Mr. Clive Johnson reports

B2GOLD CORP. REPORTS CONTINUED STRONG GOLD PRODUCTION FOR Q1 2021; QUARTERLY TOTAL GOLD PRODUCTION OF 220,644 OZ, 9% ABOVE BUDGET; ON TRACK TO MEET ANNUAL GUIDANCE OF 970,000 TO 1,030,000 OZ OF TOTAL GOLD PRODUCTION

B2Gold Corp. has released its gold production and gold revenue results for the first quarter of 2021. All dollar figures are in U.S. dollars unless otherwise indicated.

First quarter 2021 highlights:

• Total gold production of 220,644 ounces (including 15,001 ounces of attributable production from Calibre Mining Corp.), 9 per cent (18,542 ounces) above budget, and consolidated gold production of 205,643 ounces from the company's three operating mines, 9 per cent (17,291 ounces) above budget;
• Consolidated gold revenue was $362-million on sales of 202,330 ounces at an average price of $1,791 per ounce;
• No lost-time-injury (LTI) incidents at the company's operating mines in the first quarter of 2021, extending the number of days without an LTI to 437 days for Fekola, 866 days for Masbate and 154 days for Otjikoto as at March 31, 2021;
• Following the successful completion of the Fekola mill expansion to 7.5 million tonnes per annum (Mtpa) in September, 2020, Fekola's mill throughput was a quarterly record of 2.07 million tonnes in the first quarter of 2021, 9 per cent above budget and 19 per cent higher than the first quarter of 2020;
• For full-year 2021, B2Gold remains well positioned for continued strong operational and financial performance with total gold production guidance of between 970,000 and 1.03 million ounces (including 50,000 to 60,000 attributable ounces projected from Calibre) with total consolidated forecast cash operating costs of between $500 and $540 per ounce and total consolidated all-in sustaining costs (AISC) of between $870 and $910 per ounce;
• Based on current assumptions, including a gold price of $1,800 per ounce, the company expects to generate cash flows from operating activities of approximately $630-million for full-year 2021;
• Selected as the recipient of five additional mining industry awards in the Philippines and Mali.

The company continues to address the COVID-19 pandemic and minimize its potential impact at B2Gold's operations. B2Gold places the safety and well-being of its work force and all stakeholders as its highest priority, and continues to encourage input from all its stakeholders as the COVID-19 situation evolves. The company continues to implement measures and precautionary steps to manage and respond to the risks associated with COVID-19 to ensure the safety of B2Gold's employees, contractors, suppliers and surrounding communities where the company works while continuing to operate. The company is continually updating these plans and response measures based on the safety and well-being of its work force, the severity of the pandemic in areas where it operates, global response measures, government restrictions, and extensive community consultation. The company is working closely with national and local authorities, including labour unions, and continues to closely monitor each site's situation, including public and employee sentiment, to ensure that stakeholders are in alignment with continued safe operation of its mines.

Gold production

Total consolidated gold production in the first quarter of 2021 was 220,644 ounces (including 15,001 ounces of attributable production from Calibre), above budget by 9 per cent (18,542 ounces), with solid performances from the company's three operating mines, which all exceeded their budgeted production for the quarter. The Fekola mine in Mali continued its strong operational performance through the first quarter of 2021, producing 125,088 ounces of gold, 7 per cent (8,088 ounces) above budget, as the Fekola processing facilities continued to outperform. Following the successful completion of the Fekola mill expansion to 7.5 Mtpa (an increase of 1.5 Mtpa from an assumed base rate of six Mtpa) in September, 2020, mill throughput was a quarterly record of 2.07 million tonnes in the first quarter of 2021, 9 per cent above budget and 19 per cent higher than the first quarter of 2020. The Masbate mine in the Philippines also had a strong start to the year with first quarter gold production of 57,513 ounces, well above budget by 14 per cent (6,852 ounces). The Otjikoto mine in Namibia performed well during the first quarter of 2021, producing 23,042 ounces of gold, 11 per cent (2,351 ounces) above budget, with processed tonnes, grade and recoveries all slightly better than budget. As expected, compared with the first quarter of 2020, total consolidated gold production was lower by 17 per cent (44,218 ounces), due to planned significant waste stripping campaigns at both the Fekola and Otjikoto mines, scheduled for the first half of 2021 (for phase 5 and phase 6 of the Fekola pit, and phase 3 of the Wolfshag and Otjikoto pits). Gold production is expected to significantly increase in the second half of 2021, when mining at Fekola reaches the higher-grade zones of the Fekola pit and mining at Otjikoto reaches the higher-grade zone at the base of the Wolfshag pit.

The company was recently selected as the recipient of five mining industry awards in the Philippines and Mali, including:

• In the Philippines, the two companies that comprise the Masbate gold project, Filminera Resources Corp. and Phil. Gold Processing & Refining Corp., received four awards in the recently concluded 2020 presidential mineral industry environmental awards (PMIEA) in the best mining forest and safest mine categories. The PMIEAs are given to mining companies that exhibit best practices in safety and health management, environmental protection, and community development.
• In Mali, a subsidiary of the company, B2Gold Mali Sarl, was recognized by Le Barometre, a citizen watch organization that monitors the performance of public and private-sector organizations, as Mali's best mining company of 2020.

For full-year 2021, the company's total gold production is forecast to be between 970,000 and 1.03 million ounces (including 50,000 to 60,000 attributable ounces projected from Calibre), with total consolidated cash operating costs forecast to be between $500 and $540 per ounce and total consolidated AISC forecast to be between $870 and $910 per ounce. The company's 2021 production guidance does not include the potential upside to increase Fekola's gold production in 2021 from the nearby Cardinal resource and processing capacity currently being investigated.

For full-year 2021, the company's consolidated gold production from its three operating mines is expected to be significantly weighted to the second half of 2021 due to planned significant waste stripping at both the Fekola and Otjikoto mines in the first half of 2021. For the first half of 2021, consolidated gold production is expected to be between 365,000 and 385,000 ounces, which is expected to increase significantly to between 555,000 and 585,000 ounces during the second half of 2021, when mining reaches the higher-grade portion of phase 5 of the Fekola pit and phase 3 of the Wolfshag pit. Based mainly on the weighting of production and timing of stripping, consolidated cash operating costs are expected to be between $620 and $660 per ounce in the first half of 2021, before significantly improving to between $380 and $420 per ounce during the second half of 2021. In addition, consolidated AISC is expected to be between $1,040 and $1,080 per ounce in the first half of 2021, before significantly improving to between $745 and $785 per ounce during the second half of 2021.

Gold revenue

For the first quarter of 2021, consolidated gold revenue was $362-million on sales of 202,330 ounces at an average price of $1,791 per ounce, compared with $380-million on sales of 239,500 ounces at an average price of $1,588 per ounce in the first quarter of 2020. The decrease in gold revenue of 5 per cent ($18-million) was 16 per cent attributable to the decrease in gold ounces sold (mainly due to the lower gold production), partially offset by an 11-per-cent impact from the increase in the average realized gold price.

Operations

Mine-by-mine gold production in the first quarter of 2021 (including the company's estimated 33-per-cent share of Calibre's production) was as set out in the attached table.

                                            MINE-BY-MINE PRODUCTION

Mine                                     Q1 2021      First half 2021          Second half            Full-year
                                 gold production             forecast        2021 forecast        2021 forecast
                                         (ounces)     gold production      gold production      gold production
                                                              (ounces)             (ounces)             (ounces)

Fekola                                   125,088      220,000-230,000      310,000-330,000      530,000-560,000
Masbate                                   57,513      100,000-105,000      100,000-105,000      200,000-210,000
Otjikoto                                  23,042        45,000-50,000      145,000-150,000      190,000-200,000
B2Gold consolidated (1)                  205,643      365,000-385,000      555,000-585,000      920,000-970,000
Equity interest in Calibre (2)            15,001        25,000-30,000        25,000-30,000        50,000-60,000
Total                                    220,644      390,000-415,000      580,000-615,000    970,000-1,030,000

(1) B2Gold consolidated: Gold production is presented on a 100-per-cent basis as B2Gold fully consolidates 
the results of its Fekola, Masbate and Otjikoto mines in its consolidated financial statements (even though 
it does not own 100 per cent of these operations).
(2) Equity interest in Calibre: represents the company's approximate 33-per-cent indirect share of the 
operations of Calibre's El Limon and La Libertad mines. B2Gold applies the equity method of accounting for 
its 33-per-cent ownership interest in Calibre.          

Fekola gold mine -- Mali

The Fekola mine in Mali continued its strong operational performance through the first quarter of 2021, producing 125,088 ounces of gold, 7 per cent (8,088 ounces) above budget, as the Fekola processing facilities continued to outperform. Following the successful completion of the Fekola mill expansion to 7.5 Mtpa (an increase of 1.5 Mtpa from an assumed base rate of six Mtpa) in September, 2020, mill throughput was a quarterly record of 2.07 million tonnes in the first quarter of 2021, which was 9 per cent above budget and 19 per cent higher than the first quarter of 2020. Fekola's higher-than-budgeted mill throughput was mainly due to favourable ore fragmentation and hardness, and optimization of the grinding circuit. As expected, compared with the first quarter of 2020, gold production was lower by 24 per cent (38,923 ounces) as a result of the planned significant waste stripping and lower mined ore grades, as phases 5 and 6 of the Fekola pit are developed during the first half of 2021. Mined ore tonnage and grade continue to reconcile well with the Fekola resource model, and ore production is expected to significantly increase in the second half of 2021 when mining reaches the higher-grade zones of the Fekola pit. As at March 31, 2021, the Fekola mine had achieved 437 days without an LTI.

For the first quarter of 2021, mill feed grade was 1.99 grams per tonne compared with budget of 2.03 g/t and 3.11 g/t in the first quarter of 2020. Mill throughput was 2.07 million tonnes compared with budget of 1.91 million tonnes and 1.75 million tonnes in the first quarter of 2020, and gold recovery averaged 94.4 per cent compared with budget of 94.0 per cent and 93.8 per cent in the first quarter of 2020. Processed grade was lower compared with the first quarter of 2020, mainly as a result of the focus on higher mill feed grade and the stockpiling strategy used during the mill expansion activities in the first quarter of 2020, in addition to the aforementioned lower mined ore grades in the first quarter of 2021 as phases 5 and 6 of the Fekola pit are developed.

The Fekola mill has the potential to run above the expanded annualized throughput rate of 7.5 Mtpa, and analysis is currently under way to determine the optimum throughput rate. For 2021 budgeting purposes, the company has assumed a throughput rate of 7.75 Mtpa. Mill processing trials conducted in the fourth quarter of 2020 demonstrate the potential to optimize the grind throughput capacity of the expanded facility, increase hardrock throughput and support the addition of saprolite ore tonnage in excess of the hardrock capacity. Based on positive results to date, Fekola's annualized throughput rate is expected to continue to remain above 8.0 Mtpa.

Production planning for the nearby Cardinal resource, located within 500 metres of the current Fekola resource pit, is currently under way (the initial inferred mineral resource estimate for Cardinal is 640,000 ounces of gold in 13.0 million tonnes of ore at 1.54 g/t gold). Grade control drilling at Cardinal has been completed, and preparations for a bulk sample are under way with sampling expected to begin in the second quarter of 2021. An environmental and social impact assessment has been completed and submitted to the Malian authorities. Approval of the addition of Cardinal to the Fekola environmental permit is expected shortly, and following this, an application will be made to add mining at Cardinal to the Fekola mine plan.

For full-year 2021, the Fekola mine is expected to produce between 530,000 and 560,000 ounces of gold at cash operating costs of between $405 and $445 per ounce and AISC of between $745 and $785 per ounce. Additional mining from Cardinal and processing capacity are currently being investigated (as discussed above), with the potential to increase Fekola's budgeted 2021 and longer-term gold production.

As a result of the planned waste stripping and lower mined ore grades in the first half of 2021, as phases 5 and 6 of the Fekola pit are developed, production is expected to be significantly weighted to the second half of 2021 (when mining reaches the higher-grade portion of phase 5 of the Fekola pit). For the first half of 2021, Fekola's gold production is expected to be between 220,000 and 230,000 ounces, which is expected to increase significantly to between 310,000 and 330,000 ounces during the second half of 2021. Based mainly on the weighting of production and timing of waste stripping, Fekola's cash operating costs are expected to be between $530 and $570 per ounce in the first half of 2021, before significantly improving to between $315 and $355 per ounce during the second half of 2021. In addition, Fekola's AISC is expected to be between $850 and $890 per ounce in the first half of 2021, before significantly improving to between $670 and $710 per ounce during the second half of 2021.

Fekola solar plant

Following the temporary suspension of solar plant construction activities in April, 2020, due to COVID-19 restrictions, site activities recommenced on Oct. 2, 2020, and construction progress is now approximately 95 per cent complete. On Jan. 5, 2021, a fire in the solar storage yard destroyed approximately 25 per cent of the solar panels for the project. Replacement panels have been sourced and are scheduled to arrive on site by mid-May, 2021. Approximately 25 per cent of the solar field came on-line on Jan. 28, 2021, and solar production reached 75 per cent of full installed capacity by the end of March, 2021, when the plant was turned over to the Fekola operations team. Solar power production with only 75-per-cent installed capacity has exceeded daily baseline targets for the full project, with several days of fuel cost savings of over $32,000 versus a goal of $25,000 per day, and replacement of up to 20 per cent of the total daily power versus a baseline goal of 18 per cent.

The schedule for installation of the remaining 25 per cent is contingent on the delivery of the replacement panels, but full construction completion is now projected by the end of the second quarter of 2021. The company does not anticipate any significant impact on Fekola's 2021 budgeted cash operating costs as a result of the delay in completion of the solar plant. The existing heavy fuel oil (HFO) and diesel power plant have an installed capacity of 64 megawatts while Fekola's expanded mill facilities require only approximately 40 megawatts for continuous operations. The solar plant is therefore not a necessary component to sustain the higher process plant production rate but is expected to reduce Fekola's operating costs and emissions by decreasing power plant fuel consumption and maintenance costs. When the plant is fully commissioned, it is expected to reduce HFO consumption by over 13 million litres per year and lower carbon dioxide emissions by an estimated 39,000 tonnes per year.

Masbate gold mine -- the Philippines

The Masbate mine in the Philippines also had a strong start to the year with first quarter gold production of 57,513 ounces, well above budget by 14 per cent (6,852 ounces). Gold production improved against budget mainly due to higher-than-budgeted mill recoveries (10 per cent above budget) and included processed ore from two main sources. In the first quarter of 2021, recoveries relating to mill feed sourced from high-grade sulphide ore mined from Main vein pit phases 4 and 5 in the quarter were 8 per cent above budget, while recoveries relating to processed low-grade stockpile tonnage, originally mined from the Colorado pit, were 7 per cent above budget. In addition, oxide ore processed during the quarter was 4 per cent higher than budget, which also contributed to the higher recoveries. Compared with the first quarter of 2020, gold production in the first quarter of 2021 was higher by 28 per cent (12,641 ounces), mainly due to higher mined ore grades in the quarter, as a result of mining through a higher-grade zone of the Main vein pit. The Masbate mine continued its remarkable safety performance, extending the number of days without an LTI to 866 days as at March 31, 2021.

For the first quarter of 2021, mill feed grade was 1.10 grams per tonne compared with budget of 1.06 g/t and 0.90 g/t in the first quarter of 2020. Mill throughput was 1.95 million tonnes compared with budget of 1.95 million tonnes and 1.87 million tonnes in the first quarter of 2020. Gold recovery averaged 83.6 per cent compared with budget of 75.7 per cent and 83.2 per cent in the first quarter of 2020.

For full-year 2021, the Masbate mine is expected to produce between 200,000 and 210,000 ounces of gold at cash operating costs of between $650 and $690 per ounce and AISC of between $955 and $995 per ounce. Masbate's gold production is scheduled to be relatively consistent throughout 2021.

Otjikoto gold mine -- Namibia

The Otjikoto mine in Namibia performed well during the first quarter of 2021, producing 23,042 ounces of gold, 11 per cent (2,351 ounces) above budget, with processed tonnes, grade and recoveries all slightly better than budget. As expected, compared with the first quarter of 2020, gold production was significantly lower by 45 per cent (18,707 ounces), as processed ore is primarily being sourced from existing stockpiles while significant waste stripping operations continue at both the Wolfshag and Otjikoto pits. Mined ore tonnage and grade continue to reconcile well with Otjikoto's resource model, and ore production is forecast to significantly increase in the second half of 2021 when mining reaches the higher-grade zone at the base of the Wolfshag pit. The Otjikoto mine has a remarkable safety record, with no LTIs for the period from March 27, 2018, until Oct. 29, 2020, when an LTI for a fractured ankle occurred. As at March 31, 2021, the Otjikoto mine had achieved 154 days without an LTI.

For the first quarter of 2021, mill feed grade was 0.82 g/t compared with budget of 0.79 g/t and 1.54 g/t in the first quarter of 2020. Mill throughput was 890,0000 tonnes compared with budget of 840,000 tonnes and 860,000 tonnes in the first quarter of 2020. Gold recovery averaged 97.6 per cent compared with budget of 97.3 per cent and 98.4 per cent in the first quarter of 2020.

Development of the Wolfshag underground mine continues to progress on schedule. In the fourth quarter of 2020, development of the portal was completed, and development of the primary underground ramp commenced. Development continued during the first quarter of 2021, and stope ore production is expected to commence in early 2022, in line with original estimates. The initial underground mineral reserve estimate for the down plunge extension of the Wolfshag orebody included 210,000 ounces of gold in 1.2 million tonnes of ore at 5.57 g/t gold.

For full-year 2021, the Otjikoto mine in Namibia is expected to produce between 190,000 and 200,000 ounces of gold, as high-grade ore is scheduled to be sourced from phase 3 of the Wolfshag pit in the second half of 2021. Otjikoto's cash operating costs are forecast to be between $480 and $520 per ounce and AISC to be between $830 and $870 per ounce.

Approximately 70 per cent of the gold produced in 2021 is expected to be mined from phase 3 of the Wolfshag pit, with material ore production starting early in the third quarter of 2021 following the waste stripping campaign. As a result of the timing of this high-grade ore mining, Otjikoto's production is expected to be significantly weighted to the second half of 2021. For the first half of 2021, Otjikoto's gold production is expected to be between 45,000 and 50,000 ounces, before increasing significantly to between 145,000 and 150,000 ounces during the second half of 2021. Based mainly on the weighting of the planned production and timing of higher waste stripping, Otjikoto's cash operating costs are expected to be between $940 and $980 per ounce in the first half of 2021, before significantly improving to between $330 and $370 per ounce during the second half of 2021. In addition, Otjikoto's AISC is expected to be between $1,600 and $1,640 per ounce in the first half of 2021, before significantly improving to between $580 and $620 per ounce during the second half of 2021. In the first quarter of 2021, gold production at Otjikoto was forecast to be lower and costs forecast to be higher than the second quarter of 2021, due to the significant amount of waste stripping and lower stockpile grades processed early in the year.

Otjikoto's higher 2021 gold production level of between 190,000 and 200,000 ounces is expected to continue through to 2024, with production from Wolfshag underground expected to commence in early 2022 to supplement ore from the Otjikoto pit, as well as existing medium- and low-grade stockpiles for approximately three years based on current estimates.

Outlook

The company is pleased with its first quarter 2021 production results as outlined in this news release. Based on a strong first quarter, the company is on track to meet its annual gold production guidance for 2021 of between 970,000 and 1.03 million ounces (including 50,000 to 60,000 attributable ounces projected from Calibre) with total consolidated cash operating costs of between $500 and $540 per ounce and total consolidated AISC of between $870 and $910 per ounce.

First quarter 2021 financial results -- conference call details

B2Gold will release its first quarter 2021 financial results after the North American markets close on May 4, 2021.

B2Gold executives will host a conference call to discuss the results on May 5, 2021, at 10 a.m. PST/1 p.m. EST. You may access the call by dialling the operator at 1-778-371-9827/1-647-427-7450 (Vancouver/Toronto) or toll-free at 1-888-231-8191 prior to the scheduled start time, or you may listen to the call by webcast. A playback version will be available for two weeks after the call at 1-416-849-0833 (local or international) or toll-free at 1-855-859-2056 (passcode 5695701).

About B2Gold Corp.

B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines and numerous exploration and development projects in various countries including Mali and Colombia. B2Gold continues to forecast total consolidated gold production of between 970,000 and 1.03 million ounces in 2021.

Qualified persons

Bill Lytle, senior vice-president of operations, a qualified person under National Instrument 43-101, has approved the scientific and technical information related to operating matters contained in this news release.

We seek Safe Harbor.