B2Gold updates production guidance for its four mines

B2Gold Corp. [TSX: BTO; NYSE AMERICAN: BTG; NSX: B2G] provided an update on operational performance year-to-date in 2025 at each of its four mines. B2Gold confirms 2025 total annual gold production of between 970,000 and 1,075,000 ounces.

The Goose Mine, Nunavut Canada, achieved first gold pour on June 30, 2025. The mine remains on track for commercial production in the coming weeks, and estimates strong gold production in Q4 2025

Project commissioning activities are nearing completion at the Goose Mine. Since first gold production in late June 2025, the Goose mill is achieving consistent performance and daily throughput is increasing. Current daily throughput is approximately 75% of the 4,000 tonnes per day (tpd) design capacity (above the company’s targeted average commercial production rate of 65% of the design capacity) and will increase to full design capacity in the near term as described below.

B2Gold anticipates achieving commercial production at the Goose Mine in the coming weeks. The Goose Mine is currently operating, and plans to achieve commercial production, with the use of supplemental mobile crushing capacity to ensure a consistent feed of crushed ore to the mill, as crushing plant capacity has been limited during the third quarter of 2025.

B2Gold believes that with this supplemental mobile crushing capacity the Goose mill can operate at design capacity of 4,000 tpd following the throughput ramp-up. Permanent optimizations to the primary crushing and secondary grinding circuits and the installation of surge bin capacity have been engineered, designed, and are being implemented. Use of the mobile crusher is expected to allow the mill to run at design throughput while these modifications are implemented.

Due to the crushing plant capacity shortfall in the third quarter of 2025, B2Gold is modifying its 2025 gold production guidance for the Goose Mine to 80,000 to 110,000 ounces (original guidance range of 120,000 to 150,000 ounces). B2Gold anticipates gold production in the fourth quarter of 2025 to be in line with original estimates of approximately 70,000 ounces.

The company reiterates the near-term and long-term gold production estimates at the Goose Mine, which included gold production forecasts of approximately 250,000 ounces of gold production in 2026, approximately 330,000 ounces of gold production in 2027, and average annual gold production for the initial full six years of operations (2026 to 2031 inclusive) of approximately 300,000 ounces per year, based only on existing Mineral Reserves.

In addition, work continues on the multiple optimization studies for the Goose Mine as previously announced in March 2025, including the evaluation of a flotation / concentrate leach process and the potential installation of a SAG mill to be paired in conjunction with the existing 4,000 tpd ball mill, which could expand mill throughput capacity up to 6,000 tpd.

Results of these studies are expected to be finalized in late 2025, and will also reflect two additional value drivers for the Goose Mine related to the potential reduction in carbon taxes paid over the life of the mine, and a reduction in the annual amount of fuel consumed as a result of equipment optimizations.

The Fekola Complex, Mali, has continued the strong operational performance exhibited in the first half of the year into the third quarter of 2025. As of early September 2025, Fekola Complex gold production remains ahead of budgeted levels year-to-date. 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. Subsequent to receipt of the underground mining approval, the company commenced stope ore production at Fekola underground, and Fekola underground ore is currently being processed through the Fekola mill. Initial underground gold grade reconciliations have been positive compared to the resource model.

The company continues to expect to receive the Fekola Regional exploitation permit by the end of the third quarter of 2025. Upon receipt of the exploitation permit for Fekola Regional, mining pre-stripping activities will commence immediately for a period of three months, followed by initial gold production expected to commence in early 2026.

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. Fekola Regional gold production is expected to begin in early 2026 and will ramp up to average approximately 180,000 ounces per year over its first five years of production from 2026 through 2030, with a mine life expected to extend well into the 2030’s.

B2Gold reiterates its 2025 gold production guidance for the Fekola Complex of 515,000 to 550,000 ounces. The Company is modifying the components of how the Fekola Complex gold production guidance will be achieved to optimize the production profile. Based on the timing of the Fekola Regional exploitation permit by end of the third quarter of 2025, no gold production from Fekola Regional is anticipated in 2025.

Fekola underground performance has exceeded expectations since receipt of the underground mining approval in late July 2025, and is now anticipated to contribute between 30,000 and 40,000 ounces of gold production this year (original guidance range of 25,000 to 35,000 ounces). Mining activities at the Fekola and Cardinal open pits are anticipated to contribute between 485,000 and 510,000 ounces of gold production in 2025 (original guidance range of 470,000 to 490,000 ounces).

The Otjikoto Mine, Namibia, has continued to outperform expectations into the third quarter of 2025. As previously disclosed, open pit mining activities at Otjikoto are scheduled to conclude in the near-term. During mining of the final phases of the Otjikoto pit, ore tonnes and average gold grade mined have exceeded expectations providing more robust ore stockpiles than previously anticipated.

Due to the positive ore tonne and grade reconciliations described above, the company is increasing its 2025 gold production guidance for the Otjikoto Mine to 185,000 to 205,000 ounces (original guidance range of 165,000 to 185,000 ounces).

B2Gold approved a development decision on the Antelope underground deposit at the Otjikoto Mine. Subsequent to the release of the Preliminary Economic Assessment results for the Antelope deposit on February 4, 2025, the company has completed further optimization work on a small-scale, low-cost, underground gold mine at Antelope, and believe that the estimated pre-production capital cost can be reduced from $129 million to $105 million. The majority of pre-production capital is estimated to be spent in 2026 and 2027, with production from Antelope having the potential to increase Otjikoto Mine gold production to approximately 110,000 ounces per year over the life of the Antelope underground mine.

The Masbate Mine, Philippine, has also outperformed expectations in the third quarter of 2025, a continuation of the outperformance experienced in the first half of 2025. At the beginning of 2025, Masbate was projected to process 8.0 million tonnes of ore averaging 0.88 g/t gold with a process gold recovery of 79.9%. Throughout the first half of 2025, mill throughput exceeded expectations while mill feed grade and gold recoveries have been in line with expectations.

Based on the strong mill throughput rates experienced in the first half of 2025 that are expected to continue into the second half of the year, B2Gold is increasing its 2025 gold production guidance for the Masbate Mine to 190,000 to 210,000 ounces (original guidance range of 170,000 to 190,000 ounces).

B2Gold forecasts gold production of between 970,000 and 1,075,000 ounces in 2025.