Mr. Clive Johnson reports

B2GOLD REPORTS Q2 2023 RESULTS; STRONG Q2 2023 OPERATING RESULTS POSITION B2GOLD TO ACHIEVE 2023 ANNUAL GUIDANCE; FIRST HALF OF 2023 CASH OPERATING COSTS AND ALL-IN SUSTAINING COSTS BOTH BELOW 2023 GUIDANCE RANGES

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

2023 Second Quarter Highlights

• Total gold production of 262,701 ounces in Q2 2023, in-line with expectations for the quarter: Total gold production of 262,701 ounces, including 16,740 ounces of attributable production from Calibre Mining Corp. ("Calibre"). The Fekola Mine produced 152,427 ounces in the quarter, benefitting from a favorable mine phasing sequence in the second quarter, 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.
• Total consolidated cash operating costs of $ 667 per gold ounce sold in Q2 2023, below the annual guidance range: Total consolidated cash operating costs (see "Non-IFRS Measures") (including estimated attributable results for Calibre) of $667 per gold ounce sold during the quarter. Consolidated cash operating costs from the Company's three operating mines of $639 per gold ounce sold.
• Total consolidated all-in sustaining costs of $1,214 per gold ounce sold in Q2 2023, below the midpoint of the annual guidance range: Total consolidated all-in sustaining costs (see "Non-IFRS Measures") (including estimated attributable results for Calibre) of $1,214 per gold ounce sold. Consolidated all-in sustaining costs from the Company's three operating mines of $1,210 per gold ounce sold.
• Attributable net income of $0.06 per share; Adjusted attributable net income of $0.07 per share in Q2 2023: Net income attributable to the shareholders of the Company of $80 million ($0.06 per share); adjusted net income (see "Non-IFRS Measures") attributable to the shareholders of the Company of $86 million ($0.07 per share).
• Operating cash flow before working capital adjustments of $199 million in Q2 2023: Cash flow provided by operating activities before working capital adjustments was $199 million in the second quarter of 2023.
• Robust financial position: At June 30, 2023, the Company had cash and cash equivalents of $506 million and working capital (defined as current assets less current liabilities) of $570 million.
• Q2 2023 dividend of $0.04 per share declared: The Company remains in a strong net positive cash position and paid a second quarter dividend of $0.04 per common share on June 27, 2023 (annualized rate of $0.16 per common share).
• Completed acquisition of Sabina Gold and Silver Corp. ("Sabina"); Goose Project construction on-track for mill completion and first gold production in Q1 2025: In the second quarter of 2023 the Company completed its inaugural winter ice road season, extinguished certain of Sabina's construction financing obligations and received all critical materials that were necessary to maintain the schedule for construction completion of the mill and first gold production at the Goose Project in the first quarter of 2025. Currently, camp construction is partially complete, generators are being installed, and construction workshops are being erected. The Company has also decided to move to an owner-operated construction model versus a fixed priced EPC contract for the construction of the process plant, which will reduce costs and result in a mill with higher availability and lower sustaining capital requirements. Using B2Gold's owner-operated team also allows for flexibility in construction and the ability to prioritize construction activities as needed.
• Updated and significantly increased Mineral Resource Estimate for the Anaconda Area announced: On June 21, 2023, the Company announced an updated Mineral Resource estimate that includes a significant increase in the laterite, saprolite and saprock (collectively "oxide") Mineral Resources, and an initial sulphide Indicated Mineral Resource estimate for the Anaconda Area.

Liquidity and Capital Resources

B2Gold continues to maintain a strong financial position and liquidity. At June 30, 2023, the Company had cash and cash equivalents of $506 million (December 31, 2022 - $652 million) and working capital (defined as current assets less current liabilities) of $570 million (December 31, 2022 - $802 million). At June 30, 2023, the full amount of the Company's $600 million revolving credit facility ("RCF") was undrawn and available. In July 2023, the available and undrawn capacity of the RCF was increased to $700 million under the accordion feature with the addition of the National Bank of Canada to the syndicate of lenders.

Second Quarter 2023 Dividend

On June 5, 2023, B2Gold's Board of Directors declared a cash dividend for the second quarter of 2023 of $0.04 per common share (or an expected $0.16 per share on an annualized basis), paid on June 27, 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

On April 19, 2023, the Company completed the acquisition of Sabina, resulting in the Company acquiring Sabina's 100% owned Back River Gold District located in Nunavut, Canada by issuing approximately 216 million common shares in B2Gold as consideration. The Back River Gold District consists of five mineral claims blocks along an 80 kilometer ("km") belt. The most advanced project in the district, Goose, is fully permitted, construction ready, and has been de-risked with significant infrastructure currently in place. The Goose Project has an estimated two year construction period with first gold production expected in the first quarter of 2025. In addition, B2Gold obtained significant untapped exploration potential across the 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. B2Gold recognizes that respect and collaboration with the Kitikmeot Inuit Association is central to the license 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, in the second quarter of 2023, B2Gold completed its inaugural winter ice road season, extinguished certain of Sabina's construction financing obligations and received all critical materials that were expected to be necessary to maintain the schedule for construction completion of the mill and first gold production at the Goose Project in the first quarter of 2025. Currently, camp construction is partially complete, generators are being installed, and construction workshops are being erected. The Company extinguished certain of Sabina's construction financing obligations with payments totaling $112 million as follows: senior secured debt facility for a $2 million payment, gold prepay facility for a $1 million payment, the entire gold metal offtake agreement for a $63 million payment, and one-third of the gold stream arrangement for a $46 million payment.

On June 23, 2023, the Company announced an initial capital expenditure estimate of C$800 million, which was in line with B2Gold expectations since the Sabina acquisition announcement and reflects scope changes to further optimize the Goose Project. B2Gold has updated the construction budget to de-risk the project and construct a reliable and low operating cost mine. In addition, the Company has made the decision to accelerate underground mining development to increase annual gold production over the first five years of the mine plan, including the mining of the Umwelt crown pillar. The cost to accelerate underground mining is estimated at an additional C$90 million for a total project capital expenditure of C$890 million (approximately $676 million) with approximately C$550 million (approximately $418 million) expected to be spent by B2Gold up to completion of construction in the first quarter of 2025.

In the second quarter of 2023, a significant 2023 exploration program was approved for the Back River Gold District. B2Gold has approved a $20 million exploration budget for the balance of 2023 to complete approximately 25,000 meters ("m") of drilling. 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.

Outlook

B2Gold expects to continue its strong operational performance in 2023 with total gold production forecast to be between 1,000,000 and 1,080,000 ounces (including 60,000 to 70,000 attributable ounces from Calibre). The Company's total consolidated cash operating costs for the year (including estimated attributable results for Calibre) are forecast to be between $670 and $730 per ounce and total consolidated all-in sustaining (including estimated attributable results for Calibre) are forecast to be between $1,195 and $1,255 per ounce.

Due to the Company's strong net positive cash position and available liquidity, strong operating results and cash flows, B2Gold's quarterly dividend rate is expected to be maintained at $0.04 per common share (or an annualized rate of $0.16 per common share), which represents one of the highest dividend yields in the gold sector.

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 with the vast majority allocated to growth exploration expenditures to support the next phase of organic growth across the portfolio.

The closing of the acquisition of Sabina and the Goose Project adds a high grade, fully permitted, construction stage gold project in Nunavut, Canada to the Company's portfolio and enhances its operational and geographic diversification by combining B2Gold's stable production base with a high grade, advanced development asset in a Tier-1 mining jurisdiction. The Goose Project has an estimated two-year construction period with first gold production expected in the first quarter of 2025. In addition, B2Gold has acquired access to significant untapped exploration potential across an 80 km belt.

The Company's ongoing 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.

Second Quarter 2023 Financial Results - Conference Call Details

B2Gold executives will host a conference call to discuss the results on Thursday, August 3, 2023, at 10:00 am PT / 1:00 pm ET. You may access the call by registering at the participant conference link by clicking here prior to the scheduled start time. Once you have registered, you will be sent an email with a unique PIN which will connect you to the call at +1 (431) 341-4089 / +1 (855) 513-1368 (Canada) or toll free at +1 (844) 543-0451. You may also listen to the call via webcast.

About B2Gold 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 1,000,000 and 1,080,000 ounces in 2023.

Qualified Persons

Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release.

Brian Scott, P. Geo., Vice President, Geology & 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.