Mr. Clive Johnson reports

B2GOLD REPORTS STRONG Q4 AND FULL YEAR 2023 RESULTS; ACHIEVED 2023 TOTAL GOLD PRODUCTION AND CONSOLIDATED COST GUIDANCE; Q1 2024 DIVIDEND OF US$0.04 PER SHARE DECLARED

B2Gold Corp. has released its operational and financial results for the fourth quarter and full-year 2023. The company previously released its gold production and gold revenue results for the fourth quarter and full-year 2023. All dollar figures are in U.S. dollars unless otherwise indicated.

Fourth quarter 2023 and full-year 2023 highlights:

• Total gold production of 288,665 ounces in Q4 2023: Total gold production in the fourth quarter of 2023 was 288,665 ounces, including 18,054 ounces of attributable production from Calibre Mining Corp. The Fekola, Masbate and Otjikoto mines all exceeded their expected production in the fourth quarter, with Otjikoto achieving record quarterly production of 81,111 ounces.
• Total consolidated cash operating costs of $633 per gold ounce produced in Q4 2023: Total consolidated cash operating costs (including estimated attributable results for Calibre) of $633 per gold ounce produced and consolidated cash operating costs from the company's three operating mines of $611 per gold ounce produced.
• Total consolidated all-in sustaining costs of $1,257 per gold ounce sold in Q4 2023: Total consolidated all-in sustaining costs (including estimated attributable results for Calibre) were $1,257 per gold ounce sold, and consolidated all-in sustaining costs from the company's three operating mines were $1,264 per gold ounce sold.
• Achieved upper half of 2023 annual gold production guidance: Record annual total gold production was 1,061,060 ounces (including 68,717 attributable ounces from Calibre) for 2023, achieving the upper half of the annual guidance range of between one million and 1.08 million ounces, and marking the company's eighth-consecutive year of meeting or exceeding annual production guidance.
• Below 2023 total consolidated cash operating cost guidance and achieved low end of 2023 all-in sustaining cost guidance range: Total consolidated cash operating costs for 2023 were $654 per gold ounce produced, well below the annual guidance range of between $670 and $730 per gold ounce, primarily as a result of lower-than-expected fuel costs and a weaker Namibian dollar. Total consolidated all-in sustaining costs for 2023 were $1,201 per gold ounce sold, near the low end of the annual guidance range of between $1,195 and $1,255 per gold ounce.
• Attributable net loss of nine cents per share in Q4 2023: Adjusted attributable net income was seven cents per share in Q4 2023. Net loss attributable to the shareholders of the company was $113-million (nine cents per share). Adjusted net income attributable to the shareholders of the company was $91-million (seven cents per share). For 2023, net income attributable to the shareholders of the company was $10-million (one cent per share), and adjusted net income attributable to the shareholders of the company was $347-million (28 cents per share).
• Operating cash flow before working capital adjustments of $221-million in Q4 2023: Cash flow provided by operating activities before working capital adjustments was $221-million in the fourth quarter of 2023. Cash flow provided by operating activities before working capital adjustments was $834-million for the year ended Dec. 31, 2023.
• Strong financial position and liquidity: At Dec. 31, 2023, the company had cash and cash equivalents of $307-million and working capital (defined as current assets less current liabilities) of $397-million.
• Construction at the Goose project continues to progress on track, with the project remaining on schedule for first gold pour in the first quarter of 2025: Concrete and steel works in the mill area to date continue to progress ahead of schedule. Exterior cladding of the mill building and truck shop is complete, and cladding of the powerhouse will start in the first quarter of 2024. Additionally, the ball mill will be set in place in the first quarter of 2024, approximately four months ahead of schedule. Following the successful completion of the 2023 sealift, construction of the 2024 winter ice road is being finalized and scheduled to be fully operational by Feb. 23, 2024, transporting all required materials from the marine laydown area to the Goose project site by the end of April, 2024.
• Preliminary economic assessment under way on the Gramalote project with completion expected by the end of the second quarter of 2024: In 2023, B2Gold entered into a purchase agreement with AngloGold Ashanti Ltd. to acquire AngloGold's 50-per-cent interest in the Gramalote project located in the Department of Antioquia, Colombia. B2Gold now owns 100 per cent of the Gramalote project. In 2023, the company completed a detailed review of the Gramalote project, including the facility size and location, power supply, mining and processing options, tailings design, resettlement, potential construction sequencing, and camp design to identify potential cost savings to develop a smaller-scale project. A formal study commenced in the fourth quarter of 2023, with the goal of completing a PEA by the end of the second quarter of 2024.
• Subsequent to year-end 2023, announced positive exploration drilling results from the Antelope deposit at the Otjikoto mine in Namibia: On Jan. 31, 2024, the company announced positive exploration drilling results from the Antelope deposit, 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 low-grade stockpiles at the Otjikoto mill from 2026 through 2031.
• Subsequent to year-end 2023, received an upfront payment of $500-million, to further enhance financial flexibility and provide additional cash liquidity: In January, 2024, B2Gold entered into a series of prepaid gold sales with a number of existing lenders to further enhance financial flexibility and provide additional cash liquidity at attractive terms as the company continues to finance sustaining, development and growth projects across the operating portfolio, and increase financial capacity for potential growth projects in Namibia and Colombia. The company received an upfront payment of $500-million, based on gold forward curve prices averaging approximately $2,191 per ounce, in exchange for equal monthly deliveries of gold from July, 2025, to June, 2026, totalling 264,775 ounces, representing approximately 10 per cent of expected annual gold production in each of 2025 and 2026 (subject to finalization of production guidance for 2025 and 2026). Gold deliveries can be from production from any of the company's operating mines, and the gold prepay can be settled prior to maturity through accelerated delivery of the remaining deliverable gold ounces.
• First quarter 2024 dividend of four cents per share declared: On Feb. 21, 2024, B2Gold's board of directors declared a cash dividend for the first quarter of 2024 of four cents per common share (or an expected 16 cents per share on an annualized basis), payable on March 20, 2024, to shareholders of record as of March 7, 2024.
• B2Gold consolidated gold production expected to increase to record levels in 2025: Based on current estimates, consolidated gold production is expected to be between 1.13 million and 1.26 million ounces in 2025, driven by a significant increase in gold production from the Fekola complex, relative to 2024, as a result of the scheduled mining and processing of higher-grade ore from the Fekola and Cardinal pits made accessible by the meaningful stripping campaign that will be undertaken throughout 2024, a full-year contribution of higher-grade ore from Fekola regional, and commencement of mining the higher-grade Fekola underground (subject to receipt of necessary permits for Fekola regional and Fekola underground). In addition, the Goose project is expected to commence gold production in the first quarter of 2025 and contribute between 220,000 and 260,000 ounces of gold production in calendar year 2025.

Update on off-site attack in Mali

On Feb. 15, 2024, the company reported three fatalities from an off-site armed attack in Mali. Travelling on the national highway under Malian gendarme escort, a bus transporting B2Gold employees from the Fekola mine to Bamako was involved in an incident when it was attacked approximately 75 kilometres west of Bamako. This tragic event was the result of an armed attack on the employee transport convoy, which included Malian gendarmerie vehicles in front and in the rear of the transport convoy. Unfortunately, as of Feb. 21, 2024, B2Gold deeply regrets to report that a fourth employee has passed away as a result of injuries sustained in the attack. Three employees remain in intensive care and are being treated for their injuries in Bamako. All B2Gold employees travelling on the bus have been accounted for. B2Gold wishes to express its deepest condolences to the families of the deceased employees and extends its best wishes for a full recovery to all those employees who were injured in the attack.

The attack occurred over 300 km northeast of the Fekola mine site, along a transport route that has been the focus of increased security presence by the Malian armed forces. Mining and processing activities at the Fekola mine were not impacted by this incident. The company is actively engaged with the Malian government on a full investigation into the cause of the attack and on further improvements to security along the national highway.

Liquidity and capital resources

B2Gold continues to maintain a strong financial position and liquidity. At Dec. 31, 2023, the company had cash and cash equivalents of $307-million (Dec. 31, 2022: $652-million). Working capital at Dec. 31, 2023, was $397-million (Dec. 31, 2022: $802-million). During the year ended Dec. 31, 2023, the company drew down $150-million on the company's $700-million revolving credit facility with $550-million remaining available for future drawdowns. Subsequent to Dec. 31, 2023, the company utilized a portion of the proceeds from the $500-million gold prepay completed in January, 2024, to repay the $150-million balance drawn on the RCF, leaving the full amount of $700-million available for future drawdowns.

First quarter 2024 dividend

On Feb. 21, 2024, B2Gold's board of directors declared a cash dividend for the first quarter of 2024 of four cents per common share (or an expected 16 cents per share on an annualized basis), payable on March 20, 2024, to shareholders of record as of March 7, 2024.

In 2023, the company implemented a dividend reinvestment plan. For the purposes of the Q1 2024 dividend, the company is pleased to announce that a discount of 3 per cent will be applied to calculate the average market price (as defined in the DRIP) of its common shares issued from treasury. However, the company may, from time to time, in its discretion, change or eliminate any applicable discount, which would be publicly announced, all in accordance with the terms and conditions of the DRIP. Participation in the DRIP is optional. To participate in the DRIP in time for the Q1 2024 dividend, registered shareholders must deliver a properly completed enrolment form to Computershare Trust Company of Canada by no later than 4 p.m. Toronto time on Feb. 29, 2024. Beneficial shareholders who wish to participate in the DRIP should contact their financial adviser, broker, investment dealer, bank, financial institution or other intermediary through which they hold common shares well in advance of the above date for instructions on how to enroll in the DRIP.

As part of the long-term strategy to maximize shareholder value, B2Gold expects to declare future quarterly dividends at the same level. This dividend is designated as an eligible dividend for the purposes of the Income Tax Act (Canada). Dividends paid by B2Gold to shareholders outside of Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.

The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the board, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with B2Gold's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the company, and any other factors that the board deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.

For more information regarding the DRIP and enrolment in the DRIP, please refer to the company's website.

The company has filed a registration statement relating to the DRIP with the U.S. Securities and Exchange Commission that may be obtained under the company's profile on the U.S. Securities and Exchange Commission's website or by contacting the company.

Outlook

Total gold production in 2024 is anticipated to be between 860,000 and 940,000 ounces, including 40,000 to 50,000 ounces of attributable production from Calibre. Production is expected to be relatively consistent throughout 2024, with third quarter production expected to be slightly lower and fourth quarter production expected to be slightly higher. The expected decrease in gold production relative to 2023 is predominantly due to lower production at the Fekola complex as a result of the delay in receiving an exploitation licence for Fekola regional from the government of Mali, delaying the 80,000 to 100,000 ounces that were scheduled in the life-of-mine plan to be trucked to the Fekola mill and processed in 2024. The contribution of this gold production from Fekola regional is assumed to commence at the beginning of 2025. The company's total consolidated cash operating costs for the year (including estimated attributable results for Calibre) are forecast to be between $835 and $895 per gold ounce produced, and total consolidated all-in sustaining costs (including estimate attributable results for Calibre) are forecast to be between $1,360 and $1,420 per gold ounce sold. The anticipated increase in the company's consolidated cash operating costs per ounce for 2024 reflects the processing of lower-grade ore at Fekola in 2024. The total consolidated all-in sustaining costs per ounce for 2024 reflect the final full year of spending on both the new Fekola tailings storage facility and the Fekola solar plant expansion, in addition to the continuing substantial capitalized stripping campaign planned at Fekola for 2024.

B2Gold consolidated gold production is expected to increase to record levels in 2025. Based on current estimates, consolidated gold production in 2025 is expected to be between 1.13 million and 1.26 million ounces, driven by a significant increase in gold production from the Fekola complex, relative to 2024, as a result of the scheduled mining and processing of higher-grade ore from the Fekola and Cardinal pits made accessible by the meaningful stripping campaign that will be undertaken throughout 2024, a full-year contribution of higher-grade ore from Fekola regional, and commencement of mining from the higher-grade Fekola underground (subject to receipt of necessary permits for Fekola regional and Fekola underground). In addition, the Goose project is expected to commence gold production in the first quarter of 2025 and contribute between 220,000 and 260,000 ounces of gold production in calendar year 2025. The company still expects gold production from the Goose project to be approximately 300,000 ounces per year over the first five years of operation. As a result of the expected completion of several capital projects in 2024 and early 2025, the company also expects that there will be a significant decrease in both sustaining and growth capital expenditures in 2025.

Construction of the Goose project is progressing on track, with the project remaining on schedule for first gold pour in the first quarter of 2025. Construction continues ahead of schedule within the mill and processing buildings, along with preparatory work for peak construction activities in the second and third quarters of 2024. Mine development is well under way at the Echo pit and Umwelt underground mine to generate high-grade stockpiles prior to mill commissioning. Following the successful completion of the 2023 sealift, construction of the WIR is being finalized and scheduled to be fully operational by Feb. 23, 2024, transporting all required materials from the MLA to the Goose project site by the end of April, 2024.

Results of the Fekola complex technical report outlining the trucking of ore from the Anaconda area will be released in the first quarter of 2024. Results indicate that the trucking of both oxide and sulphide ore from Fekola regional to be toll milled by the Fekola mill is the optimal option to maximize the value of Fekola regional and to extend the processing life of the Fekola mill.

The company has completed a detailed review of the Gramalote project, including the facility size and location, power supply, mining and processing options, tailings design, resettlement, potential construction sequencing, and camp design, to identify potential cost savings to develop a smaller-scale project. A formal study commenced in the fourth quarter of 2023, with the goal of completing a preliminary economic assessment by the end of the second quarter of 2024.

The company's 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.

Fourth quarter and full-year 2023 financial results -- conference call details

B2Gold executives will host a conference call to discuss the results on Thursday, Feb. 22, 2024, at 8 a.m. PT/11 a.m. ET.

Participants may register for the conference call. Upon registering, participants will receive a calendar invitation by e-mail with dial-in details and a unique PIN. This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call. Registration will remain open until the end of the conference call. Participants may also dial in using the numbers below.

Toll-free in United States and Canada:  1-800-319-4610

All other callers:  1-604-638-5340

The conference call will be available to playback for two weeks by dialling toll-free in the U.S. and Canada: 1-800-319-6413, replay access code 0672. All other callers dial 1-604-638-9010, replay access code 0672.

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. B2Gold forecasts total consolidated gold production of between 860,000 and 940,000 ounces in 2024.

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.

Andrew Brown, 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.