B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) is pleased to announce its operational and financial results for the third quarter of 2026. All dollar figures are in United States dollars unless otherwise indicated. The consolidated financial statements and Management Discussion and Analysis relating to these results are available at www​.b2gold.com.

Third Quarter 2026 Highlights

• Revenue of $836 million on 195,018 gold ounces sold at an average realized price of $4,289 per ounce. Production of 193,321 ounces of gold, on track to deliver full-year production guidance at all operations.
• Cash flow provided by operating activities of $239 million, cash flow from operating activities before changes in working capital¹ of $387 million, and free cash flow² of $48 million, reflecting the first quarter post completion of the prepaid gold sales contracts in June 2026.
• Consolidated all-in sustaining costs³ of $2,602 per ounce sold. Reduced AISC guidance range to between $2,230 and $2,410 per ounce sold for 2026 (previously between $2,370 and $2,550 per ounce sold) to reflect strong year-to-date operating performance and expected results for the fourth quarter.
• Earnings per share of $0.31 and adjusted EPS⁴ of $0.14. Included in EPS was an impairment reversal of $253 million for Fekola.
• Returned $59 million to shareholders in the quarter, consisting of $26 million in dividends paid and $33 million of share buy backs under the Company’s normal course issuer bid.
• Strong financial position, including cash and cash equivalents of $294 million, working capital (defined as current assets less assets classified as held for sale and current liabilities) of $497 million, and an undrawn balance of $705 million on the Company’s revolving credit facility.
• Phase 1 upgrades to the Goose fixed crushing circuit completed, with the circuit now operating at 3,200 tpd following commissioning in mid-October 2026.
• Menankoto exploitation permit granted on August 7, 2026, by the State of Mali. The Company commenced mining pre-stripping activities on the Menankoto permit area in October 2026.
• Fourth quarter of 2026 dividend of $0.02 per share declared on November 4, 2026, payable on December 15, 2026, to shareholders of record as of December 2, 2026.

Mike Cinnamond, President and CEO of B2Gold, said “B2Gold delivered a strong third quarter, highlighted by continued outperformance from Masbate and Otjikoto and significant progress across several key strategic initiatives. During the quarter, we received the Menankoto exploitation permit, and waste stripping activities commenced in October. These are important milestones which support the continued growth and long-term value of the Fekola Complex. At Goose, our team continued to execute on plans to improve crushing capacity at site, with the addition of a new mobile crusher in the third quarter, and completion of Phase 1 upgrades to the fixed crusher in October, delivering 3,200 tonnes per day of crushed ore to the mill, in-line with the plan. The reduction in our full-year AISC guidance reflects the leverage in our business, where strong production performance and consistent execution translate into lower costs on a per-ounce basis. As we enter the final months of the year, our teams remain focused on safe and disciplined execution, and we remain well positioned to achieve consolidated annual production guidance for 2026 and create long-term value for shareholders.”

1. <sup>“Cash flow from operating activities before changes in working capital” is a non-IFRS measure; for a description of how we calculate this measure and a reconciliation from this measure to the most directly comparable measure specified, defined or determined under IFRS and presented in our financial statements, refer to “Non-IFRS Measures”.
   2. “Free cash flow” is a non-IFRS measure; for a description of how we calculate this measure and a reconciliation from this measure to the most directly comparable measure specified, defined or determined under IFRS and presented in our financial statements, refer to “Non-IFRS Measures”.
   3. “All-in sustaining costs” is a non-IFRS measure; for a description of how we calculate this measure and a reconciliation from this measure to the most directly comparable measure specified, defined or determined under IFRS and presented in our financial statements, refer to “Non-IFRS Measures”.
   4. “Adjusted earnings per share” is a non-IFRS measure; for a description of how we calculate this measure and a reconciliation from this measure to the most directly comparable measure specified, defined or determined under IFRS and presented in our financial statements, refer to “Non-IFRS Measures”.</sup>

Review of Mining Operations and Development Projects
Selected Quarterly Financial and Operating Results

^{(1) 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) Consolidated cash operating costs per gold ounce sold, consolidated cash operating costs per gold ounce produced and consolidated all-in sustaining costs per gold ounce sold for the three and nine months ended September 30, 2025, do not include the results of pre-commercial production from the Goose Mine.}

Outlook

Consolidated gold production was 634,732 ounces in the first nine months of 2026. Strong year-to-date production from Masbate and Otjikoto, and lower royalty costs at Fekola, helped drive lower than expected consolidated cash operating costs and all-in sustaining costs.

At the Fekola Mine, the Company remains focused on efficient operations at both the Fekola and Cardinal open-pits and Fekola underground. In the third quarter of 2026, open pit activities at Fekola transitioned to waste stripping in Phase 8. This large waste mining campaign will continue through the majority of 2027. The issuance of the Menankoto exploitation permit by the State of Mali during the third quarter, which together with the Dandoko exploration permit forms Fekola Regional, unlocks one of the Company’s most important near-term growth opportunities. With the Menankoto exploitation permit now received, mining pre-stripping activities commenced in October and ore is expected to be delivered to the Fekola process plant in the first quarter of 2027, upon completion of the toll milling agreement. Fekola Regional is expected to ramp up operations through the end of 2027, and produce in excess of 150,000 ounces of gold per year from 2028 through the mid-2030’s.

At Goose, remediation repairs as a result of the crushing circuit fire have been completed along with Phase 1 of the planned Goose fixed crushing circuit upgrades. Mill throughput is now averaging 3,200 tpd and is expected to remain at those levels until mid-year 2027, at which time the Company expects to complete Phase 2 upgrades in order that the Goose mill operates at an average of 4,000 tonnes per day. B2Gold continues to target gold production of 300,000 ounces of gold per year over the medium-term.

At Masbate, strong gold production results from the first nine months of 2026 are expected to continue through the remainder of the year. As a result, the Company is lowering its 2026 cash operating cost and all-in sustaining cost guidance for Masbate. Ongoing exploration, permitting and mine planning work is underway to evaluate additional opportunities for mine life extensions at current gold prices.

Similarly, at Otjikoto strong gold production results from the first nine months of 2026 are expected to continue throughout the remainder of the year. As a result, the Company is lowering its 2026 all-in sustaining cost guidance for Otjikoto. Work progressed during the quarter at Antelope, four kilometres southwest of Otjikoto, where surface and underground infrastructure is being established to support the development phase of the Antelope deposit.

The Company is well placed to complete its planned capital and exploration activities for 2026, manage its financial commitments and continue to return capital to its shareholders. In addition to paying a dividend at a yield consistent with its peer group, the Company has continued to repurchase shares under its NCIB. The Company has repurchased 41 million shares to date in 2026 for a total of $205 million in cash and expects to repurchase further shares as the year progresses.

Exploration also remains a key focus as B2Gold seeks to both expand its reserve and resource base at its existing operations as well as greenfield opportunities, including strategic investments in prospective junior exploration companies.

The Company’s ongoing strategy is to continue to maximize responsible profitable production from its existing mines, maintain a strong financial position, realize the potential increase in gold production from the Company’s existing development projects, continue exploration programs across the Company’s robust land packages, evaluate new exploration, development and production opportunities and continue to return capital to shareholders.

2026 Guidance

The Company remains on-track to deliver its 2026 production cost guidance. Based on year-to-date cost performance, changes to certain aspects of the 2026 cash operating cost and all-in sustaining cost guidance are reflected in bold in the table below, including lowering cash operating cost guidance per ounce produced for Masbate and lowering all-in sustaining cost guidance for Fekola, Masbate, Otjikoto and the consolidated group. Goose all-in sustaining cost guidance remains unchanged, though full year results are expected to be near the top end of the range.

^{(1) Totals may not add due to rounding.
(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 (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”.}

Fourth Quarter 2026 Dividend

On November 4, 2026, B2Gold’s Board of Directors declared a cash dividend for the fourth quarter of 2026 (the “Q4 2026 Dividend”) of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on December 15, 2026, to shareholders of record as of December 2, 2026.

The Company currently has a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q4 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 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.

About B2Gold

B2Gold is a responsible international gold producer headquartered in Vancouver, Canada. 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 contained in this news release.