B2Gold Announces Updated Mineral Reserve Life of Mine Plan for the Goose Project

27 March 2025

VANCOUVER, British Columbia, March 27, 2025 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) is pleased to announce the results of a technical report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101”) for the Company’s Back River Gold District located in Nunavut, Canada titled “Goose Project and Back River District, Nunavut, Canada, NI 43-101 Technical Report” (the “Back River Technical Report”), dated effective December 31, 2024. The primary purpose of the Back River Technical Report is to provide an updated life of mine plan for the Goose Project based solely on an updated Mineral Reserve estimate. All dollar figures are in United States dollars unless otherwise indicated. The Back River Technical Report will be filed on SEDAR+ before March 31, 2025.

The Back River Gold District consists of 11 mineral claims blocks along an 80-kilometer (“km”) belt. Construction is underway at the most advanced project in the district, Goose, with construction and development on schedule for first gold pour in the second quarter of 2025, followed by ramp up to commercial production expected in the third quarter of 2025.

Highlights of the Back River Technical Report

Robust Mineral Resources at the Goose Project, with further potential to expand known deposits and discover additional mineralization
- Indicated Mineral Resource estimate of 3,560,000 ounces of gold (15.5 million tonnes grading 7.16 grams per tonne (“g/t”) gold;
  - Indicated Mineral Resource gold grade is a 16% improvement versus the Indicated Mineral Resource gold grade in the last published technical report on the Goose Project (the “Prior Report”) by the prior owner;
- Inferred Mineral Resource estimate of 2,440,000 ounces of gold (10.1 million tonnes grading 7.54 g/t gold);
  - Inferred Mineral Resource gold grade is a 14% improvement versus the Prior Report;
- When compared to the Prior Report, the new B2Gold geological model used in the Back River Technical Report includes a revised methodology for mineral resource estimation which resulted in a reclassification of a portion of the previously reported Indicated Mineral Resources to Inferred Mineral Resources, through the application of more stringent specifications for drill hole spacing that B2Gold felt was more appropriate for the deposit;
  - The combined effect of B2Gold’s proprietary changes is reflected in a commensurate shift in the respective totals for Indicated and Inferred Mineral Resources as expected from B2Gold’s acquisition due diligence;
  - At Umwelt underground, B2Gold completed infill drilling designed around its revised drill hole spacing parameters, which contributed to improving the mine design and efficiencies while reducing operational risk;
- The Company remains highly confident that with additional in-fill drilling to be completed over time, a large portion of the Inferred Mineral Resources will convert to Indicated Mineral Resources and therefore be eligible for classification as Mineral Reserves; and
  - Historically across its existing operations, B2Gold has converted in excess of 75% of Inferred Mineral Resources to Indicated Mineral Resources through in-fill drilling.

Meaningful gold production profile enhances and diversifies B2Gold’s existing gold production
- Open pit and underground gold mine with an initial Mineral Reserve mine life of approximately 9 years (“Mineral Reserve Life of Mine”);
  - The Mineral Reserve Life of Mine only contemplates the mining of the Echo, Umwelt, Llama, and Goose open pits, plus the mining of Umwelt underground;
  - The Company remains highly confident that multiple areas that were contemplated to be mined in the Prior Report (Echo underground, Llama underground, and Goose underground) will be converted from Inferred Mineral Resources to Indicated Mineral Resources with additional in-fill drilling;
- Mineral Reserve Life of Mine production of approximately 2.3 million ounces of gold;
- Average annual gold production of approximately 300,000 ounces per year for the first six full years of production from 2026 through 2031 in the Mineral Reserve Life of Mine;
  - Average annual gold production of over 310,000 ounces per year from 2027 through 2031, which the Company views as representative steady state years for the Goose Project;
- Average gold grade processed of 6.82 g/t gold over the Mineral Reserve Life of Mine, a 14% improvement compared to the Prior Report; and
- Average gold recovery of 92.5% over the Mineral Reserve Life of Mine.
Attractive all-in sustaining costs (“AISC”) anticipated at the Goose Project
- AISC (see “Non-IFRS Measures”) from 2025 through 2027 are impacted by sustaining capital costs to develop and install a new power solution for the Back River Gold District, including a power plant optimization and the installation of a renewable energy facility, both of which are classified as sustaining capital costs but are one-time costs that will potentially benefit the operation for decades;
- The Company believes the weighted average AISC of approximately $1,360 per ounce from 2027 through 2031 is a better representation of long-term Goose Project potential AISC, to be supported by the goal of further expanding Mineral Reserves over time; and
- Projected AISC of approximately $1,547 per gold ounce over the Mineral Reserve Life of Mine, which the Company anticipates will reduce with the delineation of additional Mineral Reserves through the conversion of existing Inferred Mineral Resources and the discovery of additional resources, both of which have the potential to extend mine life;
  - Excluding the one-time costs to implement a renewable energy facility and optimize the power plant, Mineral Reserve Life of Mine AISC would be approximately $1,490.
Updated Mineral Reserve estimate of approximately 2.5 million gold ounces
- The Mineral Reserve estimate that forms the basis for the Goose Project Mineral Reserve Life of Mine includes a Probable Mineral Reserve estimate of 11.3 million tonnes grading 6.82 g/t gold for a total of 2,480,000 ounces of gold; and
- Ongoing exploration drilling on the Back River Gold District demonstrates potential to significantly increase the Mineral Reserve estimate in the future, specifically at the Echo, Llama, and Goose underground deposits which require tighter spaced drilling to justify conversion from Inferred Mineral Resources to Indicated Mineral Resources and therefore be eligible for classification as Mineral Reserves.
Significant exploration potential remains across the Back River Gold District
- A total of $32 million is budgeted for exploration at the Back River Gold District in 2025, of which $21 million is allocated to the Goose Project; and
- A significantly increased budget of $11 million is allocated for Back River Gold District regional exploration, including the prospective George Project located 50 km northwest of the Goose Project;
  - The George Project hosts an Indicated Mineral Resource estimate of 420,000 ounces (1.7 million tonnes grading 7.85 g/t gold) and an Inferred Mineral Resource estimate of 1,120,000 ounces (3.7 million tonnes grading 9.32 g/t gold).

Multiple Goose Project optimization studies are underway, or set to commence, to enhance the long-term value of the operation
- On the processing side, B2Gold is currently evaluating a flotation / concentrate leach process as a potential option to increase gold recovery and reduce operating costs, and is commencing a study on the installation of a semi-autogenous grinding (“SAG”) mill to be paired in conjunction with the existing 4,000 tonnes per day (“tpd”) ball mill, which could potentially expand mill throughput capacity (discussed in further detail below);
- On the mining side, the Company will evaluate underground and open pit mining strategies to both lower costs and capture additional existing Mineral Resources into the mine plan; and
- On the logistics side, B2Gold is evaluating the viability of constructing and running the Goose Project winter ice road on a less than annual basis.

Based on the updated Goose Project Mineral Resource inventory, combined with the exploration upside across the Back River Gold District, the Company is commencing a study to analyze the potential to increase mill throughput at the Goose Project from 4,000 tpd potentially up to 6,000 tpd
- In order to optimize the long-term value of the Goose Project, B2Gold plans on initiating a study to explore adding a SAG mill to the processing flowsheet, to be paired with the existing 4,000 tpd ball mill;
- The Company believes that the addition of a SAG mill could result in an increase in the mill throughput from 4,000 tpd potentially up to 6,000 tpd;
  - The Goose Project is permitted for mill throughput of up to 6,000 tpd;
- With an increase in mill throughput, B2Gold anticipates that the Goose Project could achieve an increase in average annual gold production, a reduction in life of mine AISC, and an increase in net present value of the project;
- Based on the robust existing Mineral Resource inventory across the Back River Gold District, combined with the gold mineralization prospectivity across the entire nearly 100,000-hectare land package, B2Gold believes it can sustain a mill throughput of 6,000 tpd over a mine life well in excess of the existing Mineral Reserve Life of Mine; and
- The results of this study are expected to be finalized in late 2025 or early 2026.

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