B2Gold (BTO) Corporate presentation summary

Portfolio and 2026 guidance

• Gold production guidance of 820-920koz; asset contributions include Fekola 390-420koz, Goose 170-200koz, Masbate 180-200koz and Otjikoto 80-100koz.

• Corporate cash operating cost guidance of $1,155-$1,280/oz produced and AISC guidance of $2,230-$2,410/oz sold.

• Portfolio spans Canada, Mali, Namibia and the Philippines; Gramalote in Colombia is a development project.

Capital allocation and financial position

• Gold prepay deliveries were completed in Q2 2026; gold collars are expected to conclude in January 2027, enabling full spot gold price exposure from 2027.

• Goose is expected to reach full capacity by mid-2027; major growth capital is substantially complete and financing instruments are nearing completion.

• YTD 2026 capital returns were up 150% vs. FY 2025; 41M shares were repurchased for $205M through September 30, 2026.

• Capital priorities are organic growth, financial flexibility and shareholder returns through dividends and increased buybacks.

Goose mine and Back River district

• 2026 production guidance is 170-200koz; reserve-based mine life extends to 2033, with additional underground and district-scale extension potential.

• Phase 1 crusher upgrades were completed in October 2026; Phase 2 upgrades are targeted for mid-2027, supporting throughput toward nameplate capacity.

• Mobile crushing provides up to 3,000 tpd of additional flexibility and is expected to support stockpile growth and reduce downtime during Phase 2 commissioning.