Mr. Clive Johnson reports

B2GOLD ANNOUNCES POSITIVE EXPLORATION DRILLING RESULTS FROM THE ANTELOPE DEPOSIT AT THE OTJIKOTO MINE IN NAMIBIA, HIGHLIGHTING THE POTENTIAL TO EXPAND UNDERGROUND GOLD PRODUCTION THROUGH THE EARLY 2030'S

B2Gold Corp. has released positive exploration drilling results from the Antelope deposit at the Otjikoto mine in Namibia. The Antelope deposit, comprising the Springbok zone, the Oryx zone and a possible third structure, Impala, subject to further confirmatory drilling, is located approximately three kilometres south of the Otjikoto phase 5 open pit. The Antelope deposit has the potential to be developed as an underground mining operation, which could complement the expected processing of stockpiles at the Otjikoto mill from 2026 through 2031.

Highlights:

• 20,715 metres in 37 drill holes completed at the Antelope deposit in 2023, with a plan to nearly double the metres drilled in 2024:
  • The Antelope deposit was discovered in 2022 following deep drill testing on three-dimensional models of magnetic inversion data;
  • The 2024 exploration budget for Otjikoto is $9-million (U.S.), focused predominantly on the Antelope deposit, the largest drill program since the definition of the Wolfshag discovery in 2012;
  • 39,000 m of drilling planned to define and expand the Antelope deposit.
• High-grade, Otjikoto-style mineralization discovered approximately three km south of the phase 5 open pit at Otjikoto; in several structures referred to as the Antelope deposit:
  • Drill hole GH22-048 intersected 12.88 grams per tonne gold over 7.60 m from 485.00 m at the Springbok zone;
  • Drill hole GH23-056 intersected 9.86 g/t gold over 7.48 m from 517.55 m at the Oryx zone;
  • The company believes this style of mineralization could be amenable to underground mining methods similar to those used at the Wolfshag underground mine.
• Drill results at the Springbok zone and Oryx zone indicate the potential for possible underground development of the Antelope deposit, which could begin to contribute to gold production at Otjikoto in 2026:
  • Open-pit operations at Otjikoto are anticipated to conclude in 2025, while underground mining operations at Wolfshag will continue through 2026;
  • Current gold production estimates at Otjikoto are expected to be between 180,000 and 200,000 ounces in 2024 and 2025, just under 100,000 ounces in 2026, and stepping down to sub-50,000 ounces from 2026 through 2031 during the processing of low-grade stockpiles;
  • Underground mining of the Antelope deposit has the potential to supplement the processing of stockpiles through 2031, with the goal of increasing gold production levels to over 100,000 ounces per year from 2026 through 2031;
  • An initial mineral resource estimate at the Antelope deposit is anticipated by the third quarter of 2024, with an internal scoping study on an underground mining operation to be completed by the first quarter of 2025.

2023 Otjikoto exploration program

In 2023, B2Gold completed a $3.3-million (U.S.) exploration program in Namibia, with exploration drilling focused on the ML169 mining licence, which surrounds Otjikoto. A total of 22,058 m of drilling was completed in 2023, the majority of which targeted the high-grade gold mineralization of the Antelope deposit.

The Antelope deposit was discovered in 2022, following deep drill testing on three-dimensional models of magnetic inversion data. The Antelope deposit comprises up to three separate mineralized structures, of which the southernmost Springbok zone has been defined by 100 m by 50 m spaced drilling, over a strike length of approximately 800 m. Mineralization has a dip extent of approximately 150 m and is between seven m and 10 m thick.

Northeast, along strike of the Springbok zone, a similar type of high-grade mineralization has been intersected in the Oryx zone, which appears to represent a second shoot, stacked stratigraphically above the Springbok zone. Over all, the Antelope deposit mineralization has been intersected by drilling over a combined strike length of approximately 1,500 m. As the significant mineralization is intersected from approximately 450 m down hole, the Antelope deposit is being evaluated for potential underground development.

Mineralization of the Antelope deposit is characterized by quartz-pyrrhotite veins, which have been overprinted by deformation focused along two main marble beds that serve as major stratigraphic markers in the Otjikoto stratigraphy. The shoot-like geometry of the Antelope deposit mineralization derives, in part, from the thickening of quartz-pyrrhotite-gold mineralization in the hinge zones of centimetre- to metre-scale folds, a structural control that is well documented at Otjikoto. Mineralized shoots plunge shallowly north-northeast, suggesting a subtle inflection in the stratigraphy that hosts Otjikoto, where mineralized zones plunge shallowly south-southwest. Mineralization in each of the respective shoots remains open along the plunge direction.

The mineralized zones are associated with a positive magnetic response that extends southward from the Otjikoto open pit as a continuous linear feature for over four km. Testing the continuity of this magnetic feature and its possible connection with the southernmost extent of ore in the phase 5 open pit at Otjikoto will be a significant part of the 2024 exploration program.

2024 exploration program and development assessment

The exploration budget for Namibia in 2024 is $9-million (U.S.), financing the largest drill program since the definition of the Wolfshag discovery in 2012. A 39,000 m drill program has been planned to define and expand the Antelope deposit. An initial mineral resource estimate at the Antelope deposit is anticipated by the third quarter of 2024.

Open-pit mining operations at Otjikoto are scheduled to ramp down throughout 2024 and conclude in 2025, while underground mining operations at Wolfshag are expected to continue through 2026. Processing operations will continue through 2031, when economically viable stockpiles are forecast to be exhausted. These positive drill results from the Antelope deposit indicate there is potential for a possible underground development to supplement the processing of stockpiles through 2031, with the goal of increasing Otjikoto gold production levels to over 100,000 ounces per year from 2026 through 2031.

Quality assurance/quality control on sample collection and assaying

LeachWell analysis at the Otjikoto mine lab has been the primary method of analysis of samples from the Antelope deposit. Assay composites presented herein are derived from one-kilogram samples. In-house studies by B2Gold indicate that LeachWell results compare favourably with fire assay completed by ALS Johannesburg, on the first four drill holes of the Antelope deposit drilling program.

Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates in the drill core 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.

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, a mine under construction in Northern Canada, and numerous development and exploration projects in various countries, including Mali, Colombia and Finland.

Qualified person

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

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