Mr. Clive Johnson reports

B2GOLD REPORTS Q1 2023 RESULTS; CASH OPERATING COSTS AND ALL-IN SUSTAINING COSTS BELOW 2023 ANNUAL GUIDANCE RANGES; OPERATING CASH FLOW BEFORE WORKING CAPITAL ADJUSTMENTS OF $223 MILLION

B2Gold Corp. has released its operational and financial results for the first quarter of 2023. All dollar figures are in United States dollars unless otherwise indicated.

2023 first quarter highlights:

• Total gold production of 266,856 ounces in Q1 2023, exceeding expectations to start 2023: Total gold production was 266,856 ounces, including 16,137 ounces of attributable production from Calibre Mining Corp. The Fekola mine produced 165,864 ounces in the quarter, benefiting from a favourable mine phasing sequence to start 2023, with phase 6 of the Fekola pit providing high-grade ore to the process plant. All B2Gold operations are on track to meet or exceed annual production guidance ranges. On April 27, 2023, Fekola produced its three millionth ounce of gold, five years and seven months from construction completion.
• Total consolidated cash operating costs of $600 per gold produced in Q1 2023, well below the annual guidance range (between $670 and $730 per ounce): Total consolidated cash operating costs (including estimated attributable results for Calibre) were $600 per gold ounce produced during the quarter. Consolidated cash operating costs from the company's three operating mines were $576 per gold ounce produced.
• Total consolidated all-in sustaining costs of $1,060 per gold ounce sold in Q1 2023, well below the annual guidance range (between $1,195 and $1,255 per ounce): Total consolidated all-in sustaining costs (including estimated attributable results for Calibre) were $1,060 per gold ounce sold. Consolidated all-in sustaining costs from the company's three operating mines were $1,049 per gold ounce sold, lower than expected as a result of lower cash operating costs and the timing of sustaining capital expenditures that are expected to be incurred later in 2023.
• Attributable net income of eight cents per share; adjusted attributable net income of 10 cents per share in Q1 2023: Net income attributable to the shareholders of the company was $86.0-million (eight cents per share). Adjusted net income attributable to the shareholders of the company was $106-million (10 cents per share).
• Operating cash flow before working capital adjustments of 21 cents per share in Q1 2023: Cash flow provided by operating activities before working capital adjustments was $223-million (21 cents per share) in the first quarter of 2023.
• Robust financial position: At March 31, 2023, the company had cash and cash equivalents of $674-million and working capital (defined as current assets less current liabilities) of $804-million.
• Q1 2023 dividend of four cents per share declared: The company remains in a strong net positive cash position and paid a first quarter dividend of four cents per common share on March 17, 2023 (annualized rate of 16 cents per common share).
• Completed acquisition of Sabina Gold and Silver Corp.: Subsequent to the quarter-end, the company completed the acquisition of Sabina on April 19, 2023, resulting in the company acquiring Sabina's 100-per-cent-owned Back River gold district, located in Nunavut, Canada, by issuing approximately 216 million B2Gold common shares as consideration.
• Subsequent to completion of the acquisition of Sabina, B2Gold completed its inaugural winter ice road season and extinguished certain of Sabina's construction financing obligations: B2Gold completed its inaugural winter ice road season and received all critical materials that were necessary to maintain the schedule for construction completion of the mill in the first quarter of 2025. As well, the company extinguished certain of Sabina's construction financing obligations with payments totalling $111-million as follows: senior secured debt facility for a $2-million payment; gold prepay facility for a $1-million payment; the entire gold metal off take agreement for a $62-million payment; and one-third of the gold stream arrangement for a $46-million payment.
• Significant exploration program approved at the Back River gold district for 2023: B2Gold has approved a $20-million exploration budget for the balance of 2023 to complete approximately 25,000 metres (m) of drilling. Infill and greenfield drilling will be focused in proximity to existing deposits at the Goose project, as well as following up on regional targets identified at the George, Boulder, Boot and Del projects.
• Preliminary Fekola complex optimization study indicates significant opportunity to increase gold production and resource utilization: The company is progressing an engineering study of a Fekola regional stand-alone mill and oxide processing facilities (expected to be located on the Anaconda area). Construction of a stand-alone oxide mill would constitute phase II of the Fekola regional development plan. The engineering study will be based on processing four million tonnes per annum (mtpa) of saprolite and transitional (oxide) resources. From January, 2022, through March 31, 2023, the company has completed approximately 120,000 m of drilling at the Anaconda area, which included infill drilling to upgrade a significant portion of the inferred oxide resources to the indicated category, as well as extending both oxide and sulphide resources in the area. An updated Anaconda area mineral resource estimate is currently under way and scheduled to be completed by the end of the second quarter of 2023. Consequently, to allow for incorporation of this updated mineral resource estimate into the engineering study, results of the study are now expected in the fourth quarter of 2023. The company's optimization study analysis indicates that the combined Fekola mine and Fekola regional processing facilities could have the potential to produce more than 800,000 ounces of gold per year from the Fekola complex, subject to delineation of additional mineral resources and development, completion of feasibility studies, and the receipt of all necessary regulatory approvals and permits.
• Closed investment into Snowline Gold Corp., acquiring a 5.0-per-cent equity interest: In March, 2023, closed an equity investment into Snowline, giving B2Gold ownership of approximately 5.0 per cent of the issued and outstanding common shares of Snowline. Snowline is advancing the Rogue project in the Yukon, Canada.

Liquidity and capital resources

B2Gold continues to maintain a strong financial position and liquidity. At March 31, 2023, the company had cash and cash equivalents of $674-million (Dec. 31, 2022 -- $652-million) and working capital (defined as current assets less current liabilities) of $804-million (Dec. 31, 2022 -- $802-million). At March 31, 2023, the full amount of the company's $600-million revolving credit facility was undrawn and available.

First quarter 2023 dividend

On Feb. 22, 2023, B2Gold's board of directors declared a cash dividend for the first quarter of 2023 of four cents per common share (or an expected 16 cents per share on an annualized basis), paid on March 17, 2023. The declaration and payment of future quarterly dividends remains at the discretion of the board and will depend on the company's financial results, cash requirements, future prospects and other factors deemed relevant by the board.

Back River gold district update

On April 19, 2023, the company completed the acquisition of Sabina, resulting in the company acquiring Sabina's 100-per-cent-owned Back River gold district, located in Nunavut, Canada, by issuing approximately 216 million common shares of B2Gold as consideration. The Back River old district consists of five mineral claims blocks along an 80-kilometre (km) belt. The most advanced project in the district, Goose, is fully permitted and construction ready, and has been derisked with significant infrastructure currently in place. The Goose project has an estimated two-year construction period, which is expected to be completed in the first quarter of 2025. B2Gold's management team has strong northern construction expertise and the experience to deliver the fully permitted Goose project and the financial resources to develop the significant gold resource endowment at the Back River gold district into a large, long-life mining complex. B2Gold recognizes that respect and collaboration with the Kitikmeot Inuit Association is central to the licence to operate in the Back River gold district and will continue to prioritize developing the project in a manner that recognizes indigenous input and concerns and brings long-term socio-economic benefits to the area.

Subsequent to completion of the acquisition of Sabina, B2Gold completed its inaugural winter ice road season and received all critical materials that were necessary to maintain the schedule for construction completion of the mill in the first quarter of 2025. During the season, upgrades to road alignment and subbase were completed to improve the winter ice road for future seasons. The transportation of materials concluded with the receipt of all necessary supplies, allowing for the pouring of concrete for key facilities and installation of structural steel to weather in the key facilities ahead of next seasons winter ice road campaign. Additionally, preparations for the 2023 sea lift continue and to date all ordered materials have arrived as scheduled. Currently, on-site activities are focused on building a new employee camp (phase 1 of the new camp is scheduled for completion on July 1, 2023), extending the airstrip to support the increased work force, primary pond construction to satisfy start-up water requirements, and continued development of the open-pit and underground areas.

The Back River gold district includes significant untapped exploration potential across the 80 km belt. To accelerate pursuing this potential, B2Gold has approved a $20-million exploration budget for the balance of 2023 to complete approximately 25,000 m of drilling. The $20-million budget is significantly higher than historical annual exploration expenditures. Drilling will be focused in proximity to existing deposits at the Goose project, as well as following up on regional targets identified at the George, Boulder, Boot and Del projects.

Subsequent to the completion of the acquisition of Sabina, B2Gold extinguished certain of Sabina's construction financing obligations. The original gold metal offtake agreement between Sabina and Orion Mine Finance allowed for the repurchase of 50 per cent of the gold offtake in the event of a change of control for $31-million. Under the terms of the agreement with Orion, B2Gold paid a total purchase price of $62-million to retire the entire gold metal offtake obligation. In addition, B2Gold has paid $3-million to retire the senior secured debt facility and gold prepay facility entered into between Orion and Sabina. After completion of the repurchase transactions, Orion will no longer hold any security over the Goose project or the Back River gold district. The original stream agreement between Sabina and Wheaton Precious Metals allowed for the repurchase of 33 per cent of the gold stream on the Goose project for consideration equal to an amount of cash that generates a 15-per-cent rate of return on the advanced portion of gold stream. Under the terms of the agreement with Wheaton, B2Gold paid a total purchase price of $46-million to retire 33 per cent of the existing gold stream.

A March, 2021, updated feasibility study on the Goose project outlined a 15-year life-of-mine, producing an average of 223,000 ounces of gold per year (average annual production of 287,000 ounces over first five years) from 3.6 million ounces of mineral reserves averaging 5.97 grams per tonne (g/t) gold. The company believes there is potential to increase production in the first five years of the mine life to over 300,000 ounces of gold per year through accelerated development of the underground mine at the Goose project, subject to further mine sequencing analysis.

Operations

Fekola mine -- Mali

The Fekola mine in Mali (owned 80 per cent by the company and 20 per cent by the State of Mali) had a successful start to the year, with first quarter 2023 gold production of 165,864 ounces. As expected, Fekola's gold production was strong due to a favourable mine phasing sequence to start 2023, with phase 6 of the Fekola pit providing significant high-grade ore to the process plant. For the first quarter of 2023, mill feed grade was 2.47 g/t, mill throughput was 2.27 million tonnes and gold recovery averaged 91.9 per cent.

The Fekola mine cash operating costs for the first quarter of 2023 were $483 per ounce produced ($471 per gold ounce sold). Cash operating costs per ounce produced for the first quarter of 2023 were lower than expected as a result of lower mining costs, predominantly due to less tonnes moved than anticipated during the quarter. Tonnes moved were less than expected during the quarter due to tight working conditions in phase 6, including reduced hauling capacity due to having one ramp available (the issue has been fixed starting in April, 2023) and lower-than-budgeted diesel costs. The mining tonnage is expected to be caught up over the remainder of 2023.

All-in sustaining costs for the first quarter of 2023 for the Fekola mine were $964 per gold ounce sold. All-in sustaining costs for the first quarter of 2023 were lower than expected as a result of lower cash operating costs described above and lower-than-expected sustaining capital expenditures. The lower sustaining capital expenditures are mainly a result of timing of expenditures and expected to be incurred later in 2023.

Capital expenditures in the first quarter of 2023 totalled $54-million, primarily consisting of $26-million for mobile equipment purchases and rebuilds, $15-million for prestripping, $2-million for haul road construction, $2-million for Fekola underground development, and $1-million for the tailings facility raise project.

Subsequent to the quarter-end, Fekola produced its three millionth ounce of gold on April 27, 2023. This milestone was accomplished five years and seven months from construction completion and three years earlier than estimated in the Fekola feasibility study from June, 2015. Fekola production has met or exceeded production projections in each year of its operation.

The low-cost Fekola complex in Mali is expected to produce between 580,000 and 610,000 ounces of gold in 2023 at cash operating costs of between $565 and $625 per ounce, and all-in sustaining costs of between $1,085 and $1,145 per ounce. At the Fekola mine, ore will continue to be mined from the Fekola and Cardinal pits, and for Fekola regional operations, initial saprolite production (to be processed in the Fekola mill) is expected to commence from the Bantako North permit starting in the third quarter of 2023. Saprolite production from the Bantako North permit is expected to generate approximately 18,000 ounces of gold production in 2023, with Fekola regional production levels continuing to ramp up through 2024. The Fekola mine is expected to process nine million tonnes of ore during 2023 at an average grade of 2.20 g/t gold, with a process gold recovery of 93.4 per cent. The expected increase in Fekola's all-in sustaining costs for 2023 reflects, predominantly, higher sustaining capital expenditures.

Masbate mine -- the Philippines

The Masbate mine in the Philippines had a strong start to the year with first quarter of 2023 gold production of 46,364 ounces. For the first quarter of 2023, mill feed grade was 0.95 g/t gold, mill throughput was 2.07 million tonnes and gold recovery averaged 73.5 per cent.

The Masbate mine cash operating costs for the first quarter of 2023 were $883 per ounce produced ($843 per gold ounce sold). Cash operating costs per ounce produced for the first quarter of 2023 were lower than expected as a result of higher-than-anticipated gold production and lower-than-anticipated processing costs resulting from lower diesel and heavy fuel oil cost.

All-in sustaining costs for the first quarter of 2023 were $1,320 per ounce sold. All-in sustaining costs for the first quarter of 2023 were lower than anticipated as a result of lower-than-expected cash operating costs described above and lower-than-expected sustaining capital expenditures. The lower-than-expected sustaining capital expenditures are mainly a result of timing of expenditures and expected to be incurred later in 2023.

Capital expenditures in the first quarter of 2023 totalled $9-million, primarily consisting of $7-million for mobile equipment purchases and rebuilds.

The Masbate mine in the Philippines is expected to produce between 170,000 and 190,000 ounces of gold in 2023 at cash operating costs of between $985 and $1,045 per ounce, and all-in sustaining costs of between $1,370 and $1,430 per ounce. For 2023, Masbate is expected to process 7.8 million tonnes of ore at an average grade of 0.96 g/t gold, with a process gold recovery of 74.5 per cent. Gold production is scheduled to be relatively consistent throughout 2023. Mill feed will be a blend of mined fresh ore sourced from the main vein pit and low-grade ore stockpiles. The anticipated increase in Masbate's all-in sustaining costs for 2023 reflects, predominantly, lower gold ounces sold.

Otjikoto mine -- Namibia

The Otjikoto mine in Namibia, in which the company holds a 90-per-cent interest, performed well during the first quarter of 2023, producing 38,491 ounces of gold. For the first quarter of 2023, mill feed grade was 1.47 g/t gold, mill throughput was 820,000 tonnes and gold recovery averaged 98.8 per cent.

Production from the Wolfshag underground mine continues to increase after stope ore production was achieved in the fourth quarter of 2022, with ore production for the first quarter of 2023 averaging over 1,000 tonnes per day at an average grade of 6.10 g/t gold. As of the beginning of 2023, the probable mineral reserve estimate for the Wolfshag deposit includes 203,000 ounces of gold in 1.1 million tonnes of ore at an average grade of 5.55 g/t gold. Open-pit mining operations at the Otjikoto mine are scheduled to ramp down in 2024 and conclude in 2025, while processing operations will continue until economically viable stockpiles are exhausted in approximately 2031. Underground operations are currently projected to continue until 2026 with potential to extend underground operations if the continuing underground exploration program is successful in identifying more underground mineral deposits.

Cash operating costs for the first quarter of 2023 were $605 per gold ounce produced ($458 per ounce gold sold). Cash operating costs per ounce produced for the first quarter of 2023 were lower than expected as a result of higher production as described above and a weaker Namibian dollar. Cash operating costs per gold ounce sold for the first quarter of 2023 were lower than the cash operating costs per ounce produced for the first quarter of 2023, as a result of the sale of lower cost inventory produced in the fourth quarter of 2022.

All-in sustaining costs for the first quarter of 2023 were $905 per gold ounce sold. All-in sustaining costs for the first quarter of 2023 were lower than anticipated as a result of lower-than-expected cash operating costs described above, higher-than-expected gold ounces sold and lower-than-expected sustaining capital expenditures primarily related to underground development. The lower-than-expected sustaining capital expenditures are mainly a result of timing of expenditures and expected to be incurred later in 2023.

Capital expenditures for the first quarter of 2023 totalled $17-million, consisting of $14-million for prestripping in the Otjikoto pit, $2-million for Wolfshag underground mine development and $1-million for mobile equipment rebuilds.

The Otjikoto mine in Namibia is expected to produce between 190,000 and 210,000 ounces of gold in 2023 at cash operating costs of between $590 and $650 per ounce, and all-in sustaining costs of between $1,080 and $1,140 per ounce. For 2023, Otjikoto is expected to process a total of 3.4 million tonnes of ore at an average grade of 1.87 g/t gold, with a process gold recovery of 98.0 per cent. In the first half of 2023, processed ore will be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing medium and high-grade ore stockpiles. Otjikoto's gold production is expected to be weighted approximately 60 per cent to the second half of 2023 due to the timing of high-grade ore mining from the Otjikoto pit and increased ore volumes from the Wolfshag underground mine. The anticipated decrease in Otjikoto's all-in sustaining costs for 2023 reflects the benefits of processing higher-grade ore from the Otjikoto pit and the Wolfshag underground mine in the second half of 2023.

Fekola complex regional development and exploration

Development

The Fekola complex comprises the Fekola mine (Medinandi permit hosting the Fekola and Cardinal zones) and Fekola regional (Anaconda area (Bantako and Menankoto permits), the Bakolobi permit and the Dandoko permit).

Based on the 2022 Anaconda area mineral resource estimate and B2Gold's preliminary planning, the company demonstrated that the Anaconda area could provide selective higher-grade saprolite material (average annual grade of up to 2.2 g/t gold) to be trucked approximately 20 km and fed into the Fekola mill at a rate of up to 1.5 million tonnes per annum. Trucking of selective higher-grade saprolite material from the Anaconda area to the Fekola mill will increase the ore processed and has the potential to generate approximately 80,000 to 100,000 ounces of initial gold production per year from Fekola regional sources (Fekola regional phase I). Initial saprolite production is expected to commence from the Bantako North permit starting in the third quarter of 2023 and is expected to contribute approximately 18,000 ounces of gold in 2023, with Fekola regional production levels continuing to ramp up through 2024.

In the first quarter of 2023, the company invested $15-million in the development of Fekola regional (Anaconda area) saprolite mining, including road construction, mine infrastructure and mining equipment. For 2023, the company has budgeted a total of $63-million for Fekola regional development. The construction mobile equipment fleet is now in operation, and construction of the haul roads and mining infrastructure (warehouse, workshop, fuel depot and offices) is on schedule to support saprolite production from the Bantako North permit area as early as the third quarter of 2023. Production from Bantako North is contingent upon receipt of all necessary permits, which are expected to be received in the second quarter of 2023.

Preliminary results of a Fekola complex optimization study, coupled with 2022 exploration drilling results, indicate that there is a significant opportunity to increase gold production and resource utilization with the addition of oxide processing capacity. The company is progressing an engineering study of a Fekola regional stand-alone mill and oxide processing facilities (expected to be located on the Anaconda area). Construction of a stand-alone oxide mill would constitute phase II of the Fekola regional development plan. The engineering study will be based on processing four million tonnes per annum of saprolite and transitional (oxide) resources. The current Anaconda area mineral resource estimate, released in March, 2022, and based on the results of exploration drilling completed up to Jan. 11, 2022, included indicated resources of 32.4 million tonnes at 1.08 g/t gold for 1.13 million ounces of gold, all of which was weathered oxide ore, and inferred resources that included 19.1 million tonnes of oxide ore at 0.81 g/t gold for 500,000 ounces of gold and 44.6 million tonnes of sulphide ore at 1.25 g/t gold for 1.79 million ounces of gold. Since that date through March 31, 2023, the company has completed approximately 120,000 m of drilling at the Anaconda area, which included infill drilling to upgrade a significant portion of the inferred oxide resources to the indicated category, as well as extending both oxide and sulphide resources in the area. An updated Anaconda area mineral resource estimate is currently under way and scheduled to be completed by the end of the second quarter of 2023. Consequently, to allow for incorporation of this updated mineral resource estimate into the engineering study, results of the study are now expected in the fourth quarter of 2023. In addition, Fekola complex optimization work continues to maximize project value from all the various oxide and sulphide material sources, including the Fekola pit, Fekola underground and Cardinal pit, and the Bantako North, Menankoto, Bakolobi and Dandoko permits. The company's conceptual analysis indicates that the combined Fekola mine and Fekola regional processing facilities could have the potential to produce more than 800,000 ounces of gold per year from the Fekola complex, subject to delineation of additional mineral resources and development, completion of feasibility studies, and the receipt of all necessary regulatory approvals and permits.

Exploration

B2Gold is conducting another year of extensive exploration in 2023 with a budget of approximately $84-million. A significant focus will be in proximity to the company's operating mines in Mali, Namibia and the Philippines, and includes $20-million of spending on both infill and generative exploration at the recently acquired Back River gold district.

Continuing exploration will continue to advance the company's early-stage projects in Finland and Ivory Coast. Target generation and pursuing new opportunities in prospective gold regions in Africa, South America, the Philippines, Central Asia and Canada continue. This generative initiative could include equity placements and new joint ventures with junior companies, similar to B2Gold's 2023 investment in Snowline and its Rogue project in the Yukon, Canada, and its 2022 investment in Matador Mining Ltd. and its Cape Ray gold project in Newfoundland, Canada.

Outlook

The company is pleased with its start to 2023 and the positive first quarter of 2023 results. Based on a strong operational and financial first quarter of 2023, the company is on track to meets its annual total gold production forecast of between one million and 1.08 million ounces (including 60,000 to 70,000 attributable ounces from Calibre) with total consolidated cash operating costs for the year (including estimated attributable results for Calibre) of between $670 and $730 per ounce, and total consolidated all-in sustaining (including estimated attributable results for Calibre) of between $1,195 and $1,255 per ounce.

On April 19, 2023, the company announced the completion of the acquisition of Sabina, resulting in B2Gold acquiring Sabina's 100-per-cent-owned Back River gold district, located in Nunavut, Canada. The Back River gold district consists of five mineral claims blocks along an 80 km belt. The most advanced project in the district, Goose, is fully permitted and construction ready, and has been derisked with significant infrastructure currently in place. The Goose project has an estimated two-year construction period, which is expected to be completed in the first quarter of 2025. In addition, B2Gold believes there is significant untapped exploration potential across an 80 km belt. B2Gold's management team has strong northern construction expertise and experience to deliver the fully permitted Goose project and the financial resources to develop the significant gold resource endowment at the Back River gold district into a large, long-life mining complex.

After a very successful year for exploration in 2022, B2Gold is conducting an aggressive exploration campaign in 2023 with a budget of approximately $84-million (including $20-million at the recently acquired Back River gold district) with the vast majority allocated to growth exploration expenditures to support the next phase of organic growth across the portfolio.

Due to the company's strong net positive cash position and available liquidity, strong operating results and cash flows, and the current higher-gold-price environment, B2Gold's quarterly dividend rate is expected to be maintained at four cents per common share (or an annualized rate of 16 cents per common share), which represents one of the highest dividend yields in the gold sector.

The company's continuing strategy is to continue to maximize profitable production from its mines, further advance its pipeline of remaining development and exploration projects, evaluate new exploration, development and production opportunities, and continue to pay an industry-leading dividend yield.

First quarter 2023 financial results -- conference call details

B2Gold executives will host a conference call to discuss the results on Wednesday, May 10, 2023, at 10 a.m. PT (1 p.m. ET). You may access the call by registering on-line prior to the scheduled start time. Once you have registered, you will be sent an e-mail with a unique PIN (personal identification number), which will connect you to the call at 1-431-341-4089 or 1-855-513-1368 (Canada) or toll-free at 1-844-543-0451. You may also listen to the call via webcast.

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 Canada, Mali, Colombia, Finland and Uzbekistan. B2Gold forecasts total consolidated gold production of between one million and 1.08 million ounces in 2023.

Qualified persons

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

Brian Scott, PGeo, vice-president, geology and technical services, a qualified person under NI 43-101, has approved the scientific and technical information related to exploration and mineral resource matters contained in this news release.

We seek Safe Harbor.