B2gold Corp. · TSX:BTO
B2gold — Investor Presentation (September 2026)
33 slides from B2gold's investor presentation, September 2026
Slide 1: Built for Value Creation
BUILT FOR VALUE CREATION September 2026 TSX BTO NYSE AMERICAN BTG NSX B2G
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS The information in this presentation has been prepared as at September 9, 2026. This presentation includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United Sta
Slide 3: Globally Diversified Gold Producer
GLOBALLY DIVERSIFIED GOLD PRODUCER GOOSE MINE 21%4 Nunavut, Canada 170 - 200koz HEAD OFFICE Vancouver, Canada FEKOLA COMPLEX3 MASBATE GOLD PROJECT 47%4 Mali 22%4 Philippines 390 - 420koz 180 – 200koz GRAMALOTE PROJECT Colombia OTJIKOTO MINE Development Project 10%4 Namibia 80 – 100koz 2026 GUIDANCE1
Slide 4: 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 5: Executive Leadership
EXECUTIVE LEADERSHIP Experienced team driving the next phase of growth and value creation Mike Cinnamond Michael McDonald William Lytle Randall Chatwin Victor King Dennis Stansbury President & CEO SVP & CFO SVP & COO SVP, Strategy & Chief SVP, Exploration SVP, Engineering & Legal Officer Project Eva
Slide 6: Investment Thesis
INVESTMENT THESIS High-quality assets Growing Free Cash Flow Shareholder returns Producing >800koz annually1 Expecting to generate Strong balance sheet and from a diversified portfolio of increasing Free Cash Flow with growing financial flexibility mines the Goose ramp up nearing Disciplined capital
Slide 7: Executing on Key Priorities
EXECUTING ON KEY PRIORITIES Demonstrating progress against 2026 key operational and financial commitments Gold Pre-Pay Completion Unlocks full exposure to gold DELIVERED Q2 2026 production at Goose Fekola Regional Permit DELIVERED Approval August 2026 Supports near-term growth in Mali Phase 1 Goose
Slide 8: Strengthening Financial Position
STRENGTHENING FINANCIAL POSITION Major growth capital, gold prepay commitments and collar impacts are rolling off 1,600 200% Major Growth Capital 1,400 Complete 163% 150% 1,200 • Goose expected to reach full capacity by mid-2027 1,000 100% Financing instruments nearing completion $M 800 62% 54% 50%
Slide 9: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION RETURNING CAPITAL TO SHAREHOLDERS +98% 224 113 172 10 increase in capital returns H1 2026 vs. FY 2025 103 52 Driven by increased share 2025 H1 2026 repurchases Dividends ($M) Buybacks ($M) Capital Allocation Priorities Invest in Growth Maintain Financial Flexibility Re
Slide 10: Sustainability
SUSTAINABILITY Our approach to responsible mining SUSTAINABILITY PURPOSE SUSTAINABILITY VISION Sustainability is a cornerstone of To be valued by our people and B2Gold’s performance and goal to communities through our commitment build a positive legacy in the to responsible mining, leading with comm
Slide 11: Exploration Investment
Exploration Investment Increased exploration supports Reserve growth and future development opportunities Annual Exploration Spend Mali Canada Namibia the Philippines Grassroots ~$81M 11 $61M 7 $53M 6 Exploration Objectives 51 • Expand Reserves and Resources through near-mine and brownfields explora
Slide 12: Strategic Investments
STRATEGIC INVESTMENTS Portfolio value of approximately $575M5 ~$230M ~$4M ~$20M ~$305M SNOWLINE GOLD1 AuMEGA METALS2 PROSPECTOR METALS3 VERSAMET ROYALTIES4 Exploration | Yukon Exploration | Newfoundland Exploration | Yukon Diversified Metals Royalties ~9.6% Ownership ~9.9% Ownership ~19.5% Ownership
Slide 13: Back River Gold District Overview
BACK RIVER GOLD DISTRICT OVERVIEW GOOSE MINE Nunavut, Canada BACK RIVER GOLD DISTRICT Type Open Pit / Underground B2Gold Ownership 100% Mine Life 20331 2026 Production Guidance2 170 – 200 koz 2026 AISC Guidance2,3 $2,670 - $2,970 BACK RIVER GOLD DISTRICT 2026 Cash Operating Costs2 $1,610 - $1,810 /
Slide 14: Goose Crusher Improvements
GOOSE CRUSHER IMPROVEMENTS Phased crusher improvements to improve throughput to nameplate capacity by mid-2027 795 tpd1 3,000 tpd2 3,200 tpd2 4,000 tpd2 With existing mobile crushers With new mobile crusher After phase 1 upgrades Nameplate capacity TODAY Issues Identified Interim Solution Permanent
Slide 15: Goose Mine Sequence
GOOSE MINE SEQUENCE Multiple opportunities for near-mine and district-scale mine life extension CURRENT MINE SEQUENCE Echo Pit Umwelt Pit & Underground Llama Pit Goose Main Pit Mined Out Currently Mining Future Mining Future Mining Reserve-based Production Profile1 and Extension Opportunities2 Echo
Slide 16: Goose Mine Exploration
GOOSE MINE EXPLORATION1 Goose Mine Long Section: Open-Ended Exploration Potential Umwelt Mineral Reserve Echo Inferred Resource Llama Mineral Reserve Open Pit: 580,000 oz @ 7.91 g/t Au Goose Main Mineral Reserve Underground: 130,000 oz 290,000 oz @ 6.39 g/t Au Underground: 980,000 oz @ 8.26 g/t Au 4
Slide 17: Fekola Complex Overview
FEKOLA COMPLEX OVERVIEW FEKOLA COMPLEX Mali Type Open Pit / Underground B2Gold Ownership 80% / 65%1 Mine Life 20342 2026 Production Guidance3 390 – 420 koz 2026 AISC Guidance3,4 $2,670 - $2,820 2026 Cash Operating Costs3 $1,060 - $1,160 / oz produced + 500 km Mali: Where Grade Meets Scale Consistent
Slide 18: Fekola Complex Map
FEKOLA COMPLEX MAP MEDINANDI (75 km2 exploitation license) Hosts Fekola deposit (including Fekola Underground) and Cardinal zone MENANKOTO (162 km2 exploitation permit) Approx. 20 km north of Fekola Hosts southern portion of Mamba, northern portion of Cobra Hosts the northern strike extension of the
Slide 19: Fekola Complex Growth
FEKOLA COMPLEX GROWTH Fekola Regional and Fekola Underground to Significantly Increase Gold Production With issuance of the Menankoto Exploitation Permit, mining pre-stripping activities and finalization of a tolling agreement will commence1; ramp up through the end of 2027 with production in excess
Slide 20: Fekola Pit
FEKOLA PIT Fekola Pit Long Section: West-Facing 20
Slide 21: 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 22: Otjikoto Overview
OTJIKOTO OVERVIEW OTJIKOTO MINE Namibia Type Open Pit / Underground B2Gold Ownership 90% 2026 Production Guidance1 80 – 100 koz 2026 AISC Guidance1,2 $1,830 - $1,980 2026 Cash Operating Costs1 $1,200 - $1,300 / oz produced Namibia: Stable Platform for Growth Excellent Experienced Infrastructure Work
Slide 23: Otjikoto Growth – Antelope Deposit
OTJIKOTO GROWTH – ANTELOPE DEPOSIT Development Decision Approved with Further Potential Upside High-grade, Otjikoto-style mineralization discovered ~4 km southwest of the existing open pit at Otjikoto Based on the results of the PEA, the Company has approved a development decision for the Antelope u
Slide 24: 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 25: Masbate Overview
MASBATE OVERVIEW MASBATE GOLD PROJECT the Philippines Type Open Pit B2Gold Ownership 100%1 Mine Life 20342 2026 Production Guidance3 180 – 200 koz 2026 AISC Guidance3,4 $1,430 - $1,580 2026 Cash Operating Costs3 $900 - $1,000 / oz produced The Philippines: A Stable Value Driver Primed for Skilled Ex
Slide 26: Gramalote Project – FS Overview
GRAMALOTE PROJECT – FS OVERVIEW PRODUCTION PROFILE 2025 FS 6.0 Mtpa1 Significant Production Profile Life of Project (years) 13 Total Processed Tonnes (t) 76,700,000 177,000 ounces average annual gold production over a 13 year project life Processing Rate (tpa) 6,000,000 Processed Feed Grade (g/t) 0.
Slide 27: Appendix
APPENDIX
Slide 28: Corporate Structure
CORPORATE STRUCTURE SNAPSHOT (as of September 4, 2026) ANALYST COVERAGE SHAREHOLDERS4 Bank of America Securities C$7.00 TSX: BTO NYSE AMERICAN: BTG BMO Capital Markets C$9.50 Share Price C$7.76 Institutional Basic Shares Outstanding 1,321M Canaccord Genuity C$11.00 Basic Market Capitalization C$10.3
Slide 29: Board of Directors
BOARD OF DIRECTORS Kelvin Dushnisky Mike Cinnamond Greg Barnes Kevin Bullock Liane Kelly Executive Chair President & CEO Lead Independent Director Director of the Board Director Jerry Korpan Thabile Makgala Basie Maree Mary-Lynn Oke Robin Weisman Director Director Director Director Director 30
Slide 30: Climate Risk Management
CLIMATE RISK MANAGEMENT Prioritized Decarbonization Projects Our primary decarbonization strategy focuses on increasing the proportion of renewable energy in our electricity supply, while actively exploring additional carbon reduction opportunities FEKOLA COMPLEX MASBATE GOLD PROJECT Expanded the so
Slide 31: Mineral Reserve & Resource Estimates
MINERAL RESERVE & RESOURCE ESTIMATES Probable Mineral Reserves1 Mineral Resources1 Gold Probable Gold Indicated Inferred TONNES GRADE OUNCES TONNES GRADE OUNCES TONNES GRADE OUNCES (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) Fekola Open Pit 21,200 1.80 1,220 Fekola Open Pit 45,610 1.28 1,880
Slide 32: Technical Disclosures
Technical Disclosures The scientific and technical information, including Reserves and Resources, contained in this presentation relating to the Goose Mine and Back River District, Fekola Complex, the Otjikoto Mine, the Masbate Gold Project and the Gramalote Project have been approved by M. Meyers,
Slide 33: B2Gold Corp. Contact Details
B2GOLD CORP. Suite 3400 - 666 Burrard Street Vancouver, BC Canada, V6C 2X8 Tel: +1 604 681 8371 Fax: +1 604 681 6209 Email: investor@b2gold.com Website: www.b2gold.com