B2gold Corp. · TSX:BTO
B2gold — Investor Presentation (August 2026)
43 slides from B2gold's investor presentation, August 2026
Slide 1: A Responsible International Gold Producer
A RESPONSIBLE INTERNATIONAL GOLD PRODUCER CORPORATE PRESENTATION August 2026 TSX BTO NYSE AMERICAN BTG NSX B2G ACQUIRE DISCOVER FINANCE BUILD OPERATE
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 miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial 100% p
Slide 3: Globally Diversified Gold Producer
GLOBALLY DIVERSIFIED GOLD PRODUCER B2Gold Exploration BACK RIVER GOLD DISTRICT Kazakhstan Nunavut, Canada HEAD OFFICE Vancouver, Canada FEKOLA COMPLEX1 MASBATE GOLD PROJECT GRAMALOTE PROJECT Mali Philippines Colombia OTJIKOTO MINE Namibia Producing Mine Development Project Exploration Project Headqu
Slide 4: Strong Production Profile
STRONG PRODUCTION PROFILE Robust Production Levels Expected in 2026 1,400 1,200 1,047 1,061 1,041 1,028 820 - 980 980 920 Guidance Range 1,000 954 Fekola Gold Production (koz) 805 800 Otjikoto 631 Masbate 600 550 493 Goose 400 2,3 Nicaragua 200 0 2015A 2016A 2017A 1 2018A 2019A 2020A 2021A 2022A 202
Slide 5: Corporate Objectives 2026 & Beyond
CORPORATE OBJECTIVES 2026 & Beyond Execution & Delivery Capital Discipline Responsible Growth Culture & Integration 6
Slide 6: Corporate Structure
CORPORATE STRUCTURE SNAPSHOT (as of August 7, 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$7.03 Institutional Basic Shares Outstanding 1,321M Canaccord Genuity C$9.50 Basic Market Capitalization C$9.3B CIB
Slide 7: Strategic Investments
STRATEGIC INVESTMENTS Portfolio value of approximately $550M ~$200M ~$4M ~$30M ~$300M 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 8: 2026 Results & Guidance
2026 RESULTS & GUIDANCE Gold Production, Cash Operating Costs & All-In Sustaining Costs Q1 2026 Q2 2026 Q3 2026 Q4 2026 Fekola 117,450 oz 116,281 oz Masbate 52,908 oz 51,039 oz Otjikoto 24,529 oz 23,438 oz Goose 42,876 oz 12,890 oz TOTAL 237,763 oz 203,648 oz 2026 YTD Production 441,411 oz YTD 2026
Slide 9: 2026 Production & Cost Guidance
2026 PRODUCTION & COST GUIDANCE 2026 GUIDANCE Gold production 820 koz - 920 koz Cash operating costs1 $1,155 - $1,280 /oz AISC1 $2,370 - $2,550 /oz FEKOLA COMPLEX Mali 47% MASBATE GOLD PROJECT The Philippines 22% 47% Type Open Pit / Underground Type Open Pit Gold production 390 koz - 420 koz Gold pr
Slide 10: Back River Gold District Overview
BACK RIVER GOLD DISTRICT OVERVIEW GOOSE MINE Nunavut, Canada1 Type Open Pit / Underground B2Gold Ownership 100% Processing Throughput (design) 1.5 Mtpa (4,000 tpd) Mineral Reserve Grade 6.79 g/t Au Gold Recovery (estimate) 92.5% Gold Production (estimate) ~300,000 oz per year (2027+) 170 - 200 koz O
Slide 11: 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 world’s ~6.79 g/t gold, the Goose Mine ranks among the 11
Slide 12: Back River Gold District Map
BACK RIVER GOLD DISTRICT MAP GOOSE (152 km2 license) AILIRUK (125 km2 license) Hosts 6 gold deposits fully permitted for mining; New Exploration Area 72 km southwest of the additional targets being tested Goose Mine, hosting high-grade gold in BIF at surface GEORGE (168 km2 license) ~50 km northwest
Slide 13: 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 AREA Additional in-fill drilling will lead to the conversion of a large portion of (x 1,000) (g/t Au) (x 1,000) the Inferred Mineral Resource to
Slide 14: Goose Mine Mineral Reserve Life of Mine
GOOSE MINE 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 Mine u
Slide 15: Goose Mine Opportunities
GOOSE MINE OPPORTUNITIES Work on optimization study with the goal of maximizing the long-term value of the Back River Gold District continue, including: Evaluating the installation of a SAG mill to be paired in conjunction with the existing 4,000 tpd ball mill; potential to expand mill throughput ca
Slide 16: Goose Mine Exploration
GOOSE MINE EXPLORATION1 Goose Mine Long Section: Open-Ended Exploration Potential Umwelt Mineral Reserve Echo Inferred Resource2 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
Slide 17: Back River Gold District Exploration
BACK RIVER GOLD DISTRICT EXPLORATION Exploration and Infill Drill Result Highlights from the 2025 Drilling Campaign GOOSE MINE EXPLORATION1 28,599 m DRILLED IN 140 HOLES > 19,735 m of drilling over 87 drill holes completed were completed in the 2025 Back River across Goose Mine targets Gold District
Slide 18: Fekola Overview
FEKOLA OVERVIEW FEKOLA COMPLEX Mali Type Open Pit B2Gold Ownership 80% / 65%1 Processing Throughput 9.6 Mtpa Mineral Reserve Grade 1.76 g/t Au2 Gold Recovery ~93.4% 390 - 420 koz $2,670 - $2,820 2026 gold production 2026 AISC3 guidance guidance 2014 2015 2017 2019 2025 Acquired Construction Open Pit
Slide 19: 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 20: 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 21: Mali Agreement on Fekola Complex
MALI AGREEMENT ON FEKOLA COMPLEX1 FEKOLA REGIONAL FEKOLA MINE GOVERNED BY EXPLOITATION PERMIT 2012 MINING CODE; FEKOLA GRANTED BY THE STATE OF REGIONAL GOVERNED BY MALI2 2023 MINING CODE The Menankoto Exploitation Permit unlocks one of Fekola Mine governed by 2012 Mining Code the Company’s most impo
Slide 22: 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 45,610 1.28 1,880 Fekola Stockpile 13,130 0.66 280 Cardinal Zone 9,430 1.50 450 FNE Zone 3,830 1.27 160 Fekola Underground 3,720 2.95 350 Total Fekola Mine
Slide 23: Otjikoto Overview
OTJIKOTO OVERVIEW OTJIKOTO MINE Namibia Type Open Pit / Underground B2Gold Ownership 90% Processing Throughput 3.4 Mtpa Mineral Reserve Grade 2.33 g/t Au1 Gold Recovery ~98.0% 80 - 100 koz $1,830 - $1,980 2026 gold production 2026 AISC2 guidance guidance 2014 2013 2014 2022 2023 2025 Acquired Constr
Slide 24: 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 25: 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 26: Masbate Overview
MASBATE OVERVIEW MASBATE GOLD PROJECT The Philippines Type Open Pit B2Gold Ownership 100%1 Processing Throughput 8.0 Mtpa Mineral Reserve Grade 0.72 g/t Au2 Gold Recovery ~79.9% 180 - 200 koz $1,430 - $1,580 2026 gold production 2026 AISC3 guidance guidance 2008 2009 2013 2016 2025 Construction Open
Slide 27: 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 28: Gramalote Project – FS Production Profile
GRAMALOTE PROJECT – FS PRODUCTION PROFILE1 2025 FS 6.0 Mtpa - Gold Production 300 EST. 2.5 YEAR CONSTRUCTION 13 years 250 Life of Project 2.3 Moz Gold Production (koz) 200 Life of Project gold production 150 227 koz Average yearly gold production 100 over first 5 years 177 koz 50 Average Life of Pro
Slide 29: 2026 Exploration Budget
2026 EXPLORATION BUDGET BACK RIVER | NUNAVUT, CANADA FEKOLA COMPLEX1 | MALI OTJIKOTO | NAMIBIA MASBATE | THE PHILIPPINES Budget $51M Budget $5M Budget $6M Budget $3M Program 35,100 meters Program 8,200 meters Program 15,100 meters Program 3,400 meters • Ongoing focus on enhancing and • Ongoing focus
Slide 30: Appendix
APPENDIX
Slide 31: Executive Team Experience
EXECUTIVE TEAM EXPERIENCE Strong experience with operations and projects around the world 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 32: 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 33
Slide 33: Sustainability
SUSTAINABILITY Executing on Our Commitments 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 communitie
Slide 34: Health & Safety Performance
HEALTH & SAFETY PERFORMANCE Q2 2026 Consolidated Highlights1,2 LTIFR TRIFR Severity Rate Masbate Otjikoto 0.05 0.29 7.77 Zero LTI Zero LTI Lost Time Injury Total Recordable Lost Time + Restricted 2,783 days (+7 years) 419 (+1 years) Frequency Rate Injury Frequency Rate Workdays +49.1 million hours w
Slide 35: Our People
OUR PEOPLE 2026 WORKFORCE as of March 31, 2026 6,377 98% 62% employees globally National employment senior management (Q4: 6,327) (Q4: 97%)1,3 roles filled by national employees (Q4: 58%) 2,3 EQUITY, DIVERSITY AND INCLUSION as of March 31, 2026 14% 25% 31% of workforce of senior positions of Corpora
Slide 36: Inuit Employment & Community Initiatives
INUIT EMPLOYMENT COMMUNITY INITIATIVES INUIT EMPLOYMENT & COMMUNITY INITIATIVES 240 Inuit working at Project sites as of December 31, 2025 Community # Inuit Project Personnel Inuit Training Programming > Ongoing development of “Back River Inuit Training Program” with Cambridge Bay 52 KIA. Expected c
Slide 37: 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 Goungoubato and Bafarato Agricultural Projects, soc
Slide 38: Local Communities
LOCAL COMMUNITIES PHILIPPINES Community investment initiatives focused on education, access to health services & facilities, enterprise development, livelihood development and vocational training Building local capacity through the Digital Jobs Project developing skills in virtual assistance, web de
Slide 39: Biodiversity Conservation
BIODIVERSITY CONSERVATION Achieving No Net Loss of Critical Habitat FEKOLA MASBATE OTJIKOTO GOOSE COMPLEX GOLD PROJECT MINE MINE Extensive study of West Over 3,810 reef balls with 15,000-hectare Otjikoto B2Gold Nunavut has African chimpanzee 67,000 coral fragments Nature Reserve is home to implement
Slide 40: 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 OTJIKOTO MINE G
Slide 41: 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 42: Fekola Pit
FEKOLA PIT Fekola Pit Long Section: West-Facing 43
Slide 43: B2Gold Corp. Contact
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