B2Gold (BTO) Corporate presentation summary

Corporate strategy and financial position

• Focus on responsible mining, maximizing profitable gold production, and advancing exploration projects while maintaining strong cash flow and shareholder returns.

• As of May 2026, market capitalization is C$9.5B, with C$479M in cash, $600M in strategic investments, $460M in convertible bonds, and an undrawn $800M credit facility.

• Quarterly dividend of $0.02 per share, with 1,337M shares outstanding and 65% institutional ownership.

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.

• Major producing assets: Fekola Complex (Mali), Goose Mine (Canada), Masbate (Philippines), Otjikoto (Namibia).

• Fekola Complex expected to produce 410,000–460,000 oz at AISC $2,670–$2,820/oz; Goose Mine 170,000–230,000 oz at AISC $2,670–$2,970/oz.

Asset and project highlights

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

• Fekola Complex: Open pit/underground in Mali, 2026 guidance of 410,000–460,000 oz; regional expansion and underground ramp-up underway.

• Otjikoto Mine: Namibia, 2026 guidance of 70,000–90,000 oz; Antelope underground development approved, targeting 65,000 oz/year over 5 years.

• Masbate: Philippines, 2026 guidance of 170,000–190,000 oz at AISC $1,430–$1,580/oz.

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