A Responsible International Senior Gold Producer

TSX BTO

NYSE AMERICAN BTG

NSX B2G

CORPORATE PRESENTATION

DECEMBER 2024

ACQUIRE

DISCOVER

FINANCE

BUILD

OPERATE

GLOBALLY DIVERSIFIED SENIOR GOLD PRODUCER

GOOSE

Nunavut, Canada

GRAMALOTE

Colombia

HEAD OFFICE

Vancouver, Canada

CENTRAL LAPLAND JV

Finland

FEKOLA COMPLEX1

Mali

OTJIKOTO MINE

Namibia

MASBATE GOLD PROJECT

Philippines

Producing Mine

Development Project

Exploration Project

Headquarters

3

1. Includes Fekola Mine and Fekola Regional, comprised of the Anaconda Area (Bantako, Menankoto, and Bakolobi permits), and the Dandoko permit.

HEALTH & SAFETY PERFORMANCE

Q3 2024 Consolidated Highlights1

LTIFR

TRIFR

0.06

0.30

Lost time injury

Total recordable

frequency rate

injury frequency rate

Severity Rate

5.91

Lost time + restricted work injuries

Masbate

Zero LTI

2,145 days (+5 years)

+37.8 million hours worked

B2Gold lowered its YTD injury frequency rates and continues to maintain its position as one of the safest companies within mining, with zero fatalities

1. As of September 30, 2024.

1.4

1.34

MSRT AVG

B2 CONSOL. Q3

TRIFR

LTIFR

1.2

TRIFR (0.53) (2024)

- 43% (0.30)

1

0.97

LTIFR (0.14) (2024)

- 57% (0.06)

0.8

0.79

0.73

0.68

0.64

0.6

0.5

0.48

0.48

0.4

0.4

0.4

0.39

0.3

0.3

0.3

0.27

0.26

0.2

0.17

0.15

0.19

0.17

0.17

0.14

0.11

0.06

0.08

0.06

0.06

0.03

0.04

0

0

0

Hudbay

Agnico Eagle

B2Gold Corp/Proj/Expl

New Gold

Centerra

Pan American Silver

IAMGold

Lundin

Equinox

Vale BaseMetals

Otjikoto

DundeePrecious Metals

Consolidated

B2Gold Corp.

Kinross

Fekola

Masbate

4

2. Injury frequency and severity rates are based on 200 K work hours.

STRONG & PROFITABLE PRODUCTION PROFILE

Robust Production Levels Expected in 2025

1,400

$1,600

1,200

$1,420 -

1,030 -

$1,400

1,150

$1,480

1,041

1,047

1,028

1,061

$1,200

980

1,000

954

$1,201

$1,033

800 -

870

GoldProduction (koz)

$947

$1,000

800

$860

$862

$888

$794

$758

$788

$800

631 1

600

550

493

$600

AISC($/ozAu)

400

$400

200

$200

0

$0

2015A

2016A

2017A

2018A

2019A

2020A

2021A

2022A

2023A

2024E

2025E

Guidance Range

Fekola

Otjikoto

Masbate

Goose Project

Nicaragua 2,3

Total Consolidated AISC 4

  1. Includes 79,243 oz during the Fekola Mine's pre-commercial production period.
  2. On October 15, 2019, B2Gold restructured its interests in La Libertad Mine and El Limon Mine and, as a result, now applies the equity method of accounting for its ownership in Calibre. Commencing from October 15, 2019, B2Gold reported an approx. 33% attributable share of Calibre production/costs as part of its total production/cost results.

3.

On January 12, 2022, B2Gold's ownership interest in Calibre was diluted to approx. 25% following Calibre's acquisition of Fiore

Gold Ltd. Throughout 2023, B2Gold's ownership interest in Calibre was 24%. Effective January 24, 2024, B2Gold's ownership

5

interest in Calibre was diluted to approx.15% following Calibre's acquisition of Marathon Gold Corp. Subsequent to June 20,

2024, B2Gold will no longer record attributable production for Calibre.

4.

Non-IFRS Measure. Refer to "Non-IFRS Measures" on slide 2.

CORPORATE STRATEGY

Maintain the highest standards of responsible mining, government relationships, Health, Safety & Environment stewardship and Corporate Social Responsibility ("CSR") programs

Maximize profitable gold production from existing mines while increasing Mineral

Reserves and Mineral Resources

Maintain a strong cash position while maximizing cash flow and continue to return capital to shareholders

Focus on organic growth by advancing pipeline of development, brownfield and greenfield exploration projects and investing in junior exploration companies

Continue to evaluate accretive M&A opportunities around the world for potential future acquisitions

6

CORPORATE STRUCTURE

SNAPSHOT (as of September 30, 2024)

TSX: BTO

NYSE AMERICAN: BTG

Share Price (November 26, 2024)

C$3.98

Basic Shares Outstanding (November 6, 2024)

1,313M

Basic Market Capitalization

C$5.2B

Cash on Hand

$431M

Debt Outstanding (unaudited)

$200M

Undrawn Credit Facility (unaudited)

$500M

Quarterly Dividend per share1

$0.04

ANALYST COVERAGE

BMO Capital Markets

C$7.50

Canaccord Genuity

C$8.00

CIBC Capital Markets

C$5.00

Cormark Securities

C$5.25

Eight Capital

C$7.00

National Bank

C$6.00

Raymond James

C$5.50

RBC Capital Markets

C$5.20

Scotiabank

C$5.00

Stifel GMP

C$6.50

TD Securities

C$7.00

AVERAGE ANALYST

TARGET PRICE

C$6.20

SHAREHOLDERS2

Institutional

60%

39%

1%Retail/Other

Management

& Insiders

7

  1. The declaration and payment of any future dividends will be subject to the determination of the Board of Directors, in its sole and absolute discretion. There can be no assurance that any dividends will be paid at the current rate or at all in the future.
  2. Source: S&P Capital IQ. As of November 26, 2024.

YTD 2024 RESULTS & 2024 GUIDANCE

Gold Production, Cash Operating Costs & All-In Sustaining Costs

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Fekola

119,141 oz

111,583 oz

78,207 oz

Masbate

49,782 oz

44,515 oz

50,215 oz

Otjikoto

45,416 oz

48,143 oz

52,131 oz

Calibre1

11,377 oz

8,267 oz

-

TOTAL

225,716 oz

212,508 oz

180,553 oz

YTD Production1 72% of Revised Annual Guidance Mid-Point

YTD 2024 ACTUAL

REVISED GUIDANCE 2024

Gold Production1

599 koz

800 - 870 koz

(original guidance of 860 - 940 koz)

Cash Operating Costs (per ounce produced)2,3

$865 /oz

$835

- $895 /oz

AISC (per ounce sold)2,3

$1,405 /oz

$1,420

- $1,480 /oz

(original guidance of $1,360 - $1,420 /oz)

1.

Includes B2Gold's approx. 15% attributable share of Calibre's production. Subsequent to June 20, 2024, B2Gold no longer records attributable production from Calibre.

8

2.

Non-IFRS Measure. Refer to "Non-IFRS Measures" on slide 2.

3.

Includes estimated attributable results for Calibre.

2024 PRODUCTION & COST GUIDANCE

TOTAL CONSOLIDATED

Gold production1

800 Koz - 870 Koz

Cash operating costs2,3

$835 - $895 /oz

AISC2,3

$1,420 - $1,480 /oz

FEKOLA MINE Mali 53%

53%

MASBATE GOLD PROJECT The Philippines 22%

Type

Open Pit

Type

Open Pit

Gold production

420 Koz - 450 Koz

Gold production

175 Koz - 195 Koz

Cash operating costs2

$870 - $930 /oz

Cash operating costs2

$910 - $970 /oz

AISC2

$1,510 - $1,570 /oz

22%

AISC2

$1,260 - $1,320 /oz

OTJIKOTO MINE Namibia 23%

Attributable production from Calibre1 2%

Type

Open Pit / Underground

2%

Gold production

20,000

Koz

23%

Gold production

185 Koz - 205 Koz

Cash operating costs2

$1,000

- $1,100 /oz

Cash operating costs2

$685 - $745 /oz

AISC2

$1,275

- $1,375 /oz

AISC2

$960 - $1,020 /oz

1.

Includes B2Gold's approx. 15% attributable share of Calibre's production. Subsequent to June 20, 2024, B2Gold will no longer record attributable production from Calibre.

9

2.

Non-IFRS Measure. Refer to "Non-IFRS Measures" on slide 2.

3.

Includes estimated attributable results for Calibre.

2025 PRELIMINARY PRODUCTION OUTLOOK

Record Production from B2Gold Operated Mines Expected in 2025

Gold production

1,030 - 1,150 Koz

FEKOLA MINE Mali 54%

54%

MASBATE GOLD PROJECT The Philippines 17%

Type

Open Pit / Underground

Type

Open Pit

Gold production

560 Koz - 610 Koz

17%

Gold production

170 Koz - 190 Koz

OTJIKOTO MINE Namibia 17%

BACK RIVER Canada 12%

Type

Open Pit / Underground

17%

12%

Type

Open Pit / Underground

Gold production

180 Koz - 200 Koz

Gold production

120 Koz - 150 Koz

10

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B2Gold Corp. published this content on December 04, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on December 04, 2024 at 22:42:40.747.