B2Gold (BTO) Status Update summary

Goose project construction and budget update

• Revised budget reflects a 23% increase in cost to complete construction and land development, with first gold production now targeted for Q2 2025, three months later than previously planned.

• Construction progress is strong, with the mill on schedule, over 90% of outside concrete poured, and major cargo and fuel deliveries on track for completion by end of September.

• Additional costs stem from logistics, de-risking measures, and rectifying inherited equipment and design issues from the previous owner.

• Expanded infrastructure at the marine laydown area and increased trucking capacity aim to ensure smooth logistics for the upcoming winter season.

• Open pit and underground mine development are progressing well, with high confidence in accessing the Crown Pillar and no major issues anticipated for tailings facility readiness.

Financial position and capital management

• Sufficient liquidity is available through a $700 million credit facility and previous prepay, with working capital build mainly due to seasonal logistics and sealift activities.

• Most working capital increase will be incurred in Q3, with some spillover into next year; this is not part of sunk construction or mine development costs.

• Management is comfortable with the current balance sheet and does not anticipate the need for additional funding levers.

• Dividend continuity will be reviewed quarterly, but the current approach remains steady state.

Risk management and project outlook

• Most required materials for site completion are already on site or at the marine laydown area, minimizing risk of further CapEx increases barring force majeure events.

• The project has been de-risked through expanded infrastructure, critical spares, and improved logistics.

• Lessons learned include the importance of early due diligence and design control, which was limited due to the timing of the acquisition.

• Management expresses high confidence in operational ramp-up and long-term project value.