B2Gold Announces Positive Results from its 2025 Exploration Program at the Back River Gold District; Drill Results Confirm Significant Resource Potential District Wide
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B2Gold Announces Positive Results from its 2025 Exploration Program at the Back River Gold
District; Drill Results Confirm Significant Resource Potential District Wide
Vancouver, BC, March 25, 2026 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) is pleased to announce positive exploration drilling results from the 2025 Back
River Gold District exploration program in Nunavut, Canada. Results of the drilling program confirm the
significant resource potential of the Back River Gold District , increase orebody knowledge, and support
resource reclassification and overall mine planning. All dollar figures are in United States dollars unless
otherwise indicated.
Back River Gold District Exploration Highlights
• Results from infill drilling at the Goose Mine Llama deposit confirm the continuity of high-
grade gold min eralization is sufficient to upgrade portions of the resource previously
classified as Inferred. Highlight intersections include:
o Drill hole 25GSE-702 returned 41.95 grams per tonne (“g/t”) gold over 13.70 meters (“m”) from
218.25 m;
o Drill hole 25GSE-715Z1 returned 17.95 g/t gold over 38.20 m from 501.10 m;
o Drill hole 25GSE-715Z3 returned 10.16 g/t gold over 19.50 m from 490.60 m;
o Drill hole 25GSE-720Z1 returned 19.74 g/t gold over 18.80 m from 513.60 m;
o Drill hole 25GSE-721Z2 returned 13.30 g/t gold over 21.85 m from 470.60 m;
o Drill hole 25GSE-736Z2 returned 12.35 g/t gold over 7.90 m from 413.33 m;
o Mining operations are currently ongoing at the Umwelt deposit (both open pit and
underground), with Llama scheduled as the next deposit to be mined in the current Goose Mine
life of mine plan;
The existing Indicated Mineral Resource estimate at Llama is 3.04 million tonnes grading
7.72 g/t gold for a total of 760,000 ounces of gold; and
The existing Inferred Mineral Resource estimate at Llama is 1.79 million tonnes grading
11.00 g/t gold for a total of 637,000 ounces of gold.
• Exploration drilling at the Nuvuyak deposit continued to intersect high-grade mineralization
1,000 m west and down plunge of the Goose Main deposit. Highlights include:
o Drill hole 25GSE700Z2 returned 6.65 g/t gold over 27.28 m from 1,017.05 m;
This result demonstrates the continuity of high-grade zones within the Nuvuyak deposit
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by extending high-grade gold mineralization approximately 150 m to the north-northwest;
o These exploration results demonstrate the potential to further extend the mine life at the Goose
Mine through the potential addition of the Nuvuyak deposit to the existing life of mine plan;
Mining at Nuvuyak is not currently contemplated in the current Goose Mine life of mine
plan, but remains a high-priority target based on drilling to date; and
The existing Inferred Mineral Resource estimate at Nuvuyak is 2.63 million tonnes
grading 8.26 g/t gold for a total of 700,000 ounces of gold.
See Figure 1 for an overview of the Back River Gold District properties.
Figure 1. Back River Gold District Properties.
2025 Back River Gold District Exploration Program Overview
B2Gold’s commitment to unlocking the exploration potential of the Back River Gold District in 2025 was
underpinned by a significant total budget of $32 million and robust near -mine and regional exploration
programs. Through the application of in -house geoscience, the Company strived to improve orebody
knowledge, a primary objective of the 2025 program, and a critical step in the systematic investigation of
both grassroots and near-mine targets. This work has contributed to the upgrade to Indicated resources, of
an area previously classified as Inferred resources, and to the identification of new zones of mineralization
warranting follow up exploration.
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During the 2025 Back River Gold District exploration program, 28,599 m of drilling in 140 diamond drill
holes were completed, inclusive of 19,736 m over 87 drill holes at the Goose Mine and near-mine targets,
and 8,863 m over 53 drill holes across Back River Gold District regional targets. The 2025 Goose Mine
and near-mine drill program was supported by a $21 million budget and prioritized:
• Tighter drill spacing at the Llama deposit enabling the upgrade of a portion of the underground
Inferred Resources to Indicated Resources, enhancing confidence in orebody geometry;
• Drilling both down plunge and with in areas of widely spaced drilling of resources at the Llama,
Umwelt, and Nuvuyak deposits; and
• Drill testing newly identified targets, both near surface (Wing target) and deeper underground
(Nuvuyak-Mammoth-Hook target area).
The Back River Gold District regional drill program (George, Boot, Boulder, Del and Needle), was
supported by an $11 million budget and included:
• Follow up drilling of multiple targets identified during the 2024 summer program; and
• Ongoing surface exploration, including mapping, prospecting, geophysics, and till sampling to
generate additional targets for follow up drilling in 2026.
2025 Goose Mine Exploration Program
The Goose Mine consists of six main deposits: Umwelt, Llama, Llama Extension, Goose Main, Echo, and
Nuvuyak, predominantly hosted by geological structures in banded iron formation (“BIF”) along a strike
length of approximately eight kilometers (“km”). The well-defined continuity of this distinctive host rock
is prospective for upside to the known deposits, which a re presently open-ended at depth. The detailed
geological information derived from the 2025 drill program will inform the targeting of untested structural
sites within the iron formation, further informing the Company’s orebody knowledge and enhancing the
systematic investigation of district wide exploration targets. In 2025, 15,587 m were completed in 61 drill
holes across the Goose Mine deposits and 4,138 m were completed in 26 drill holes across Goose Mine
targets. Significant drill hole locations from the 2025 Goose Mine exploration program are shown on the
map in Figure 2.
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Figure 2. Goose Mine Drill Hole Locations.
At the Llama deposit, which outcrops 1,500 m north of the Umwelt deposit, 28 holes totaling 7,887 m were
drilled in a campaign to upgrade and reclassify Inferred resources in specific areas immediately below and
down plunge from the Llama open pit . Results were encouraging and demonstrate that high- grade
mineralization continues at depth with results up to 17.95 g/t gold over 38.20 m from 501.10 m in drill hole
25GSE715Z1.
At the Nuvuyak deposit, inclusive of the Mammoth and Hook targets, a total of 4,510 m in seven drill holes
was completed. Nuvuyak is located approximately 500 m west of and 1,000 m down plunge from the Goose
Main deposit and demonstrates the potential for additional high-grade mineralization in the iron formation,
along strike from known deposits and continuing at depth. Nuvuyak drilling highlights include encouraging
results of 6.65 g/t gold over 27.28 m from 1,017.05 m in drill hole 25GSE700Z2. The existing Inferred
Mineral Resource estimate at Nuvuyak is 2. 63 million tonnes grading 8.26 g/t gold for a total of 700,000
ounces of gold.
B2Gold’s exploration team continues to deploy directional core drilling technology ( “Devico”) to ensure
accuracy and cost efficiency of strategic deep drilling at the Goose Mine. Devico drilling has been specifically
implemented to increase confidence in geometry and continuity of high- grade resources that inform
underground mine planning. Drilling utilizing this method has shown that the intersection of steeply dipping
brittle-ductile high strain zones and fold-thickened BIF, such as that found at the Llama and Umwelt deposits,
is the primary control on gold mineralization.
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Significant 2025 drill results from the Llama and Nuvuyak deposits at the Goose Mine include:
Notes:
1. Capped at 50 g/t gold.
2. Drill intercepts are perpendicular to the zones so true widths are very similar to reported drill lengths.
Hole ID Area From (m) To (m) Length (m) Au (g/t) Au (g/t)
Capped1
25GSE702 Llama 218.25 231.95 13.70 41.95 41.95
25GSE715Z1 Llama 501.10 539.30 38.20 17.95 13.81
incl. 505.55 508.90 3.35 54.39 28.42
and 519.60 524.95 5.35 32.95 25.16
25GSE715Z3 Llama 490.60 510.10 19.50 10.16 9.53
incl. 491.55 497.15 5.60 31.14 28.93
25GSE715Z4 Llama 512.50 521.70 9.20 31.15 22.68
incl. 513.45 515.03 1.58 54.95 39.19
and 518.13 520.80 2.67 69.88 50.00
25GSE717 Llama 460.90 471.85 10.95 5.80 5.80
incl. 464.97 467.45 2.48 21.36 21.36
25GSE717Z1 Llama 463.35 468.05 4.70 14.39 7.49
incl. 463.90 464.50 0.60 104.00 50.00
25GSE720 Llama 431.13 435.76 4.63 13.46 9.97
incl. 434.49 435.25 0.76 71.30 50.00
and 493.50 497.36 3.86 22.29 18.35
incl. 494.95 496.36 1.41 53.82 43.04
25GSE720Z1 Llama 513.60 532.40 18.80 19.74 16.37
incl. 513.60 516.35 2.75 31.46 26.56
and 525.25 530.30 5.05 46.30 36.43
25GSE721 Llama 469.85 473.70 3.85 33.03 20.25
25GSE721Z2 Llama 470.60 492.45 21.85 13.30 12.25
Incl. 478.90 488.50 9.60 27.39 25.01
25GSE721Z4 Llama 481.50 485.95 4.45 26.38 22.09
25GSE736 Llama 345.92 352.33 6.41 20.94 18.79
and 360.74 373.62 12.88 10.60 7.96
25GSE736Z1 Llama 395.07 411.57 16.50 29.64 10.44
incl. 399.62 401.37 1.75 229.23 48.18
incl. 408.38 409.93 1.55 34.56 34.56
25GSE736Z2 Llama 413.33 421.23 7.90 12.35 9.41
Incl 414.03 415.00 0.97 74.00 50.00
25GSE700Z2 Nuvuyak 1,017.05 1,030.69 27.28 6.65 6.65
25GSE724Z1 Nuvuyak 1,041.80 1,106.65 64.85 3.40 3.26
incl. Nuvuyak 1,064.50 1,078.50 14.00 8.38 7.75
25GSE725Z1 Nuvuyak 435.85 447.80 11.95 3.50 3.50
incl. Nuvuyak 445.05 447.10 2.05 13.26 13.26
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See Figures 3 and 4 for the Llama and Nuvuyak long sections and significant intercepts and highlights.
Figure 3. Llama Deposit Long Section (facing northeast) and Significant Intersections.
Figure 4. Nuvuyak Deposit Long Section (facing north) and Significant Intersections.
A total of 4,148 m in 23 drill holes were drilled at near-mine exploration targets including Boomerang,
Gosling, Goose Tail, Kogoyak, Radar, Slingshot, Wing DIF, and Wing.
At the Wing deposit, located proximal to Llama, drilling of 1,365 m in nine drill holes tested the potential
for a small open pit resource. Drill hole 25GSE734 returned 8.33 g/t gold over 8.40 m from 74.60 m and
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drill hole 25GSE738 returned 13.41 g/t gold over 8.50 m from 32.60 m.
Significant 2025 drill results from the Wing deposit at the Goose Mine include:
Hole ID Area From (m) To (m) Length (m) Au (g/t) Au (g/t)
Capped1
25GSE734 Wing 74.60 83.00 8.40 8.33 8.33
incl. Wing 79.70 82.05 2.35 25.67 25.67
25GSE738 Wing 32.60 41.10 8.50 13.41 8.67
Notes:
1. Capped at 50 g/t gold.
2025 Back River Regional Exploration Program
A total of 8,863 m in 53 drill holes were drilled at the George, Boot, Boulder, Del, and Needle Back River
Gold District regional properties. George Project drilling comprised seven targets and a total of 2,955 m in
14 drill holes, and focused on previously undrilled areas with the goal of identifying new zones of shallow
mineralization that could be amenable to open pit mining methods. Results at George include 10.42 g/t gold
over 5.65 m from 10.75 m in drill hole 25GRL224 at the Dragon South zone, and drill hole 25GRL225,
which returned 3.14 g/t gold over 3.96 m from 290.22 m in the Tupiq North zone. Both zones represent
upside to the known resources at the George Project and reaffirm the prospectivity of the region.
At the Boot Project 2,849 m was drilled across 20 drill holes, with results returning 4.97 g/t gold over 4.40
m from 166.20 m in drill hole 25BTL049B at the Hammer zone, 3.40 g/t gold over 10.15 m from 148.30
m in drill hole 25BTL058 at the Rooster Lake zone and 4.82 g/t gold over 4.90 m from 28.40 m in drill hole
25BTL061 at the Scorpion Lake South zone. Additional drilling is to be carried out on the regional
properties in 2026, including follow up to the reported results from the George and Boot projects.
Significant 2025 drill results from the Back River District regional exploration drilling include:
Hole ID Property Zone From (m) To (m) Length (m) Au (g/t) Au (g/t)
Capped1
25BTL049B Boot Hammer 166.20 170.60 4.40 4.97 4.97
25BTL050 Boot Hammer 178.60 181.15 2.55 12.26 12.26
incl. Boot Hammer 179.40 180.05 0.65 47.7 47.7
25BTL058 Boot Rooster Lake 148.30 158.45 10.15 3.40 3.40
incl. Boot Rooster Lake 152.65 153.70 1.05 11.48 11.48
25BTL061 Boot Scorpion Lake
South 28.40 33.30 4.90 4.82 4.82
25GRL224 George Dragon South 10.75 16.40 5.65 10.42 10.42
25GRL225 George Tupiq North 290.22 294.18 3.96 3.14 3.14
Notes:
1. Capped at 50 g/t gold.
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2025 Back River Regional Surface Exploration Program
During 2025, regional target definition was supplemented by an integrated surface exploration program
comprising mapping, prospecting, geophysics, and the collection of 5 ,596 till samples, 69 trenches (381
samples), and 920 rock samples from 10 properties including Goose South, Boot, Boulder, George, Del,
BB-13, Needle, Beech, Malley, and Wishbone. Geophysical surveys comprised a 7,695 line-km airborne
gravity survey flown over a 2,790 square km area that included George, Boulder, Boot, Del, BB- 13, and
Goose. In addition, a new property , Ailiruk, was acquired near the end of 2025. The completed surface
exploration has generated additional regional and near-mine targets for further evaluation and drill testing
in 2026.
Quality Assurance/Quality Control on Sample Collection and Assaying
The primary laboratory utilized for the Back River Gold District drilling program in 2025 is ALS laboratory
in North Vancouver, Canada. Core samples are prepared at the ALS preparation facility in Yellowknife with
representative pulp samples sent to the ALS North Vancouver laboratory for gold analysis. Gold is analyzed
by a fire assay/atomic absorption spectrometry (FA/AAS) finish using a 50- gram subsample of the coin
pulp. FAs were finished with AAS, and samples with higher grades that exceeded the maximum detection
limit of AAS received a supplemental gravimetric (“GRAV”) finish. All samples over 3,000 parts per billion
are analyzed by FA/GRAV using a 50 -gram subsample of the coin pulp. Bureau Veritas Minerals in
Vancouver, Canada, is the umpire laboratory.
Quality assurance and quality control procedures include the systematic insertion of blanks and standards
into the core 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.
2026 Back River Gold District Exploration Program
A total of $46 million is budgeted for exploration at the Back River Gold District in 2026, of which $24
million is planned for the Goose Mine, and a significantly increased budget of $22 million is earmarked for
Back River Gold District regional exploration.
At the Goose Mine, a total of 17,200 m of drilling will target extensions of the Llama deposit, the largest
and highest -grade resource at the district, as well as prioritize follow up drilling of significant results
returned at the Nuvuyak-Mammoth-Hook targets and the prospective Wing deposit.
Regional exploration including geophysics, mapping, prospecting, and till sampling will be undertaken on
the George, Boot, Boulder, Del, and Needle projects. This regional work will also include an estimated
12,800 m of diamond drilling to further define resources at the George Project and to follow up drill ready
targets defined during the 2025 summer regional exploration program.