B2Gold (BTO) investor relations material

Corporate strategy and leadership

• Focus on responsible mining, maximizing profitable gold production, and increasing reserves and resources.

• Emphasis on organic growth through development and exploration projects and investments in junior companies.

• Strong cash position maintained, with ongoing capital returns to shareholders.

• Experienced executive team and board guiding growth and value creation.

Operational and financial performance

• 2026 gold production guidance is 820-920 koz from a diversified portfolio across Canada, Mali, Namibia, and the Philippines.

• All-in sustaining costs (AISC) for 2026 are projected at $2,370-$2,550/oz, with cash costs of $1,155-$1,280/oz.

• Major growth capital and gold prepay commitments are concluding, enabling full exposure to spot gold prices in 2027.

• Strong balance sheet with $287M in cash and $800M revolving credit facility as of June 2026.

Key assets and growth projects

• Goose Mine in Nunavut, Canada, is ramping up with 2026 guidance of 170-200 koz and significant mine life extension potential.

• Fekola Complex in Mali targets 390-420 koz in 2026, with regional and underground expansions underway.

• Otjikoto Mine in Namibia expects 80-100 koz in 2026, with the Antelope underground project approved for development.

• Masbate Gold Project in the Philippines forecasts 180-200 koz in 2026, maintaining a competitive cost structure.

• Gramalote Project in Colombia offers a 13-year life, 177 koz/year average production, and low AISC.