BTO.TO · 2022-12-13 12:00:00

B2Gold Announces Exploration Drilling Results from the Fekola Complex that Continues to Expand Gold Mineralization in Several Zones; Record Gold Production in October and November from the Fekola Complex; Re-affirms 2022 Total Gold Production Guidance of 990,000 to

Drill Results Production Results

News Release

B2Gold Announces Exploration Drilling Results from the Fekola Complex that Continues to

Expand Gold Mineralization in Several Zones; Record Gold Production in October and November

from the Fekola Complex; Re-affirms 2022 Total Gold Production Guidance of 990,000 to

1,050,000 Ounces

Vancouver, BC, December 13, 2022 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)

(“B2Gold” or the “Company”) is pleased to announce additional positive exploration drilling results from

the Fekola Complex in Mali. In addition, the Company is pleased to re-affirm its 2022 total gold production

guidance of 990,000 to 1,050,000 ounces (including 40,000 to 50,000 attributable ounces projected from

Calibre Mining Corp. (“Calibre”)) following consecutive monthly gold production records at the Fekola

Mine in October and November 2022.

Highlights

• At the Mamba Zone, exploration is focused on expanding high-grade sulphide mineralization

shoots: Drilling is targeting up to three plunging bodies of sulphide mineralization (one originating

at Mamba Main Zone, one originating at Mamba West, and one potentially originating at Mamba

North). Mineralization remains open at depth.

o Hole BND_119 returned 9.48 grams per tonne (“g/t”) gold over 14.60 meters (“m”) from

309.40 m and 5.01 g/t gold over 15.1 0 m from 347.6 0 m and further establishes the

continuity of the high grade sulphide shoot in Mamba Main Zone. BND_119 intersect ed

some of the highest grade sulphide drilled to date at the Anaconda Area.

o Hole MSD_230 returned 2.38 g/t gold over 26.21 m, from 354.79 m (including a higher-

grade interval of 3.76 g/t gold over 14.00 m, from 367.00 m) and extends the souther nly

plunge extent of known mineralization below the current resource pit by an additional 200

• At the Cobra Zone, the mineralized footprint expanded south following recent drill results

on the Bakolobi permit: Exploration is focused on expanding saprolite mineralization near surface

and sulphide mineralization at depth.

o Hole MSR_997 returned 4.46 g/t gold over 3.62 m from 209.00 m and 3.08 g/t gold over

24.12 m from 220.00 m (sulphide). Mineralization appears to have a shallow north plunge,

still open along strike, to the north and to the south.

o Hole BKAC_0157 returned 1.46 g/t gold over 36.0 0 m from 19.0 0 m (saprolite),

demonstrating the near surface saprolite potential of the Cobra Zone extension onto the

Bakolobi permit.

• Saprolite mineralization discovered at the new Boomslang Zone (800 m to the west and parallel

to the Cobra Zone): Opportunity remains for further discoveries of north to south trending deposits

parallel to the Mamba Zone and Cobra Zone.

o Hole BKAC_0342 returned 1.97 g/t gold over 30.00 m from 12.00 m (saprolite). Additional

reverse circulation and diamond drilling is underway to follow up on saprolite intercepts

and test for the presence of underlying sulphide mineralization.

• At the Dandoko permit, drilling has validated the known high-grade saprolite zone at Seko:

Drilling to provide metallurgical test work material confirmed significant grade-width intercepts.

o Hole DDSK22_138 returned 18.84 g/t gold over 21.80 m from 112.00 m (saprolite), and

hole DDSK22_129 returned 3.31 g/t gold over 23.65 m from 31.0 0 m, and 5.87 g/t gold

over 50.50 m from 58.00 m (saprolite).

• Fekola sets back -to-back monthly production records: The Fekola Mine in Mali produced

79,967 ounces of gold in October 2022, and 95,460 ounces of gold in November 2022, consecutive

monthly production records. Mining from the high-grade Fekola open-pit Phase 6 is anticipated to

continue through the balance of 2022 and into 2023.

2022 Mali Exploration Drilling Program

In 2022, B2Gold is conducting a $35 million exploration program on the Fekola Complex (including

Fekola, Cardinal, Anaconda Area, Bakolobi, and Dandoko), where recent drilling has been focused on the

Anaconda Area, including the Mamba, Adder, Anaconda, Cascabel, Viper, and Cobra zones. To date in

2022, B2Gold has completed approximately 169,000 m of combined diamond, reverse circulation and

aircore drilling on the Fekola Complex . Metallurgical and infill drilling are currently underway on the

recently acquired Dandoko permit, where approximatley 700 kilograms (“kg”) of saprolite material will be

collected for recovery variability testing from eight new diamond drill holes.

Figure 1. Fekola Complex Overview.

Anaconda Area Exploration

Mamba Zone

Drilling at the Mamba Zone continues to focus on expanding the known sulphide mineralization. Hole

MSD_230 returned 2.38 g/t gold over 26.21 m, from 354.79 m (including a higher-grade interval of 3.76

g/t gold over 14.00 m, from 367.00 m) and extends the southerly plunge extent of k nown mineralization

below the current resource pit by an additional 200 m. To the north, hole BND_122 returned 2.10 g/t gold

over 23.04 m, from 478 .00 m, which the Company believes may be part of a third shoot, originating in

Mamba North. Mineralization remains open in both directions. Multiple intersections in drill hole

MSD_232 (see table) partially infill the deeper portions of the Mamba Main shoot and further confirm s

continuity in this zone of sulphide mineralization, which includes persistent significant higher-grade

intersections.

Figure 2. Mamba Long Section (Facing West).

Select new results from the Mamba Zone exploration drilling include:

HoleID From To Meters Gold (g/t) Domain

BND_102 184.87 202.70 17.83 2.04 Sulphide

Incl 193.83 202.70 8.87 3.77 Sulphide

BND_103 202.86 208.45 5.59 4.45 Sulphide

and 250.60 275.10 24.50 1.47 Sulphide

BND_115 60.30 64.30 4.00 3.91 Sulphide

BND_117 262.00 269.60 7.60 2.79 Sulphide

Incl 263.10 269.60 6.50 3.18 Sulphide

and 278.00 286.95 8.95 3.58 Sulphide

and 304.20 319.12 14.92 3.87 Sulphide

BND_119 309.40 324.00 14.60 9.48 Sulphide

and 347.60 362.70 15.10 5.01 Sulphide

Incl 347.60 355.30 7.70 8.63 Sulphide

and 381.70 401.40 19.70 1.28 Sulphide

BND_122 478.00 501.04 23.04 2.10 Sulphide

BND_123 337.95 344.90 6.95 4.15 Sulphide

Incl 341.72 344.90 3.18 8.50 Sulphide

BNR_559 67.00 88.00 21.00 2.31 Sulphide

Incl 76.00 88.00 12.00 3.32 Sulphide

MSD_230 354.79 381.00 26.21 2.38 Sulphide

Incl 367.00 381.00 14.00 3.76 Sulphide

and 530.53 538.00 7.47 4.24 Sulphide

MSD_232 135.68 158.00 22.32 1.10 Sulphide

and 164.00 188.00 24.00 1.60 Sulphide

Incl 175.00 180.00 5.00 4.29 Sulphide

and 239.80 263.00 23.20 2.13 Sulphide

and 272.00 282.70 10.70 2.37 Sulphide

Incl 278.15 282.70 4.55 3.93 Sulphide

and 288.20 302.70 14.50 3.29 Sulphide

Incl 290.75 295.70 4.95 8.63 Sulphide

Note: Sulphide composites above 0.6 g/t gold cutoff, applying a maximum internal dilution of 5 m. Higher grade including (“incl”)

intervals are reported above a cutoff of 1.0 g/t gold, applying a maximum internal dilution of 3 m. Results are uncapped. True

width not known at this time.

Cobra Zone (2 km east of the Mamba Zone)

The Cobra Zone has over 8 k m of known strike extent, from Menankoto South to the southern end of the

Bakolobi permit. The Cobra Zone is being targeted as a source of additional sulphide and saprolite

mineralization within the Anaconda Area. Recent drilling highlights are shown below and confirm that

significant intervals of both saprolite and sulphide mineralizat ion are also present on the Bakolobi permit

portion of the Cobra Zone.

Figure 3. Cobra Long Section (Facing West).

Select results from the Cobra Zone (Menankoto permit) exploration drilling include:

HoleID From To Meters Gold (g/t) Domain

MSR_1001 146.65 154.37 7.72 1.15 Sulphide

MSR_1034 306.20 315.06 8.86 2.59 Sulphide

MSR_1038 170.00 174.00 4.00 2.14 Sulphide

and 177.30 183.80 6.50 1.60 Sulphide

MSR_1039 154.00 159.00 5.00 3.70 Sulphide

MSR_978 207.00 231.20 24.20 1.90 Sulphide

Incl 211.20 231.20 20.00 2.22 Sulphide

MSR_997 209.00 212.62 3.62 4.46 Sulphide

and 220.00 244.12 24.12 3.08 Sulphide

Incl 240.20 244.12 3.92 6.17 Sulphide

Note: Sulphide composites above 0.6 g/t gold cutoff, applying a maximum internal dilution of 5 m. Higher grade including intervals

are reported above a cutoff of 1.0 g/t gold, applying a maximum internal dilution of 3 m. Results are uncapped. True width not

known at this time.

Select results from the Cobra Zone (Bakolobi permit) exploration drilling include:

HoleID From To Meters Gold (g/t) Domain

BKAC_0094 13.00 35.00 22.00 0.72 Saprolite

BKAC_0157 19.00 55.00 36.00 1.46 Saprolite

BKAC_0185 3.00 23.00 20.00 0.51 Saprolite

BKAC_0186 0.00 9.00 9.00 1.27 Saprolite

BKR_0006 62.00 74.00 12.00 2.13 Saprolite

and 75.00 108.00 33.00 0.64 Saprolite

BKR_0009 26.00 55.00 29.00 1.19 Saprolite

BKR_0016 15.00 35.00 20.00 1.52 Saprolite

BKR_0019 10.00 33.00 23.00 0.64 Saprolite

BKR_0028 26.00 51.00 25.00 0.93 Saprolite

BKR_0037 21.00 62.00 41.00 1.07 Saprolite

BKR_0003 122.50 158.00 35.50 0.98 Sulphide

BKR_0004 235.10 255.00 19.90 1.17 Sulphide

BKR_0005 321.70 334.00 12.30 2.38 Sulphide

BKR_0007 166.13 201.70 35.57 0.99 Sulphide

BKR_0008 110.20 130.00 19.80 1.20 Sulphide

BKR_0018 194.85 225.10 30.25 1.54 Sulphide

BKR_0021 154.00 171.00 17.00 1.30 Sulphide

BKR_0022 139.00 161.00 22.00 1.19 Sulphide

BKR_0029 134.00 152.00 18.00 0.97 Sulphide

BKR_0033 42.00 57.00 15.00 1.22 Sulphide

BKR_0035 90.00 102.00 12.00 2.40 Sulphide

BKR_0043 262.75 277.10 14.35 1.22 Sulphide

BKR_0052 104.00 116.00 12.00 3.44 Sulphide

BKR_0059 31.00 46.00 15.00 2.20 Sulphide

Note: Sulphide composites above 0.6 g/t gold cutoff, applying a maximum internal dilution of 5 m and Saprolite composites are

reported above a 0.2 g/t gold cutoff, applying a maximum internal dilution of 3 m. Results are uncapped. True width not known at

this time.

Boomslang Zone (800 m west of the Cobra Zone)

Recent exploration drilling on the Boomslang Zone (on the Bakolobi permit) has resulted in the discovery

of saprolite mineralization along 1.8 km, approximately 800 m west of the Cobra Zone. Recent highlights

from the Boomslang Zone exploration drill program are presented below. Additional reverse circulation

and diamond drilling is underway to follow up on saprolite intercepts and test for the presence of underlying

sulphide mineralization.

Select results from the Boomslang Zone (saprolite mineralization running parallel to the Cobra Zone)

exploration drilling include:

HoleID From To Meters Gold (g/t) Domain

BKAC_0164 36.00 40.00 4.00 2.09 Saprolite

BKAC_0242 15.00 19.00 4.00 2.11 Saprolite

BKAC_0285 20.00 28.00 8.00 1.02 Saprolite

BKAC_0289 3.00 17.00 14.00 1.10 Saprolite

BKAC_0304 21.00 30.00 9.00 2.53 Saprolite

BKAC_0315 11.00 25.00 14.00 1.94 Saprolite

BKAC_0327 8.00 15.00 7.00 1.28 Saprolite

BKAC_0337 5.00 17.00 12.00 0.92 Saprolite

and 23.00 27.00 4.00 2.31 Saprolite

BKAC_0342 12.00 42.00 30.00 1.97 Saprolite

Note: Saprolite composites are reported above a 0.2 g/t gold cutoff, applying a maximum internal dilution of 3 m. Results are

uncapped. True width not known at this time.

Dandoko Exploration

On the Dandoko permit, eight diamond drill holes, totaling 960 m, were recently completed on the Seko

1,2 and 3 pit areas, in order to collect additional material for metallurgical testing. In addition to the

metallurgical test work, these drill holes serve as confirmation of the significant grade-width combinations

that were historically reported by Oklo Resources Limited. Hole DDSK22_138 returned 18.84 g/t gold over

21.80 m, from 112.00 m, and is an excellent example of the some of the high grade saprolite material on

the Dandoko permit.

Select results from the Dandoko exploration drilling include:

HoleID From To Meters Gold (g/t) Domain

DDSK22_128 55.00 73.60 18.60 2.37 Saprolite

DDSK22_129 31.00 54.65 23.65 3.31 Saprolite

and 58.00 108.50 50.50 5.87 Saprolite

DDSK22_131 26.00 58.00 32.00 1.52 Saprolite

DDSK22_132 56.00 100.90 44.90 3.98 Saprolite

DDSK22_134 26.50 62.75 36.25 0.96 Saprolite

DDSK22_138 112.00 133.80 21.80 18.84 Saprolite

Note: Saprolite composites are reported above a 0.2 g/t gold cutoff, applying a maximum internal dilution of 3 m. Results are

uncapped. True width not known at this time.

2022 Total Gold Production Guidance Re -affirmed; Fekola Achieves Back-to-Back Monthly Gold

Production Records to Start the Fourth Quarter of 2022

Based on the year -to-date cost performance and strong gold production in the fourth quarter of 2022 (as

discussed below), the Company re -affirms full year 2022 total gold production guidance. Total gold

production is expected to be between 990,000 and 1,050,000 ounces (including 40,000 to 50,000

attributable ounces projected from Calibre).

At the Fekola Mine in Mali, beginning in October 2022, ore has been mined from the higher grade Fekola

open-pit Phase 6. Mill feed grade in October and November 2022 has averaged in excess of 3.50 g/t gold.

Mining from Fekola open-pit Phase 6 is anticipated to continue through the balance of 2022 and into 2023.

As a result, the Fekola Mine produced 79,967 ounces of gold in October 2022, and 95,460 ounces of gold

in November 2022, consecutive monthly production records. Year-to-date gold production at the Fekola

Mine of 530,073 ounces through November 2022 positions Fekola well to achieve the high end of full year

2022 guidance of between 570,000 to 600,000 ounces.

QA/QC on Sample Collection and Assaying

The primary laboratories for Fekola are SGS Laboratories in Bamako, Mali and Bure au Veritas

Laboratories in Abidjan, Cote d'Ivoire. Periodically, exploration samples will be analyzed at the Fekola

Mine laboratory. At each laboratory, samples are prepared and analyzed using 50 -gram fire assay with

atomic absorption finish and/or gravime tric finish. Umpire assays are used to monitor lab performance

monthly.

Quality assurance and quality control procedures include the systematic insertion of blanks, standards and

duplicates into the core, reverse circulation and aircore drilling sample strings. The results of the control

samples are evaluated on a regular basis with batches re-analyzed and/or resubmitted as needed. All results

stated in this announcement have passed B2Gold’s quality assurance and quality control protocols.

About B2Gold Corp.

B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in

2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines and numerous

exploration and development proje cts in various countries including Mali, Colombia, Finland and

Uzbekistan. B2Gold forecasts total consolidated gold production of between 990,000 and 1,050,000 ounces

in 2022.

Qualified Persons

Bill Lytle, Senior Vice President and Chief Operating Offic er, a qualified person under NI 43 -101, has

approved the scientific and technical information related to operations matters contained in this news

release.

Brian Scott, P. Geo., Vice President, Geology & Technical Services, a qualified person under NI 43 -101,

has approved the scientific and technical information related to exploration and mineral resource matters

contained in this news release.

ON BEHALF OF B2GOLD CORP.

“Clive T. Johnson”

President and Chief Executive Officer

For more information on B2Gold please visit the Company website at www.b2gold.com or contact:

Michael McDonald Cherry DeGeer

VP, Investor Relations & Corporate Development Director, Corporate Communications

+1 604-681-8371 +1 604-681-8371

[email protected] [email protected]

The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in

this news release.

Production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100%

project ba sis. Please see our Annual Information Form dated March 30, 2022 for a discussion of our ownership

interest in the mines B2Gold operates.

This news release includes certain “forward -looking information” and “forward -looking statements” (collectively

“forward-looking statement”) within the meaning of applicable Canadian and United States securities legislation,

including: projections; outlook; guidance; forecasts; estimates; statements regarding future or estimated financial

and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and

non-sustaining) and operating costs, and including, without limitation: total consolidated gold production of between

990,000 and 1,050,000 ounces in 2022 ; and gold producti on at the Fekola Mine of between 570,000 and 600,000

ounces in 2022. All statements in this news release that address events or developments that we expect to occur in the

future are forward -looking statements. Forward -looking statements are statements tha t are not historical facts and

are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target",

"potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their

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