B2Gold (BTO) investor relations material

Corporate strategy and financial position

• Focus on responsible mining, maximizing profitable gold production, and increasing reserves and resources.

• Strong cash position with $479M in cash and equivalents, $480M in strategic investments, and $800M undrawn credit facility as of mid-2026.

• Quarterly dividend of $0.02 per share and a basic market capitalization of $7.3B.

• Strategic investments in exploration and royalty companies valued at ~$480M.

Production and cost guidance

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

• Fekola Complex (Mali): 410,000–460,000 oz at $1,060–$1,160/oz cash costs.

• Goose Mine (Canada): 170,000–230,000 oz at $1,610–$1,810/oz cash costs.

• Masbate (Philippines): 170,000–190,000 oz at $900–$1,000/oz cash costs.

• Otjikoto (Namibia): 70,000–90,000 oz at $1,200–$1,300/oz cash costs.

Key assets and growth projects

• Goose Mine: High-grade, open pit/underground operation in Nunavut with 2026 guidance of 170,000–230,000 oz and medium-term target of 300,000+ oz/year.

• Fekola Complex: Major contributor with regional and underground expansions, targeting over 100,000 oz/year from Fekola Regional by 2027.

• Otjikoto: Antelope underground development approved, targeting 65,000 oz/year over 5 years with strong project economics.

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