Sitka Gold Intersects 25.0 Meters of 5.04 g/t Gold, Including 1.8 Metres of

B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) is pleased to announce its operational and financial results for the first quarter of 2025. All dollar figures are in United States dollars unless otherwise indicated.

2025 First Quarter Highlights

• Gold production of 192,752 ounces in Q1 2025 : Consolidated gold production in the first quarter of 2025 was 192,752 ounces, higher than expected. All B2Gold operations exceeded production budgets in the first quarter, and the Company remains on track to meet its consolidated annual production guidance range. All three operations continue to meet or exceed gold production expectations to start the second quarter of 2025.
• Consolidated cash operating costs of   $832   per gold ounce produced in Q1 2025 : Consolidated cash operating costs (see “Non-IFRS Measures” ) were $832 per gold ounce produced ($880 per gold ounce sold) during the first quarter of 2025. Cash operating costs per ounce produced for the first quarter of 2025 were lower than expected as a result of lower than expected fuel costs and higher than expected gold production.
• Consolidated all-in sustaining costs of   $1,533   per gold ounce sold in Q1 2025 : Consolidated all-in sustaining costs (see ” Non-IFRS Measures “) were $1,533 per gold ounce sold during the first quarter of 2025. Consolidated all-in sustaining costs for the first quarter of 2025 were lower than expected due to lower than expected total consolidated cash operating costs per gold ounce sold and lower than expected sustaining capital expenditures.
• Attributable net   inco   me of   $0.04   per share; adjusted attributable net income of   $0.09   per share in Q1 2025 : Net income attributable to the shareholders of the Company of $58 million, or $0.04 per share; adjusted net income (see ” Non-IFRS Measures “) attributable to the shareholders of the Company of $122 million, or $0.09 per share.
• Operating cash flow before working capital adjustments of $244 million in Q1 2025 : Cash flow provided by operating activities before working capital adjustments was $244 million, or $0.19 per share, in the first quarter of 2025.
• Strong financial position and liquidity : At March 31, 2025, the Company had cash and cash equivalents of $330 million and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $174 million. During the first quarter of 2025, the Company repaid the outstanding balance of $400 million on the Company’s $800 million revolving credit facility (“RCF”), leaving $800 million remaining available for future draw downs.
• 2025 Winter Ice Road (“WIR”) campaign completed at the Goose Project: Following the successful completion of the 2024 sea lift, construction of the 163 kilometer (“km”) WIR commenced in December 2024 and was completed in February 2025, ahead of schedule. B2Gold successfully completed the 2025 WIR campaign in mid-April 2025, one month…