Mr. Clive Johnson reports

B2GOLD RECEIVES APPROVAL FROM THE STATE OF MALI TO COMMENCE UNDERGROUND MINING AT FEKOLA, AND A DEFINED PATH FORWARD FOR THE FEKOLA REGIONAL EXPLOITATION PERMIT

B2Gold Corp. has received approval from the State of Mali to begin underground operations, including stope ore production, at the Fekola mine in Mali, a key production growth driver for the Fekola complex.

The Fekola complex comprises the Fekola mine (Medinandi permit hosting the Fekola and Cardinal open pits and Fekola underground), owned 80 per cent by B2Gold and 20 per cent by the State of Mali, and Fekola Regional (Anaconda area (formerly the three separate Bantako, Menankoto and Bakolobi permits, now consolidated into one permit called Menankoto) and the Dandoko permit), which will be owned 65 per cent by B2Gold and 35 per cent by the State of Mali. Fekola Regional is located approximately 20 kilometres from the Fekola mine.

During the week of July 21, 2025, B2Gold senior executives completed productive and collaborative meetings with key representatives of the State of Mali, including the Prime Minister, the Minister of Finance, the Minister of Mines and advisers to the Malian government. Both the company and the State of Mali remain committed to the agreement related to the continuing operation and governance of the Fekola complex that was entered into in September, 2024.

After completion of the meetings, on July 30, 2025, the State of Mali granted approval for the company to commence underground operations, including stope ore production, at the Fekola mine. Throughout 2024 and 2025, the company has been carrying out underground exploration development work at the Fekola mine in anticipation of the receipt of underground mining approval. This includes more than 9,300 metres of development work plus the installation of all required underground mining infrastructure. Subsequent to receipt of the underground mining approval, the company commenced stope ore production at Fekola underground and Fekola underground ore that was stockpiled during the underground exploration development stage is currently being processed through the Fekola mill.

Fekola underground remains an important component of the near-term production profile of the Fekola complex. In 2025, the company anticipates Fekola underground to contribute between 25,000 and 35,000 ounces of gold production, ramping up significantly in 2026 and subsequent years.

During the meetings completed in Mali last week, the company and the State of Mali also discussed the importance of Fekola Regional to both the near- and long-term future of the Fekola complex. The development of Fekola Regional has the potential to enhance the Fekola complex production profile and extend the mine life. Fekola Regional is anticipated to contribute approximately 180,000 ounces of additional annual gold production in its first four full years of production from 2026 through 2029, with a mine life expected to extend well into the 2030s. The company and the State of Mali have committed to work together to finalize the approval of the Fekola Regional exploitation permit in the near term, now expected prior to the end of the third quarter of 2025. Importantly, the haul road from Fekola Regional to the Fekola mine is operational as construction of the haul roads and mining infrastructure (warehouse, workshop, fuel depot and offices) was completed on schedule in 2023. Upon issuance of the exploitation permits for Fekola Regional, mining prestripping activities will begin for a period of three months, followed by initial gold production expected to commence in late 2025.

B2Gold reiterates its 2025 gold production guidance for the Fekola complex of 515,000 to 550,000 ounces.

About B2Gold Corp.

B2Gold is a responsible international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Canada, Mali, Namibia and the Philippines, and numerous development and exploration projects in various countries. B2Gold forecasts gold production of between 970,000 and 1,075,000 ounces in 2025.

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