B2Gold (BTO) investor relations material

Executive summary

• Delivered solid operational performance and disciplined cost management amid volatile commodity markets.

• Gold production reached 237,763 ounces in Q1 2026, with all operations exceeding expectations.

• Net income attributable to shareholders was $200 million ($0.15/share); adjusted net income was $260 million ($0.19/share).

• Operations in Mali continue unaffected by regional conflicts, with ongoing monitoring and safety precautions.

• Leadership transition announced: Clive Johnson retiring as President & CEO, Mike Cinnamond appointed as successor effective June 4, 2026.

Financial highlights

• Q1 GAAP earnings were $0.15 per share; adjusted earnings were $0.19 per share.

• Revenue reached $1.16 billion, including delivery of over 66,000 ounces under gold prepayment obligations.

• Operating cash flow was $539 million; free cash flow was $362 million.

• Cash and cash equivalents stood at $479 million as of March 31, 2026, up from $380 million at year-end 2025.

• Gross margin for Q1 2026 was $610 million, up from $238 million year-over-year.

Outlook and guidance

• 2026 consolidated gold production guidance: 820,000–970,000 ounces.

• Fekola Complex expected to meet production guidance if regional permit is received by end of June 2026.

• Goose Mine maintains full-year guidance of 170,000–230,000 ounces for 2026 despite fire incident.

• Goose Mine crushing circuit to reach 3,200 tons/day by end of Q3 2026; phase 2 upgrades to increase to 4,000 tons/day in 2027.

• Masbate and Otjikoto mines expected to deliver consistent performance for the year.