B2Gold Reports Q3 2025 Results Continued strong performance across the Fekola, Otjikoto, and Masbate mines; Goose Mine has commenced high-grade underground ore production
News Release B2Gold Reports Q3 2025 Results Continued strong performance across the Fekola, Otjikoto, and Masbate mines; Goose Mine has commenced high-grade underground ore production
Vancouver, BC, November 5, 2025 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) is pleased to announce its operational and financial results for the third quarter of 2025. All dollar figures are in United States dollars unless otherwise indicated.
2025 Third Quarter Highlights
- Gold production of 254,369 ounces: Total gold production in the third quarter of 2025, including pre-commercial production from the Goose Mine, was 254,369 ounces. The Fekola,
| Masbate and Otjikoto mines all exceeded expected production in the third quarter. | The Company |
| currently believes that it remains on track for the fourth quarter of 2025 to be the strongest quarter | |
| of gold production in 2025. |
- Consolidated cash operating costs of $780 per gold ounce produced: Consolidated cash operating costs (see “Non-IFRS Measures”), excluding pre-commercial production from the Goose Mine, were $780 per gold ounce produced ($768 per gold ounce sold) during the third
| quarter of 2025. | Cash operating costs per ounce produced for the third quarter of 2025 were better |
| than expected as a result of higher than expected production, lower than expected fuel costs, and a | |
| weaker Namibian dollar foreign exchange rate. |
- Consolidated all-in sustaining costs of $1,479 per gold ounce sold: Consolidated all-in sustaining costs (see “Non-IFRS Measures”) were $1,479 per gold ounce sold during the third
| quarter of 2025. | Consolidated all-in sustaining costs for the third quarter of 2025 were in line |
| with expectations as lower production costs per gold ounce sold and lower sustaining capital | |
| expenditures were offset by higher gold royalties resulting from a higher than expected average | |
| realized gold price. The lower sustaining capital expenditures were mainly a result of timing, and | |
| the majority are expected to be incurred in the fourth quarter 2025. |
| • Total production guidance from the Fekola, Masbate and Otjikoto mines remains | |
| unchanged at 890,000 to 965,000 ounces of gold in 2025; Goose Mine production of between | |
| 50,000 to 80,000 ounces of gold in 2025: Consolidated production guidance for the Fekola | |
| Complex, Masbate and Otjikoto mines remains unchanged and is expected to be between 890,000 | |
| and 965,000 ounces of gold. Due to the previously disclosed crushing plant issues and lower than | |
| budgeted gold grades arising from temporary delays in accessing higher-grade ore from Umwelt | |
| underground in the third and early fourth quarter of 2025, B2Gold is modifying its 2025 gold | |
| production guidance for the Goose Mine to between 50,000 to 80,000 ounces (previous guidance | |
| range of 80,000 to 110,000 ounces). Mining and processing of higher-grade ore from Umwelt | |
| underground commenced in late October 2025. |
- Attributable net income of $0.01 per share; adjusted attributable net income of $0.14 per share in Q3 2025: Net income attributable to the shareholders of the Company of $19 million, or $0.01 per share; adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company of $180 million, or $0.14 per share.
| • Operating cash flow before working capital adjustments of $180 million: Cash flow provided | |
|---|---|
| by operating activities before working capital adjustments was $180 million in the third quarter of | |
| 2025. |
- Strong financial position and liquidity: At September 30, 2025, the Company had cash and cash equivalents of $367 million and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $35 million. Working capital at September 30, 2025, reflects the classification of the Company's gold prepayment obligations as current liabilities.
| During the third quarter | the Company drew $200 million under its revolving credit facility | |
| ("RCF"). Subsequent to quarter end, on October 3, 2025, the Company | repaid $50 million of the |
outstanding RCF balance, leaving $650 million available for future draw downs.
| • Approved development decision on the Antelope underground deposit: On September 15, | |
| 2025, B2Gold announced an approved construction decision on the Antelope underground | |
| deposit. Subsequent to the release of the Preliminary Economic Assessment ("PEA") results for | |
| the Antelope deposit on February 4, 2025, the Company completed further optimization work on | |
| a small-scale, low-cost, underground gold mine at Antelope, and believes that the estimated pre- | |
| production capital cost can be reduced from $129 million to $105 million. Production from | |
| Antelope has the potential to increase Otjikoto Mine gold production to approximately 110,000 | |
| ounces per year over the life of the Antelope underground mine. |
| • Commercial production achieved at the Goose Mine: The Company achieved commercial | |
| production at the Goose Mine on October 2, 2025, based on an internal commercial production | |
| measure of 30 consecutive days of average mill throughput at 65% or greater of the mill design | |
| capacity of 4,000 tonnes per day ("tpd"). During the final 14 days of the period, from September | |
| 19, 2025, to October 2, 2025, the mill achieved an average throughput of 3,249 tpd, which | |
| represents 81.2% of design capacity. |
| • Repurchased $10 million of shares under the Company's normal course issuer bid: On April | |
| 1, 2025, the Toronto Stock Exchange accepted the notice of B2Gold’s intention to implement a | |
| normal course issuer bid ("NCIB"), which became effective on April 3, 2025 and will expire no | |
| later than April 2, 2026. During the third quarter of 2025, the Company bought back 2 million | |
| shares for $10 million under the NCIB. |
- Operations at the Fekola Complex in Mali continue unimpeded: Operations at the Fekola Complex in Mali continue to operate uninterrupted with milling and mining activities operating at full capacity. In addition, the Company confirms all exploration and exploitation permits are valid and in good standing and have not been impacted by the recent permit revocations in Mali. The Company reiterates its 2025 gold production guidance for the Fekola Complex of between 515,000 to 550,000 ounces.
| • Q4 2025 dividend of $0.02 per share declared: On November 5, 2025, B2Gold's Board of | |
| Directors declared a cash dividend for the fourth quarter of 2025 of $0.02 per common share (or | |
| an expected $0.08 per share on an annualized basis), payable on December 15, 2025, to | |
| shareholders of record as of December 2, 2025. |
Third Quarter 2025 Results
| Gold revenue ($ in thousands) | 782,948 | 448,229 | 2,007,261 | 1,402,242 |
| Net income (loss) ($ in thousands) | 23,123 | (631,032) | 246,440 | (617,328) |
| Earnings (loss) per share – basic(1) ($/ share) | 0.01 | (0.48) | 0.18 | (0.47) |
| Earnings (loss) per share – diluted(1) ($/ share) | 0.01 | (0.48) | 0.16 | (0.47) |
| Cash provided (used) by operating activities ($ thousands) | 171,390 | (16,099) | 605,259 | 757,060 |
| Average realized gold price ($/ ounce) | 3,133 | 2,483 | 3,115 | 2,285 |
| Adjusted net income(1)(2) ($ in thousands) | 179,913 | 29,157 | 464,602 | 189,109 |
| Adjusted earnings per share(1)(2) – basic ($) | 0.14 | 0.02 | 0.35 | 0.14 |
| Consolidated operations results: | ||||
| Gold sold including pre-commercial production from the Goose | ||||
| 249,925 | 180,525 | 644,307 | 613,731 | |
| Mine (ounces) | ||||
| Gold sold excluding pre-commercial production from the Goose | ||||
| 242,240 | 180,525 | 636,622 | 613,731 | |
| Mine (ounces) | ||||
| Gold produced including pre-commercial production from the | ||||
| 254,369 | 180,553 | 676,575 | 599,133 | |
| Goose Mine (ounces) | ||||
| Gold produced excluding pre-commercial production from the | ||||
| 240,507 | 180,553 | 662,021 | 599,133 | |
| Goose Mine (ounces) | ||||
| Production costs ($ in thousands) | 195,154 | 192,408 | 517,511 | 500,452 |
| Cash operating costs(2)(4) ($/ gold ounce sold) | 768 | 1,066 | 799 | 815 |
| Cash operating costs(2)(4) ($/ gold ounce produced) | 780 | 1,061 | 783 | 852 |
| Total cash costs(2)(4) ($/ gold ounce sold) | 1,149 | 1,248 | 1,133 | 972 |
| All-in sustaining costs(2)(4) ($/ gold ounce sold) | 1,479 | 1,650 | 1,508 | 1,400 |
| Operations results including equity investment in Calibre(3): | ||||
| Gold sold including pre-commercial production from the Goose | ||||
| 249,925 | 180,525 | 644,307 | 633,375 | |
| Mine (ounces) | ||||
| Gold produced excluding pre-commercial production from the | ||||
| 240,507 | 180,553 | 662,021 | 618,777 | |
| Goose Mine (ounces) | ||||
| Production costs ($ in thousands) | 195,154 | 192,408 | 517,511 | 525,578 |
| Cash operating costs(2)(4) ($/ gold ounce sold) | 768 | 1,066 | 799 | 830 |
| Cash operating costs(2)(4) ($/ gold ounce produced) | 780 | 1,061 | 783 | 865 |
| Total cash costs(2)(4) ($/ gold ounce sold) | 1,149 | 1,248 | 1,133 | 984 |
| All-in sustaining costs(2)(4) ($/ gold ounce sold) | 1,479 | 1,650 | 1,508 | 1,405 |
(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”.
(3) Production from Calibre Mining Corp.'s ("Calibre") La Libertad, El Limon and Pan mines is presented on an approximate 24% basis until January 24, 2024, and 14% subsequently until June 20, 2024, which represented the Company’s indirect ownership interest in Calibre's operations through its equity investment in Calibre. On June 20, 2024, the Company reduced its ownership interest to approximately 4% and determined that it no longer had significant influence over Calibre and as a result, after June 20, 2024, no longer recorded attributable production representing its indirect ownership interest in Calibre's mines through an equity investment.
(4) Cash operating costs per gold ounce sold, cash operating costs per gold ounce produced, total cash costs per gold ounce sold and all-in sustaining costs per gold ounce sold do not include the results of pre-commercial production from the Goose Mine.
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and liquidity. At September 30, 2025, the Company had cash and cash equivalents of $367 million (December 31, 2024 - $337 million) and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $35 million (December 31, 2024 - $321 million). Working capital at September 30, 2025, reflects the classification of the Company's gold prepayment obligations as current liabilities. During 2025 the Company first repaid the outstanding balance of $400 million on the Company's $800 million RCF and
| then drew down $200 million in the third quarter of 2025. | Subsequent to quarter end, on October 3, 2025, |
| the Company repaid $50 million on the RCF leaving $650 million available for future draw downs. |
Fourth Quarter 2025 Dividend
On November 5, 2025, B2Gold’s Board of Directors declared a cash dividend for the fourth quarter of 2025 (the “Q4 2025 Dividend”) of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on December 15, 2025, to shareholders of record as of December 2, 2025.
The Company currently has a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q4 2025 Dividend, the Company has determined that no discount will be applied to calculate the Average Market Price (as defined in the DRIP) of its common shares issued from treasury. Beneficial shareholders who wish to participate in the DRIP should contact their financial advisor, broker, investment dealer, bank, financial institution, or other intermediary through which they hold common shares for instructions on how to enroll in the DRIP.
This dividend is designated as an "eligible dividend" for the purposes of the Income Tax Act (Canada). Dividends paid by B2Gold to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.
The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with B2Gold's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.
For more information regarding the DRIP and enrollment in the DRIP, please refer to the Company's website at https://www.b2gold.com/investors/stock_info/.
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.
The Company has filed a registration statement relating to the DRIP with the U.S. Securities and Exchange Commission that may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at http://www.sec.gov/EDGAR or by contacting the Company using the contact information at the end of this news release.
Operations
Fekola Complex - Mali
Three months ended Nine months ended September 30, September 30, 2025 2024 2025 2024
| Gold revenue ($ in thousands) | 472,582 | 194,988 | 1,104,565 | 721,898 |
| Gold sold (ounces) | 137,360 | 78,889 | 340,352 | 318,005 |
| Average realized gold price ($/ ounce) | 3,440 | 2,472 | 3,245 | 2,270 |
| Tonnes of ore milled | 2,572,818 | 2,466,087 | 7,361,207 | 7,449,327 |
| Grade (grams/ tonne) | 1.94 | 1.07 | 1.70 | 1.40 |
| Recovery (%) | 91.6 | 92.7 | 91.5 | 92.7 |
| Gold production (ounces) | 146,883 | 78,207 | 367,049 | 308,931 |
| Production costs ($ in thousands) | 104,448 | 109,857 | 289,594 | 276,443 |
| Cash operating costs(1) ($/ gold ounce sold) | 760 | 1,393 | 851 | 869 |
| Cash operating costs(1) ($/ gold ounce produced) | 772 | 1,434 | 830 | 935 |
| Total cash costs(1) ($/ gold ounce sold) | 1,319 | 1,653 | 1,344 | 1,066 |
| All-in sustaining costs(1) ($/ gold ounce sold) | 1,678 | 2,287 | 1,760 | 1,583 |
| Capital expenditures ($ in thousands) | 55,113 | 64,464 | 172,495 | 198,205 |
| Exploration ($ in thousands) | — | 996 | — | 3,136 |
(1) 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”.
The Fekola Mine in Mali (owned 80% by the Company and 20% by the State of Mali) produced 146,883 ounces of gold in the third quarter of 2025, above expectations. For the third quarter of 2025, mill feed grade was 1.94 grams per tonne ("g/t"), mill throughput was 2.57 million tonnes, and gold recovery averaged 91.6%.
The Fekola Mine’s cash operating costs (refer to “Non-IFRS Measures”) for the third quarter of 2025 were $772 per ounce produced ($760 per gold ounce sold). Cash operating costs per ounce produced for the third quarter of 2025 were lower than expected as a result of lower underground mining costs due to the timing of permit approval, lower site general costs and higher gold production due to higher throughput.
All-in sustaining costs (refer to “Non-IFRS Measures”) for the third quarter of 2025 were $1,678 per gold ounce sold, higher than expected. All-in sustaining costs for the third quarter of 2025 were higher than
| anticipate | d as lower than expected production costs per gold ounce sold were offset by higher gold | |
| royalties resulting from a higher than expected average realized gold price and lower than expected gold | ||
| ounces sold | . Gold royalties include higher revenue-based production taxes based on a sliding scale and |
revenue-based State of Mali funds for the Fekola Mine, which became effective for the first time in
| March 2025. | Lower than expected gold sales were a result of shipment timing and subsequent to quarte |
| end these ounces were shipped and sold in early October 2025. |
| Capital expenditures in the third quarter of 2025 totaled $55 million primarily consisting of | $22 million |
| for deferred stripping, $16 million for Fekola underground development, $11 million for mobile | |
| equipment purchases and rebuilds and $2 million for the construction of a new tailings storage facility | |
| ("TSF"). |
The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal open pits and Fekola underground), owned 80% by B2Gold and 20% by the State of Mali, and Fekola Regional (the Menankoto and Dandoko permits), which will be owned 65% by B2Gold and 35% by the State of Mali. Fekola Regional is located approximately 20 kilometers from the Fekola Mine.
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 ("Underground Mining Approval"). After receipt of the Underground Mining Approval, the Company commenced stope ore production at Fekola underground and production is expected to ramp up significantly in 2026 and subsequent years.
The Company reiterates its 2025 gold production guidance for the Fekola Complex of between 515,000 and 550,000 ounces. The Fekola Complex is projected to process 9.56 million tonnes of ore during 2025 at an average grade of 1.84 g/t gold with a process gold recovery of 93.4%.
The Company has updated its all-in sustaining cost guidance ranges for the Fekola Complex to include the expected impact of higher royalties than previously forecast as a result of the current higher gold price environment. Cash operating cost guidance for the Fekola Complex remains unchanged between $740
| all-in sustaining cost guidance for the Fekola Complex is now forecast to be | |
| between $1,670 and $1,730 per ounce (previous guidance range of between $1,595 and $1,655 per gold | |
| ounce). |
B2Gold's operations at the Fekola Mine continue unimpeded, with milling and mining activities operating at full capacity. In addition, the Company confirms all exploration and exploitation permits are valid and in good standing and have not been impacted by the recent permit revocations in Mali, which were largely a result of inactivity and failure to comply with the provisions of the 2023 Mali Mining Code.
B2Gold remains focused on ensuring the Fekola Complex continues its track record of safe and reliable gold production, providing economic benefits and jobs to the surrounding communities and to the State of Mali.
Masbate Mine – The Philippines
| Gold revenue ($ in thousands) | 226,241 | 120,115 | 488,332 | 328,165 |
| Gold sold (ounces) | 64,043 | 47,960 | 148,393 | 142,260 |
| Average realized gold price ($/ ounce) | 3,533 | 2,504 | 3,291 | 2,307 |
| Tonnes of ore milled | 2,170,498 | 2,197,112 | 6,640,130 | 6,409,631 |
| Grade (grams/ tonne) | 0.88 | 0.98 | 0.88 | 0.97 |
| Recovery (%) | 80.0 | 72.4 | 77.9 | 72.4 |
| Gold production (ounces) | 49,519 | 50,215 | 146,626 | 144,512 |
| Production costs ($ in thousands) | 49,632 | 42,697 | 122,116 | 123,070 |
| Cash operating costs(1) ($/ gold ounce sold) | 775 | 890 | 823 | 865 |
| Cash operating costs(1) ($/ gold ounce produced) | 805 | 811 | 812 | 839 |
| Total cash costs(1) ($/ gold ounce sold) | 931 | 1,039 | 1,000 | 1,002 |
| All-in sustaining costs(1) ($/ gold ounce sold) | 1,108 | 1,167 | 1,242 | 1,174 |
| Capital expenditures ($ in thousands) | 9,916 | 5,192 | 35,148 | 20,229 |
| Exploration ($ in thousands) | 602 | 1,290 | 1,553 | 3,039 |
(1) 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”.
The Masbate Mine in the Philippines continued its strong performance with third quarter of 2025 gold production of 49,519, above expectations. For the third quarter of 2025, mill feed grade was 0.88 g/t, mill throughput was 2.17 million tonnes, and gold recovery averaged 80.0%.
The Masbate Mine's cash operating costs (see “Non-IFRS Measures”) for the third quarter of 2025 were $805 per ounce produced ($775 per gold ounce sold). Cash operating costs per ounce produced for the
| third quarter of 2025 were lower than expec | ted as a result of higher than expected gold production as wel |
| as lower operating costs primarily due to lower diesel and HFO cost. |
All-in sustaining costs (refer to “Non-IFRS Measures”) for the third quarter of 2025 were $1,108 per gold ounce sold. All-in sustaining costs for the third quarter of 2025 were lower than expected as lower than expected production costs per gold ounce sold and higher than expected gold ounces sold were partially offset by higher gold royalties resulting from a higher than expected average realized gold price. Gold ounces sold during the third quarter were higher than anticipated due to the timing of shipments as ounces produced during the second quarter that were shipped and sold in early July 2025.
Capital expenditures in the third quarter of 2025 totaled $10 million, primarily consisting of $4 million for mill maintenance, $2 million for deferred stripping, $2 million for mobile equipment purchases and rebuilds and $1 million for a solar plant.
Production at the Masbate Mine in 2025 is expected to be between 190,000 and 210,000 ounces of gold.
| The Masbate Mine 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 at an average grade of 0.88 g/t gold with a process gold recovery o | |
| 79.9%. Throughout the first nine months of 2025, mill throughput exceeded expectations while mill feed | |
| grade and gold recoveries have been in line with expectations | . |
Cash operating cost guidance for the Masbate Mine is forecast to be between $850 and $910 per gold ounce. Higher royalties than previously forecast are expected as a result of the current higher gold price environment. As a result, all-in sustaining costs for the Masbate Mine are now forecast to be at the upper end of the Company's guidance range of between $1,245 and $1,305 per ounce sold.
Otjikoto Mine - Namibia
Three months ended Nine months ended September 30, September 30, 2025 2024 2025 2024
| Gold revenue ($ in thousands) | 143,055 | 133,126 | 473,294 | 352,179 |
| Gold sold (ounces) | 40,837 | 53,676 | 147,877 | 153,466 |
| Average realized gold price ($/ ounce) | 3,503 | 2,480 | 3,201 | 2,295 |
| Tonnes of ore milled | 873,435 | 872,722 | 2,599,497 | 2,549,847 |
| Grade (grams/ tonne) | 1.59 | 1.88 | 1.80 | 1.80 |
| Recovery (%) | 98.6 | 98.8 | 98.7 | 98.6 |
| Gold production (ounces) | 44,105 | 52,131 | 148,346 | 145,690 |
| Production costs ($ in thousands) | 31,947 | 39,854 | 96,674 | 100,939 |
| Cash operating costs(1) ($/ gold ounce sold) | 782 | 742 | 654 | 658 |
| Cash operating costs(1) ($/ gold ounce produced) | 781 | 740 | 638 | 687 |
| Total cash costs(1) ($/ gold ounce sold) | 922 | 841 | 782 | 749 |
| All-in sustaining costs(1) ($/ gold ounce sold) | 1,089 | 896 | 930 | 963 |
| Capital expenditures ($ in thousands) | 4,391 | 609 | 12,707 | 26,128 |
| Exploration ($ in thousands) | 2,220 | 1,888 | 6,433 | 5,191 |
(1) 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”.
The Otjikoto Mine in Namibia, in which the Company holds a 90% interest, continued to outperform during the third quarter of 2025, producing 44,105 ounces of gold, above expectations. For the third quarter of 2025, mill feed grade was 1.59 g/t, mill throughput was 0.87 million tonnes, and gold recovery averaged 98.6%.
Cash operating costs (refer to “Non-IFRS Measures”) for the third quarter of 2025 were $781 per gold
| ounc | e produced ($782 per ounce gold sold). Cash operating costs per ounce produced for the third quarte | |
| of 2025 were higher than expected as higher mill feed grade, gold recoveries and mill throughput were | ||
| offset by non-recurring expenses related to the co | nclusion of open pit mining activities. |
All-in sustaining costs (refer to “Non-IFRS Measures”) for the third quarter of 2025 were $1,089 per gold
| ounce sold. All-in sustaining costs for the third quarter of 2025 | were higher than expected as lower than |
| anticipated sustaining capital expenditures were offset by higher than expected cash operating costs pe | |
| ounce sold and higher gold royalties resulting from higher than estimated average realized gold price. The | |
| lower sustaining capital expenditures for the third quarter of 2025 were mainly a result of timing o | |
| expenditures and are expected to be incurred later in 2025. |
Capital expenditures for the third quarter of 2025 totaled $4 million, consisting mainly of $2 million for Wolfshag underground development and $2 million of mobile equipment rebuild costs.
On September 15, 2025, the Company announced it had approved a development decision on the Antelope underground deposit. Subsequent to the release of the PEA 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 believes that the estimated pre-production capital cost can be reduced from $129 million to $105 million. The majority of pre-production capital is expected to be spent in 2026 and 2027. The PEA for Antelope indicates an initial mine life of 5 years and total production of 327,000 ounces averaging approximately 65,000 ounce per year. In combination with the processing of existing low-grade stockpiles, production from Antelope has the potential to increase Otjikoto Mine production to approximately 110,000 ounces per year from 2029 through 2032. The PEA is preliminary in nature and is based on Inferred Mineral Resources that are considered too speculative geologically to have the engineering and economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA based on these Mineral Resources will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The Inferred Mineral Resource estimate for the Antelope deposit that formed the basis for the PEA included 1.75 million tonnes grading 6.91 g/t gold for a total of 390,000 ounces of gold, the majority of which is hosted in the Springbok Zone. The Antelope deposit remains open along strike in both directions, highlighting strong potential for future resource expansion.
Open pit mining activities at the Otjikoto Mine are expected 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. The Company's 2025 gold production guidance for the Otjikoto Mine is between 185,000 and 205,000 ounces of gold. Processed ore will be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing ore stockpiles. Underground mining operations at Wolfshag are expected to continue into 2028. In addition to the economic potential of the Antelope discovery, exploration results received to date indicate the potential to extend underground production at Wolfshag past 2028.
Cash operating cost guidance for the Otjikoto Mine is forecast to be between $635 and $695 per gold ounce produced and all-in sustaining cost guidance for the Otjikoto Mine is forecast to be between $965 and $1,025 per ounce sold.
Goose Mine - Canada
The Back River Gold District consists of eleven mineral claims blocks along an 80 kilometer (“km”) belt and contains the most advanced project in the district, the Goose Mine, which was successfully commissioned in October 2025. The Back River Gold District has significant gold resource endowment and is expected to be a large, long life mining complex.
B2Gold acknowledges our partner the Kitikmeot Inuit Association (“KIA”), who has played a critical role for many years to ensure the development of a successful gold mining operation at the Goose Mine. Respect and collaboration with the KIA is central to the license to operate in the Back River Gold District and will continue to prioritize developing the district in a manner that recognizes Inuit priorities, addresses concerns and brings long-term socio-economic benefits to the Kitikmeot Region. B2Gold looks forward to continuing to build on its strong collaboration with the KIA and Kitikmeot communities.
On June 30, 2025, B2Gold announced the inaugural gold pour from the Goose Mine after first ore was introduced to the Goose Mine processing facilities on June 24, 2025. On October 2, 2025, the Goose Mine achieved commercial production, based on an internal commercial production measure of 30 consecutive days with an average mill throughput of 65% or greater of mill design capacity of 4,000 tonnes per day (“tpd”). From September 3, 2025, through October 2, 2025, the mill achieved an average throughput of 2,652 tpd, which represents 66% of design capacity. During the final 14 days of the period, from September 19, 2025, to October 2, 2025, the mill achieved an average throughput of 3,249 tpd, which represents 81.2% of design capacity.
The Goose Mine achieved commercial production and is currently operating with the use of supplemental mobile crushing capacity to ensure a consistent feed of crushed ore to the mill, as crushing plant capacity was limited during the third quarter of 2025. The Goose Mine is expected to ramp up to full 4,000 tpd name-plate capacity by the end of 2025 using this supplemental mobile crushing capacity. Permanent optimizations to the primary crushing and secondary grinding circuits and the installation of surge bin capacity are being engineered and designed with a finalized study and remediation plan expected in December 2025. The modifications are scheduled to be implemented in 2026. Continued use of the mobile crusher is expected to allow the mill to run at design throughput until these modifications are implemented.
Open pit mining rates at the Umwelt deposit have continued to meet or exceed expectations during the third quarter of 2025 and underground mining of Umwelt ore is currently ongoing. For the fourth quarter of 2025, mill feed is expected to predominantly come from the Umwelt deposit and is expected to average approximately 6 g/t gold. Gold recoveries have been in line with expectations through the 30-day commercial production period, and are expected to average higher than 90% through the fourth quarter of 2025 and beyond.
| Capital expenditures in the third quarter of 2025 totaled $157 million primarily consisting of $52 million | |
| of plant construction and mill optimization costs, $9 million of deferred stripping, $6 million for the | |
| power plant and $8 million of underground development costs. Costs in the third quarter of 2025 also | |
| included $9 million of commissioning costs and $37 million of site general and camp costs capi | talized |
during the ramp up from first pour to commercial production. Capital expenditures in the first nine months of 2025 totaled $395 million and included $115 million of plant construction and mill optimization costs, $16 million of deferred stripping, $22 million for the power plant and $18 million of underground development costs. Costs in the first nine months of 2025 also included $10 million of
| commissioning costs and | $100 million of site general and camp costs capitalized during the construction | |
| and ramp up from first pour to comm | ercial production. |
Significant construction activities for the first nine months of 2025 included:
- Completion of mining in the Echo pit and the commissioning of the pit as a tailings storage facility including construction of the winter deposition infrastructure;
- Mining of Umwelt open pit commenced ahead of schedule, with full ramp up achieved during the second quarter of 2025;
- Development of Umwelt underground continued, including the development of Fresh Air Raise 1 and 2 to support stope ore production in the fourth quarter;
- Continued dewatering of the future site for the Llama pit;
- Commissioning of three large glycol heating boilers;
- Excavation and construction of foundations for the arctic corridor to the camp; and
- Construction of Mechanically Stabilized Earthen ("MSE") wall for the reclaim tunnel.
Forecast gold production for the Goose Mine for 2025 has been impacted by the crushing plant capacity shortfalls in the third quarter of 2025 and the temporary delay in accessing higher-grade ore from Umwelt underground in the third quarter and early fourth quarter of 2025 as discussed above. Gold production from the Goose Mine in 2025 is now forecast to be between 50,000 to 80,000 ounces (previous guidance range of 80,000 to 110,000 ounces). Mining and processing of higher-grade ore from the Umwelt underground commenced in late October 2025 and 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. Post-commercial production cash operating costs (refer to “Non-IFRS Measures”) for the Goose Mine in 2025 are now forecast to be between $2,300 and $2,360 per gold ounce produced (previous guidance range was between $1,520 and $1,580 per gold ounce produced). All-in sustaining cost guidance for the Goose Mine is now forecast to be between $3,290 and $3,350 per ounce sold (previous guidance range of between $1,900 and $2,000 per ounce sold). Revised cost guidance for the fourth quarter of 2025 reflects the lower forecast production and sales ounces outlined above, and a $15 million increase in capital expenditures expected in the fourth quarter of 2025. Cash operating costs and all-in sustaining costs are forecast to drop significantly once the operation is ramped up to full operating capacity. As per the Company's Goose Mine Technical Report filed on March 28, 2025, cash operating costs and all-in sustaining costs are forecast to be below $1,000 and below $1,400 per ounce, respectively, when the Goose Mine achieves steady state production.
Optimization Studies
Significant exploration potential remains across the Back River Gold District, with a total of $32 million budgeted for exploration in 2025. The Company's exploration programs have historically been successful in upgrading Inferred Mineral Resources to Indicated Mineral Resources, and the Company is optimistic that it can successfully upgrade a significant portion of the Inferred Mineral Resources.
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. The results of these studies are expected to be finalized in late 2025, and are also expected to 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 results of these studies are expected to be finalized in late 2025 or early 2026, at which point the Company will evaluate the economics of each option and pursue the desired choice.
In connection with these studies, B2Gold will be reviewing any regulatory requirements and engaging with the KIA and local communities to ensure any optimization of the Goose Mine provides benefits to all stakeholders.
Gramalote Project Development
The Gramalote Project is located in central Colombia, approximately 230 km northwest of Bogota and 100 km northeast of Medellin, in the Province of Antioquia, which has expressed a positive attitude towards the development of responsible mining projects in the region.
On July 14, 2025, the Company announced the results of a 2025 Gramalote Feasibility study which demonstrated that the Gramalote Project has a meaningful production profile, favorable metallurgical characteristics and positive project economics. The study assumes a mill with an annual processing rate of 6.0 million tonnes per annum, an initial open pit mine life of 11 years, and a processing life of 13 years. The study shows average annual grade processed over the first five years of 1.23 g/t, with a life of mine grade of 0.96 g/t and average annual gold production over the first five years of 227,000 ounces of gold per year, with life-of-mine average annual gold production of 177,000 ounces per year. Financial results include all-in sustaining costs of $985 per ounce over the life of the project, with an after tax net present value of $941 million and an internal rate of return of 22.4%, assuming a $2,500 per ounce gold price.
Due to the desired modifications to the processing plant and infrastructure locations, a Modified Work Plan and Modified Environment Impact Study are required. B2Gold has commenced work on the modifications and expects them to be completed and submitted in late 2025 and early 2026, respectively. Assessment of the Gramalote Project remains ongoing. If B2Gold makes the decision to develop the Gramalote Project as an open pit gold mine, B2Gold would utilize its proven internal mine construction team to build the mine and mill facilities.
The Gramalote Project will continue to advance resettlement programs, establish coexistence programs for small miners, work on health, safety and environmental projects and continue to work with the government and local communities on social programs.
Outlook
The Fekola, Masbate and Otjikoto mines continue to outperform expectations, with total production for 2025 estimated at between 890,000 and 965,000 ounces of gold. On June 30, 2025, the Company announced the first gold pour from its new Goose Mine in Nunavut, with commercial production achieved soon thereafter, on October 2, 2025. The Goose Mine is expected to contribute between 50,000 and 80,000 ounces of gold in 2025. Underground mining of the Umwelt deposit commenced in late October 2025 and will be a strong contributor of high-grade ore at Goose over the next few years. Looking forward, over the first six full calendar years of operation from 2026 to 2031 inclusive, the Goose Mine is estimated to contribute average annual gold production of approximately 300,000 ounces of gold per year, based only on existing Mineral Reserves.
The price of gold realized per ounce continues to significantly exceed the original 2025 budgeted gold price of $2,250 per ounce, significantly enhancing the Company’s cash generating activities. The Company remains in a strong financial position and is well placed to complete its budgeted capital and exploration activities for 2025, manage its financial commitments and continue to return capital to shareholders.
Consolidated cash operating cost guidance for the Fekola Complex, Masbate Mine and Otjikoto Mine for 2025 remains unchanged and is forecast to be between $740 and $800 per gold ounce produced. Postcommercial production cash operating costs for the Goose Mine in 2025 are now forecast to be between $2,300 and $2,360 per gold ounce produced (previous range was between $1,520 and $1,580 per gold ounce produced). Higher royalties than previously forecast are expected at each of the Company's operations as a result of the current higher gold price environment. Consolidated all-in sustaining cost guidance for the Fekola Complex, Masbate Mine and Otjikoto Mine for 2025 are forecast to be at the upper end of the Company's consolidated guidance range of between $1,460 and $1,520 per ounce sold. All-in sustaining cost guidance for the Goose Mine is now forecast to be between $3,290 and $3,350 per gold ounce sold (previous guidance range of between $1,900 and $2,000 per ounce sold).
The Company has made significant progress in the development and enhancement of existing operations, which continues to be an area of key focus. The commencement of mining activities at Fekola underground in the third quarter of 2025 demonstrates the ongoing commitment of both the Company and the State of Mali to implement the matters laid out in the Memorandum of Understanding (the "MOU") entered into in September 2024. Fekola underground performance has already exceeded expectations and is anticipated to contribute between 30,000 and 40,000 ounces of gold production in 2025, ramping up significantly in 2026 and subsequent years. Our next key milestone under the MOU is the receipt of an exploitation permit for Fekola Regional which is now expected prior to the end of 2025 with production expected to commence in early 2026.