B2gold Corp. · TSX:BTO
B2gold — Investor Presentation (June 2025)
54 slides from B2gold's investor presentation, June 2025
Slide 1: A Responsible International Senior Gold Producer
A Responsible International TSX BTO NYSE AMERICAN BTG NSX B2G Senior Gold Producer CORPORATE PRESENTATION JUNE 2025 ACQUIRE DISCOVER FINANCE BUILD OPERATE 1
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS Production results and production guidance presented in this presentation reflect total production at the mines B2Gold operates on a B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale 100% pro
Slide 3: Globally Diversified Senior Gold Producer
GLOBALLY DIVERSIFIED SENIOR GOLD PRODUCER BACK RIVER GOLD DISTRICT Nunavut, Canada CENTRAL LAPLAND JV Finland HEAD OFFICE Vancouver, Canada FEKOLA COMPLEX1 MASBATE GOLD PROJECT GRAMALOTE Mali Philippines Colombia OTJIKOTO MINE Namibia Producing Mine Development Project Exploration Project Headquarte
Slide 4: Health & Safety Performance
HEALTH & SAFETY PERFORMANCE Q1 2025 Consolidated Highlights1 LTIFR TRIFR Severity Rate Masbate Fekola 0.06 0.42 2.95 Zero LTI Zero LTI Lost Time Injury Total Recordable Lost Time + Restricted 2,237 days (+6 years) 423 (+1year) Frequency Rate Injury Frequency Rate Workdays +40.9 million hours worked
Slide 5: Strong & Profitable Production Profile
STRONG & PROFITABLE PRODUCTION PROFILE Robust Production Levels Expected in 2025 1,400 $1,460 - $1,600 $1,520 $1,465 $1,400 1,200 970 - 1,075 1,047 1,061 1,041 1,028 1,030 $1,200 980 $1,201 Guidance Range 1,000 954 $1,033 $1,201 $1,033 Fekola $947 $1,000 Gold Production (koz) 805 800 $860 $862 $888
Slide 6: Corporate Strategy
CORPORATE STRATEGY Maintain the highest standards of Maximize profitable gold production from responsible mining, government existing mines while increasing Mineral relationships, Health, Safety & Reserves and Mineral Resources Environment stewardship and Corporate Social Responsibility (“CSR”) prog
Slide 7: Corporate Structure
CORPORATE STRUCTURE SNAPSHOT (as of June 5, 2025) ANALYST COVERAGE SHAREHOLDERS3 TSX: BTO NYSE AMERICAN: BTG Bank of America Securities C$3.85 Share Price C$5.08 BMO Capital Markets C$7.00 Institutional Basic Shares Outstanding 1,321M Canaccord Genuity C$8.25 Basic Market Capitalization C$6.7B CIBC
Slide 8: Q1 2025 Results & 2025 Guidance
Q1 2025 RESULTS & 2025 GUIDANCE Gold Production, Cash Operating Costs & All-In Sustaining Costs Q1 2025 Q2 2025 Q3 2025 Q4 2025 Fekola 93,805 oz Masbate 46,369 oz Otjikoto 52,578 oz Goose Project - TOTAL 192,752 oz 2025 YTD Production 192,752 oz Q1 2025 ACTUAL GUIDANCE 2025 Gold Production 192,752 k
Slide 9: 2025 Production & Cost Guidance
2025 PRODUCTION & COST GUIDANCE 2025 GUIDANCE Gold production 970 Koz – 1,075 Koz Cash operating costs1,2 $835 - $895 /oz AISC1,2 $1,460 - $1,520 /oz FEKOLA COMPLEX Mali 52% MASBATE GOLD PROJECT The Philippines 18% 52% Type Open Pit / Underground Type Open Pit Gold production 515 Koz - 550 Koz 18% G
Slide 10: Organic Production Growth Pipeline
ORGANIC PRODUCTION GROWTH PIPELINE Potential to add over 750,000 ounces of new annual production within the next 5 years GOOSE PROJECT (2026 - 2031) Potential new production through end of decade ~300,000 oz / year +750,000 oz Mill construction remains on schedule First production expected in Q2 202
Slide 11: Back River Gold District Overview
BACK RIVER GOLD DISTRICT OVERVIEW GOOSE PROJECT Nunavut, Canada1 Type Open Pit / Underground B2Gold Ownership 100% Processing Throughput (design) 1.5 Mtpa (4,000 tpd) Mineral Reserve Grade 6.82 g/t Au Gold Recovery (estimate) 92.5% Gold Production (estimate) 300,000 oz per year (2026 to 2031) 120 -
Slide 12: Back River Gold District Highlights
BACK RIVER GOLD DISTRICT HIGHLIGHTS Large, High-Grade Resource1 Measurable Exploration Upside Tier-1 Jurisdiction With an estimated average head grade of Back River is a multigenerational district with Canada ranks consistently as one of the ~6.82 g/t gold, the Goose Project ranks among the 11 claim
Slide 13: Back River Gold District Map
BACK RIVER GOLD DISTRICT MAP GOOSE (152 km2 license) Hosts 6 gold deposits fully permitted for mining; additional targets being tested GEORGE (168 km2 license) ~50 km northwest of Goose, consists of over 20 km of iron formation BOOT (100 km2 license) Hosts multiple mineralized structures intersectin
Slide 14: Mineral Reserve & Resource Estimate
MINERAL RESERVE & RESOURCE ESTIMATE Strong Resource Base with Unrealized Exploration Upside Mineral Reserve 1 Robust Mineral Resource TONNES GRADE GOLD OZ 16% improvement in Indicated Mineral Resource grade & 14% AREA (x 1,000) (g/t Au) (x 1,000) improvement in Inferred Mineral Resource grade versus
Slide 15: Goose Project Mineral Reserve Life of Mine
GOOSE PROJECT MINERAL RESERVE LIFE OF MINE Summary Results of the Updated Mineral Reserve Life of Mine Plan Mineral Reserve Life of Mine Plan Results 1,2,3 Technical Report Overview Steady State Years Mineral Reserve Evaluates recovery of gold from 4 open pit deposits and 1 (2027 – 2031) Life of Min
Slide 16: Goose Technical Report Highlights
GOOSE TECHNICAL REPORT HIGHLIGHTS1 Robust Mineral Resource Meaningful Gold Production Profile Attractive AISC Anticipated 16% improvement in Indicated Mineral Resource Initial Mineral Reserve mine life of approx. 9 From 2025 through 2027 AISC are impacted by grade & 14% improvement in Inferred Miner
Slide 17: Goose Project Opportunities
GOOSE PROJECT OPPORTUNITIES B2Gold has begun multiple optimization studies with the goal of maximizing the long-term value of the Back River Gold District, including: Evaluating a flotation / concentrate leach process; potential option to increase gold recovery and reduce processing and operating co
Slide 18: Goose Project Exploration
GOOSE PROJECT EXPLORATION1 Goose Project Long Section: Open-Ended Exploration Potential Umwelt Mineral Reserve Llama Mineral Reserve Open Pit: 650,000 oz @ 7.75 g/t Au Echo Mineral Reserve Goose Main Mineral Reserve 290,000 oz @ 6.39 g/t Au Underground: 1,010,000 oz @ 8.30 g/t Au 30,000 oz @ 5.69 g/
Slide 19: Goose Project Exploration
GOOSE PROJECT EXPLORATION Exploration and Infill Drill Result Highlights from B2Gold’s 2024 Goose Project Drilling Campaign NEAR MINE EXPLORATION TARGETS 7,361 m of drilling over 14 drill holes completed 26,209 m DRILLED IN 69 HOLES in 2024 Nuvuyak Deposit: 24GSE-683Z1 6.39 g/t Au over 28.80 m, incl
Slide 20: Goose Construction Progress
GOOSE CONSTRUCTION PROGRESS On Schedule For First Gold Pour in Q2 2025 WINTER ICE ROAD MARINE LAYDOWN AREA GOOSE SITE PROCESS PLANT GOOSE PROJECT SITE 2025 WIR opened February 18, 2025 Sealift offloading performance 90% of Concrete poured in 2024 Echo pit mining concluded May (3 weeks improvement co
Slide 21: Goose Project Updates
GOOSE PROJECT UPDATES Goose Project process plant facilities progressing on schedule Ball Mill, Gravity Circuit, and Verti-mill Powerhouse 21
Slide 22: Goose Project Updates
GOOSE PROJECT UPDATES Goose Project Site Area Marine Laydown Area New Hardwall Camp Lower Laydown Expansion 22
Slide 23: Goose Project – Total Capital
GOOSE PROJECT – TOTAL CAPITAL C$136 MILLION TOTAL CASH spent on Goose Project Revised Construction and construction & mine development in Q1 2025 Mine Development Capex Estimate1 C$1,540M REVISED CAPITAL ESTIMATE - SEPTEMBER 2024 C$1,540 million, Primarily due to one quarter delay in first gold prod
Slide 24: Fekola Overview
FEKOLA OVERVIEW FEKOLA COMPLEX Mali Type Open Pit B2Gold Ownership 80% / 65%1 Processing Throughput 9.0 Mtpa Mineral Reserve Grade 1.73 g/t Au2 Gold Recovery ~92.0% 515 - 550 Koz $1,550 - $1,610 2025 gold production 2025 AISC3 guidance guidance 2014 2015 2017 2019 2023 Acquired Construction Open Pit
Slide 25: Fekola Complex Map
FEKOLA COMPLEX MAP MEDINANDI (75 km2 exploitation license) Hosts Fekola deposit (including Fekola Underground) and Cardinal zone MENANKOTO (162 km2 exploration permit) Approx. 20 km north of Fekola Hosts southern portion of Mamba, northern portion of Cobra Hosts the northern strike extension of the
Slide 26: Fekola Complex Growth
FEKOLA COMPLEX GROWTH Fekola Regional and Fekola Underground to Significantly Increase Gold Production in 2025 Mining and trucking operations anticipated to commence at Fekola Regional in H2 2025 Initial gold production from Fekola underground also expected in mid-2025 FEKOLA MILL Existing Sources D
Slide 27: Mali Agreement on Fekola Complex
MALI AGREEMENT ON FEKOLA COMPLEX1 STATE OF MALI TO ISSUE FEKOLA MINE GOVERNED BY EXPLOITATION PERMITS FOR 2012 MINING CODE; FEKOLA FEKOLA REGIONAL AND REGIONAL GOVERNED BY FEKOLA UNDERGROUND 2023 MINING CODE Fekola Regional expected to contribute 20,000 to Fekola Mine governed by 2012 Mining Code 25
Slide 28: Fekola Complex Mineral Resources
FEKOLA COMPLEX MINERAL RESOURCES Mineral Resources1 TONNES GRADE GOLD OZ AREA (x 1,000) (g/t Au) (x 1,000) Resource (Indicated) Fekola Open Pit 82,770 1.28 3,400 Cardinal Zone 11,720 1.43 540 FNE Zone 4,510 1.24 180 Total Fekola Mine 99,000 1.29 4,110 Anaconda Area 56,860 1.11 2,030 Dandoko Area 8,5
Slide 29: Otjikoto Overview
OTJIKOTO OVERVIEW OTJIKOTO MINE Namibia Type Open Pit / Underground B2Gold Ownership 90% Processing Throughput 3.4 Mtpa Mineral Reserve Grade 3.24 g/t Au1 Gold Recovery ~98.0% 165 - 185 Koz $980 - $1,040 2025 gold production 2025 AISC2 guidance guidance 2014 2013 2014 2022 2023 Acquired Construction
Slide 30: Otjikoto Growth – Antelope Deposit
OTJIKOTO GROWTH – ANTELOPE DEPOSIT Initial Inferred Mineral Resource Estimate for the Springbok Zone meets threshold for PEA High-grade, Otjikoto-style mineralization discovered ~4 km southwest of the existing open pit at Otjikoto Over 36,000 m drilled at the Springbok Zone to inform the initial Inf
Slide 31: Antelope Deposit – PEA Overview
ANTELOPE DEPOSIT – PEA OVERVIEW Enhanced Production Profile PRODUCTION PROFILE 2025 PEA1 65,000 ounces average annual gold Life of Mine (years) 5 production over a 5 year mine life Ore Tonnes Processed (Mt) 1.9 Average Gold Grade Processed (g/t) 5.75 Strong Project Economics Process Gold Recovery (%
Slide 32: Antelope Deposit – PEA Production Profile
ANTELOPE DEPOSIT – PEA PRODUCTION PROFILE Incremental Production and Cost Profile 1 120,000 $1,800 5 years $1,600 100,000 Life of Mine $1,400 327 koz Gold Production (oz) 80,000 $1,200 AISC (US$/oz) Life of Mine gold $1,000 production 60,000 $800 65 koz 40,000 $600 Average annual gold production $40
Slide 33: Masbate Overview
MASBATE OVERVIEW MASBATE GOLD PROJECT The Philippines Type Open Pit B2Gold Ownership 100%1 Processing Throughput 8.0 Mtpa Mineral Reserve Grade 0.73 g/t Au2 Gold Recovery ~74.0% 170 - 190 Koz $1,310 - $1,370 2025 gold production 2025 AISC3 guidance guidance 2008 2009 2013 2016 2024 Construction Open
Slide 34: Gramalote Project – PEA Overview
GRAMALOTE PROJECT – PEA OVERVIEW PRODUCTION PROFILE 2024 PEA 6.0 Mtpa1 Significant Production Profile Life of Project (years) 12.5 Total Processed Tonnes (t) 75,000,000 185,000 ounces average annual gold production over a 12.5 year project life Processing Rate (tpa) 6,000,000 Processed Feed Grade (g
Slide 35: Gramalote Project – PEA Production Profile
GRAMALOTE PROJECT – PEA PRODUCTION PROFILE1 2024 PEA 6.0 Mtpa - Gold Production 300 EST. 2.5 YEAR CONSTRUCTION 12.5 years 250 Life of Project 2.3 Moz Gold Production (koz) 200 Life of Project gold production 150 234 koz Average yearly gold production 100 over first 5 years 185 koz 50 Average Life of
Slide 36: 2025 Exploration Budget
2025 EXPLORATION BUDGET BACK RIVER | NUNAVUT, CANADA FEKOLA COMPLEX1 | MALI OTJIKOTO | NAMIBIA MASBATE | THE PHILIPPINES Budget $32M Budget $9M Budget $7M Budget $3M Program 25,000 meters Program 16,000 meters Program 44,000 meters Program 4,200 meters • Drilling will target extensions of the • Ongo
Slide 37: Strategic Investments
STRATEGIC INVESTMENTS Portfolio Value of over ~$230M ~$90M ~$20M ~$1.5M ~$0.5M ~$120M SNOWLINE GOLD1 FOUNDERS METALS2 AuMEGA METALS3 PROSPECTOR METALS4 VERSAMET ROYALTIES5 Exploration | Yukon Exploration | Suriname Exploration | Newfoundland Exploration | Yukon Diversified Metals Royalties ~9.9% Own
Slide 38: Organic Growth Catalysts Being Advanced
ORGANIC GROWTH CATALYSTS BEING ADVANCED 2024 Q1 2025 Q2 2025 H2 2025 Q3 2025 Gramalote Project Antelope Deposit Goose Project Gramalote Project Goose Project Preliminary Economic Preliminary Economic First Gold Pour Feasibility Study Commercial Assessment Assessment Production Initial Production at
Slide 39: Appendix
APPENDIX
Slide 40: Executive Team Experience
EXECUTIVE TEAM EXPERIENCE Majority of executive team working together over 25 years with Bema Gold / B2Gold Clive T. Johnson Mike Cinnamond William Lytle Randall Chatwin Victor King Dennis Stansbury President & CEO SVP, Finance & CFO SVP & COO SVP, Legal & Corporate SVP, Exploration SVP, Engineering
Slide 41: Board of Directors
BOARD OF DIRECTORS Kelvin Dushnisky Clive T. Johnson Greg Barnes Kevin Bullock Liane Kelly Chair of the Board President & CEO Director Director Director Jerry Korpan Thabile Makgala Basie Maree Lisa Pankratz Robin Weisman Director Director Director Director Director 41
Slide 42: Environmental, Social and Governance
ENVIRONMENTAL, SOCIAL AND GOVERNANCE Raising the Bar – Our Approach RESPONSIBLE RESPECTFUL AND CLIMATE RISK LOCAL ENVIRONMENTAL PRACTICES SAFE WORKPLACES MANAGEMENT COMMUNITIES Highlighted text Implementation of PROGRESSIVE 96.8% national employment1,3 Target to reduce Scope 1 and 2 Invested approxi
Slide 43: Our People
OUR PEOPLE 2024 WORKFORCE as of December 31, 2024 6,564 96.8% 46% employees globally national employment senior management (2024: 6,478) (Q4 2024: 96.8%)1,3 roles filled by national employees (Q4 2024: 56.6%) 2,3 EQUITY, DIVERSITY AND INCLUSION as of March 31, 2025 13.4% 25% of workforce of senior p
Slide 44: Employment Spotlight
EMPLOYMENT SPOTLIGHT Inuit Employment, Training, and Community Initiatives First Quarter 2025 Employment and Community Statistics > 184 Inuit worked at the Goose Project completing 77,196 hours of work > $41,682,178 in value committed to Kitikmeot Qualified Business Registry firms in Q1 2025 Kitikme
Slide 45: Local Communities
LOCAL COMMUNITIES MALI Investment into better access to health care, education and water supply for local villages; Ongoing livelihood initiatives such as smallholder farms and poultry and fish farming projects Strengthening communities through the Goungouboto Agricultural Project, a socio-economic
Slide 46: Local Communities
LOCAL COMMUNITIES PHILIPPINES Community investment initiatives focused on education, access to health services & facilities, enterprise development, livelihood development and vocational training In 2024, generated over 600 local jobs through various training and employment initiatives: Building loc
Slide 47: Biodiversity Conservation
BIODIVERSITY CONSERVATION Achieving No Net Loss of Critical Habitat FEKOLA MASBATE OTJIKOTO GOOSE COMPLEX GOLD PROJECT MINE PROJECT Extensive study of West Over 3,800 reef balls with 15,000-hectare Otjikoto B2Gold Nunavut has African chimpanzee 66,500 coral fragments Nature Reserve is home to implem
Slide 48: Climate Risk Management
CLIMATE RISK MANAGEMENT Target to reduce Scope 1 and 2 GHG emissions by 30% by 20301 FEKOLA MINE MASATE GOLD PROJECT OTJIKOTO MINE GOOSE PROJECT In 2024, expanded the solar Rooftop solar panel project: In Power purchase agreement Advancing final project plant by 22 MW 2024, we installed eight with a
Slide 49: The Back River Project Energy Centre
THE BACK RIVER PROJECT ENERGY CENTRE The Back River Project Energy Wind Generation System 13 4.5 MW ~58 MW Centre is a clean energy facility WIND TURBINE GENERATORS POWER CAPACITY EACH ELECTRICITY with the potential to OFFSET UP TO 50% OF PROJECT Electrical transmission lines will be laid directly o
Slide 50: Potential to Harness Renewable Energy
POTENTIAL TO HARNESS RENEWABLE ENERGY Opportunity to utilize wind energy to reduce diesel dependence and lower carbon emissions DIAVIK (RIO TINTO) RAGLAN (GLENCORE) HOPE BAY (AGNICO) Diamond mine with operating wind farm Glencore signed a 20-year power purchase Agnico signed a memorandum of in Yello
Slide 51: Experienced Operators in the Arctic
EXPERIENCED OPERATORS IN THE ARCTIC B2Gold technical team advanced Kupol from exploration to construction while at Bema Gold Bema announces Releases Kupol Kinross to acquire Bema Kinross announces agreement to acquire Preliminary Economic (Bema team to complete first production interest in Kupol pro
Slide 52: Fekola Regional – Mamba Zone
FEKOLA REGIONAL – Mamba Zone1 Mamba Long Section: West-Facing MSD_241 8.6 g/t Au over 46.0m; BND_149 12.0 g/t Grade / width combinations and a well-defined Au over 16.2m; and MSD_184 13.1 g/t Au over 9.2m: geometry reinforce the consideration of an excellent examples of high-grade sulphide shoot, wi
Slide 53: Fekola Pit
FEKOLA PIT Fekola Pit Long Section: West-Facing Potential Underground Development 53
Slide 54: Contact Details
CONTACT DETAILS B2Gold Corp. Suite 3400 CLIVE JOHNSON 666 Burrard Street President, CEO & Director Vancouver, BC +1 604 681 8371 Canada, V6C 2X8 RANDALL CHATWIN Tel: +1 604 681 8371 SVP, Legal & Corporate Communications Fax: +1 604 681 6209 +1 604 681 8371 Email: investor@b2gold.com MICHAEL MCDONALD