B2Gold Corp. (TSX: BTO) (NYSE: BTG) (NSX: B2G) announces its operational and financial results for the fourth quarter and full year 2025, together with 2026 operating and cost guidance. All dollar figures are in United States dollars unless otherwise indicated.

2025 Fourth Quarter and Full Year Highlights

• Consolidated gold production of 303,029 ounces in Q4 2025: The Fekola, Masbate and Otjikoto mines all exceeded gold production expectations for the fourth quarter, capping off strong operational years at all three sites. Commercial production at the Goose Mine was achieved on October 2, 2025, after which it produced 38,616 ounces in the fourth quarter.
• Consolidated cash operating costs of $736 per ounce produced in Q4 2025: Consolidated cash operating costs (see “Non-IFRS Measures”) were $736 per gold ounce produced during the fourth quarter of 2025, lower than expected as a result of higher than anticipated gold production in the quarter.
• Consolidated all-in sustaining costs of $1,754 per ounce sold in Q4 2025: Consolidated all-in sustaining costs (see “Non-IFRS Measures”) were $1,754 per gold ounce sold during the fourth quarter of 2025, higher than expected as a result of lower than anticipated gold ounces sold due to the timing of shipments at the Fekola Mine and higher than budgeted royalties resulting from a higher realized gold price than expected.
• Annual consolidated gold production of 979,604 ounces: Consolidated gold production for 2025 was 979,604 ounces, including 14,554 ounces of pre-commercial production from the Goose Mine, slightly below the mid-point of the Company’s guidance range of between 940,000 and 1,045,000 ounces. In 2025, the Fekola, Masbate and Otjikoto mines continued their strong performance producing 926,434 ounces of gold, at the mid-point of their guidance range of between 890,000 and 965,000 ounces. Commercial production at the Goose Mine was achieved on October 2, 2025, after which it produced 38,616 ounces, totaling 53,170 ounces for 2025, at the low end of its guidance range of between 50,000 and 80,000 ounces.
• Annual consolidated cash operating costs of $769 per gold ounce produced: Annual consolidated cash operating costs (see “Non-IFRS Measures”), excluding pre-commercial production from the Goose Mine, of $769 per gold ounce produced. Cash operating costs for the year ended December 31, 2025, were below the low end of the Company’s guidance range of $795 to $855 per ounce produced as a result of higher than expected gold production and lower fuel costs.
• Annual consolidated all-in sustaining costs of $1,584 per gold ounce sold: Annual consolidated all-in sustaining costs (see “Non-IFRS Measures”), excluding pre-commercial production from the Goose Mine, of $1,584 per gold ounce sold, at the low end of the Company’s guidance range of $1,575 to $1,635 per ounce sold. The increase in realized gold price compared to budget for the year resulted in additional royalties of $169 per gold ounce sold.
• Record annual revenue of $3.06 billion in 2025: Achieved record annual revenue of $3.06 billion on gold sales of 927,797 ounces at an average realized gold price of $3,299 per ounce sold.
• Attributable net income of $0.13 per share in Q4 2025; Adjusted attributable net income of $0.11 per share in Q4 2025: Net income attributable to the shareholders of the Company of $171 million ($0.13 per share) in the fourth quarter of 2025; adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company of $147 million ($0.11 per share) in the fourth quarter of 2025. For the year ended December 31, 2025, net income attributable to the shareholders of the Company was $402 million ($0.30 per share), predominantly due to strong gold production and higher than expected realized gold prices, and adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company was $612 million ($0.46 per share).
• Annual operating cash flow before working capital adjustments of $940 million, including $211 million in Q4 2025: Cash flow provided by operating activities before working capital adjustments was $211 million in the fourth quarter of 2025. Cash flow provided by operating activities before working capital adjustments for the year ended December 31, 2025, was $940 million.
• Strong financial position and liquidity: At December 31, 2025, the Company had cash and cash equivalents of $380 million and working capital (defined as current assets less current liabilities) of $68 million. Working capital at December 31, 2025, reflected the classification of the Company’s gold prepayment obligations as current liabilities. As of December 31, 2025, the Company had $650 million available under its revolving credit facility (“RCF”). Subsequent to year end, the Company repaid $100 million on the RCF leaving $750 million available for future draw downs.
• Repurchased 7 million shares for $34 million under the Company’s normal course issuer bid (“NCIB”): On April 1, 2025, the Toronto Stock Exchange accepted the notice of B2Gold’s intention to implement an NCIB, which became effective on April 3, 2025, and will expire no later than April 2, 2026. During the year ended December 31, 2025, the Company repurchased 2 million shares for $10 million. Subsequent to year end, the Company repurchased a further 5 million shares for $24 million.
• Q1 2026 dividend of $0.02 per share declared: On February 18, 2026, B2Gold’s Board of Directors declared a cash dividend for the first quarter of 2026 of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on March 19, 2026, to shareholders of record as of March 6, 2026.

Fourth Quarter and Full Year 2025 Results

• ^{Attributable to the shareholders of the Company.
  (2)  Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
  (3)  Cash operating costs per gold ounce sold, cash operating costs per gold ounce produced, total cash costs per gold ounce sold and all-in sustaining costs per gold ounce sold do not include the results of pre-commercial production or sales from the Goose Mine.}

2026 Guidance Highlights

• Consolidated gold production in 2026 is anticipated to be between 820,000 and 970,000 ounces: Consolidated gold production for 2026 is expected to be between 820,000 and 970,000 ounces. The expected decrease in 2026 production relative to 2025 is predominantly due to a step down in production at the Otjikoto Mine following the completion of open pit mining in the Otjikoto Pit and expected lower production at the Fekola Complex (Fekola Mine and Fekola Regional) as stripping of Phase 8 of the Fekola Pit continues, partially offset by the continued ramp up of the Goose Mine. Consolidated production in 2027 is expected to increase back to 2025 levels including expected steady state production for the Goose Mine for the full year. To date in 2026, the operations have been performing well, with all four mines outperforming expectations in January 2026.
• Consolidated cash operating costs guidance in 2026 of between $1,155 and $1,280 per gold ounce produced: Consolidated cash operating cost (see “Non-IFRS Measures”) guidance for 2026 of between $1,155 and $1,280 per gold ounce.
• Consolidated all-in sustaining cost guidance of between $2,400 and $2,580 per gold ounce sold: Consolidated all-in sustaining cost per gold ounce sold (see “Non-IFRS Measures”) for 2026 of between $2,400 and $2,580 per ounce, reflecting an investment in deferred stripping at the Fekola Mine and a partial ramp up year at the Goose Mine. Consolidated all-in sustaining cost guidance assumes a realized gold price of $5,000 per ounce for 2026, resulting in total budgeted royalties and production taxes of approximately $485 million or approximately $525 per ounce sold. Each $100 per ounce change in the gold price is expected to impact consolidated all-in sustaining costs per ounce sold by approximately $12 per ounce.
• Continued focus on exploration investment across B2Gold’s prospective land packages: $73 million is budgeted for exploration in 2026 to support organic growth by advancing the Company’s pipeline of development, brownfield and greenfield exploration projects, with a considerable portion allocated to continue the significant exploration campaign at the Back River Gold District.

2026 Production and Cost Guidance

^{(1)  Totals may not add due to rounding. Estimates are based on a $5,000 per oz gold price assumption for 2026.
(2)  The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal open pits and Fekola underground), and Fekola Regional (Anaconda Area, comprised of the consolidated Menankoto permit, and the Dandoko permit.
(3)  Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.}

Liquidity and Capital Resources

B2Gold continues to maintain a strong financial position and liquidity. At December 31, 2025, the Company had cash and cash equivalents of $380 million (December 31, 2024 – $337 million). Working capital at December 31, 2025, was $68 million (December 31, 2024 – $321 million). Working capital at December 31, 2025, reflects the fair value of the current portion of the Company’s derivative portfolio and higher income taxes payable, both driven by higher gold prices, partially offset by higher supplies inventory levels primarily related to ramp up at the Goose Mine. At December 31, 2025, the Company had $150 million drawn on the Company’s $800 million RCF with $650 million remaining available for future draw downs. Subsequent to December 31, 2025, the Company repaid $100 million of the outstanding RCF balance leaving $750 million available for future draw downs.

First Quarter 2026 Dividend

On February 18, 2026, B2Gold’s Board of Directors declared a cash dividend for the first quarter of 2026 of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on March 19, 2026, to shareholders of record as of March 6, 2026.

The Company currently has a Dividend Reinvestment Plan. For the purposes of the Q1 2026 Dividend, the Company has determined that no discount will be applied to calculate the Average Market Price (as defined in the DRIP) of its common shares issued from treasury. Beneficial shareholders who wish to participate in the DRIP should contact their financial advisor, broker, investment dealer, bank, financial institution, or other intermediary through which they hold common shares well in advance of the above date for instructions on how to enroll in the DRIP.

This dividend is designated as an “eligible dividend” for the purposes of the Income Tax Act (Canada). Dividends paid by B2Gold to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.

The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with B2Gold’s constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.

For more information regarding the DRIP and enrollment in the DRIP, please refer to the Company’s website at https://www.b2gold.com/investors/stock_info/.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.

The Company has filed a registration statement relating to the DRIP with the U.S. Securities and Exchange Commission that may be obtained under the Company’s profile on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov/EDGAR or by contacting the Company using the contact information at the end of this news release.

Operations

Fekola Complex – Mali

• ^{Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.}

The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal open pits and Fekola underground), owned 80% by B2Gold and 20% by the State of Mali, and Fekola Regional (Anaconda Area, comprised of the consolidated Menankoto permit, and the Dandoko permit), which will be owned 65% by B2Gold and 35% by the State of Mali. Fekola Regional is located approximately 20 kilometers (“km”) from the Fekola Mine. Delays in the receipt of the Fekola Regional exploitation permit resulted in no mining activity from Fekola Regional in 2025.

The Fekola Mine produced 530,769 ounces of gold for the full year 2025, still within the overall annual guidance range for the Fekola Complex of between 515,000 and 550,000 ounces. For the year ended December 31, 2025, mill feed grade was 1.84 grams per tonne, mill throughput was 9.76 million tonnes, and gold recovery averaged 91.8%. In the fourth quarter of 2025, the Fekola Mine produced 163,720 ounces of gold, higher than expected. For the fourth quarter of 2025, mill feed grade was 2.29 g/t, mill throughput was 2.40 million tonnes, and gold recovery averaged 92.4%. During the third quarter of 2025, the Fekola Complex celebrated the significant milestone of four million ounces of gold produced since inception of the mine. On February 3, 2026, the Fekola Complex also achieved a significant safety milestone, celebrating two years of operating without a lost-time injury incident.

For the year ended December 31, 2025, the Fekola Mine’s cash operating costs (refer to “Non-IFRS Measures”) of $772 per ounce produced ($827 per gold ounce sold), within the Fekola Complex’s guidance range of between $740 to $800 per ounce. Cash operating costs per ounce produced for the full year were lower than expected as a result of higher than anticipated gold production, lower operating costs including lower fuel prices for diesel and heavy fuel oil, lower site general costs, and lower underground mining costs due to the timing of receipt of the underground permit approval. Cash operating costs for the fourth quarter of 2025 were $642 per gold ounce produced ($773 per gold ounce sold), lower than expected for the same reasons above.

All-in sustaining costs (refer to “Non-IFRS Measures”) for the Fekola Mine for the year ended December 31, 2025, were $1,804 per gold ounce sold, higher than the Fekola Complex’s guidance range of between $1,670 and $1,730 per ounce. All-in sustaining costs for the year ended December 31, 2025, were above the guidance range as a result of lower than anticipated gold ounces sold and higher than expected royalties resulting from a higher than expected gold price. The increase in realized gold price compared with budget for the year resulted in additional royalties of $272 per ounce sold. Gold sales were lower than expected due to the timing of shipments. The Fekola Mine shipped approximately 20,500 ounces close to the end of the year that were subsequently sold shortly after December 31, 2025. All-in sustaining costs for the fourth quarter of 2025 were $1,903 per gold ounce sold. As with the full year 2025, all-in sustaining costs per ounce sold for the fourth quarter of 2025 were higher than expected due to the lower than anticipated gold ounces sold and higher than expected royalties resulting from a higher gold price when compared to budget.

Capital expenditures for the year ended December 31, 2025, totalled $223 million, primarily consisting of $84 million for deferred stripping, $57 million for Fekola underground development, $55 million for mobile equipment purchases and rebuilds, $10 million for the construction of a new tailings storage facility, $4 million for power plant rebuilds and $3 million for solar plant expansion. Capital expenditures in the fourth quarter of 2025 totalled $50 million, primarily consisting of $20 million for deferred stripping, $6 million for Fekola underground development, $19 million for mobile equipment purchases and rebuilds, $2 million for power plant rebuilds and $1 million for the construction of a new TSF.

During the year ended December 31, 2025, the Company received refunds of approximately $65 million in value-added tax receivables from the Government of Mali by way of offsets against income tax installments.

The development of Fekola Regional has the potential to enhance the Fekola Complex production profile and extend the life of the Complex. The Company now expects to receive the Fekola Regional exploitation permit during the first quarter of 2026. Upon receipt of the exploitation permit, mining pre-stripping activities will commence immediately for a period of three months, followed by initial gold production, which is expected to commence in the second half of 2026. Importantly, the haul road from Fekola Regional to the Fekola Mine is operational as construction of the haul roads and mining infrastructure (warehouse, workshop, fuel depot and offices) was completed on schedule in 2023. Fekola Regional gold production is expected to ramp up to an average of approximately 180,000 ounces per year over its first five years of full production from 2027 through 2031, with a mine life expected to extend well into the 2030’s.

The Fekola Complex in Mali is expected to produce between 410,000 and 460,000 ounces of gold in 2026 at cash operating costs of between $1,060 and $1,160 per ounce produced and all-in sustaining costs of between $2,670 and $2,820 per ounce sold. Fekola Regional is anticipated to contribute between 60,000 and 80,000 ounces of additional gold production in 2026 through the trucking of open pit ore to the Fekola mill once the exploitation permit has been received. Gold production at the Fekola Complex is expected to be relatively consistent throughout the year as production from Fekola Regional is expected to ramp up in the second half of the year and will offset decreased production from Fekola Phase 7 as the Fekola pit begins to transition to Phase 8. All-in sustaining cost guidance for the Fekola Complex is based on an assumed realized gold price of $5,000 per ounce for 2026, resulting in total budgeted royalties and production taxes of approximately $410 million or approximately $910 per ounce sold. Each $100 per ounce change in the gold price is expected to impact the Fekola Complex’s all-in sustaining costs by approximately $23 per ounce.

The Fekola Complex is projected to process 9.57 million tonnes of ore during 2026 at an average grade of 1.57 g/t gold with a process gold recovery of 92.4%.

Capital expenditures in 2026 for the Fekola Complex are expected to total approximately $280 million. Approximately $278 million is expected to be classified as sustaining capital expenditures and $2 million is expected to be classified as non-sustaining. Sustaining capital expenditures are expected to include approximately: $137 million for deferred stripping, $41 million for mobile equipment rebuilds, $33 million for mining equipment, $19 million for underground development, $17 million for TSF construction, $5 million for power plant rebuilds, $11 million for other mining costs, and $12 million for general site expenses. Non-sustaining capital expenditures are expected to include $2 million for relocation projects at Fekola Regional.

Masbate Mine – The Philippines

• ^{Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.}

The Masbate Mine in the Philippines continued its strong operational performance in 2025, producing 196,526 ounces of gold, within its guidance range of 190,000 to 210,000 ounces. The better than expected gold production was due to better mill productivity, partially offset by lower than expected recoveries, due to a change in mining sequences. For the year ended December 31, 2025, mill feed grade was 0.89 g/t, mill throughput was a record 8.83 million tonnes, and gold recovery averaged 78.0%. In the fourth quarter of 2025, Masbate produced 49,900 ounces of gold, higher than expected, due to higher mill throughput.

The Masbate Mine’s cash operating costs (refer to “Non-IFRS Measures”) for the year ended December 31, 2025, were $813 per ounce produced ($830 per gold ounce sold), below the guidance range of between $850 and $910 per ounce produced, primarily due to higher than expected gold production, lower than anticipated mining and processing costs including the impact of lower fuel costs. The Masbate Mine’s cash operating costs for the fourth quarter of 2025 were $813 per gold ounce produced ($851 per gold ounce sold).

All-in sustaining costs (refer to “Non-IFRS Measures”) for the Masbate Mine for the year ended December 31, 2025, were $1,239 per gold ounce sold, below the guidance range of between $1,245 and $1,305 per ounce sold. All-in sustaining costs for the year ended December 31, 2025, were lower than expected as a result of higher than anticipated gold ounces sold and lower than budgeted cash operating costs described above, partially offset by higher gold royalties resulting from a higher than budgeted average realized gold price. All-in sustaining costs for the fourth quarter of 2025 were $1,230 per gold ounce sold.

Capital expenditures totalled $41 million in 2025, primarily consisting of $10 million for deferred stripping, $7 million for a solar plant, $5 million for process plant rebuilds, $7 million for mobile equipment purchases and rebuilds, $4 million for land acquisitions and $3 million for expansion of the existing TSF. Capital expenditures for the fourth quarter of 2025 totalled $6 million, primarily consisting of $1 million for process plant rebuilds, $1 million for land acquisitions, and $2 million for mobile equipment purchases and rebuilds.

The Masbate Mine in the Philippines is expected to produce between 170,000 and 190,000 ounces of gold in 2026 at cash operating costs of between $900 and $1,000 per ounce produced and all-in sustaining costs of between $1,430 and $1,580 per ounce sold. Gold production at Masbate is expected to be relatively consistent throughout 2026. Masbate is projected to process 8.2 million tonnes of ore at an average grade of 0.93 g/t gold with a process gold recovery of 74.9%. Mill feed will be a blend of mined fresh, transitional and ore from the Main Vein, Blue Quartz and Old Lady pits, as well as low-grade ore from stockpiles.

Capital expenditures in 2026 for the Masbate Mine are expected to total $61 million. Approximately $49 million are expected to be classified as sustaining capital expenditures and $12 million are expected to be classified as non-sustaining capital expenditures. Sustaining capital expenditures are expected to include $11 million for deferred stripping, $17 million for mobile equipment rebuilds and replacements, $8 million for continued construction of the solar plant, $7 million for tailings storage facility construction, $3 million for land acquisitions, $3 million for process plant rebuilds, and $1 million for general site capital projects. Non-sustaining capital expenditures are comprise of $9 million of land acquisition costs and $3 million of development costs for the Pajo project.

Otjikoto Mine – Namibia

• ^{Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.}

The Otjikoto Mine in Namibia, in which the Company holds a 90% interest, produced 199,139 ounces of gold in 2025, near the high end of its guidance range of between 185,000 and 205,000 ounces. For the year ended December 31, 2025, mill feed grade was 1.83 g/t, mill throughput was 3.44 million tonnes, and gold recovery averaged 98.7%. In the fourth quarter of 2025, the Otjikoto Mine produced 50,793 ounces of gold, significantly higher than expected, primarily due to the continued processing of high-grade open pit ore stockpiles after the end of open pit mining at the beginning of the fourth quarter of 2025. For the fourth quarter of 2025, mill feed grade was 1.91 g/t, mill throughput was 0.84 million tonnes, and gold recovery averaged 98.7%.

The Otjikoto Mine’s cash operating costs (refer to “Non-IFRS Measures”) for the year ended December 31, 2025, were $658 per gold ounce produced ($656 per gold ounce sold), below the mid-point of the guidance range of between $635 and $695 per gold ounce produced. For the fourth quarter of 2025, the Otjikoto Mine’s cash operating costs were $716 per gold ounce produced ($663 per ounce gold sold). Lower than anticipated cash operating costs per ounce produced for the fourth quarter and year ended December 31, 2025, were driven by higher than budgeted gold ounces produced as noted above.

All-in sustaining costs (refer to “Non-IFRS Measures”) for the Otjikoto Mine for the year ended December 31, 2025, were $969 per gold ounce sold, at the low end of its guidance range of $965 to $1,025 per gold ounce sold. All-in sustaining costs for the year ended December 31, 2025, were at the low-end of the guidance range as a result of higher than expected gold ounces sold and lower than anticipated sustaining capital expenditures, partially offset by higher gold royalties resulting from a higher than budgeted average realized gold price. The lower sustaining capital expenditures for 2025 were $8 million below budget mainly a result of lower than planned underground development. All-in sustaining costs for the fourth quarter of 2025 were $1,085 per gold ounce sold.

Capital expenditures totalled $24 million in 2025, consisting mainly of $11 million for Wolfshag underground development, $5 million for a TSF expansion, $4 million of Antelope development costs and $3 million of mobile equipment rebuild costs. Capital expenditures for the fourth quarter of 2025 totalled $11 million, primarily consisting of $4 million for Wolfshag underground development, $4 million for a TSF expansion and $3 million for Antelope development.

On September 15, 2025, the Company announced it had approved a development decision on the Antelope underground deposit. Subsequent to the release of the Preliminary Economic Assessment results for the Antelope deposit on February 4, 2025, the Company completed further optimization work on a small-scale, low-cost, underground gold mine at Antelope, and believes that the estimated pre-production capital cost can be reduced from $129 million to $105 million. The majority of pre-production capital is expected to be spent in 2026 and 2027. The PEA indicates an initial mine life of 5 years and total production of 327,000 ounces averaging approximately 65,000 ounce per year over the life-of-mine. In combination with the processing of existing low-grade stockpiles, production from Antelope has the potential to increase Otjikoto Mine production to approximately 110,000 ounces per year from 2029 through 2032. The PEA is preliminary in nature and is based on Inferred Mineral Resources that are considered too speculative geologically to have the engineering and economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA based on these Mineral Resources will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The Otjikoto Mine in Namibia is expected to produce between 70,000 and 90,000 ounces of gold in 2026 at cash operating costs of between $1,200 and $1,300 per ounce produced and all-in sustaining costs of between $1,830 and $1,980 per ounce sold. Gold production at Otjikoto is anticipated to be lower than 2025 due to the completion of open pit mining activities in the fourth quarter of 2025. For the full year 2026, Otjikoto is projected to process a total of 3.4 million tonnes of ore at an average grade of 0.80 g/t gold with a process gold recovery of 97.4%. Processed ore will be sourced from the Wolfshag underground mine, supplemented by existing low-grade ore stockpiles.

Capital expenditures in 2026 for the Otjikoto Mine are expected to total $57 million. Approximately $26 million are expected to be classified as sustaining capital expenditures and $31 million are expected to be classified as non-sustaining capital expenditures. Sustaining capital expenditures are expected to include $13 million for underground development and $13 million for a TSF expansion. Non-sustaining capital expenditures relate to Antelope deposit development.

Goose Mine – Canada

• ^{Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.}

The Back River Gold District in Canada consists of eleven mineral claims blocks along an 80 km belt and contains the most advanced project in the district, the 100% owned Goose Mine.

B2Gold acknowledges our partner the Kitikmeot Inuit Association (“KIA”), who has played a critical role for many years to ensure the development of a successful gold mining operation at the Goose Mine. Respect and collaboration with the KIA is central to the license to operate in the Back River Gold District and the Company will continue to prioritize developing the District in a manner that recognizes Inuit priorities, addresses concerns and brings long-term socio-economic benefits to the Kitikmeot Region. B2Gold looks forward to continuing to build on its strong collaboration with the KIA and Kitikmeot communities. With its significant gold resource endowment, the Back River Gold District is expected to be a large, long life mining complex.

The Goose Mine achieved commercial production on October 2, 2025. During the year ended December 31, 2025, the Goose Mine produced 53,170 ounces of gold, at the low end of its guidance range of between 50,000 and 80,000 ounces. For the year ended December 31, 2025, mill feed grade was 5.16 g/t, mill throughput was 0.36 million tonnes, and gold recovery averaged 90.1%. In the fourth quarter of 2025, the Goose Mine produced 38,616 ounces of gold. For the fourth quarter of 2025, mill feed grade was 6.22 g/t, mill throughput was 0.21 million tonnes, and gold recovery averaged 91.7%. For the fourth quarter of 2025, mill feed predominantly came from the Umwelt deposit. Production for the Goose Mine in 2025 was impacted by crushing plant capacity shortfalls in the third quarter of 2025 and temporary delays in accessing higher grade ore from the Umwelt underground in the third quarter and early fourth quarter of 2025.

The Goose Mine crushing circuit is currently being supplemented with a mobile crusher. Production during the fourth quarter of 2025 was impacted by unseasonably low temperatures, which impacted the performance of the mobile crushing unit. The mobile crushing unit is not enclosed and is susceptible to operational interruptions in extreme cold. Initial modifications to improve performance of the crushing circuit in the near-term, including the addition of a run-of-mine bin and apron feeder which were ordered in late 2025, are scheduled to be implemented in the second half of 2026, at which point use of the mobile crusher will cease to be necessary full time. The Company estimates that the Goose Mine crushing circuit will be able to operate at an average daily capacity of approximately 3,200 tonnes per day (“tpd”) once these initial modifications are implemented. Additionally, the Company is studying more comprehensive crushing circuit improvements to increase design capacity of the existing crushing circuit to enable it to run at an average rate of 4,000 tpd. These studies will be finalized in the first half of 2026, at which point the Company will determine the optimal scope and timing of additional crushing circuit improvements.

The Goose Mine’s cash operating costs (refer to “Non-IFRS Measures”) post-commercial production were $1,066 per gold ounce produced ($1,108 per gold ounce sold), well below the guidance range of between $2,300 and $2,360 per gold ounce produced mainly due to capitalization of a greater portion of site general and camp costs as construction costs than originally anticipated, as they related to ongoing construction activities. All-in sustaining costs (refer to “Non-IFRS Measures”) post-commercial production were $2,249 per gold ounce sold, well below the guidance range of between $3,290 and $3,350 per ounce sold due to lower cash costs per ounce as noted above, partially offset by lower gold ounces sold.

Capital expenditures in the year ended December 31, 2025, totalled $471 million and included $167 million of plant construction and mill optimization costs, $19 million of deferred stripping, $22 million for the power plant and $35 million of underground development costs. Costs for the year ended December 31, 2025, also included $11 million of commissioning costs and $119 million of site general and camp costs capitalized during the construction and ramp up from first pour to commercial production. Capital expenditures in the fourth quarter of 2025 totalled $77 million primarily consisting of $42 million of plant construction and mill optimization costs, $4 million of deferred stripping, $1 million for the power plant and $16 million of underground development costs. Costs in the fourth quarter of 2025 also included $1 million of commissioning costs and $19 million of site general and camp costs related to ongoing construction activities.

The Goose Mine in Canada is expected to produce between 170,000 and 230,000 ounces of gold in 2026 at cash operating costs of between $1,610 and $1,810 per ounce produced and all-in sustaining costs of between $2,670 and $2,970 per ounce sold. For the full year 2026, Goose is projected to process a total of 1.04 million tonnes of ore at an average grade of 6.83 g/t gold with a process gold recovery of 92.5%. Mining and processing of higher-grade ore from the Umwelt underground commenced in late October 2025 and processed ore will continue to be sourced from the Umwelt surface and underground mining operations in 2026. Throughput for 2026 is expected to ramp up through the year as the weather warms, which will increase the availability of the mobile crushing unit. Use of the mobile crushing unit is expected to continue during 2026 until the installation of the run-of-mine bin and apron feeder is completed, at which point the Goose Mine is expected to operate in the near-term at an average daily capacity of approximately 3,200 tpd. Based on the factors described above, combined with the mill feed grade profile, the Company anticipates annual gold production will be heavily weighted to the second half of 2026, with approximately 65% of estimated annual gold production to be achieved during the third and fourth quarters. The Company expects crushing capacity will be able to be increased up to 4,000 tpd in the first half of 2027, upon which annual gold production is expected to exceed 300,000 ounces per year and continuing over the medium-term. Cash operating costs and all-in sustaining costs are forecast to drop significantly once the operation is ramped up to full production capacity.

Capital expenditures in 2026 at Goose are expected to total $202 million. Approximately $188 million are expected to be classified as sustaining capital expenditures and $14 million are expected to be classified as non-sustaining capital expenditures. Sustaining capital expenditures are expected to include $47 million of deferred stripping, $41 million for site infrastructure and civil projects, $38 million for underground development, $22 million for mobile equipment purchases, $13 million for underground infrastructure, $7 million for projects at the marine laydown area, $6 million for TSF construction, $6 million for powerhouse rebuilds, and $5 million for mobile equipment rebuilds. Non-sustaining capital expenditures relate to completion of ongoing site construction activities, but do not include capital expenditures related to the more comprehensive crushing circuit optimizations being evaluated. Estimated capital expenditures for any additional crushing circuit optimization changes will be released once the studies are completed in the first half of 2026 and the Company has determined which improvements to pursue.

Goose Mine Opportunities

Significant exploration potential remains across the Back River Gold District, with a total of $46 million budgeted for exploration in 2026. The Company’s exploration programs have historically been successful in upgrading Inferred Mineral Resources to Indicated Mineral Resources, and the Company is optimistic that it can successfully upgrade a significant portion of the Inferred Mineral Resources in 2026.

In addition, work continues on the optimization study for the Goose Mine as previously announced in March 2025, including the potential installation of a SAG mill to be paired in conjunction with the existing 4,000 tpd ball mill, which could expand mill throughput capacity up to 6,000 tpd. The results of the studies are expected to be finalized in the first half of 2026, and are also expected to reflect two additional value drivers for the Goose Mine related to the potential reduction in carbon taxes paid over the life of the mine, and a reduction in the annual amount of fuel consumed as a result of equipment optimizations.

Once these studies are completed the Company will assess the economics of each option and pursue the desired choice. This assessment is expected to include consideration of whether the Company should postpone any expenditures to increase Goose Mine milling capacity in favor of potential future capital development at George and other Back River Gold District regional targets.

In connection with these studies, B2Gold will also be reviewing any regulatory requirements and engaging with the KIA and local communities to ensure any proposed optimization of the Goose Mine provides benefits to all stakeholders.

Gramalote Project – Colombia

The Gramalote Project is located in central Colombia, approximately 230 km northwest of Bogota and 100 km northeast of Medellin, in the Province of Antioquia, which has expressed a positive attitude towards the development of responsible mining projects in the region. Following consolidation of the ownership, B2Gold completed a detailed review of the Gramalote Project, including the higher-grade core of the resource, facility size and location, power supply, mining and processing options, tailings design, resettlement, potential construction sequencing and camp design to identify potential cost savings to develop a medium-scale project. The results of the review allowed the Company to determine the optimal parameters and assumptions for the Gramalote PEA, the results of which were announced on June 18, 2024.

On July 14, 2025, the Company announced the results of a 2025 Gramalote Feasibility study which demonstrated that the Gramalote Project has a meaningful production profile, favorable metallurgical characteristics and positive project economics. The study assumes a mill with an annual processing rate of 6.0 million tonnes per annum, an initial open pit mine life of 11 years, and a processing life of 13 years. The study shows average annual grade processed over the first five years of 1.23 g/t, with a life-of-mine grade of 0.96 g/t and average annual gold production over the first five years of 227,000 ounces of gold per year, with life-of-mine average annual gold production of 177,000 ounces per year. Financial results include all-in sustaining costs of $985 per ounce over the life of the project, with an after-tax net present value of $941 million and an internal rate of return of 22.4% assuming a $2,500 per ounce gold price.

Due to the desired modifications to the processing plant and infrastructure locations, a Modified Work Plan and Modified Environment Impact Study are required. The Modified Work Plan was submitted in December 2025, and the Modified Environmental Impact Study is expected to be submitted later in the first quarter of 2026, with completion of the modification process expected to take approximately twelve months. In conjunction with these permit modifications, the Company also intends to complete a significant portion of its resettlement objectives by the end of 2026, in accordance with its existing resettlement plan. Assessment of the Gramalote Project remains ongoing. If B2Gold makes the decision to develop the Gramalote Project as an open pit gold mine, B2Gold would utilize its proven internal mine construction team to build the mine and mill facilities.

The Gramalote Project has a budget of $61 million for 2026, to continue to de-risk the project, including $35 million to advance resettlement programs, establish coexistence programs for small miners, work on health, safety and environmental projects and continue to work with the government and local communities on social programs.

Exploration

B2Gold executed another year of aggressive exploration in 2025 incurring $61 million (including $10 million of target generation costs included in other operating expenses in the Consolidated Statement of Operations), in line with expectations. Exploration in 2025 was focused predominantly on the Back River Gold District, with the goal of enhancing and growing the significant resource base at the Goose Mine and surrounding regional targets. In Namibia, the exploration program at the Otjikoto Mine focused on drilling the Antelope deposit. In Mali, the exploration program at the Fekola Complex was directed at a more strategic search for near-mine, near-surface sources of additional sulphide-related gold mineralization. In the Philippines, the exploration program at the Masbate Mine focused on extending the Pajo deposit drilling targets immediately south of mine infrastructure.

B2Gold is planning another year of extensive exploration in 2026 with a budget of approximately $73 million. A significant focus will be on exploration at the Back River Gold District, with the continued goal of enhancing and growing the significant resource base at the Goose Mine and surrounding regional targets. In Namibia, the exploration program at the Otjikoto Mine will be focused on enhancing and increasing the resources at the

Antelope deposit. In Mali, an ongoing focus will be on discovery of additional high-grade, sulphide mineralization across the Fekola Complex. In the Philippines, the exploration program at the Masbate Mine will continue to focus on new targets located south of the existing infrastructure as well as commencing exploration on the newly permitted Uson Project. Early-stage exploration programs will continue in the Philippines and Kazakhstan in 2026. Finally, the search for new joint ventures and strategic investment opportunities will continue, building on existing equity investments in Snowline Gold Corp., Founders Metals Inc., AuMEGA Metals Ltd., and Prospector Metals Corp.

Back River Gold District Exploration

A total of $32 million was budgeted for exploration at the Back River Gold District in 2025 to complete approximately 25,000 meters (“m”) of drilling, including confirmation drilling at the Umwelt deposit, as well as exploration drilling at several Goose Mine regional targets that were developed based on structural modelling and geophysical re-processing. For the year ended December 31, 2025, the Company ultimately incurred $35 million on Back River Gold District exploration and completed 19,735 m of drilling over 87 drill holes at the Goose Mine. This included 14,480 m over 39 drill holes at the Umwelt deposit, 4,231 m over 15 drill holes at the Llama deposit area, 7,361 m over 14 exploration target drill holes, and 137 m over one metallurgical hole at the Goose Main deposit.

In addition, 8,863 m over 57 holes were drilled on the Back River Gold District regional projects, including George, Boot, Del, Needle and Boulder.

2026 Guidance for Back River Gold District Exploration

A total of $46 million is budgeted for exploration at the Back River Gold District in 2026, of which $24 million is planned for the Goose Mine. A total of 12,000 m of drilling will target extensions of the Llama and Umwelt deposits, the largest and highest-grade resources at the Goose Mine. In addition, follow up drilling of significant results returned at the Nuvuyak, Mammoth and Hook targets is planned.

Regional exploration including geophysics, mapping, prospecting and till sampling will be undertaken on the George, Boot, Boulder, Del, Beech and Needle projects. This regional work will also include an estimated 13,000 m of diamond drilling to follow up drill ready targets defined during the 2025 summer regional exploration program. A significantly increased budget of $22 million is being allocated for the Back River regional projects.

Mali Exploration

A total of $9 million was budgeted for exploration in Mali in 2025 with an ongoing focus on discovery of additional high-grade, sulphide mineralization across the Fekola Complex to supplement feed to the Fekola mill. In addition, the FNE target immediately north of the main Fekola open pit was drilled, adding easily accessible resources close to Fekola infrastructure. A total of 20,000 m of diamond and reverse circulation drilling was planned for 2025. A total of 7,277 m over 62 holes of diamond and reverse circulation drilling was completed. For the year ended December 31, 2025, the Company ultimately incurred $7 million on Mali exploration.

In addition, the Mali exploration team assisted operations in completing 37,181 m over 934 holes to complete the first phase of grade control drilling on the Menankoto permit and the drilling of grade control, infill and extension drilling at the Fekola underground, completing 31,196 m over 277 holes.

2026 Guidance for Mali Exploration

A total of $5 million is budgeted for exploration in Mali in 2026 with an ongoing focus on discovery of additional high-grade, sulphide mineralization across the Fekola Complex to supplement feed to the Fekola mill. A total of 16,000 m of diamond and reverse circulation drilling is planned for the Fekola Complex in 2026.

The Philippines Exploration

The total budget for the Philippines in 2025 was $5 million, of which the Masbate exploration budget was $3 million, including approximately 4,200 m of drilling. The 2025 exploration program focused on drilling several greenfield targets between 3 km and 12 km south of the Masbate Mine infrastructure. For the year ended December 31, 2025, the Company incurred $3 million for Masbate Mine exploration, which was in-line with the budget (included approximately 4,867 m of diamond drilling in 32 holes).

In addition, $2 million was allocated to targeting new regional projects in highly prospective areas in the Philippines, leveraging off B2Gold’s presence and operational experience in the country. For the year ended December 31, 2025, the Company incurred $2 million on targeting new regional projects.

2026 Guidance for The Philippines Exploration

The total budget for the Philippines in 2026 is $5 million, of which the Masbate exploration budget is $3 million, including approximately 4,200 m of drilling. The 2026 exploration program will continue to focus on exploration of new regional targets located south of the main mine infrastructure at Masbate.

An additional $2 million will be allocated to targeting new regional projects in highly prospective areas in the Philippines, leveraging off B2Gold’s presence and operational experience in the country. A total of 2,000 m is allocated to testing new projects.

Namibia Exploration

A total of $7 million was budgeted for exploration at Otjikoto in 2025. The focus of the exploration program was drilling the Antelope deposit, located approximately 3 km south of Phase 5 of the Otjikoto open pit, with a total of 39,000 m of drilling planned. The Antelope deposit, comprised of the Springbok Zone, the Oryx Zone, and a possible third structure, Impala, subject to confirmatory drilling, was discovered in 2022 following deep drill testing by B2Gold exploration personnel on three-dimensional models of airborne magnetic data. For the year ended December 31, 2025, the Company incurred $8 million, which included 35,924 m of diamond and reverse circulation drilling at the Otjikoto mine area.

2026 Guidance for Namibia Exploration

A total of $6 million is budgeted for exploration at Otjikoto in 2026. The focus of the exploration program will be drilling to expand and refine the Antelope deposit with a total of 44,000 m of drilling planned.

Greenfield Exploration

B2Gold allocated approximately $9 million in 2025 for its grassroots exploration programs, including Finland and Cote d’Ivoire. The spend ultimately incurred on greenfield exploration for the year ended December 31, 2025, was approximately $5 million.

In addition to the defined programs noted above, the Company allocated approximately $8 million for the generation and evaluation of new greenfield targets of which $3 million was spent during the year ended December 31, 2025.

2026 Guidance for Greenfield Exploration

B2Gold has allocated approximately $9 million to other grassroots exploration projects in 2026. This includes $2 million (7,200 m) in Kazakhstan and $2 million in Finland. In addition to the defined programs noted above, the Company has allocated approximately $4 million for the generation and evaluation of new greenfield targets.

About B2Gold

B2Gold is a responsible international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Canada, Mali, Namibia and the Philippines, and numerous development and exploration projects in various countries.

Qualified Persons

Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release.

Andrew Brown, P. Geo., Vice President, Exploration, a qualified person under NI 43-101, has approved the scientific and technical information related to exploration and mineral resource matters contained in this news release.