B2Gold (BTO) investor relations material

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 March 2026, market capitalization is C$9.8B, with C$380M in cash, $575M in strategic investments, and $650M undrawn credit facility.

• Strategic investments include stakes in Snowline Gold, Founders Metals, AuMEGA Metals, Prospector Metals, and Versamet Royalties.

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.

• 2025 actual production was 980,000 ounces at $769/oz cash operating costs and $1,584/oz AISC.

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

Key assets and project highlights

• Goose Mine (Canada): 2026 guidance of 170,000–230,000 oz, medium-term average 300,000+ oz/year, high-grade reserves (6.79 g/t Au), and strong community support.

• Fekola Complex (Mali): 2026 guidance of 410,000–460,000 oz, expansion with underground and regional development, and settlement of all tax/customs assessments.

• Otjikoto (Namibia): 2026 guidance of 70,000–90,000 oz, Antelope underground development approved, with strong project economics and exploration upside.

• Masbate (Philippines): 2026 guidance of 170,000–190,000 oz, ongoing exploration and community investment.

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