B2GOLD CORP Annual Report - Your Investment Snapshot

Considering an investment in B2GOLD CORP? This summary provides a clear, jargon-free overview of the company's annual performance and outlook, designed to help you understand its position.

This guide draws from B2Gold's Annual Information Form (AIF) for the fiscal year ended December 31, 2025, filed on March 15, 2026. Throughout this document, "this year" refers to 2025, and "next year" to 2026.

We'll address the following key questions to give you a comprehensive snapshot:

1. Business Overview (What the company does)

B2GOLD CORP is primarily a gold mining company with a diversified portfolio of operating mines and development projects. The company operates several key mines, including the 80%-owned Fekola mine, the Masbate mine (with 100% ore purchase rights), and the 90%-owned Otjikoto mine. B2Gold is also developing the 100%-owned Goose Mine in Canada. Beyond its own operations, the company holds strategic investments in other mining companies such as Snowline Gold Corp, Prospector Metals Corp., Founders Metals Inc., and AuMEGA Metals Ltd.

For the year ended December 31, 2025, B2Gold achieved total gold production of approximately 980,000 ounces, meeting its revised guidance. Consistent output from the Fekola and Masbate mines largely drove this performance.

Looking ahead to 2026, B2Gold forecasts total gold production of between 820,000 and 970,000 ounces across all its mines. This forecast reflects planned mine sequencing and the ramp-up of new projects, indicating continued strong output.

2. Financial Performance (Revenue, profit, year-over-year changes)

For the fiscal year ended December 31, 2025, B2Gold reported robust financial results. Total revenue reached approximately $1.95 billion, driven by strong gold prices and production volumes. Net income was approximately $380 million, or $0.32 per share. Cash flow from operations reached $650 million, demonstrating strong operational efficiency and cash generation. These figures represent a 7% increase in revenue and an 18% increase in net income compared to the previous year, underscoring the company's growth trajectory and profitability.

3. Management Discussion (MD&A highlights)

In 2025, B2Gold achieved key operational milestones, including:

• Record low cash costs of approximately $780 per ounce across its operations.
• Successfully advancing the construction of the Goose Mine ahead of schedule.
• Maintaining strong safety records.

The company also completed the strategic sale of its investment in Calibre Mining Corp. in 2024, which provided significant capital for reinvestment.

Challenges included:

• Managing inflationary pressures on operating costs, particularly for fuel and consumables.
• Navigating geopolitical complexities and regulatory changes in Mali.
• Addressing minor operational disruptions at the Masbate mine due to severe weather events.

In 2025, B2Gold continued its strategic focus on optimizing existing operations, advancing key development projects like the Goose Mine, and disciplined exploration to replenish its resource pipeline. The company maintained a stable and experienced executive leadership team during the year, focusing on sustainable growth and maximizing shareholder returns. B2Gold's long-term strategy remains centered on organic growth, maintaining a strong balance sheet, and returning capital to shareholders through dividends.

B2Gold actively monitors and manages several external factors. The ongoing implementation of Mali's 2023 Mining Code and the 2024 Memorandum of Understanding (MOU) may lead to increased government ownership, higher royalties, or changes in fiscal terms. The company actively negotiates to mitigate impacts on its Fekola operations. In the Philippines, proposed new taxes could increase operating costs and reduce profitability at the Masbate mine. Globally, stricter environmental and climate change regulations are expected to increase compliance costs and influence future project development decisions. The company emphasizes its commitment to working constructively with host governments to ensure stable operating environments and manage these evolving regulatory landscapes effectively.

4. Financial Health (Debt, cash, liquidity)

B2Gold maintains a solid financial position. As of December 31, 2025, the company reported cash and cash equivalents of approximately $480 million. Total debt amounted to approximately $720 million, primarily comprising $300 million in Convertible Senior Unsecured Notes due 2028 and $270 million drawn from its $600 million Revolving Credit Facility. This results in a net debt position of approximately $240 million, indicating a manageable leverage profile with a debt-to-equity ratio of 0.25x. The company's strong liquidity, supported by its substantial undrawn credit facilities, positions it well for future investments and operational flexibility, ensuring it can service its debts and pursue growth opportunities.

5. Risk Factors (Key risks)

Investing in B2Gold, like any mining company, involves inherent risks. Key risks highlighted by the company include:

• Metal Price Swings: Gold price fluctuations significantly impact earnings and stock price.
• Mining Operations: Inherent dangers exist in exploration and mining. Estimates for gold reserves and resources may prove inaccurate, and actual production costs or timelines could differ from projections.
• Permits and Regulations: Obtaining and maintaining mining permits is crucial. The company also faces evolving environmental and climate change regulations, and potential new tax laws.
• Operating Abroad: Operating in countries like Mali, the Philippines, Namibia, and Colombia exposes the company to foreign laws, political instability, local ownership requirements, and potential resource nationalization.
• Costs and Supplies: Fluctuations in the price and availability of energy, equipment, supplies, and skilled labor can impact operating costs and project economics.
• Acquisition Risks: Acquiring new companies or projects carries risks of unknown liabilities and integration challenges.
• Other Risks: Additional risks include currency exchange rate fluctuations, reliance on contractors, land ownership disputes, potential litigation, intense competition, community relations issues (e.g., strikes, small-scale miners), cybersecurity threats, and reputational damage.

6. Future Outlook (Guidance, strategy)

B2Gold has clear plans and expectations for the coming years:

• Overall Performance: The company expects strong operational and financial performance in 2026, building on 2025 achievements.
• Goose Mine: This mine is a significant growth driver. B2Gold commits to operating it respectfully with Indigenous communities, aiming for long-term regional benefits. The company expects annual gold production to exceed 300,000 ounces per year starting in 2027 and continue at that level for the medium term. Studies are underway to optimize operations and extend its mine life.
• Fekola Regional: B2Gold anticipates receiving the exploitation permit for Fekola Regional in Q1 2026, with production commencing in H2 2026. The company expects it to ramp up to a peak of 180,000 gold ounces in its first five years, averaging 160,000 ounces per year over its lifespan.
• Antelope Deposit: The company sees potential to develop the Antelope deposit as an underground mine, possibly adding up to 65,000 ounces per year between 2028 and 2032, further enhancing its production profile.
• Gramalote Project: B2Gold is working to secure approvals for a modified work plan and environmental study, with potential to develop Gramalote as an open-pit gold mine, adding another significant asset to its portfolio.
• Exploration: The company has planned an exploration budget of approximately $70 million for 2026, targeting new mining opportunities and extending existing mine lives in Canada, Mali, Namibia, the Philippines, Finland, and Kazakhstan.
• Dividends: B2Gold expects to continue paying quarterly dividends of $0.04 per share, providing consistent returns for income-focused investors.

7. Competitive Position

B2Gold operates in a highly competitive global gold mining industry. Its competitive advantages include a portfolio of high-quality, low-cost producing assets, a proven track record of successful project development and operational excellence, and a strong balance sheet that supports organic growth. Key competitors include major gold producers such as Barrick Gold, Newmont Corporation, and Agnico Eagle Mines, against whom B2Gold competes for resources, talent, and attractive investment opportunities globally. The company's disciplined approach to capital allocation and focus on high-margin ounces helps differentiate it in the market.