B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) is pleased to announce additional positive exploration drilling results from the Fekola Complex in Mali. In addition, the Company is pleased to re-affirm its 2022 total gold production guidance of 990,000 to 1,050,000 ounces (including 40,000 to 50,000 attributable ounces projected from Calibre Mining Corp.) following consecutive monthly gold production records at the Fekola Mine in October and November 2022.

Highlights

• At the Mamba Zone, exploration is focused on expanding high-grade sulphide mineralization shoots: Drilling is targeting up to three plunging bodies of sulphide mineralization (one originating at Mamba Main Zone, one originating at Mamba West, and one potentially originating at Mamba North). Mineralization remains open at depth.
  • Hole BND_119 returned 9.48 grams per tonne gold over 14.60 meters from 309.40 m and 5.01 g/t gold over 15.10 m from 347.60 m and further establishes the continuity of the high grade sulphide shoot in Mamba Main Zone. BND_119 intersected some of the highest grade sulphide drilled to date at the Anaconda Area.
  • Hole MSD_230 returned 2.38 g/t gold over 26.21 m, from 354.79 m (including a higher-grade interval of 3.76 g/t gold over 14.00 m, from 367.00 m) and extends the southernly plunge extent of known mineralization below the current resource pit by an additional 200 m.

• At the Cobra Zone, the mineralized footprint expanded south following recent drill results on the Bakolobi permit: Exploration is focused on expanding saprolite mineralization near surface and sulphide mineralization at depth.
  • Hole MSR_997 returned 4.46 g/t gold over 3.62 m from 209.00 m and 3.08 g/t gold over 24.12 m from 220.00 m (sulphide). Mineralization appears to have a shallow north plunge, still open along strike, to the north and to the south.
  • Hole BKAC_0157 returned 1.46 g/t gold over 36.00 m from 19.00 m (saprolite), demonstrating the near surface saprolite potential of the Cobra Zone extension onto the Bakolobi permit.

• Saprolite mineralization discovered at the new Boomslang Zone (800 m to the west and parallel to the Cobra Zone): Opportunity remains for further discoveries of north to south trending deposits parallel to the Mamba Zone and Cobra Zone.
  • Hole BKAC_0342 returned 1.97 g/t gold over 30.00 m from 12.00 m (saprolite). Additional reverse circulation and diamond drilling is underway to follow up on saprolite intercepts and test for the presence of underlying sulphide mineralization.

• At the Dandoko permit, drilling has validated the known high-grade saprolite zone at Seko: Drilling to provide metallurgical test work material confirmed significant grade-width intercepts.
  • Hole DDSK22_138 returned 18.84 g/t gold over 21.80 m from 112.00 m (saprolite), and hole DDSK22_129 returned 3.31 g/t gold over 23.65 m from 31.00 m, and 5.87 g/t gold over 50.50 m from 58.00 m (saprolite).
• Fekola sets back-to-back monthly production records: The Fekola Mine in Mali produced 79,967 ounces of gold in October 2022, and 95,460 ounces of gold in November 2022, consecutive monthly production records. Mining from the high-grade Fekola open-pit Phase 6 is anticipated to continue through the balance of 2022 and into 2023.

2022 Mali Exploration Drilling Program

In 2022, B2Gold is conducting a $35 million exploration program on the Fekola Complex (including Fekola, Cardinal, Anaconda Area, Bakolobi, and Dandoko), where recent drilling has been focused on the Anaconda Area, including the Mamba, Adder, Anaconda, Cascabel, Viper, and Cobra zones. To date in 2022, B2Gold has completed approximately 169,000 m of combined diamond, reverse circulation and aircore drilling on the Fekola Complex. Metallurgical and infill drilling are currently underway on the recently acquired Dandoko permit, where approximatley 700 kilograms (“kg”) of saprolite material will be collected for recovery variability testing from eight new diamond drill holes.

Figure 1. Fekola Complex Overview.

Anaconda Area Exploration

Mamba Zone

Drilling at the Mamba Zone continues to focus on expanding the known sulphide mineralization. Hole MSD_230 returned 2.38 g/t gold over 26.21 m, from 354.79 m (including a higher-grade interval of 3.76 g/t gold over 14.00 m, from 367.00 m) and extends the southerly plunge extent of known mineralization below the current resource pit by an additional 200 m. To the north, hole BND_122 returned 2.10 g/t gold over 23.04 m, from 478.00 m, which the Company believes may be part of a third shoot, originating in Mamba North. Mineralization remains open in both directions. Multiple intersections in drill hole MSD_232 (see table) partially infill the deeper portions of the Mamba Main shoot and further confirms continuity in this zone of sulphide mineralization, which includes persistent significant higher-grade intersections.

Figure 2. Mamba Long Section (Facing West).

Select new results from the Mamba Zone exploration drilling include:

Cobra Zone (2 km east of the Mamba Zone)

The Cobra Zone has over 8 km of known strike extent, from Menankoto South to the southern end of the Bakolobi permit. The Cobra Zone is being targeted as a source of additional sulphide and saprolite mineralization within the Anaconda Area. Recent drilling highlights are shown below and confirm that significant intervals of both saprolite and sulphide mineralization are also present on the Bakolobi permit portion of the Cobra Zone.

Figure 3. Cobra Long Section (Facing West).

Select results from the Cobra Zone (Menankoto permit) exploration drilling include:

Select results from the Cobra Zone (Bakolobi permit) exploration drilling include:

Boomslang Zone (800 m west of the Cobra Zone)

Recent exploration drilling on the Boomslang Zone (on the Bakolobi permit) has resulted in the discovery of saprolite mineralization along 1.8 km, approximately 800 m west of the Cobra Zone. Recent highlights from the Boomslang Zone exploration drill program are presented below. Additional reverse circulation and diamond drilling is underway to follow up on saprolite intercepts and test for the presence of underlying sulphide mineralization.

Select results from the Boomslang Zone (saprolite mineralization running parallel to the Cobra Zone) exploration drilling include:

Dandoko Exploration

On the Dandoko permit, eight diamond drill holes, totaling 960 m, were recently completed on the Seko 1,2 and 3 pit areas, in order to collect additional material for metallurgical testing. In addition to the metallurgical test work, these drill holes serve as confirmation of the significant grade-width combinations that were historically reported by Oklo Resources Limited. Hole DDSK22_138 returned 18.84 g/t gold over 21.80 m, from 112.00 m, and is an excellent example of the some of the high grade saprolite material on the Dandoko permit.

Select results from the Dandoko exploration drilling include:

2022 Total Gold Production Guidance Re-affirmed; Fekola Achieves Back-to-Back Monthly Gold Production Records to Start the Fourth Quarter of 2022

Based on the year-to-date cost performance and strong gold production in the fourth quarter of 2022 (as discussed below), the Company re-affirms full year 2022 total gold production guidance. Total gold production is expected to be between 990,000 and 1,050,000 ounces (including 40,000 to 50,000 attributable ounces projected from Calibre).

At the Fekola Mine in Mali, beginning in October 2022, ore has been mined from the higher grade Fekola open-pit Phase 6. Mill feed grade in October and November 2022 has averaged in excess of 3.50 g/t gold. Mining from Fekola open-pit Phase 6 is anticipated to continue through the balance of 2022 and into 2023. As a result, the Fekola Mine produced 79,967 ounces of gold in October 2022, and 95,460 ounces of gold in November 2022, consecutive monthly production records. Year-to-date gold production at the Fekola Mine of 530,073 ounces through November 2022 positions Fekola well to achieve the high end of full year 2022 guidance of between 570,000 to 600,000 ounces.

QA/QC on Sample Collection and Assaying

The primary laboratories for Fekola are SGS Laboratories in Bamako, Mali and Bureau Veritas Laboratories in Abidjan, Cote d’Ivoire. Periodically, exploration samples will be analyzed at the Fekola Mine laboratory. At each laboratory, samples are prepared and analyzed using 50-gram fire assay with atomic absorption finish and/or gravimetric finish. Umpire assays are used to monitor lab performance monthly.

Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the core, reverse circulation and aircore drilling 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 Corp.

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 and numerous exploration and development projects in various countries including Mali, Colombia, Finland and Uzbekistan. B2Gold forecasts total consolidated gold production of between 990,000 and 1,050,000 ounces in 2022.

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.

Brian Scott, P. Geo., Vice President, Geology & Technical Services, 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.