Slide 1: Back River Site Tour Project Presentation
TSX BTO Back River Site Tour NYSE AMERICAN BTG NSX B2G PROJECT PRESENTATION SEPTEMBER 26, 2023 ACQUIRE DISCOVER FINANCE BUILD OPERATE
Slide 2: Back River Overview
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Slide 3: Nunavut: Gold Mine of Opportunity
NUNAVUT: GOLD MINE OF OPPORTUNITY A Tier-1 Mining Jurisdiction Select Northern Canada Mining Operations Nunavut is fuelled by the gold mining MARY RIVER industry, accounting for 51% of the BAFFINVILLE territory’s overall GDP growth1 HOPE BAY AGNICO IZOK LAKE LUPIN BACK RIVER Current levels of gold p
Slide 4: Back River Gold District
STRICT 4 BeGoOLD Legend OF Ne Cres ‘Shipping Routos Yellowsnie 3 i] Property Logena (il owe Lenina © connumsessnwee A. Gacese Meta Pract € venant Po Shipping Routes, Territory wn ater Late ism beget “ a” ‘ Se \ So. Arctic Circle Back River. — Property y A George \ \ \ Boulder Me Boot Legend Daa eB ‘
Slide 5: Back River Gold District Map
BACK RIVER GOLD DISTRICT MAP GOOSE (229 km2 license) Hosts 6 gold deposits permitted for mining M&I Mineral Resource1 of 26.3 Mt at 6.02 g/t for 5.1 Moz of gold Inferred Mineral Resource1 of 8.4 Mt at 6.64 g/t for 1.80 Moz gold GEORGE (166 km2 license) ~50 km northwest of Goose, consists of over 20
Slide 6: Back River Gold District Overview
BACK RIVER GOLD DISTRICT OVERVIEW GOOSE PROJECT Nunavut, Canada Type Open Pit / Underground B2Gold Ownership 100% Processing Throughput (design)1 1.5 Mtpa (4,000 tpd) Mineral Reserve Grade 5.97 g/t Au1 Gold Recovery (estimate)1 ~93.0% Gold Production (estimate) +300koz / year over first 5 years = B2
Slide 7: Goose Project Timeline
GOOSE PROJECT TIMELINE 6KFS Feasibility Updated Feasibility B2Gold Acquisition Study & permitting Study (UFS) Re-baseline & execution June 2015 March 2021 April 2023 October 2015 March 2022 3KFS Feasibility 4Ktpd Update Study Class II Estimate 7
Slide 8: KIA Partnership
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Slide 9: Inuit Impact & Benefits Agreements Overview
INUIT IMPACT & BENEFITS AGREEMENTS OVERVIEW Nunavut Agreement created the largest settled land claim agreement in Canadian history This agreement was signed by Inuit of Nunavut and the Government of Canada Agreement established certain rights and guarantees for Inuit, including the requirement that
Slide 10: Inuit Impact Benefit Agreement
INUIT IMPACT BENEFIT AGREEMENT Growth Cornerstone Signed the Framework Agreement with the Kitikmeot Inuit Association in April 2018 20-year term 1% Net Smelter Royalty Equivalent to 2.5 million B2Gold shares – alignment as a shareholder Other definitive agreements Inuit employment targets Inuit trai
Slide 11: Logistics Overview
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Slide 12: Map of Logistics
MAP OF LOGISTICS 4 BeGoOLD Legend A Camp Locations Back River Lease/Claim =Aa= Winter lee Road Inuit Owned Land Surface GEE) Subsurface and Surface Back River Property 50
Slide 13: Marine Landing Area
MARINE LANDING AREA Located on Bathurst Inlet Approx. 70 person camp 3000ft. Gravel airstrip + heliport Diesel fuel storage Over 65,000m2 of outdoor storage area Sealift landing area (August through September) > 2023 sealift currently underway Barges and ships utilized Expected shipping volume for 2
Slide 14: Winter Ice Road
WINTER ICE ROAD 163 km long between Marine Landing Area and Goose Project Site Construction begins mid-December 2023 Road opening anticipated early February 2024 Road closing second half April 2024 Over 800 loads transported in 2023 > Construction equipment and Overhead cranes > Camp units > Contain
Slide 15: Construction Update
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Slide 16: Goose Project Construction Timeline
GOOSE PROJECT CONSTRUCTION TIMELINE On Track for Mill Completion and First Gold Production in Q1 2025 2022 & EARLIER 2023 2024 Q1 2025 Completion Winter Ice Road Full Construction (2023 – 2024) 163 km road completed and fully Full construction began in 2023 functional Continue pre-stripping of Echo
Slide 17: Goose Project Updates
GOOSE PROJECT UPDATES Winter Ice Road More than doubled the transport units in advance of 2024 ice road Next ice road to open at the start of February 2024 Marine Laydown Area Fuel tank containment area enlarged to facilitate additional storage Re-organized marine laydown area to maximize space for
Slide 18: Goose Project Updates
GOOSE PROJECT UPDATES Construction at the Goose Project Site is Progressing on Schedule Goose Project Site Area – April 2023 Goose Project Site Area - September 2023 18
Slide 19: Goose Project Updates
GOOSE PROJECT UPDATES Mill and Truck Shop Structural Steel Progress – September 2023 19
Slide 20: Goose Project – Construction Capital Estimate
GOOSE PROJECT – CONSTRUCTION CAPITAL ESTIMATE Construction capital estimate updated for B2Gold optimizations and industry inflation Updated Goose Project MAR 2021 FEASIBILITY STUDY INITIAL CAPEX Construction Capex Estimate C$610 MILLION C$800M INFLATION C$90 C$130 C$800M* +C$130 MILLION - Inflation
Slide 21: Mine Plan Optimization
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Slide 22: Back River: 2021 UFS Highlights
BACK RIVER: 2021 UFS HIGHLIGHTS 2021 UFS Summary Results After-Tax NPV & IRR Sensitivity Analysis Assumptions NPV 5% ($M) Au Price (US$/oz) Gold Price (US$/oz) $1,600 IRR (%) Discount Rate (%) 5% US$1,000 US$1,300 US$1,600 US$1,900 US$2,200 Project Parameters $(379) $178 $601 $1,005 $1,407 Total Ore
Slide 23: Mining Methods
MINING METHODS Open Pit & Underground OPEN PIT 4 pits total - Echo, Umwelt, Llama and Goose Process tailings are deposited in exhausted pits Reclaim water will typically be one pit behind tailings deposition Additional mining equipment arriving on the 2023 sealift Mining development progressing at t
Slide 24: Mining Update
MINING UPDATE When B2Gold acquired the project it was noted that the Emergency Response Team does not meet standards and we have (in conjunction with WSCC) stopped Underground and Open Pit operations to ensure safe production > This stop work is part of the existing mine plan and will allow us to sa
Slide 25: Mine Engineering Optimization
MINE ENGINEERING OPTIMIZATION B2Gold Longhole Sabina CF/DF design Stoping design Umwelt Underground is the largest and most important component of the Goose mine plan > Mine Method changed to Longhole Stoping from Cut and Fill / Drift and Fill to increase productivity and lower underground mining co
Slide 26: Mine Engineering Optimization
MINE ENGINEERING OPTIMIZATION Underground Fleet and Infrastructure Upgrades > The planned production equipment fleet has been upsized to 51t trucks and 17t loaders from the prior fleet which was based on 30t trucks > Dual control jumbos can be used for both ground support and face drilling for more
Slide 27: Mill Process Flow Diagram
MILL PROCESS FLOW DIAGRAM Crushed ore stockpile Grinding and Three- stage gravity circuit crushing circuit comprising a ball mill, a fine grind mill and three centrifugal gravity Leaching & carbon concentrators absorption circuit Gold electrowinning and refining Carbon stripping circuit and reactiva
Slide 28: Experienced Operators in the Arctic
EXPERIENCED OPERATORS IN THE ARCTIC B2Gold team successfully advanced Kupol from exploration to construction while at Bema Gold 2002 > Bema announces agreement to acquire interest in Kupol property 2003 > Invests ~US$36M in Kupol property 2004 > Releases Kupol Preliminary Economic Assessment 2005 >
Slide 29: 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 in Glencore signed a 20-year power purchase Agnico signed a memorandum of Yello
Slide 30: BeGoOLD
BeGoOLD