B2Gold Reports Q3 2023 Results; 2023 Total Gold Production Guidance Reiterated; Full-Year Cash Operating Costs Forecast to be Below Guidance Range and Full-Year All-In Sustaining Costs Forecast to be at the Low End of Guidance Range

VANCOUVER, British Columbia, Nov. 08, 2023 — B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announces its operational and financial results for the third quarter of 2023. All dollar figures are in United States dollars unless otherwise indicated.

2023 Third Quarter Highlights

• Total gold production of 242,838 ounces in Q3 2023, expected to increase in Q4 2023 : Total gold production in Q3 2023 was 242,838 ounces, including 17,786 ounces of attributable production from Calibre Mining Corp. (“Calibre”). The Masbate and Otjikoto mines exceeded their expected production, which was offset by lower than expected production from the Fekola Mine due to slightly lower grade recovery and lower mill feed grade stemming from ore production delays out of Phase 6 of the Fekola pit following an intense precipitation event. Mining of the higher grade ore in Fekola Phase 6 resumed in October 2023 and fourth quarter of 2023 Fekola Mine production is expected to be significantly higher. All B2Gold operations are on track to meet or exceed annual production guidance ranges.
• Total consolidated cash operating costs of $706 per gold ounce sold in Q3 2023 : Total consolidated cash operating costs (see “Non-IFRS Measures”) (including estimated attributable results for Calibre) of $706 per gold ounce sold during the third quarter with consolidated cash operating costs from the Company’s three operating mines of $689 per gold ounce sold. Year-to-date total consolidated cash operating costs of $637 per gold ounce sold remain well below the annual guidance range.
• Total consolidated all-in sustaining costs of $1,272 per gold ounce sold in Q3 2023 : Total consolidated all-in sustaining costs (see “Non-IFRS Measures”) (including estimated attributable results for Calibre) of $1,272 per gold ounce sold during the third quarter. Year-to-date total consolidated all-in sustaining costs of $1,182 remain below the annual guidance range.
• Tracking well to 2023 total production and cost guidance: For full-year 2023, the Company’s total gold production is 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 slightly below the guidance range of $670 and $730 per ounce and total consolidated all-in sustaining costs (including estimated attributable results for Calibre) are forecast to be at the low end of the guidance range of between $1,195 and $1,255 per ounce.
• Attributable net loss of $0.03 per share; Adjusted attributable net income of $0.05 per share in Q3 2023 : Net loss attributable to the shareholders of the Company in Q3 2023 of $43.0 million ($0.03 per share), primarily related to the $112 million non-cash impairment on the Gramalote Project as a result of the Company’s acquisition from AngloGold Ashanti Limited (“AngloGold”) of the remaining 50% interest in the project; adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company was $65 million ($0.05 per share).
• Operating cash flow before working capital adjustments of $191 million in Q3 2023 : Cash flow provided by operating activities before working capital adjustments was $191 million in the third quarter of 2023.
• Robust financial position : At September 30, 2023, the Company had cash and cash equivalents of $310 million, working capital (defined as current assets less current liabilities) of $383 million, and minimal debt consisting of only equipment loans and lease obligations.
• Q3 2023 dividend of $0.04 per share declared : The Company remains in a strong net positive cash position and paid a third quarter dividend of $0.04 per common share on September 29, 2023 (annualized rate of $0.16 per common share). Dividends paid totalled $45 million in the third quarter.
• Goose Project construction on budget and on track for first gold pour in Q1 2025: In the third quarter of 2023, the Company completed Phase 1 camp construction and the earthworks required to extend the airstrip. The first concrete pour was completed in July with concrete and steel work in the mill area progressing ahead of schedule. Erection of the structural steel for the mill area, power house and truck shop is well underway, and cladding of the mill area is underway. The 2023 sealift was completed successfully in mid-October, unloading all planned material sealift materials required for the successful construction, commissioning and mining of the Goose Project.
• Consolidated the Gramalote Project by acquiring AngloGold’s 50% interest: On September 18, 2023, the Company announced it had entered into a purchase agreement with AngloGold to acquire AngloGold’s 50% interest in the Gramalote Project located in the Department of Antioquia, Colombia. B2Gold now owns 100% of the Gramalote Project. B2Gold’s in-house projects team has commenced work on various smaller scale project development plans, with the goal of identifying a higher-return project than the previously contemplated joint venture development plan.

Third Quarter 2023 Results

	Three months ended		Nine months ended
	September 30,		September 30,
	2023	2022	2023	2022
Gold revenue ($ in thousands)	477,888	392,554	1,422,298	1,140,122
Net (loss) income ($ in thousands)	(34,770 )	(21,234)	158,984	110,255
(Loss) earnings per share – basic (1) ($/ share)	(0.03 )	(0.02)	0.10	0.09
(Loss) earnings per share – diluted (1) ($/ share)	(0.03 )	(0.02)	0.10	0.09
Cash provided by operating activities ($ thousands)	110,204	93,118	509,010	325,307
Average realized gold price ($/ ounce)	1,920	1,711	1,929	1,810
Adjusted net income (1)(2) ($ in thousands)	64,840	31,996	256,506	142,340
Adjusted earnings per share (1)(2) – basic ($)	0.05	0.03	0.21	0.13
Consolidated operations results:
Gold sold (ounces)	248,889	229,400	737,139	629,800
Gold produced (ounces)	225,052	214,903	721,732	620,234
Cash operating costs (2) ($/ gold ounce sold)	689	810	613	741
Cash operating costs (2) ($/ gold ounce produced)	741	798	638	749
Total cash costs (2) ($/ gold ounce sold)	827	926	752	862
All-in sustaining costs (2) ($/ gold ounce sold)	1,273	1,154	1,177	1,100
Operations results including equity investment in Calibre:
Gold sold (ounces)	266,616	241,558	787,805	669,776
Gold produced (ounces)	242,838	227,016	772,395	660,004
Cash operating costs (2) ($/ gold ounce sold)	706	824	637	760
Cash operating costs (2) ($/ gold ounce produced)	755	815	661	767
Total cash costs (2) ($/ gold ounce sold)	840	939	772	878
All-in sustaining costs (2) ($/ gold ounce sold)	1,272	1,169	1,182	1,108

^{(1) Attributable to the shareholders of the Company.}

^{(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.}

Liquidity and Capital Resources

B2Gold continues to maintain a strong financial position and liquidity. At September 30, 2023, the Company had cash and cash equivalents of $310 million (December 31, 2022 – $652 million) and working capital (defined as current assets less current liabilities) of $383 million (December 31, 2022 – $802 million). At September 30, 2023, the full amount of the Company’s $700 million revolving credit facility (“RCF”) was undrawn and available. Subsequent to the end of the third quarter of 2023, the Company completed a drawdown of $50 million, leaving $650 million available for draw on its $700 million RCF.

Third Quarter 2023 Dividend

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