous enter and considerations and brings long-term socio-economic advantages to the world; the Goose Challenge capital price being roughly C$1,050 million, and the web price of open pit and underground construction, deferred stripping, and maintaining capital expenditures to be incurred previous to first gold manufacturing being roughly C$200 million; the development capital price to finish the Goose Challenge being roughly C$335 million; the WIR on the Goose Challenge being operational through the second one complete week of February 2024; the opportunity of first gold manufacturing within the first quarter of 2025 from the Goose Challenge; the Corporate’s overall capitalized stripping expenditures moderating in 2024; the opportunity of Fekola Regional to supply saprolite subject material to feed the Fekola mill inside of 3 months after receipt of an exploitation license; the timing and result of a learn about for the Fekola Advanced optimization learn about; the numerous building up 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 affect of the 2023 Mali Mining Code; the prospective to increase Wolfshag underground mine previous 2026; the timing and result of a PEA for the Gramalote Challenge; and B2Gold’s attributable percentage of Calibre’s manufacturing. All statements on this information liberate that cope with occasions or traits that we think to happen someday are forward-looking statements. Ahead-looking statements are statements that don’t seem to be historic information and are most often, even if no longer at all times, known through phrases akin to “be expecting”, “plan”, “wait for”, “undertaking”, “goal”, “possible”, “time table”, “forecast”, “finances”, “estimate”, “intend” or “consider” and identical expressions or their adverse connotations, or that occasions or stipulations “will”, “would”, “would possibly”, “may just”, “will have to” or “would possibly” happen. All such forward-looking statements are in response to the reviews and estimates of control as of the date such statements are made.

Ahead-looking statements essentially contain assumptions, dangers and uncertainties, sure of which might be past B2Gold’s keep watch over, together with dangers related to or associated with: the volatility of steel costs and B2Gold’s commonplace stocks; adjustments in tax regulations; the hazards inherent in exploration, construction and mining actions; the uncertainty of reserve and useful resource estimates; no longer reaching manufacturing, price or different estimates; precise manufacturing, construction plans and prices differing materially from the estimates in B2Gold’s feasibility and different research; the power to acquire and care for any vital lets in, sees eye to eye or authorizations required for mining actions; environmental laws or hazards and compliance with advanced laws related to mining actions; local weather trade and local weather trade laws; the power to interchange mineral reserves and determine acquisition alternatives; the unknown liabilities of businesses got through B2Gold; the power to effectively combine new acquisitions; fluctuations in change charges; the provision of financing; financing and debt actions, together with possible restrictions imposed on B2Gold’s operations in consequence thereof and the power to generate enough money flows; operations in overseas and creating nations and the compliance with overseas regulations, together with the ones related to operations in Mali, Namibia, the Philippines and Colombia and together with dangers associated with adjustments in overseas regulations and converting insurance policies associated with mining and native possession necessities or useful resource nationalization most often; far off operations and the provision of ok infrastructure; fluctuations in value and availability of power and different inputs vital for mining operations; shortages or price will increase in vital apparatus, provides and labour; regulatory, political and nation dangers, together with native instability or acts of terrorism and the results thereof; the reliance upon contractors, 3rd events and three way partnership companions; the loss of sole decision-making authority associated with Filminera Assets Company, which owns the Masbate Challenge; demanding situations to name or floor rights; the dependence on key staff and the power to draw and retain professional staff; the chance of an uninsurable or uninsured loss; hostile local weather and climate stipulations; litigation menace; pageant with different mining corporations; neighborhood improve for B2Gold’s operations, together with dangers associated with moves and the halting of such operations now and again; conflicts with small scale miners; screw ups of knowledge techniques or knowledge safety threats; the power to care for ok inner controls over monetary reporting as required through regulation, together with Phase 404 of the Sarbanes-Oxley Act; compliance with anti-corruption regulations, and sanctions or different identical measures; social media and B2Gold’s popularity; dangers affecting Calibre having an affect at the price of the Corporate’s funding in Calibre, and possible dilution of our fairness hobby in Calibre; in addition to different elements known and as described in additional element below the heading “Possibility Components” in B2Gold’s most up-to-date Annual Data Shape, B2Gold’s present Shape 40-F Annual Document and B2Gold’s different filings with Canadian securities regulators and the U.S. Securities and Trade Fee (the “SEC”), that may be seen at www.sedar.com and www.sec.gov, respectively (the “Internet sites”). The record isn’t exhaustive of the criteria that can impact B2Gold’s forward-looking statements.

B2Gold’s forward-looking statements are in response to the acceptable assumptions and elements control considers cheap as of the date hereof, in response to the ideas to be had to control at such time. Those assumptions and elements come with, however don’t seem to be restricted to, assumptions and elements associated with B2Gold’s skill to hold on present and long run operations, together with: construction and exploration actions; the timing, extent, length and financial viability of such operations, together with any mineral sources or reserves known thereby; the accuracy and reliability of estimates, projections, forecasts, research and checks; B2Gold’s skill to satisfy or reach estimates, projections and forecasts; the provision and price of inputs; the fee and marketplace for outputs, together with gold; foreign currency charges; taxation ranges; the well timed receipt of vital approvals or lets in; the power to satisfy present and long run tasks; the power to acquire well timed financing on cheap phrases when required; the present and long run social, financial and political stipulations; and different assumptions and elements most often related to the mining business.

B2Gold’s forward-looking statements are in response to the reviews and estimates of control and mirror their present expectancies referring to long run occasions and running efficiency and discuss best as of the date hereof. B2Gold does no longer suppose any legal responsibility to replace forward-looking statements if cases or control’s ideals, expectancies or reviews will have to trade rather then as required through acceptable regulation. There may also be no assurance that forward-looking statements will end up to be correct, and precise effects, efficiency or achievements may just fluctuate materially from the ones expressed in, or implied through, those forward-looking statements. Accordingly, no assurance may also be for the reason that any occasions expected through 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 will have to no longer be put on forward-looking statements.

Cautionary Observation Relating to Mineral Reserve and Useful resource Estimates
The disclosure on this information liberate used to be ready in response to Canadian Nationwide Software 43-101, which differs considerably from the necessities of america Securities and Trade Fee (“SEC”), and useful resource and reserve knowledge contained or referenced on this information liberate might not be related to identical knowledge disclosed through public corporations topic to the technical disclosure necessities of the SEC. Ancient effects or feasibility fashions offered herein don’t seem to be promises or expectancies of long run efficiency.

For more info on B2Gold please seek advice from the Corporate web site at www.b2gold.com or touch: Michael McDonald VP, Investor Family members & Company Construction +1 604-681-8371 [email protected] Cherry De Geer Director, Company Communications +1 604-681-8371 [email protected]