Mr. Clive Johnson reports

B2GOLD ANNOUNCES UPDATED AND SIGNIFICANTLY INCREASED MINERAL RESOURCE ESTIMATE FOR THE ANACONDA AREA, LOCATED NEAR THE FEKOLA MINE, MALI

B2Gold Corp. has released an updated and significantly increased mineral resource estimate for the Anaconda area, comprising the Menankoto permit, the Bantako North permit and the Bakolobi permit, located approximately 20 kilometres from the Fekola mine. The updated mineral resource estimate includes a significant increase in the laterite, saprolite and saprock (collectively, oxide) mineral resources, and an initial sulphide indicated mineral resource estimate.

Mineral resource update highlights:

• Indicated resources of 2.03 million gold ounces, an 80-per-cent increase from the March, 2022, mineral resource estimate: June, 2023, mineral resource estimate, constrained within an optimized pit shell at a gold price of $1,800 (U.S.) per ounce, includes indicated mineral resources of 57.1 million tonnes at 1.11 grams per tonne gold for a total of 2.03 million ounces of gold.
• Inferred resources of two million gold ounces: June, 2023, mineral resource estimate, constrained within an optimized pit shell at a gold price of $1,800 (U.S.) per ounce, includes inferred mineral resources of 46.6 million tonnes at 1.33 g/t gold for a total of two million ounces of gold.
• Anaconda area oxide mineral resources and the Dandoko oxide mineral resources will form the basis of the engineering study of a Fekola regional stand-alone mill and oxide processing facilities: 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 oxide resources. 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.
• Improvement in Anaconda area sulphide mineral resources total tonnes and grade: Inaugural sulphide indicated mineral resource estimate of 17.4 million tonnes at 1.40 g/t gold for a total of 780,000 ounces of gold. Sulphide inferred mineral resource estimate of 37.1 million tonnes at 1.44 g/t gold for a total of 1.72 million ounces of gold. Sulphide inferred gold grade improved by 15 per cent from the March, 2022, mineral resource estimate.
• Continuity of Anaconda area oxide mineral resources remains strong at higher cut-off grades: To highlight the potential for mining and trucking of higher-grade oxide ore from the Anaconda area to the Fekola mill before potential completion of the Fekola regional stand-alone mill and oxide processing facilities, the oxide indicated mineral resource estimate at a 0.6 g/t gold cut-off grade is 23.5 million tonnes at 1.37 g/t gold for a total of 1.04 million ounces of gold. Oxide mineral resources at Anaconda area and Dandoko are anticipated to be mined and processed at a lower per-tonne unit cost relative to Fekola sulphide ore due to being located closer to surface (lower strip ratio), and cheaper mining and milling costs. Additionally, there are significant synergies between the Fekola mine and the Fekola regional deposits due to the sharing of existing infrastructure at Fekola.
• Continuing exploration drilling at Mamba, Cobra and Taipan continues to intersect high grade-width intervals of oxide and sulphide mineralization that remain open to further exploration success: Since the cut-off date for assays for the June, 2023, mineral resource estimate, the company has continued to expand both oxide and sulphide deposits at the Anaconda area.

Resource model methodology

The updated Anaconda area mineral resource models were prepared in-house by B2Gold personnel. Drilling completed in support of the June, 2023, mineral resource estimate includes 568 diamond drill holes (135,539 metres), 2,387 reverse circulation holes (287,770 m) and 3,714 aircore holes (156,625 m) for a total of 6,669 drill holes (579,933 m).

Mineralization and weathering domains were modelled in three dimensions with mineralization domains used to control estimation of gold grades. Oxide mineralization was modelled using logged weathering and lithology codes. Mineralization within the weathered profile is interpreted as an extension to underlying sulphide mineralization. The main controls on sulphide mineralization are west-dipping shear zones with an underlying lithological and alteration component.

Assays were capped by mineralization domain, with capping ranging from one g/t to 12 g/t gold in the low-grade zones, two g/t to 17 g/t gold in the medium-grade zones and six g/t to 35 g/t gold in the high-grade zones. Gold grades were capped prior to compositing to two m. Grades were estimated into the block models using ordinary kriging and inverse distance squared with searches dynamically controlled along main mineralization zone directions.

Approximately 25,538 bulk density measurements were made at site on drill core samples using the Archimedes water displacement method. Nominal drill hole spacing for oxide indicated mineral resources is aircore, or reverse circulation drilling at 40 by 40 m supplemented by reverse circulation or core drilling at 80 by 80 m, and for inferred mineral resources drill hole spacing is nominally 80 by 80 m.

2023 Mali exploration drilling program

In 2023, B2Gold is conducting a $35-million exploration program at the Fekola complex, comprising the Fekola mine and the adjacent Cardinal zone on the Medinandi permit, the Anaconda area (Bantako North, Menankoto and Bakolobi), and the Dandoko permit. The initial focus of the 178,000 m drill program has been the Anaconda area, which includes the Mamba, Adder, Anaconda, Cascabel, Boomslang, Taipan and Cobra zones.

2023 Anaconda area exploration drilling program

Mamba zone (Bantako North and Menankoto permits)

As a significant contributor to the Anaconda area June, 2023, mineral resource estimate, the Mamba zone continues to be the subject of a focused campaign of infill drilling. Approximately 30,000 m of drilling have been completed on Mamba to date in 2023. Current drilling is targeting the upgrade of sulphide inferred mineral resources beneath the portion of the Mamba pit scheduled for the earliest phase of oxide mining. Concurrent sulphide exploration drilling is continuing and continues to return high grade-width intersections. Hole MSD_288 returned 1.73 g/t gold over 21.17 m, from 559.10 m, and 5.53 g/t gold over 12.20 m, from 663.90 m, and is over 300 m down plunge from MSD_241 (8.60 g/t gold over 46 m) which was one of the highest gram-metre intercepts drilled to date in the Anaconda area. With the recent oxide infill program complete, most of the recent drilling has been directed at sulphide targets, though several significant intervals of oxide mineralization have been recently intersected. Mineralization remains open at depth along this shallowly plunging zone.

Selected sulphide and oxide highlights from recent assays at Mamba received after the June, 2023, mineral resource estimate cut-off date are presented herein.

Cobra and Taipan zones (Menankoto and Bakolobi permits)

The Cobra zone has been a significant contributor to the total oxide mineral resource estimate in the Anaconda area and continues to generate significant intervals of both oxide- and sulphide-hosted mineralization.

The southernmost portion of Cobra comprises a separate geological structure, which is currently being explored as the Taipan zone. Recent drilling on the Cobra and Taipan zones has returned encouraging intervals of oxide and sulphide mineralization, with Taipan also returning particularly strong sulphide intercepts.

Selected sulphide and oxide highlights from recent assays at Cobra and Taipan received after the June, 2023, mineral resource estimate cut-off date are presented herein.

Fekola regional development update

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.

Based on B2Gold's preliminary planning, 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 kilometres and fed into the Fekola mill at a rate of up to 1.5 mtpa. 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 from the Bantako North permit is expected to contribute approximately 18,000 ounces of gold in 2023, with Fekola regional production levels continuing to progress through 2024.

Preliminary results of a Fekola complex optimization study 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 mtpa of oxide resources. Results of the study are 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, 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.

Quality assurance/quality control on sample collection and assaying

The primary assay laboratory for Bantako North and Menankoto exploration samples is SGS Laboratories in Bamako, Mali. The Fekola mine laboratory and Bureau Veritas laboratories in Abidjan, Ivory Coast, have served as alternative laboratories. At each laboratory samples are prepared and analyzed using 50-gram fire assay with atomic absorption and/or gravimetric finish. Umpire assaying of exploration samples is conducted on a quarterly basis. SGS Bamako is accredited under ISO17025 and is an independent laboratory. The Fekola mine laboratory currently holds no accreditations and is not independent of B2Gold. Bureau Veritas Abidjan laboratory is independent of B2Gold and is operating to the guidelines of ISO9001 and ISO17025 protocols in accordance with procedures specified within the Bureau Veritas group.

Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates in the sample sequence. The results of the control samples are evaluated on a regular basis with partial batches reanalyzed and/or resubmitted on exploration samples, as needed. All results stated in this announcement have been accepted according to B2Gold's quality assurance and quality control protocols.

Qualified persons

Andrew Brown, vice-president of exploration at B2Gold, a qualified person under National Instrument 43-101, has reviewed and approved the scientific information related to exploration and mineral resource matters contained in this news release.

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

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.

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