B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) is pleased to announce positive exploration drilling results from its 2024 drilling campaign at the Goose Project, part of the Back River Gold District in Nunavut, Canada. All dollar figures are in United States dollars unless otherwise indicated.

For 2024, B2Gold approved a $28 million exploration budget to complete approximately 25,000 meters of drilling on the Back River Gold District, including confirmation drilling at the Umwelt deposit, as well as exploration drilling at several Goose Project regional targets that were developed based on structural modelling and geophysical re-processing.

As of November 7, 2024, B2Gold had completed 25,126 m of drilling over 68 drill holes at the Goose Project, including 14,480 m over 40 drill holes at the Umwelt deposit, 3,899 m over 14 drill holes at the Llama deposit area, 6,610 m over 13 exploration target drill holes, and 137 m over one metallurgical hole at the Goose Main deposit. Significant drill hole locations from 2024 are shown on the map in Figure 1.

Goose Project Drill Results Highlights

• Exploration drilling intersected high-grade mineralization 1,000 m west and down plunge of the Goose Main deposit at the Goose Project’s Nuvuyak deposit
  • Drill hole 24GSE-683Z1 returned 6.39 grams per tonne (“g/t”) gold over 28.80 m from 982.20 m, including a higher-grade interval of 23.49 g/t gold over 6.45 m and 4.66 g/t gold over 20.94 m from 1,037.16 m, including 8.60 g/t gold over 9.62 m; and
  • This result demonstrates the continuity of high-grade zones within the Nuvuyak deposit by extending high-grade gold mineralization approximately 150 m to the north-northwest.
• Exploration drilling also intersected high-grade mineralization at the Mammoth target 450 m up plunge of the Nuvuyak deposit towards the Goose Main deposit
  • Mammoth drill hole 24GSE-687Z1 returned 17.45 g/t gold over 10.96 m from 837.14 m, including a higher-grade interval of 68.61 g/t gold over 2.51 m;
  • Mammoth drilling tested down plunge of the fold between the Nuvuyak deposit and the Hook target; and
  • This result demonstrates that the Nuvuyak and Mammoth zones have strong potential for future underground mining.
• The Nuvuyak deposit and Mammoth target are not included in the existing Goose Project mine plan; these exploration results demonstrate potential to further increase Mineral Resources and extend the mine life at the Goose Project

• Drill results for infill and mine development at the Goose Project’s Umwelt deposit confirm the continuity of high-grade gold mineralization, with several drill holes returning intercepts with higher gold grades and widths than predicted by the existing mineral resource model
  • Drill hole 24GSE-671 returned 27.28 g/t gold over 11.10 m from 457.80 m;
  • Drill hole 24GSE-675 returned 19.63 g/t gold over 15.95 m from 389.85 m;
  • Drill hole 24GSE-677Z3 returned 9.27 g/t gold over 13.58 m from 664.25 m;
  • Drill hole 24GSE-681 returned 11.18 g/t gold over 15.50 m from 779.45 m;
  • Drill hole 24GSE-684B returned 29.49 g/t gold over 22.79 m from 332.25 m; and
  • Drill hole 24GSE-685 returned 10.51 g/t gold over 21.45 m from 306.00 m.

• Exploration drilling intersected high-grade gold mineralization 530 m down plunge from the estimated open pit boundary at the Goose Project’s Llama deposit
  • Drill hole 24GSE-663 returned 14.34 g/t gold over 27.95 m from 406.05 m, including a higher-grade interval of 54.17 g/t gold over 6.00 m and 205.00 g/t gold over 0.80 m, at a vertical depth of 370 m, which tested an area of limited drilling 530 m down plunge from the Llama open pit; and
  • This result demonstrates the down plunge continuity of gold grades and widths of these mineralized structures, and the Llama deposit remains open at depth.

Figure 1. Goose Project Drill Hole Locations.

The Goose Project consists of five known deposits with existing mineral resources, Umwelt, Llama, Goose, Echo and Nuvuyak, which occur along a strike length of eight kilometers. The Company believes that exploration upside exists on all known deposits that are open at depth, as well as several zones of interest that remain relatively untested within the footprint of the favorable host banded iron formation stratigraphy. At Goose, the BIF extends over 10 km in a folded package up to 1.5 km wide hosted within a northwesterly to westerly striking, steeply-dipping belt of folded, clastic sediments. Ongoing structural and data review has formed the basis of the 2024 exploration season that has drill tested several zones of interest.

The Umwelt deposit is the single largest deposit at the Goose Project and will be a significant contributor to initial production. At the Umwelt deposit, 2024 drilling finished with 14,480 m completed over 40 drill holes with gold assays received for 34 of the 40 drill holes. Implementation of directional core drilling technology (Devico) has added accuracy and cost efficiency to the program of deep and strategic drilling. Drilling was designed to increase confidence in the geometry and continuity of high-grade mineralization below the planned open pits. Drilling has shown the intersection of steeply dipping brittle-ductile high strain zones and fold-thickened BIF is the primary control on gold mineralization.

Significant 2024 drill results from the Umwelt deposit at the Goose Project include:

<sup>Notes:
1. Capped at 50 g/t gold
2. Drill intercepts are perpendicular to the zones so true widths are very similar to reported drill lengths</sup>

At the Llama deposit, which outcrops 1,500 m north of the Umwelt deposit, a total of 1,428 m was drilled over seven drill holes (including three abandoned holes) in areas within the Inferred Mineral Resource boundary below the open pit. Drill hole 24GSE-668B returned 19.65 g/t gold over 8.20 m from 158.75 m, including a higher-grade interval of 37.13 g/t gold over 4.00 m.

In addition, a total of 2,471 m over seven drill holes (with two currently in progress) are testing areas down plunge from the planned Llama open pit. Drill hole 24GSE-663, which tested an area of limited drilling 530 m down plunge from the planned Llama open pit, returned 14.34 g/t gold over 27.95 m from 406.05 m at a vertical depth of 370 m, including higher-grade intervals of 54.17 g/t gold over 6.00 m and 205.00 g/t gold over 0.80 m. The drill result demonstrates the down plunge continuity of gold grades and widths of these mineralized structures, and the Llama deposit continues to remain open at depth. In addition, two drill holes totaling 1,241 m were completed 1,440 m down dip from Llama in the Llama Extension area, with assays pending. One more drill hole will be completed in 2024 at the Llama Extension area.

Significant 2024 drill results from the Llama deposit at the Goose Project include:

<sup>Notes:
1. Capped at 50 g/t gold
2. Drill intercepts are perpendicular to the zones so true widths are very similar to reported drill lengths</sup>

Goose Project Exploration Drilling

A total of 6,610 m over 13 drill holes have been drilled at Goose Project exploration targets including Nuvuyak, Mammoth, Stovepipe, Muskox, Wing, Boomerang, Goose Neck South, Hook and Slingshot. Drilling is ongoing at the Mammoth and Hook targets. Results have been received for Nuvuyak, Mammoth and Wing, and are pending for the other targets.

Highlights to date include encouraging results at Nuvuyak and Mammoth. Nuvuyak drill hole 24GSE-683Z1 returned 6.39 g/t gold over 28.80 m from 982.20 m, including a higher-grade interval of 23.49 g/t gold over 6.45 m and 4.66 g/t gold over 20.94 m from 1,037.16 m, including 8.60 g/t gold over 9.62 m. Nuvuyak is located approximately 500 m west and 1,000 m down plunge of the Goose Main deposit and demonstrates the continuity of high-grade zones within the Nuvuyak deposit by extending high-grade gold mineralization approximately 150 m to the north-northwest. The existing Inferred Mineral Resource estimate at Nuvuyak is 2.42 million tonnes grading 7.50 g/t gold for a total of 583,000 ounces of gold.

Mammoth drill hole 24GSE-687Z1 returned 17.45 g/t gold over 10.96 m from 837.14 m, including a higher-grade interval of 68.61 g/t gold over 2.51 m. This encouraging intercept, located 450 m up plunge of Nuvuyak towards the Goose Main deposit, shows the Nuvuyak and Mammoth zones have strong potential for future underground mining.

Significant 2024 drill results from the Goose Project exploration drilling include:

<sup>Notes:
1. Capped at 50 g/t gold</sup>

Back River Gold District 2024 Surface Exploration Program

During 2024, regional target definition was supplemented through an integrated surface exploration program comprising of mapping, prospecting, geophysics and the collection of 1,798 till samples, 35 trenches (216 samples) and 285 rock samples in six properties including Boot, Boulder, Del, BB13, Needle and Beech. See Figure 2 for an overview of the Back River Gold District properties.

Figure 2. Back River Gold District Properties.

Geophysics consisted of ground Induced Polarization (3D-IP) in Boot and Boulder and heli-magnetics in BB13, Needle and Beech as well as re-processing of old geophysical data. In addition, a BHTEM (borehole transient electromagnetics) survey was completed over 3,800 m across five drill holes including three at the Umwelt deposit and one each at Nuvuyak and Mammoth. Results are being processed.

This work has generated new regional and near-mine targets that will be further evaluated and drill tested in 2025.

Quality Assurance/Quality Control on Sample Collection and Assaying

The primary laboratory utilized for the Back River Gold District drilling program in 2024 is ALS laboratory in North Vancouver, Canada. Core samples are prepared at the ALS preparation facility in Yellowknife with representative pulp samples sent to the ALS North Vancouver laboratory for gold analysis. Gold is analyzed by a fire assay/atomic absorption spectrometry (FA/AAS) finish using a 50 gram subsample of the coin pulp. FAs were finished with AAS, and samples with higher grades that exceeded the maximum detection limit of AAS received a supplemental gravimetric finish. All samples over 3,000 parts per billion are analyzed by FA/GRAV using a 50 gram subsample of the coin pulp. Bureau Veritas Minerals (BV) in Vancouver, Canada, is the umpire laboratory.

Quality assurance and quality control procedures include the systematic insertion of blanks and standards into the core sample strings. The results of the control samples are evaluated on a regular basis with batches re-analyzed and/or resubmitted as needed. All results stated in this announcement have passed B2Gold’s quality assurance and quality control protocols.

About B2Gold

B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland. B2Gold forecasts total consolidated gold production of between 800,000 and 870,000 ounces in 2024.

Qualified Persons

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.