B2Gold Targets Goose Ramp-Up, Fekola Growth and Higher Shareholder Returns

Key Points

• Goose ramp-up remains a key priority: Crusher remediation is progressing in two phases, with throughput expected to reach about 4,000 tonnes per day and support annual production of roughly 300,000 ounces by mid-2026.
• Fekola Regional is advancing but excluded from 2026 guidance: After receiving its permit, B2Gold plans to begin stripping by late 2026 or early 2027, with steady-state production estimated at approximately 150,000 ounces annually.
• Growth and shareholder returns remain central: Exploration and expansion opportunities at Goose, Back River, Otjikoto and Masbate could extend production, while the company says it increased dividends and buybacks substantially in the first half of 2026.

B2Gold NYSEAMERICAN: BTG President and CEO Mike Cinnamond outlined the gold miner’s operating priorities, project updates and capital-allocation plans during a conference discussion, emphasizing execution at the Goose project, progress at the Fekola complex and potential growth from existing assets.

Cinnamond said the company’s leadership transition has proceeded well, including the internal appointment of Michael McDonald as chief financial officer. Since taking the CEO role in June, Cinnamond said his principal focus has been execution against milestones discussed at B2Gold’s annual general meeting.

One milestone was completing deliveries under prepaid arrangements by the end of June. Cinnamond said the completion frees approximately 23,000 ounces per month that the company can now sell at full value. The prepaids had been used to help finance the Goose mine build, he said.

Goose crusher remediation advances

At Goose, B2Gold is remediating and expanding the crushing circuit after determining that the original design was not adequately sized for the company’s needs. The work also addresses damage from a fire in April affecting a portion of the circuit.

Cinnamond said the remediation is being completed in two phases. The first phase, expected to be complete and commissioned by mid-October, includes installation of a new jaw crusher, apron feeders and a new run-of-mine bin. A mobile crusher brought to the site in August has already enabled throughput of about 3,000 tonnes per day, he said.

• Following completion of phase one, B2Gold expects throughput of approximately 3,200 tonnes per day.
• Phase two, planned for the second quarter of next year, will increase the size of the secondary and tertiary cone-crusher system.
• After phase two, the company expects to reach a crushing and mill-feed rate of roughly 4,000 tonnes per day, supporting annual production of about 300,000 ounces.

Cinnamond said B2Gold expects Goose to reach a steady-state production rate of approximately 300,000 ounces annually by the middle of next year. He said analysts visiting the site would be able to see progress on the remediation plan as well as development in the Umwelt and Llama areas.

Exploration highlights at Goose and Back River

The company also reported drilling results from the Goose Mine and the broader Back River district. At Goose, Cinnamond said infill drilling returned positive results in underground areas at Llama and Goose Main, including the Nuvuyak and newly identified Tattuk areas.

Only the Umwelt underground area is currently included in B2Gold’s reserve plan, according to Cinnamond. He said the drilling at Llama and Goose Main could allow the company to convert some inferred material to indicated resources and potentially incorporate it into the reserve mine plan.

The Tattuk discovery represents a newly identified limb of an iron formation, Cinnamond said, and drilling supported the company’s interpretation that mineralization could continue down plunge.

Elsewhere in the Back River district, B2Gold is evaluating the George deposit, which Cinnamond said contains an indicated resource of 400,000 ounces and an inferred resource of 1.2 million ounces. The company is assessing whether expanded mineralization could support a new resource estimate and desktop mine study, including possible open-pit or underground development options.

Fekola Regional permit and production outlook

B2Gold received the Fekola Regional permit in early August, a development Cinnamond described as a significant step for the company. However, B2Gold removed Regional production from its 2026 guidance because administrative work remains, including establishing a mining company, transferring the mining license and transferring exploration costs.

The company aims to begin stripping later this year or next year, with mining activity expected to begin next year. Cinnamond said Fekola Regional would be in a ramp-up phase during 2026. At steady state, he said the project could average about 150,000 ounces annually, while the ramp-up-year contribution may be closer to half that level.

Addressing Mali’s geopolitical environment, Cinnamond said the company has maintained ongoing discussions with the government and views mining as an important contributor to the country’s economy and state revenues. He said mining operations have continued through prior disruptions, including the country’s coup, the COVID-19 period and more recent developments.

Portfolio growth and shareholder returns

Cinnamond also cited potential extensions at Otjikoto and Masbate. At Otjikoto, B2Gold is developing the Antelope discovery, which is expected to enter the mine plan in late 2028 and contribute approximately 65,000 ounces annually for five years under the current study. The company has increased the resource by 50% since that study, he said.

At Masbate, which Cinnamond said has been producing more than 180,000 ounces annually during its current open-pit phase, B2Gold is studying potential pit pushbacks and satellite deposits. More engineering, infill drilling, permitting analysis and potential tailings-facility work are needed, with a more definitive view expected by at least the middle of next year.

On capital allocation, Cinnamond said B2Gold’s priorities are strengthening its core business, maintaining its balance sheet and returning excess capital to shareholders. He said the company had returned twice as much through share repurchases and dividends in the first six months of 2026 as it returned during all of 2025, and remains committed to both its dividend and buyback programs.

About B2Gold (NYSEAMERICAN:BTG)

B2Gold Corp. is a Canadian-based gold producer engaged in the exploration, development, and operation of gold mines. The company produces gold doré and sells its output to refiners and other customers. Its portfolio includes the Fekola complex in Mali, the Masbate mine in the Philippines, and the Otjikoto mine in Namibia.

Founded in 2007 by former executives of Bema Gold Corporation, B2Gold has grown from an exploration and development company into an international gold producer. In addition to operating mines, the company conducts exploration and evaluates development opportunities intended to expand and sustain its production base.

B2Gold is headquartered in Vancouver, British Columbia, and has operations and projects across Africa, Asia, and other regions.

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