B2Gold (BTO) investor relations material

Portfolio and 2026 outlook

• 2026 gold production guidance 820–920 koz; cash operating costs $1,155–$1,280/oz produced and AISC $2,370–$2,550/oz sold.

• Guidance by operation: Fekola Complex 390–420 koz, Goose Mine 170–200 koz, Masbate 180–200 koz and Otjikoto 80–100 koz.

Strategy and shareholder returns

• Priorities include maximizing profitable production, growing reserves and resources, advancing organic projects, maintaining liquidity and returning capital to shareholders.

• Major growth capital is complete; gold prepay deliveries ended in Q2 2026, collars conclude in January 2027, and full spot-price exposure starts in 2027.

• H1 2026 capital returns were $224M, up 98% vs. FY 2025, driven by increased share repurchases; continued returns expected in H2.

• June 30, 2026 cash and equivalents were $287M, alongside an $800M revolving credit facility and $460M of convertible bonds; strategic investments valued at $500M as of October 9, 2026.

Mine and project growth

• Goose crusher work targets nameplate throughput by mid-2027: Phase 1 upgrades targeted for Q4 2026 and Phase 2 for mid-2027; estimated capital is $11M and $25M, respectively.

• Menankoto permit approval enables Fekola Regional pre-stripping and tolling-agreement finalization; ramp-up through end-2027 targets production above 150 koz from 2028 through the mid-2030s.

• Antelope underground development was approved following the PEA; potential contribution starts as early as 2028, with 65,478 oz average annual output over a five-year mine life in the 2025 PEA.

• Gramalote FS outlines 177,000 oz average annual production over 13 years, $941M after-tax NPV5% and 22.4% after-tax IRR; modified work plan submitted and environmental impact study submission targeted for Q1 2026.