B2Gold (BTO) Corporate presentation summary

Corporate overview and strategy

• Operates gold mines in Canada, Mali, Namibia, and the Philippines, with development and exploration projects in Colombia and Finland.

• Focuses on maximizing profitable gold production, increasing reserves/resources, and maintaining strong cash flow.

• Maintains high standards in responsible mining, health, safety, environment, and CSR.

• Evaluates accretive M&A opportunities and invests in junior exploration companies.

• As of February 2026, has a market capitalization of C$11.3B, C$380M in cash, and a C$650M undrawn credit facility.

Production and financial guidance

• 2026 gold production projected at 820,000–970,000 ounces.

• 2026 cash operating costs estimated at $1,155–$1,280/oz; AISC at $2,400–$2,580/oz.

• 2026 exploration spend projected at ~$73M, with 63% allocated to Canada.

• Maintains financial flexibility to fund obligations, growth initiatives, and shareholder returns.

• Quarterly dividend per share is $0.02.

Operational performance

• 2025 consolidated gold production: Fekola 530,769 oz, Masbate 196,526 oz, Otjikoto 50,793 oz, Goose 38,616 oz.

• 2025 cash operating costs: Fekola $772/oz, Masbate $813/oz, Otjikoto $658/oz, Goose $1,066/oz.

• 2025 AISC: Fekola $1,804/oz, Masbate $1,239/oz, Otjikoto $969/oz, Goose $2,249/oz.