B2Gold Corp. announced additional positive exploration drilling results from the Anaconda Area, located approximately 25 kilometers north of the Fekola Mine, confirming continuity of the Mamba Main Zone, which remains open down plunge. The Anaconda Area, comprised of the Menankoto and Bantako North permits, forms part of the Fekola complex (the "Fekola Complex"), which also includes the Fekola Mine and the adjacent Cardinal Zone, the Bakolobi permit, and the Dandoko permit (subject to completion of the Oklo Resources Ltd. transaction).

2022 Mali Exploration Drilling Program: In 2022, B2Gold is conducting an approximately 161,000 m drill program on the Fekola Complex with a budget of approximately $35 million, including drill programs on the Fekola North deposit to further test the underground mineralization potential, and on the Anaconda Area, including the Mamba, Adder, Anaconda, Cascabel, Viper, and Cobra zones. To date in 2022, B2Gold has completed approximately 116,000 m of combined diamond, reverse circulation and aircore drilling on targets near the Fekola Mine and the Anaconda Area. In addition, approximately 9,000 m of drilling has been completed to date on the newly acquired Bakolobi permit.

Ongoing exploration in the Anaconda Area continues to generate positive drill results in both saprolite and sulphide domains and demonstrates upside potential to the updated Anaconda Area Mineral Resource estimate, constrained within a conceptual pit shell at a gold price of $1,800 per ounce, which included an initial Indicated Mineral Resource estimate of 32,400,000 tonnes at 1.08 g/t gold for a total 1,130,000 ounces of gold, and an Inferred Mineral Resource estimate of 63,700,000 tonnes at 1.12 g/t gold for 2,280,000 ounces of gold. Drilling targeting the deeper portions of the Mamba Main sulphide shoot has been particularly successful, as demonstrated by the results of holes BND_108, BND_101, and BND_104, confirming the continuity of the high grade sulphide mineralization and extending the Mamba Main sulphide shoot to over 700 m down plunge. The results from holes MSD_228 and MSD_226 suggest that multiple high grade sulphide shoots may be present in the Mamba Zone.

Ongoing drilling will continue to test the potential for Fekola-style, south plunging bodies of sulphide mineralization, which remain open down plunge. Approximately 1.2 kilometers north of the Mamba Main sulphide shoot, hole BND_093 returned 2.06 g/t gold over 22.75 m from 199.55 m, demonstrating additional sulphide potential at Mamba NE which is hosted in a separate northeast-trending structure from the Mamba Main mineralization. Three drill rigs are currently drilling the Mamba Zone, with approximately 16,000 m to be completed during the remainder of 2022.

The Cobra Zone has over 8 kilometers of known strike extent, from Menankoto South to the southern end of the Bakolobi permit. The Cobra Zone is being targeted as a source of additional sulphide mineralization within the Anaconda Area. Recent drilling highlights include hole MSD_227, which intersected 2.02 g/t gold over 25.30 m (approximately 20 m true width) from 201.70 m, and 6.75 g/t gold over 13.80 m from 244.40 m, confirming the potential for economic grade and width combinations in the sulphide mineralization.

Closer to surface, hole MSR_959 intersected 3.33 g/t gold over 12.00 m from 107.00 m in saprolite mineralization. The Company believes that the Cobra Zone may extend onto the Bakolobi permit and are currently drilling this extension target. 2022 Fekola and West Mali Regional Exploration: For the remainder of 2022, the Company will focus on follow up drilling to extend the known sulphide mineralization at the Anaconda Area, including the Mamba, Cobra and Adder zones, and several other targets below the saprolite mineralization, with approximately 45,000 m to be completed overall.

In April 2022, the Company acquired the Bakolobi permit, which is located between the Menankoto South permit and the Medinandi permit, covering an area of 100 km2 and providing approximately 25 kilometers of contiguous exploration potential along the prolific Senegal-Mali Shear Zone. An initial 9,000 m of aircore drilling and reverse circulation drilling has been completed since the acquisition. Drilling is focused on the southward extension of known resources in the Adder Zone and will also test the southward extension of sulphide mineralization on the Cobra Zone.

The Company believes that the Bakolobi permit is a highly prospective area that has the potential to provide for the near-term addition of both saprolite and sulphide hosted gold deposits. B2Gold's acquisition of Oklo Resources Limited and its Dandoko project, which is anticipated to be completed on September 19, 2022, will extend the footprint of B2Gold's exploration in Mali to over 1,700 km2 and add the Dandoko project's JORC 2012 compliant Measured and Indicated Mineral Resource estimate of 8.70 million tonnes at 1.88 g/t gold for 528,000 ounces of gold and an Inferred Mineral Resource estimate of 2.63 million tonnes at 1.67 g/t gold for 141,000 ounces of gold, to B2Gold's rapidly growing Mineral Resource inventory in the region. The Company believes there is strong potential to extend the mineralization at the Dandoko project.

Initial drilling on the Dandoko project is expected to commence in the fourth quarter of 2022. Anaconda Development Update: Based on the updated Mineral Resource estimate and B2Gold's preliminary planning, the Company has demonstrated that a pit situated on the Anaconda Area could provide selective higher grade saprolite material (average grade of 2.2 g/t gold) to be trucked to and fed into the Fekola mill at a rate of 1.5 million tonnes per annum. With the anticipated closing of the acquisition of Oklo and its Dandoko project on September 19, 2022, the Company is currently evaluating its options for the timing and sourcing of material on a regional basis from all deposits within the Fekola Complex area (including Fekola, Cardinal, Dandoko, Bakalobi and the Anaconda Area).

This updated evaluation is expected to be completed by the end of 2022, with first saprolite production now anticipated in the second quarter of 2023. Based on the updated Mineral Resource estimate and the 2022 exploration drilling results, the Company has commenced a Phase II scoping study to review the project economics of constructing a stand-alone mill near the Anaconda Area. Subject to receipt of a positive Phase II scoping study, the Company expects that the saprolite material would continue to be trucked to and fed into the Fekola mill during the construction period for the Anaconda Area stand-alone mill.