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B2Gold Announces Total Gold Production for Q4 2023 of 288,665 oz; Total Gold Production for 2023 of 1,061,060 oz, Achieving Upper Half of 2023 Guidance; 2024 Guidance, Preliminary 2025 Production Outlook and Gold Prepay Arrangement

Press Release

VANCOUVER, British Columbia, Jan. 23, 2024 — B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) is pleased to announce its gold production and gold revenue for the fourth quarter and full year 2023, its gold production and cost guidance for 2024, preliminary 2025 production outlook, and a gold prepayment arrangement. All dollar figures are in United States dollars unless otherwise indicated. Canadian dollars are converted to United States dollars at an exchange rate of 1.35 to 1.

2023 Highlights

  • Strong quarterly total gold production in Q4 2023: Higher than anticipated total gold production in the fourth quarter of 2023 of 288,665 ounces, including 18,054 ounces of attributable production from Calibre Mining Corp. (“Calibre”).
  • Achieved upper half of 2023 annual gold production guidance: Total gold production for 2023 was 1,061,060 ounces (including 68,717 ounces of attributable production from Calibre), achieving the upper half of 2023 guidance and marking the Company’s eighth consecutive year of meeting or exceeding annual production guidance.
  • Strong quarterly gold revenue to finish 2023: Consolidated gold revenue in the fourth quarter of 2023 of $512 million on sales of 256,921 ounces at an average realized gold price of $1,993 per gold ounce. For the full year 2023, consolidated gold revenue was $1,934 million on sales of 994,060 ounces at an average realized gold price of $1,946 per gold ounce.
  • Re-affirm full year 2023 total consolidated cost guidance: Total consolidated cash operating costs (see “Non-IFRS Measures”) for the year (including attributable results for Calibre) are still expected to be slightly below the guidance range of $670 and $730 per ounce and total consolidated all-in sustaining costs (“AISC”) (see “Non-IFRS Measures”) for the year (including attributable results for Calibre) are still forecast to be at the low end of the guidance range of between $1,195 and $1,255 per ounce.
  • Achieved significant safety milestone of 5 years without a Lost Time Injury at Masbate: On November 17, 2023, the Masbate Mine, located in the Philippines, achieved a major safety milestone, exceeding 32 million hours, 1,826 days, worked without a Lost Time Injury. B2Gold has a longstanding commitment to continuous safety improvement at all of its sites, and its goal of sending everyone home safe at each of its operations and projects.

2024 Guidance and 2025 Preliminary Outlook Highlights

  • Total gold production is anticipated to be 860,000 to 940,000 ounces in 2024: Total gold production guidance for 2024 of 860,000 to 940,000 ounces, including 40,000 to 50,000 ounces of attributable production from Calibre. The expected decrease in gold production relative to 2023 is predominantly due to lower production at the Fekola Complex as a result of the delay in receiving an exploitation license for Fekola Regional from the Government of Mali, delaying the 80,000 to 100,000 ounces that were scheduled in the life of mine plan to be trucked to the Fekola mill and processed in 2024. The contribution of this gold production from Fekola Regional is now assumed to start at the beginning of 2025.
  • Total consolidated cash operating costs and all-in sustaining costs reflect a transition year at the Company in 2024: Total consolidated cash operating cost guidance of $835 to $895 per gold ounce, higher than the 2023 guidance range due to the processing of lower-grade ore at Fekola in 2024. Total AISC guidance of $1,360 to $1,420 per gold ounce, reflecting the final full year of spending on both the new Fekola Tailings Storage Facility (“TSF”) and the Fekola solar plant expansion, in addition to the ongoing substantial capitalized stripping campaign planned at Fekola for 2024.
  • B2Gold consolidated gold production expected to increase to record levels in 2025: Based on current estimates, consolidated gold production in 2025 is expected to be between 1,130,000 and 1,260,000 ounces, driven by a significant increase in gold production from the Fekola Complex, relative to 2024, as a result of the scheduled mining and processing of higher-grade ore from the Fekola and Cardinal pits made accessible by the meaningful stripping campaign that will be undertaken throughout 2024, a full year contribution of higher-grade ore from Fekola Regional, and commencement of mining the higher-grade Fekola underground (subject to receipt of necessary permits for Fekola Regional and Fekola underground). In addition, the Goose Project is expected to commence gold production in the first quarter of 2025 and contribute between 220,000 and 260,000 ounces of gold production in calendar year 2025. As a result of the expected completion of several capital projects in 2024 and early 2025, it is expected that there will be a significant decrease in both sustaining and growth capital expenditures in 2025 as well.
  • Construction at the Goose Project is progressing on track, with the project remaining on schedule for first gold pour in the first quarter of 2025: Construction continues ahead of schedule within the mill and processing buildings, along with preparatory work for peak construction activities in the second and third quarter of 2024. Mine development is well underway at the Echo Pit and Umwelt Underground mine to generate high-grade stockpiles prior to mill commissioning. Following the successful completion of the 2023 sea lift, the construction of the Winter Ice Road (“WIR”) is well underway and expected to be completed on schedule and fully operational as of the second full week of February 2024, transporting all required materials from the Marine Laydown Area (“MLA”) to the Goose Project site by the end of April 2024.
  • Goose Project construction capital estimate revised to C$1,050 million: After completing a detailed review of the Goose Project design, materials, and construction schedule as part of the 2024 budgeting process, the Company is revising the total construction capital estimate from C$800 million to C$1,050 million. Most of the increase in the construction capital estimate relates to underestimated labour and site operating costs in the feasibility study, along with additional general inflationary impacts on construction materials, consumables and transportation costs. In addition, a detailed review of the project design has identified deficiencies in project components including power generation and distribution, laboratory, piping, and controls and instrumentation, which are being corrected to deliver a reliable operation. As of December 31, 2023, approximately C$715 million total cash has been spent on the Goose Project (by B2Gold and Sabina Gold & Silver Corp. (“Sabina”)). Future construction capital cost variance is expected to be minimal as over half of the construction capital costs to be incurred in 2024 are related to labour in order to bring the project close to commissioning by the end of the year, and all major components have been purchased or are under contract.
  • Results of the Fekola Complex optimization study outlining the trucking of ore from the Anaconda Area (comprised of the Bantako, Menankoto and Bakolobi permits) to be released in the first quarter of 2024: Initial results of a Fekola Complex optimization study indicate that the trucking of both oxide and sulphide ore from the Anaconda Area to the Fekola mill is the optimal option to maximize the value of Fekola Regional, and to extend the processing life of the Fekola mill. The study is expected to be released in the first quarter of 2024.
  • Preliminary economic assessment (“PEA”) on the Gramalote Project expected by the end of the second quarter of 2024: The Company completed a detailed review of the Gramalote Project, including the 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 smaller scale project. A formal study commenced in the fourth quarter of 2023, with the goal of completing a PEA by the end of the second quarter of 2024.
  • Continued focus on exploration investment across B2Gold’s highly prospective land packages: $63 million allocated to exploration in 2024 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.

Gold Prepay Highlights

  • Upfront payment of $500 million, used to fund sustaining, development and growth projects across the operating portfolio, and increase financial capacity for potential growth projects in Namibia and Colombia: On January 23, 2024, B2Gold completed a gold prepayment for $500 million, based on gold forward curve prices averaging approximately $2,191 per ounce, in exchange for equal monthly deliveries of gold from July 2025 to June 2026 totaling 264,775 ounces, representing approximately 10% of expected annual gold production in each of 2025 and 2026 (subject to finalization of production guidance for 2025 and 2026). The gold forward sale and prepay arrangement (the “Gold Prepay”) was executed by existing revolving credit facility participants Bank of Montreal, Canadian Imperial Bank of Commerce, ING Capital Markets LLC, and National Bank of Canada.

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