B2Gold (BTO) investor relations material

Executive summary

• Received Menankoto Exploitation Permit in Mali, enabling Fekola Regional development and future production growth.

• Q2 2026 gold production reached 203,648 ounces, with strong output from Fekola, Masbate, and Otjikoto, offset by lower Goose production due to a fire in April.

• Net income attributable to shareholders was $417 million ($0.31/share); adjusted net income was $41 million ($0.03/share), excluding a $292 million gain on sale of mining interests and $135 million in unrealized derivative gains.

• Completed sale of Finland Properties/Fingold Ventures for $325 million and repurchased 19 million shares for $92 million in Q2.

• Leadership transitions: Mike Cinnamond appointed CEO, Michael McDonald as CFO, with continued strategic continuity.

Financial highlights

• Q2 2026 gold revenue was $789 million, up from $692 million in Q2 2025.

• Q2 2026 net income was $420 million, up from $161 million in Q2 2025.

• Adjusted net income for Q2 2026 was $41 million, down from $163 million in Q2 2025.

• Q2 2026 free cash flow was negative $258 million, mainly due to higher cash tax payments, prepaid gold sales, and increased production costs.

• Cash and cash equivalents at June 30, 2026, were $287 million; working capital was $405 million.

Outlook and guidance

• Consolidated 2026 gold production guidance narrowed to 820,000–920,000 ounces.

• Fekola Regional expected to ramp up through 2027, targeting 150,000+ ounces/year from 2028 onward.

• Cash operating cost guidance unchanged at $1,155–$1,280/oz; all-in sustaining cost guidance lowered to $2,370–$2,550/oz.

• Free cash flow expected to rise significantly in H2 2026 and into 2027 as prepaid and collar contracts conclude.

• Fekola Complex guidance: 390,000–420,000 oz; Masbate: 180,000–200,000 oz; Otjikoto: 80,000–100,000 oz; Goose: 170,000–200,000 oz.