B2Gold Provides an Update on Goose Mine Commissioning, Confirms Consolidated 2025 Production Guidance Range, and Provides Operational Updates for the Fekola, Masbate, and Otjikoto Mines
B2Gold Provides an Update on Goose Mine Commissioning, Confirms Consolidated 2025
Production Guidance Range, and Provides Operational Updates for the Fekola, Masbate, and
Otjikoto Mines
Vancouver, BC, September 15, 2025 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX:
B2G) (“B2Gold” or the “Company”) is announcing 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.
Goose Mine - Canada
The Goose Mine 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 a nd 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. B2 Gold 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, a nd 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. Th e Company reiterates the near-term and long-term
gold production estimates at the Goose Mine, whic h 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 optimi zation 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 will also reflect two additio nal 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.
Fekola Complex - Mali
Fekola 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 infrastru cture (warehouse, workshop, fuel depot and offices)
was completed on schedule in 2023. Fekola Regional gol d 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 si nce 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).
Otjikoto Mine - Namibia
The Otjikoto Mine has continued to outperform expecta tions 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 is pleased to announce it has 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 Comp any has completed further optimization work on a
small-scale, low-cost, underground gold mine at Ante lope, 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 a pproximately 110,000 ounces per year over the life of the Antelope
underground mine.
Masbate Mine – The Philippines
The Masbate Mine 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 at an average grad e of 0.88 grams per tonne 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 increasi ng 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).
About B2Gold Corp.
B2Gold is a responsible international senior gold producer headquartered in Vancouver, Canada. Founded
in 2007, today, B2Gold has operating gold mines in Canada, Mali, Namibia and the Philippines, and
numerous development and exploration projects in various countries. B2Gold forecasts gold production of
between 970,000 and 1,075,000 ounces in 2025.
Qualified Persons
Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43-101, has
approved the scientific and technical information related to operations matters contained in this news
release.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President & Chief Executive Officer
For more information on B2Gold, please visit the Company’s website at www.b2gold.com or contact:
Michael McDonald
VP, Investor Relations, Corporate Development & Treasury
+1 604-681-8371
The Toronto Stock Exchange and NYSE American LL C neither approve nor disapprove the information
contained in this news release.
Production guidance presented in this news release re flect total production at the mines B2Gold operates
on a 100% project basis. Please see our Annual Information Form dated March 28, 2025, for a discussion
of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward-looking information" and "forwa rd-looking statements"
("collectively forward-looking statements") within the meaning of applicable Canadian and United States
securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other 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, including projected
cash operating costs and AISC, and budgets on a consolidated and mine by mine basis; future or estimated
mine life, metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput,
ore processing; statements regarding anticipated exploration, drilling, devel opment, construction,
permitting and other activities or achievements of B2 Gold; and including, without limitation: total
consolidated gold production of between 970,000 and 1,075,000 ounces in 2025; the Goose Mine achieving
commercial production in the next few weeks, and achieving strong production in Q4 2025; the Goose mill
being able to operate at 4,000 tpd throughput; 2025 gold production at the Goose Mine of 80,000 to
110,000 ounces; Q4 2025 gold production at the Goose Mi ne of 70,000 ounces; 2026 gold production at
the Goose Mine of approximately 250,000 ounces; 2027 gold production at the Goose Mine of
approximately 330,000 ounces; average annual gold pr oduction of approximat ely 300,000 ounces from
2026 to 2031 at the Goose Mine; receiving the Fekola Regional exploitation permit in Q3 2025; initial gold
production from Fekola Regional in early 2026; average annual gold production of approximately 180,000
ounces from 2026 through 2030 at Feko la Regional; the mine life of Fekola Regional extending well into
the 2030’s; 2025 gold production at the Fekola Complex of 515,000 to 550,000 ounces; Fekola
underground gold production of 30,000 to 40,000 ounces in 2025; Open pit gold production at Fekola and
Cardinal of 485,000 to 510,000 ou nces in 2025; 2025 gold production at the Otjikoto Mine of 185,000 to
205,000 ounces; pre-production capital cost of $105 million to develop the Antelope deposit; the Otjikoto
Mine producing approximately 110,000 ounces of gold per year over the life of the Antelope underground
mine; 2025 gold production at the Masbate Mine of 190,000 to 210,000 ounces. All statements in this news
release that address events or developments that we exp ect to occur in the future are forward-looking
statements. Forward-looking statements are statemen ts that 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 negative connotations, or that events or cond itions "will", "would", "may", "could", "should" or
"might" occur. All such forward-looking statements are based on the opinions and estimates of management
as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are
beyond B2Gold's control, including risks associated with or related to: the volatility of metal prices and
B2Gold's common shares; changes in tax laws; the dangers inherent in exploration, development and
mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other
estimates; actual production, development plans and costs differing materially from the estimates in
B2Gold's feasibility and other studies; the ability to obtain and maintain any necessary permits, consents
or authorizations required for mining activities; environmental regulations or hazards and compliance with
complex regulations associated with mining activities; climate change and climate change regulations; the
ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of
companies acquired by B2Gold; the ability to successfu lly integrate new acquisitions; fluctuations in
exchange rates; the availability of financing; financing and debt activities, including potential restrictions
imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows;
operations in foreign and developing countries and th e compliance with foreign laws, including those
associated with operations in Mali, Namibia, the Philippines, Canada, and Colombia and including risks
related to changes in foreign laws and changing policies related to mining and local ownership
requirements or resource nationaliza tion generally; remote operations an d the availability of adequate
infrastructure; fluctuations in pr ice and availability of energy and other inputs necessary for mining
operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political
and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon
contractors, third parties and joint venture partners; th e lack of sole decision-making authority related to
Filminera Resources Corporation, which owns the Mas bate Project; challenges to title or surface rights;
the dependence on key personnel and the ability to a ttract and retain skilled personnel; the risk of an
uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with
other mining companies; community support for B2Gold's operations, including risks related to strikes and
the halting of such operations from time to time; con flicts with small scale miners; failures of information
systems or information security threats; the ability to maintain adequate internal controls over financial
reporting as required by law, including Section 40 4 of the Sarbanes-Oxley Act; compliance with anti-
corruption laws, and sanctions or other similar measures; social media and B2Gold's reputation; as well
as other factors identified and as described in more de tail under the heading "Risk Factors" in B2Gold's
most recent Annual Information Form, B2Gold's cu rrent Form 40-F Annual Report and B2Gold's other
filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"),
which may be viewed at www.sedar.com and www.sec.gov, respectively (the "Websites"). The list is not
exhaustive of the factors that may affect B2Gold's forward-looking statements.
B2Gold's forward-looking statements are based on the applicable assumptions and factors management
considers reasonable as of the date hereof, based on the information available to management at such time.
These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold's
ability to carry on current and future operations, incl uding: development and exploration activities; the
timing, extent, duration and economic viability of su ch operations, including any mineral resources or
reserves identified thereby; th e accuracy and reliability of estimates, projections, forecasts, studies and
assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and
cost of inputs; the price and market for outputs, in cluding gold; foreign exchange rates; taxation levels;
the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the
ability to obtain timely financing on reasonable t erms when required; the current and future social,
economic and political conditions; and other assumptions and factors generally associated with the mining
industry.
B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect
their current expectations regarding future events and operating performance and speak only as of the date
hereof. B2Gold does not assume any obligation to update forward-look ing statements if circumstances or
management's beliefs, expectations or opinions should change other than as required by applicable law.
There can be no assurance that forward-looking statem ents will prove to be accurate, and actual results,
performance or achievements could differ materially from those expressed in, or implied by, these forward-
looking statements. Accordingly, no assurance can be given that any events an ticipated by the forward-
looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will
derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking
statements.