B2Gold Reports Successful Commissioning of Fekola Mill Expansion ahead of Schedule; Maintains 2020 Production Guidance and Continues Debt Reduction; Declares Third Quarter Dividend of $0.04 per Share

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News Release

B2Gold Reports Successful Commissioning of Fekola Mill Expansion ahead of Schedule; Maintains 2020

Production Guidance and Continues Debt Reduction; Declares Third Quarter Dividend of $0.04 per Share

Vancouver, September 10, 2020 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)

(“B2Gold” or the “Company”) is pleased to provide the following corporate update:

Fekola Mill Expansion

The Company is pleased to announce the successful commissioning of the mill expansion at the Fekola

Mine to 7.5 million tonnes per annum, approximately one month ahead of the scheduled completion date

of September 30, 2020 . This includes completion of all major construction activities associated with the

Fekola mill expansion, as well as successful execution of a process performance test to compare with design

expectations. Four days after start-up, a 5-day mill performance test was conducted from August 26 to

August 30, 2020. The results of the performance test exceeded design in throughput, gold recovery, grind

and availability over the 5 -day day period. The minor, outstanding construction work is expected to be

completed by mid-September 2020.

The Fekola Mine continues to operate unimpeded and no operational days have been lost due to the recent

political developments in Mali or the COVID-19 pandemic . B2Gold will continue to work with regional

and national governments to ensure that its mining operations continue normally, providing important

economic benefits to all stakeholders, including our employees, governments and the communities around

the mine. In addition, the Company recently has partnered with the government to assist the people of Mali

in facing the challenges created by the COVID-19 pandemic and its impact on the mining sector.

2020 Production Guidance Maintained

The Company is maintaining both quarterly consolidated budgeted production estimates and consolidated

annual production guidance for 2020. Total consolidated production guidance remains at between

1,000,000 and 1,055,000 ounces of gold; total consolidated cash operating costs (see “Non -IFRS

Measures”) are forecast to be between $415 and $455 per ounce and total consolidated all-in sustaining

costs (see “Non-IFRS Measures”) are forecast to be between $780 and $820 per ounce. All dollar figures

are in United States Dollars unless otherwise indicated.

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Dividend Declared for Third Quarter of 2020

The Company is also pleased to announce that its Board of Directors has declared a cash dividend for the

third quarter of 2020 of $0.04 per share, payable on September 30 , 2020 to shareholders of record as of

September 22, 2020.

As part of the long-term strategy to maximize shareholder value, B2Gold expects to declare future quarterly

dividends at the same level , which reflects a previously announced increase in the Company ’s annual

dividend from $0.08 per share to $0.16 per share. 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 of Directors, 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 the Company’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 of Directors 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.

Debt Repayment Update

Based on the continuing strong operating performance at each of the Company’s mines and no significant

unforeseen work stoppages having been incurred due to COVID- 19, the Company commenced repaying

the outstanding Revolving Credit Facility (RCF) balance of $425 million in August 2020. To date, the

Company has repaid $375 million of the total outstanding balance and expects to repay the final remaining

tranche of $50 million and be debt -free by late September 2020, other than mining equipment loans and

leases totaling approximately $50 million which are payable over several years. This will leave the

Company well positioned with the full amount of the $600 million RCF undrawn and available.

Based on current assumptions, including a gold price of $1,900 per ounce for the second half of 2020, the

Company expects to generate cashflows from operating activities of more than $900 million in 2020. The

Company’s ongoing strategy is to continue to maximize profitable production from its mines, grow its

mineral reserves, utilize cash flow to continue the dividend payment , further advance its pipeline of

development and exploration projects and evaluate growth opportunities.

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

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exploration and development projects in various countries including Mali and Colombia. B2Gold continues

to forecast total consolidated gold production of between 1,000,000 and 1,055,000 ounces in 2020.

Qualified Persons

Bill Lytle, Senior Vice President of Operations, a qualified person under NI 43 -101, has ap proved the

scientific and technical information related to operations 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:

Ian MacLean Katie Bromley

Vice President, Investor Relations Manager, Investor Relations & Public Relations

604-681-8371 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 results and production guidance presented in this news release reflect total production at the mines

B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 20, 2020 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 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; the impact of the COVID-19 pandemic on B2Gold’s operations, including

any restrictions or suspensions with respect to our operations and the effect of any such restrictions or suspensions

on our financial and operational results; the ability of the Compa ny to successfully maintain our operations if they

are temporarily suspended, and to restart or ramp -up these operations efficiently and economically, the impact of

COVID-19 on the Company’s workforce, suppliers and other essential resources and what effect those impacts, if they

occur, would have on our business, our planned capital and exploration expenditures; 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, development, construction, permitting and other activities or

achievements of B2Gold; and including, without limitation: generating operating cashflows of approximately $900

million in 2020; project ed total consolidated gold production of between 1,000,000 and 1,055,000 ounces in 2020

with cash operating costs of between $415 and $455 per ounce and AISC of between $780 and $820 per ounce ; the

anticipated repayment of all or a portion of the outstanding RCF balance in 2020 and the availability of the facility;

potential payment of future dividends, including the timing and amount of any such dividends, and the expectation

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that quarterly dividends will be maintained at the same level . 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 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 conditions “will”,

“would”, “may”, “coul d”, “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 duration and extent of the COVID- 19 pandemic,

the effectiveness of preventative measures and contingency plans put in place by the Company to respond to the

COVID-19 pandemic, including, but not limited to, social distancing, a non-essential travel ban, business continuity

plans, and efforts to mitigate supply chain disruptions; escalation of travel restrictions on people or products and

reductions in the ability of th e Company to transport and refine doré; 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 successfully 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 the compliance with foreign laws, including those

associated with operations in Mali, Namibia, the Philippines, Colombia and Burkina Faso and including risks related

to changes in foreign laws and changing policies related to mining and local ownership requirements or resource

nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of

adequate infrastructure; fluctuations in price 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; the lack of sole decision- making authority related to Filminera Resources Corporation,

which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability

to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather

conditions; litigation risk; c ompetition 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; conflicts 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 404 of the Sarbanes -Oxley Act; compliance with anti -

corruption laws, and sanctions or other similar measures; social media and B2Gold’s reputation; risks affecting

Calibre having an impact on the value of the Company’s investment in Calibre, and potential dilution of our equity

interest in Calibre; as well as other factors identified and as described in more detail under the heading “Risk

Factors” in B2Gold’s most recent Annual Information Form, B2Gold’s current 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 ope rations, including: the duration and effects of COVID -19 on our operations and workforce;

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development and exploration activities; the timing, extent, duration and economic viability of such operations,

including any mineral resources or reserves identified thereby; the 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, including 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 terms when required; the current and future soci al, 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 -looking 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 statements 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 anticipated 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 sh ould not

be placed on forward-looking statements.

Non-IFRS Measures

This news release includes certain terms or performance measures commonly used in the mining industry that are not

defined under International Financial Reporting Standards (“IFRS”), including “cash operating costs” and “all -in

sustaining costs” (or “AISC”). Non-IFRS measures do not have any standardized meaning prescribed under IFRS,

and therefore they may not be comparable to similar measures employed by other companies. The data presented is

intended to provide additional information and should not be considered in isolation or as a substitute for measures

of performance prepared in accordance with IFRS and should be read in conjunction with B2Gold’s consolidated

financial statements. Readers should refer to B2Gold’s Management Discussion and Analysis, av ailable on the

Websites, under the heading “Non-IFRS Measures” for a more detailed discussion of how B2Gold calculates certain

of such measures and a reconciliation of certain measures to IFRS terms.