BTO.TO · 2021-01-20

B2Gold Reports Strong Q4 2020 Total Gold Production of 270,469 Oz, Record Annual Total Gold Production of 1,040,737 Oz and 2021 Total Gold Production Guidance of 970,000 - 1,030,000 Oz

Production Results

News Release B2Gold Reports Strong Q4 2020 Total Gold Production of 270,469 Oz, Record Annual Total Gold Production of 1,040,737 Oz and 2021 Total Gold Production Guidance of 970,000 - 1,030,000 Oz

Vancouver, BC, January 20, 2021 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) is pleased to announce its consolidated gold production and gold revenues for the fourth quarter and full-year 2020, in addition to its production and budget guidance for 2021. All dollar figures are in United States dollars unless otherwise indicated.

2020 Gold Production and Revenue Highlights

Fourth quarter total gold production of 270,469 ounces (including 14,150 ounces of attributable production from Calibre Mining Corp. (“Calibre”) and consolidated gold production of 256,319 ounces from the Company’s three operating mines
Fourth quarter consolidated gold revenues of $480 million, a significant increase of $166 million (53%) over the fourth quarter of 2019 (excluding revenues from discontinued operations)
Record annual total gold production of 1,040,737 ounces (including 45,479 ounces of attributable production from Calibre)
Record annual consolidated gold production from the Company’s three operating mines of 995,258 ounces, at the upper end of the guidance range (of between 955,000 – 1,005,000 ounces), and significantly higher by 17% (144,142 ounces) over 2019 (excluding discontinued operations), marking the twelfth consecutive year of record annual consolidated gold production
Record annual consolidated gold revenues of $1.79 billion, a significant increase of $0.63 billion (55%) over 2019 (excluding revenues from discontinued operations)
The Company expects to be at the low end of its guidance range for total consolidated cash operating costs (see “Non-IFRS Measures”) of between $415 - $455 per ounce and at the low end of its guidance range for total consolidated all-in sustaining costs (“AISC”) (see “Non-IFRS Measures”) of between $780 - $820 per ounce
Successful commissioning of the Fekola mill expansion to 7.5 million tonnes per annum (“Mtpa”) (an increase of 1.5 Mtpa from an assumed base rate of 6 Mtpa) on September 10, 2020, several weeks ahead of the scheduled completion date of September 30, 2020; the Fekola mill has the potential to run above the expanded annualized throughput rate of 7.5 Mtpa and analysis is currently underway to determine the optimum throughput rate (for 2021 budgeting purposes the Company has assumed a throughput rate of 7.75 Mtpa)
Selected as the recipient of two prestigious mining industry awards in 2020 for B2Gold’s commitment to sustainable mining and development: the Prospectors & Developers Association of Canada's “2021 Sustainability Award” and the Mining Journal's “2020 Most Sustainable Miner Award”
In December 2020, the Gramalote Project in Colombia received the “Seal of Antioquia Award” from the Government of Antioquia through the Ministry of Mines for large scale operations, recognizing its commitment to community support
B2Gold’s quarterly dividend rate was increased in the third quarter of 2020 by 100% to $0.04 per common share (or an annualized rate of $0.16 per common share), one of the highest dividend yields in the gold sector

2021 Budget Highlights

For 2021, B2Gold remains well positioned for continued strong operational and financial performance with total production guidance of between 970,000 - 1,030,000 ounces of gold (including attributable ounces projected from Calibre of between 50,000 - 60,000 ounces) with total consolidated forecast cash operating costs of between $500 - $540 per ounce and total consolidated AISC of between $870 - $910 per ounce; consolidated cash operating costs and AISC per ounce are forecast to be higher than 2020, mainly due to the planned lower production and higher planned stripping activities at Fekola, higher forecast fuel and labour costs in Mali, and the drawdown of ore stockpiles at Otjikoto
Due to open pit mine sequencing, consolidated gold production is expected to be significantly weighted to the second half of 2021; for the first half of 2021, consolidated gold production is forecasted to be between 365,000 – 385,000 ounces, which is expected to increase significantly to between 555,000 – 585,000 ounces during the second half of 2021 Based on current operating plans, over a five-year outlook from 2020 to 2024, annual consolidated gold

• production is forecast to average 950,000 ounces with AISC averaging $825 per ounce

The results of the Gramalote Feasibility Study are expected to be announced in April 2021, with a construction decision expected to be made shortly thereafter
The Company is re-evaluating the Kiaka Project in Burkina Faso, and expects to have an updated economic assessment of the project for internal review completed by the end of the first quarter of 2021, followed by an updated feasibility study by mid-year 2021
Following a very successful year for exploration in 2020, B2Gold is planning a year of aggressive exploration in 2021 with a budget of approximately $66 million (excluding Gramalote), including a record $25 million allocated to the Company’s ongoing grassroots exploration programs
An updated mineral resource estimate for the Anaconda area (located 20 kilometres north of Fekola), based on the completed 2020 drill program, is expected in the first quarter of 2021 and the Company has allocated $8 million for drilling to expand the mineral resource estimate in 2021; in addition an initial mineral resource estimate is expected to be completed for the Cardinal zone (located within 500 metres of the current Fekola resource pit) in the first quarter of 2021
Based on current assumptions, including a gold price of $1,800 per ounce, the Company expects to generate cashflows from operating activities of approximately $630 million in 2021

Despite some of the challenges that the current COVID-19 pandemic has created worldwide and in each of the locations where the Company operates or is head-quartered, the Company continues to operate virtually unimpeded. The B2Gold executive team is very proud of the Company’s employees' dedication and resilience in these challenging times and believe it is in part due to the executive team’s and mine employees’ years of experience in all aspects of international mining, and the Company’s culture of treating all its stakeholders with fairness, respect and transparency. This successful approach is reflected again in the Company’s record performance in 2020.

The Company continues to address the COVID-19 pandemic and minimize its potential impact at B2Gold's operations. B2Gold places the safety and well-being of its workforce and all stakeholders as its highest priority and continues to encourage input from all its stakeholders as the COVID-19 situation evolves. The Company continues to implement measures and precautionary steps to manage and respond to the risks associated with COVID-19 to ensure the safety of B2Gold's employees, contractors, suppliers and surrounding communities where the Company works while continuing to operate. The Company is continually updating these plans and response measures based on the safety and well-being of its workforce, the severity of the pandemic in areas where it operates, global response measures, government restrictions and extensive community consultation. The Company is working closely with national and local authorities and continues to closely monitor each site's situation, including public and employee sentiment to ensure that stakeholders are in alignment with continued safe operation of its mines.

2020 Gold Production and Development

Despite the challenges of the COVID-19 pandemic, B2Gold had another remarkable year of strong growth in 2020, with the achievement of B2Gold’s twelfth consecutive year of record annual gold production. The Company’s total gold production for 2020 was an annual record of 1,040,737 ounces (including 45,479 ounces of attributable production from Calibre), at the upper end of the guidance range (of between 1,000,000 – 1,055,000 ounces). Consolidated gold production from the Company’s three operating mines was an annual record of 995,258 ounces of gold, at the upper end of the guidance range (of between 955,000

1,005,000 ounces), and significantly higher by 17% (144,142 ounces) than 2019 (excluding discontinued

operations). The significant increase in gold production over 2019 was driven by the Fekola Mine in Mali, which produced an annual record of 622,518 ounces of gold, exceeding the upper end of its guidance range (of between 590,000 - 620,000 ounces). Between the commencement of Fekola’s operations in September 2017 and December 31, 2020, the Fekola Mine has produced over 1.6 million ounces of gold (which is 155,000 ounces more than originally forecast under Fekola’s Definitive Feasibility Study over this period). The Masbate Mine in the Philippines achieved another strong year in 2020, producing 204,699 ounces of gold, at the midpoint of its guidance range (of between 200,000 - 210,000 ounces). Masbate’s strong operational performance was achieved despite a five-day temporary suspension of mining activities in the first quarter of 2020 due to fuel shortages relating to COVID-19 restrictions, and a magnitude 6.6 earthquake approximately 90 kilometres from the mine site on August 18, 2020, suspending mining and processing operations for five and six days, respectively, as inspections were conducted to confirm there was no damage to the mine from the earthquake. The Otjikoto Mine in Namibia also had another solid year in 2020, producing 168,041 ounces of gold, near the midpoint of its guidance range (of between 165,000 - 175,000 ounces).

The Company is currently compiling its final cash operating costs and AISC results for 2020 and will release its fourth quarter and full-year 2020 financial results after the North American markets close on Tuesday, February 23, 2021. The Company expects to be at the low end of its guidance range for total consolidated cash operating costs of between $415 - $455 per ounce and at the low end of its guidance range for total consolidated AISC of between $780 - $820 per ounce.

The Company’s expansion and development projects also progressed well throughout 2020:

At Fekola, successful commissioning of the Fekola mill expansion to 7.5 Mtpa (an increase of 1.5 Mtpa from an assumed base rate of 6 Mtpa), occurred on September 10, 2020, several weeks ahead of the scheduled completion date of September 30, 2020. The Fekola mill has the potential to run above the annualized throughput rate of 7.5 Mtpa and analysis is currently underway to determine the optimum throughput rate (for 2021 budgeting purposes the Company has assumed a throughput rate of 7.75 Mtpa). Remobilization of the Fekola solar plant construction group began in mid- September 2020, following a temporary suspension of construction activities in April 2020 due to COVID-19.
At Otjikoto, development of the Wolfshag underground mine continues to progress well and on schedule. In the third quarter of 2020, the mining contractor was mobilized, and development of the portal and primary underground ramp has now commenced. Stope ore production is expected to commence in early 2022, in-line with original estimates.
At the Gramalote Project, feasibility work continued as planned from the recommencement of drilling on May 11, 2020, with infill resource drilling completed on August 21, 2020. During the fourth quarter of 2020, an updated resource model for Gramalote was completed, providing the information necessary to advance pit design and mining engineering studies. Feasibility stage metallurgical studies and process plant design were completed by year-end and infrastructure design work continues. The results of the Gramalote Feasibility Study are expected to be announced in April 2021, with a construction decision expected to be made shortly thereafter.

Looking forward to 2021, B2Gold remains well positioned for continued strong operational and financial performance. The Company’s total gold production is forecast to be between 970,000 - 1,030,000 ounces (including 50,000 - 60,000 ounces attributable ounces projected from Calibre) in 2021, with total consolidated cash operating costs forecast to be between $500 - $540 per ounce and total consolidated AISC forecast to be between $870 - $910 per ounce.

The Company’s consolidated gold production from its three operating mines is forecast to be between 920,000 – 970,000 ounces in 2021, with consolidated cash operating costs forecast to be between $480 - $520 per ounce and consolidated AISC forecast to be between $860 - $900 per ounce. The Company’s 2021 production guidance does not include the potential upside to increase Fekola’s gold production in 2021 from additional mining areas and processing capacity currently being investigated (see “2021 Production Outlook and Cost Guidance” section below).

Based on current operating plans, over a five-year outlook from 2020 to 2024, annual consolidated gold production is forecast to average 950,000 ounces with AISC averaging $825 per ounce.

2020 Gold Revenue

For full-year 2020, consolidated gold revenue was a record $1.79 billion on sales of 1,006,455 ounces at an average price of $1,777 per ounce, compared to $1.16 billion on sales of 827,800 ounces at an average price of $1,396 per ounce in 2019 (excluding revenues from discontinued operations). This significant increase in gold revenue of 55% ($0.63 billion) was 33% attributable to the increase in the average realized gold price and 22% attributable to the increase in gold ounces sold (mainly due to the higher gold production).

For the fourth quarter of 2020, consolidated gold revenue was $480 million on sales of 256,655 ounces at an average price of $1,868 per ounce, compared to $314 million on sales of 211,800 ounces at an average price of $1,481 per ounce in the fourth quarter of 2019 (excluding revenues from discontinued operations). This significant increase in gold revenue of 53% ($166 million) was 32% attributable to the increase in the average realized gold price and 21% attributable to the increase in gold ounces sold (mainly due to the higher gold production).

2020 Operations

Mine-by-mine gold production in the fourth quarter and full-year 2020 (including the Company’s approximate 33% share of Calibre’s production) was as follows:

Mine	Q4 2020 Gold Production (ounces)	Full-Year 2020 Gold Production (ounces)		2020
				Annual Guidance
				Gold Production
				(ounces)
Fekola	158,548	622,518	590,000 - 620,000
Masbate	57,566	204,699	200,000 - 210,000
Otjikoto	40,205	168,041	165,000 - 175,000
B2Gold Consolidated (1)	256,319	995,258	955,000 – 1,005,000
Equity interest in Calibre (2)	14,150	45,479	45,000 - 50,000
Total	270,469	1,040,737	1,000,000 – 1,055,000

(1) “B2Gold Consolidated” - gold production is presented on a 100% basis, as B2Gold fully consolidates the results of its Fekola, Masbate and Otjikoto mines in its consolidated financial statements (even though it does not own 100% of these operations).

(2) “Equity interest in Calibre” - represents the Company’s approximate 33% indirect share of the operations of Calibre’s El Limon and La Libertad mines in Nicaragua. B2Gold applies the equity method of accounting for its ownership interest in Calibre.

The Fekola Mine in Mali had a record year in 2020, producing an annual record of 622,518 ounces of gold, exceeding the upper end of its guidance range (of between 590,000 - 620,000 ounces), as processed grade, tonnes and recoveries all exceeded budget. Gold production for the year also increased significantly by 37% (166,708 ounces) over 2019, mainly due to the expansion of the Fekola mining fleet and optimization of the pit designs and mine plan for 2020, which provided access to higher grade portions of the Fekola deposit earlier than anticipated in previous mine plans. Between the commencement of Fekola’s operations in September 2017 to December 31, 2020, the Fekola Mine has produced over 1.6 million ounces of gold (which is 155,000 ounces more than originally forecast under Fekola’s Definitive Feasibility Study over this period). As at December 31, 2020, the Fekola Mine had achieved 347 days without a lost time injury (“LTI”). In the fourth quarter of 2020, the Fekola Mine produced 158,548 ounces of gold, significantly higher than the fourth quarter of 2019 by 33% (39,305 ounces).

In September 2020, the commissioning of the Fekola mill expansion to 7.5 Mtpa (an increase of 1.5 Mtpa from an assumed base rate of 6 Mtpa) was successfully completed several weeks ahead of schedule. The Fekola mill has the potential to run above the expanded annualized throughput rate of 7.5 Mtpa and analysis is currently underway to determine the optimum throughput rate (for 2021 budgeting purposes the Company has assumed a throughput rate of 7.75 Mtpa). In addition, substantially all of the Fekola mine fleet expansion equipment planned for 2020 (including excavators, trucks, and drill rigs) have now arrived on site and are operational, with the overall mine expansion now materially complete.

For full-year 2020, mill feed grade was 2.99 grams per tonne (“g/t”) compared to budget of 2.91 g/t and 2.16 g/t in 2019; mill throughput was 6.87 million tonnes compared to budget of 6.84 million tonnes and 6.98 million tonnes in 2019; and gold recovery averaged 94.3% compared to budget of 93.8% and 94.2% in 2019. The slightly lower mill throughput in 2020 compared to 2019 was mainly due to the planned downtime for the Fekola mill expansion tie-ins and softer low-grade ore being processed in 2019.

For full-year 2020, Fekola’s cash operating costs are expected to be at the upper end of its guidance range of between $285 - $325 per ounce and AISC are expected to at the upper end of its guidance range of between $555 - $595 per ounce (due to increased royalties as a result of higher gold prices).

Fekola Solar Plant

Following the temporary suspension of solar plant construction activities in April 2020 due to COVID-19 restrictions, construction recommenced on October 2, 2020. At December 31, 2020, overall construction progress was approximately 70% complete. On January 5, 2021, a fire (currently under investigation) in the solar storage yard destroyed approximately 25% of the solar panels for the project. Based on current projections, the Company expects that 25% of the solar capacity will become available in the first quarter of 2021, 50% in the second quarter, with the remaining 25% by the third quarter. Overall project completion timing is contingent on receiving replacements for the damaged components. The Company does not anticipate any significant impact on Fekola’s 2021 budgeted cash operating costs as a result of the delay in completion of the solar plant.

The existing HFO and diesel power plant have an installed capacity of 64 megawatts while Fekola’s expanded mill facilities require only approximately 40 megawatts for continuous operations. The solar plant is therefore not a necessary component to sustain the higher process plant production rate but is expected to reduce Fekola’s operating costs and emissions by decreasing power plant fuel consumption and maintenance costs. When the plant is fully commissioned, it will reduce HFO consumptions by over 13 million litres per year and lower carbon dioxide emissions by an estimated 39,000 tonnes per year.

Masbate Gold Mine – the Philippines

The Masbate Mine in the Philippines achieved another strong year in 2020, producing 204,699 ounces of gold, at the midpoint of its guidance range (of between 200,000 - 210,000 ounces). Masbate’s strong operational performance was achieved despite a five day temporary suspension of mining activities in the first quarter of 2020 due to fuel shortages relating to COVID-19 restrictions, and a magnitude 6.6 earthquake approximately 90 kilometres from the mine site on August 18, 2020, suspending mining and processing operations for five and six days, respectively, as inspections were conducted to confirm there was no damage to the mine from the earthquake. In addition, Masbate operations continued to run normally following a super typhoon (Typhoon Goni), which first made landfall in the Philippines on November 1, 2020. Compared to 2019, gold production in 2020, as planned, was lower by 6% (12,641 ounces), as the prior year had benefited from higher grade ore tonnage from the Main Vein Pit. The Masbate Mine continued its remarkable safety performance, extending the number of days without an LTI to 776 days as at December 31, 2020. Masbate had a strong finish to the year, producing 57,566 ounces of gold in the fourth quarter of 2020, significantly higher than the fourth quarter of 2019 by 13% (6,825 ounces), mainly due to higher recoveries (as a result of mining more oxide ore).

For full-year 2020, mill feed grade was 1.00 g/t compared to budget of 1.01 g/t and 1.16 g/t in 2019; mill throughput was 7.76 million tonnes compared to budget of 8.2 million tonnes and 8.0 million tonnes in 2019; and gold recovery averaged 82.3% compared to budget of 76.3% and 73.2% in 2019. Average gold recoveries were above budget due to mining more oxide ore than budgeted.

For full-year 2020, Masbate’s cash operating costs are expected to be below the low end of its guidance range of between $665 - $705 per ounce and AISC are expected to be within its guidance range of between $965 - $1,005 per ounce.

Otjikoto Gold Mine - Namibia

The Otjikoto Mine in Namibia also had another solid year in 2020, producing 168,041 ounces of gold, near the midpoint of its guidance range (of between 165,000 - 175,000 ounces). Compared to 2019, gold production, as planned, was lower by 6% (9,925 ounces) in 2020, as the prior year had benefited from more high-grade ore tonnes being mined from Phase 2 of the Wolfshag Pit. The Otjikoto Mine has a remarkable safety record, with no LTI’s from March 27, 2018 until October 29, 2020, when an LTI for a fractured ankle occurred. As at December 31, 2020, the Otjikoto Mine had achieved 63 days without an LTI. In the fourth quarter of 2020, the Otjikoto Mine produced 40,205 ounces of gold (fourth quarter of 2019 – 58,422 ounces).

For full-year 2020, mill feed grade was 1.52 g/t compared to budget of 1.55 g/t and 1.64 g/t in 2019; mill throughput was 3.51 million tonnes compared to budget of 3.41 million tonnes and 3.42 million tonnes in 2019; and gold recovery averaged 98.4% compared to budget of 98.0% and 98.7% in 2019.

For full-year 2020, Otjikoto’s cash operating costs are expected to be below the low end of its guidance range of between $480 - $520 per ounce and AISC are expected to be well below the low end of its guidance range of between $1,010 - $1,050 per ounce.

2020 Development

Gramalote Project (B2Gold – 50%/AngloGold Ashanti Limited – 50%) - Colombia

B2Gold has a 50% interest in the Gramalote Project in Colombia, and on January 1, 2020 became the operator of the Project.

Based on the positive results from Gramalote’s Updated Preliminary Economic Assessment (released on January 21, 2020), B2Gold believes that the Gramalote Project has the potential to become a large, lowcost open-pit gold mine, subject to the results of a final feasibility study.

During 2020, Gramalote successfully completed an extensive infill drill program of 42,500 meters in August 2020. The purpose of the infill drilling was to confirm and upgrade the Inferred Mineral Resources to Indicated status to provide the basis for Gramalote’s Feasibility Study. During the fourth quarter of 2020, an updated resource model for Gramalote was completed, providing the information necessary to advance pit design and mining engineering studies. Feasibility stage metallurgical studies and process plant design were completed by year-end and infrastructure design work continues. The results of the Gramalote Feasibility Study are expected to be announced in April 2021, with a construction decision expected to be made shortly thereafter.

Key social initiatives, including resettlement work and artisanal miner formalization/relocation, continued to advance during the fourth quarter of 2020. Gramalote has also requested that the terms of its EIA be modified to allow the resettlement process to occur as construction proceeds, which will assist in accelerating the construction sequence.

2021 Production Outlook and Cost Guidance

The Company’s total gold production is forecast to be between 970,000 - 1,030,000 ounces (including 50,000 - 60,000 ounces attributable ounces projected from Calibre) in 2021 (compared to total production of 1,040,737 ounces in 2020).

For 2021, the Company’s consolidated gold production from its three operating mines is forecast to be between 920,000 – 970,000 ounces, lower than 2020 consolidated production of 995,258 ounces by approximately 5%. The decrease is attributable to lower expected production from Fekola in 2021 (as Phase 5 and 6 of the Fekola Pit are developed in the first half of 2021), partially offset by an expected overall 16% increase in production from Otjikoto. Fekola’s 2021 production forecast (of between 530,000 – 560,000 ounces), however, does not include the potential upside to increase Fekola’s gold production in 2021 from additional mining areas and processing capacity currently being investigated (as discussed below). Gold production at the Masbate Mine is forecast to be comparable to 2020.

For 2021, the Company’s total consolidated cash operating costs (including forecast cash operating costs from B2Gold’s attributable 33% share of Calibre production) are forecast to be between $500 - $540 per ounce (compared to 2020 guidance of between $415 - $455 per ounce) and total consolidated AISC are forecast to be between $870 - $910 per ounce (compared to 2020 guidance of between $780 - $820 per ounce).

The Company’s consolidated cash operating costs from its three operating mines are forecast to be between $480 - $520 per ounce (compared to 2020 guidance of between $395 - $440 per ounce) and consolidated AISC are forecast to be between $860 - $900 per ounce (compared to 2020 guidance of between $765 - $805 per ounce). Consolidated AISC per ounce are expected to increase by approximately 12% in 2021, mainly due to the planned lower production and higher period stripping activities at Fekola (partially offset by higher production at Otjikoto), higher forecast fuel costs, import duties and ongoing COVID-19 related labour and medical costs in Mali, and the drawdown of ore stockpiles at Otjikoto.

Mine-by-mine 2021 ranges (including the Company’s approximate 33% share of Calibre’s El Limon and La Libertad mines) for forecast gold production, cash operating costs per ounce and AISC per ounce are presented in the tables below.

The Company’s consolidated gold production from its three operating mines is expected to be significantly weighted to the second half of 2021, due to the planned significant waste stripping at both the Fekola and Otjikoto Mines in the first half of 2021 (for Phase 5 and Phase 6 of the Fekola Pit, and Phase 3 of the Wolfshag and Otjikoto Pits). For the first half of 2021, consolidated gold production is expected to be between 365,000 – 385,000 ounces, which is expected to increase significantly to between 555,000 – 585,000 ounces during the second half of 2021 (when mining reaches the higher grade portion of Phase 5 of the Fekola Pit and Phase 3 of the Wolfshag Pit). Based mainly on the weighting of production and timing of stripping, consolidated cash operating costs are expected to be between $620 - $660 per ounce in the first half of 2021, before significantly improving to between $380 - $420 per ounce during the second half of 2021. In addition, consolidated AISC are expected to be between $1,040 - $1,080 per ounce in the first half of 2021, before significantly improving to between $745 - $785 per ounce during the second half of 2021.

Mine		First-Half 2021		Second-Half 2021		Full-year 2021
		Forecast		Forecast		Forecast
		Gold Production		Gold Production		Gold Production
		(ounces)		(ounces)		(ounces)
Fekola	220,000 - 230,000		310,000 - 330,000		530,000 - 560,000
Masbate	100,000 - 105,000		100,000 - 105,000		200,000 - 210,000
Otjikoto	45,000 - 50,000		145,000 - 150,000		190,000 - 200,000
B2Gold Consolidated (1)	365,000 – 385,000		555,000 – 585,000		920,000 – 970,000
Equity interest in Calibre (2)	25,000 - 30,000		25,000 - 30,000		50,000 - 60,000
Total	390,000 – 415,000		580,000 – 615,000		970,000 – 1,030,000

(1) “B2Gold consolidated” forecasts are all presented on a 100% basis, as B2Gold fully consolidates the results of its Fekola, Masbate and Otjikoto mines in its consolidated financial statements (even though it does not own 100% of these operations).

(2) “Equity interest in Calibre” forecasts represent the Company’s approximate 33% indirect share of the operations of Calibre’s El Limon and La Libertad mines. B2Gold applies the equity method of accounting for its ownership interest in Calibre. Calibre’s 2021 forecast gold production is assumed to occur evenly over 2021.

Mine		First-Half 2021		Second-Half 2021		Full-year 2021
		Forecast		Forecast		Forecast
		Cash Operating Costs		Cash Operating Costs		Cash Operating Costs
		($ per ounce		($ per ounce		($ per ounce
		produced)		produced)		produced)
Fekola	$530 - $570		$315 - $355		$405 - $445
Masbate	$670 - $710		$630 - $670		$650 - $690
Otjikoto	$940 - $980		$330 - $370		$480 - $520
B2Gold Consolidated	$620 - $660		$380 - $420		$480 - $520
Equity interest in Calibre (1)	$920 - $1,020		$920 - $1,020		$920 - $1,020
Total	$640 - $680		$400 - $440		$500 - $540

(1) Calibre’s 2021 forecast cash operating costs are assumed to be consistent throughout 2021.

Mine		First-Half 2021		Second-Half 2021		Full-year 2021
		Forecast AISC		Forecast AISC		Forecast AISC
		($ per ounce sold)		($ per ounce sold)		($ per ounce sold)
Fekola	$850 - $890		$670 - $710		$745 - $785
Masbate	$980 - $1,020		$940 - $980		$955 - $995
Otjikoto	$1,600 - $1,640		$580 - $620		$830 - $870
B2Gold Consolidated	$1,040 - $1,080		$745 - $785		$860 - $900
Equity interest in Calibre (1)	$1,040 - $1,140		$1,040 - $1,140		$1,040 - $1,140
Total	$1,040 - $1,080		$760 - $800		$870 - $910

(1) Calibre’s 2021 forecast AISC are assumed to be consistent throughout 2021.

The low-cost Fekola Mine in Mali is expected to produce between 530,000 - 560,000 ounces of gold in 2021 at cash operating costs of between $405 - $445 per ounce and AISC of between $745 - $785 per ounce. Fekola’s gold production is forecast to be lower in 2021, due to waste stripping and lower mined ore grades expected in the first half of 2021, as Phase 5 and 6 of the Fekola Pit are developed. However, additional mining areas and processing capacity are currently being investigated, with the potential to increase Fekola’s budgeted 2021 and long-term gold production. The nearby Cardinal (located within 500 metres of the current Fekola resource pit) and Anaconda area (located 20 kilometres north of Fekola) include both saprolite and hard-rock gold mineralization, with the potential to begin mining in 2021, subject to obtaining all necessary permits. Grade control drilling is already underway at a portion of the Cardinal deposit to enable ore to be mined for processing at the Fekola mill in the second quarter of 2021. In addition, mill processing trials conducted in the fourth quarter of 2020 demonstrate the potential to optimize the grind-throughput capacity of the expanded facility and increase hard-rock throughput to approximately 8.0 Mtpa, and support the addition of saprolite ore tonnage in excess of the hard-rock capacity. Fekola’s AISC per ounce are expected to increase in 2021 (compared to 2020 guidance of $555 - $595 per ounce), mainly due to the planned lower production and higher period stripping activities at Fekola, and higher forecast fuel costs, import duties and ongoing COVID-19 related labour and medical costs.

For 2021, the Fekola Mine is budgeted to process a total of 7.75 million tonnes of ore, at an average grade of 2.32 g/t and process gold recovery of 94%. With Phase 4 of the Fekola Pit completed in 2020, ore is scheduled to be sourced from Phase 5 and 6 of the Fekola Pit in 2021 together with existing stockpiles. As a result of the planned waste stripping and lower mined ore grades in the first half of 2021, as Phase 5 and 6 of the Fekola Pit are developed, production is expected to be significantly weighted to the second half of 2021 (when mining reaches the higher grade portion of Phase 5 of the Fekola Pit). For the first half of 2021, Fekola’s gold production is expected to be between 220,000 – 230,000 ounces, which is expected to increase significantly to between 310,000 – 330,000 ounces during the second half of 2021. Based mainly on the weighting of production and timing of waste stripping, Fekola’s cash operating costs are expected to be between $530 - $570 per ounce in the first half of 2021, before significantly improving to between $315 - $355 per ounce during the second half of 2021. In addition, Fekola’s AISC are expected to be between $850 - $890 per ounce in the first half of 2021, before significantly improving to between $670 - $710 per ounce during the second half of 2021.

Sustaining capital costs in 2021 at the Fekola Mine are budgeted to total $86 million, including $58 million for pre-stripping (development of Phase 5 and 6 of the Fekola Pit), $15 million for mobile equipment rebuilds and $4 million for pit dewatering infrastructure and equipment. Non-sustaining capital costs are budgeted to total $8 million to complete the solar power plant (excluding the damages related to the fire).

Masbate Gold Mine - the Philippines

The Masbate Mine in the Philippines is expected to produce between 200,000 - 210,000 ounces of gold in 2021 at cash operating costs of between $650 - $690 per ounce and AISC of between $955 - $995 per ounce (comparable to 2020). For 2021, Masbate is budgeted to process a total of 8.0 million tonnes of ore at an average grade of 1.10 g/t and process gold recovery of 73.4%. Mill feed is budgeted to consist primarily of fresh ore (88%), sourced from the Main Vein Pit (Stage 4 and 6) and the Montana Pit. Masbate’s gold production is scheduled to be relatively consistent throughout 2021.

Sustaining capital costs in 2021 at the Masbate Mine are budgeted to total $29 million, including $9 million for mobile fleet rebuilds and replacements, $5 million for a tailings water treatment plant, $3 million for pre-stripping and $3 million for power plant rebuilds. Non-sustaining capital costs are budgeted to total $9 million.

Otjikoto Gold Mine - Namibia

The Otjikoto Mine in Namibia is expected to produce between 190,000 - 200,000 ounces of gold in 2021, a significant increase of approximately 16% (compared to 168,041 ounces produced in 2020), and is in the range of Otjikoto’s annual production record (of 191,534 ounces achieved in 2017), as high-grade ore is scheduled to be sourced from Phase 3 of the Wolfshag Pit in the second half of 2021. Otjikoto’s cash operating costs are forecast to be between $480 - $520 per ounce and AISC to be between $830 - $870 per ounce. Otjikoto’s AISC per ounce are expected to decrease in 2021 (compared to 2020 guidance of between $1,010 - $1,050 per ounce), mainly due to higher production and lower capitalized pre-stripping costs forecast at Otjikoto in 2021, partially offset by the cost of ore stockpiles drawn in the year.

For 2021, Otjikoto is budgeted to process a total of 3.4 million tonnes of ore at an average grade of 1.77 g/t with process gold recovery of 98%. Mining activities are scheduled to focus on waste stripping in Phase 3 of the Wolfshag Pit and Phase 3 of the Otjikoto Pit in the first half of 2021. In the first half of 2021, ore is scheduled to be sourced mainly from medium grade stockpiles, resulting in an average head grade of approximately 0.87 g/t in the first half of 2021, compared to a head grade of approximately 2.67 g/t in the second half of 2021when high grade ore from Phase 3 of the Wolfshag Pit is available.

The Wolfshag ore zone is narrow and high grade, with pit and phase strip ratios that result in a highly variable gold production profile. Approximately 70% of the gold produced in 2021 is expected to be mined from Phase 3 of the Wolfshag Pit, (with material ore production starting early in the third quarter of 2020 following the waste stripping campaign). As a result of the timing of this high-grade ore mining, Otjikoto’s production is expected to be significantly weighted to the second half of 2021. For the first half of 2021, Otjikoto’s gold production is expected to be between 45,000 – 50,000 ounces, which is expected to increase significantly to between 145,000 – 150,000 ounces during the second half of 2021. Based mainly on the weighting of the planned production and timing of higher waste stripping, Otjikoto’s cash operating costs are expected to be between $940 - $980 per ounce in the first half of 2021, before significantly improving to between $330 - $370 per ounce during the second half of 2021. In addition, Otjikoto’s AISC are expected to be between $1,600 - $1,640 per ounce in the first half of 2021, before significantly improving to between $580 - $620 per ounce during the second half of 2021. In the first quarter of 2021, forecast gold production at Otjikoto is lower and forecast costs are higher than the second quarter of 2021, due to the significant amount of waste stripping and lower stockpile grades processed early in the year.

Otjikoto’s higher 2021 gold production level of between 190,000 – 200,000 ounces is expected to continue through to 2024, as production from Wolfshag underground is expected to commence in early 2022 and

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