B2Gold (BTO) investor relations material

Strategic overview and financial position

• Focus on responsible mining, maximizing profitable gold production, and organic growth through exploration and strategic investments.

• Maintains a strong cash position with $380M in cash and $550M in strategic investments as of April 2026.

• Basic market capitalization stands at C$8.8B with 1,337M shares outstanding.

• Quarterly dividend of $0.02 per share and an undrawn credit facility of $650M.

Production and cost guidance

• 2026 gold production guidance is 820,000–970,000 ounces, with cash operating costs of $1,155–$1,280/oz and AISC of $2,400–$2,580/oz.

• 2025 actual production was 980,000 ounces at $769/oz cash operating costs and $1,584/oz AISC.

• Fekola Complex (Mali) expected to produce 410,000–460,000 oz in 2026; Goose Mine (Canada) 170,000–230,000 oz.

• Masbate (Philippines) and Otjikoto (Namibia) guidance for 2026 is 170,000–190,000 oz and 70,000–90,000 oz, respectively.

Key assets and project highlights

• Goose Mine in Nunavut achieved commercial production in October 2025, with 2026 guidance of 170,000–230,000 oz and medium-term target of 300,000+ oz/year.

• Fekola Complex in Mali includes open pit and underground operations, with regional expansion and new permits secured.

• Otjikoto Mine in Namibia advancing the Antelope underground deposit, targeting first production in 2028.

• Masbate Gold Project in the Philippines maintains strong safety and production records.

• Gramalote Project (Colombia) feasibility study outlines 177,000 oz/year over 13 years at $985/oz AISC.