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Strong H1 2026 results at B2Gold (NYSE: BTG) with $1.95B revenue

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

B2Gold Corp. reported strong first-half 2026 results, with consolidated gold revenue of $1.95 billion on sales of 485,883 ounces and net income of $625 million. Adjusted net income attributable to shareholders was $301 million. Gold production was 441,411 ounces, while higher gold prices lifted the average realized price to $4,009 per ounce. Cash operating costs were $1,096 per ounce produced and all‑in sustaining costs $2,133 per ounce sold, both above 2025 levels but slightly better than internal expectations.

The company sold its Finland Properties for $325 million, booking a $292 million gain, and completed deliveries under $500 million of prepaid gold sales. A fire at the Goose Mine crushing circuit led to a $50 million asset write‑off and $16 million of additional costs, with phased upgrades underway to lift capacity to 4,000 tonnes per day by mid‑2027. B2Gold ended June 30, 2026 with $287 million of cash, an undrawn $800 million credit facility, free cash flow of $104 million year‑to‑date, ongoing quarterly dividends of $0.02 per share and repurchases of 35 million shares for $172 million. Full‑year 2026 production guidance is 820,000–920,000 ounces with all‑in sustaining costs expected between $2,370 and $2,550 per ounce sold.

Positive

  • Revenue and profit up sharply: H1 2026 gold revenue reached $1.95 billion and net income $625 million, with adjusted net income to shareholders rising to $301 million versus $285 million a year earlier.
  • Strong liquidity and cash generation: B2Gold held $287 million in cash at June 30, 2026, had an undrawn $800 million revolving credit facility, and generated $104 million of free cash flow in the first half of 2026.
  • Value realized from non-core assets: The sale of the Finland Properties to Agnico Eagle generated $325 million in cash proceeds and a $292 million gain, strengthening the balance sheet.

Negative

  • Costs significantly higher year-over-year: H1 2026 cash operating costs rose to $1,096 per ounce produced and all‑in sustaining costs to $2,133 per ounce sold, increases of around 40% versus the first half of 2025.
  • Goose Mine fire and write-off: A fire in the Goose crushing circuit triggered a $50 million write‑off of plant and equipment and about $16 million of additional costs, while constraining production in the period.
  • Large realized hedge losses: Despite higher gold prices, B2Gold incurred $141 million of realized losses on gold collar contracts in H1 2026, which weighed on adjusted earnings and cash flow.
  • Q2 cash outflows despite strong prices: Q2 2026 saw operating cash flow of $(78.8) million and free cash flow of $(257.5) million, reflecting higher taxes, hedge settlements, working capital movements and capital spending.

Filing Explained

After June 30, B2Gold drew $95 million under its $800 million facility, so previously undrawn capacity was no longer fully available.

This Form 6-K furnishes B2Gold’s interim report, including unaudited financial statements and management discussion for the six months ended June 30, 2026.

At June 30, 2026, the company reported $286,576 thousand of cash and the full $800 million revolving credit facility available; after that date, it drew $95 million under the facility for working capital, predominantly an annual Goose fuel purchase.

The filing’s description of strong financial position and liquidity is therefore a period-end snapshot: the later draw means the facility was no longer entirely undrawn after June 30, although the filing does not establish a new post-draw cash balance.

The renewed normal-course issuer bid permits purchases of up to 10% of issued common shares through April 2, 2027; $172 million had already been spent to repurchase and cancel 35 million shares through June 30, so the authorization is capacity rather than a commitment to buy the full amount.

After the period’s share issuances and cancellations, common shares outstanding were 1,321,070,762 at June 30, versus 1,340,621,856 at December 31, 2025.

Gold revenue H1 2026 1,948,009 In thousands of US dollars, consolidated gold revenue for the six months ended June 30, 2026
Net income H1 2026 625,170 In thousands of US dollars, net income for the six months ended June 30, 2026
Gold production H1 2026 441,411 ounces Consolidated gold production for the six months ended June 30, 2026
Cash operating costs H1 2026 $1,096 per ounce Cash operating costs per gold ounce produced for the six months ended June 30, 2026
All-in sustaining costs H1 2026 $2,133 per ounce Consolidated all‑in sustaining costs per gold ounce sold for the six months ended June 30, 2026
Cash and cash equivalents 286,576 In thousands of US dollars, cash and cash equivalents as at June 30, 2026
Finland Properties sale proceeds $325 million Cash consideration received April 23, 2026 for sale of B2Gold’s interest in the Finland Properties
Share repurchases H1 2026 35,000,000 shares for $171,898 Shares repurchased and cancelled under the Normal Course Issuer Bid in the six months ended June 30, 2026 (dollars in thousands)
prepaid gold sales financial
"entered into a series of prepaid gold sales with a number of its RCF syndicate banks"
gold stream obligation financial
"The Company's gold stream obligation requires the delivery from production at the Company's Goose Mine"
all-in sustaining costs financial
"Consolidated all-in sustaining costs for the first half of 2026 were $2,133 per gold ounce sold"
All-in sustaining costs (AISC) is a per-unit measure used mainly in the mining sector that captures the full ongoing cost to produce a unit of metal, including operating expenses, sustaining capital (maintenance of current operations), and a share of corporate overhead and site-level costs. Investors use AISC to judge whether production generates real profit and sustainable cash flow—think of it as the total monthly household cost to keep a home running, not just the utility bill.
zero-cost put/call gold collar financial
"entered into a series of 1:1 zero-cost put/call gold collar contracts with settlement between February 2025 and January 2027"
Normal Course Issuer Bid financial
"renew its Normal Course Issuer Bid ("NCIB"), which became effective on April 3, 2026"
A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did B2Gold (BTG) perform financially in the first half of 2026?
B2Gold generated $1.95 billion in gold revenue and $625 million in net income in H1 2026. Adjusted net income attributable to shareholders was $301 million, supported by higher gold prices and volumes, including initial contributions from the Goose Mine and prepaid gold deliveries.

What were B2Gold’s (BTG) gold production and cost metrics in H1 2026?
B2Gold produced 441,411 ounces of gold in H1 2026. Cash operating costs were $1,096 per ounce produced and all‑in sustaining costs were $2,133 per ounce sold, both higher than 2025 but modestly better than the company’s internal expectations.

How did the Goose Mine fire impact B2Gold (BTG) in 2026?
A fire in Goose’s crushing circuit led to a $50 million write‑off of damaged assets and about $16 million of additional costs. Production was below plan, but the mine remained operating using mobile crushers while repairs and phased upgrades to increase capacity are being implemented.

What asset sale did B2Gold (BTG) complete in 2026 and for how much?
B2Gold sold its 70% interest in the Finland Properties to Agnico Eagle for $325 million in cash, recording a $292 million gain. The transaction monetizes non-core exploration assets and further strengthens the company’s liquidity and balance sheet.

What is B2Gold’s (BTG) 2026 production and cost guidance?
For 2026, B2Gold expects consolidated gold production of 820,000–920,000 ounces. Consolidated cash operating costs are guided at $1,155–$1,280 per ounce produced and all‑in sustaining costs at $2,370–$2,550 per ounce sold, reflecting mine‑by‑mine updates.

What is B2Gold’s (BTG) liquidity and capital return profile as of June 30, 2026?
B2Gold held $287 million in cash and had an undrawn $800 million revolving credit facility at June 30, 2026. In H1 2026 it repurchased 35 million shares for $172 million under its NCIB and paid two quarterly dividends of $0.02 per share.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2026
Commission File Number: 001-35936
B2Gold Corp.
(Translation of registrant’s name into English)
British Columbia, Canada
(Jurisdiction of incorporation or organization)
Suite 3400, Park Place
666 Burrard Street,
Vancouver, British Columbia V6C 2X8
Canada
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
[   ] Form 20-F              [X] Form 40-F

DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K
See the Exhibit Index hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
B2Gold Corp.
Date: August 6, 2026By:/s/ Randall Chatwin
Name:Randall Chatwin
Title:Senior Vice President, Legal & Corporate Communications
EXHIBIT INDEX
Exhibit
No.Description
99.1
Consolidated Financial Statements for the Six Months Ended June 30, 2026
99.2
Management’s Discussion and Analysis for the Quarter Ended June 30, 2026
99.3
Certification of Interim Filing - CEO
99.4
Certification of Interim Filing - CFO










b2goldlogo.jpg

B2GOLD CORP.
Condensed Interim Consolidated Financial Statements
For the three and six months ended June 30, 2026
(Unaudited)


B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30
(Expressed in thousands of United States dollars, except per share amounts)
(Unaudited)
For the three
months ended
June 30, 2026		For the three
months ended
June 30, 2025		For the six
months ended
June 30, 2026		For the six
months ended
June 30, 2025
Gold revenue$789,354 $692,206 $1,948,009 $1,224,313 
Cost of sales
   Production costs(236,211)(160,363)(470,049)(322,357)
   Depreciation and depletion(121,085)(102,705)(282,321)(192,262)
Royalties and production taxes(107,911)(77,701)(261,724)(120,507)
   Other cost of sales (Note 8)
(15,862)— (15,862)— 
Total cost of sales(481,069)(340,769)(1,029,956)(635,126)
Gross profit308,285 351,437 918,053 589,187 
General and administrative(18,642)(15,783)(35,370)(27,585)
Share-based payments(5,798)(8,134)(14,328)(14,003)
Gain on sale of mining interests (Note 8)
292,374 — 292,374 — 
Write-off of plant and equipment (Note 8)
(49,713)— (49,713)— 
Foreign exchange (losses) gains(8,884)12,781 (19,083)19,995 
Share of net income (loss) of associates (Note 9)
579 (576)5,480 178 
Non-recoverable input taxes(2,138)(5,431)(4,806)(12,277)
Community relations(1,209)(559)(2,490)(1,558)
Other income (expense)
6,649 (4,219)(886)(15,588)
Operating income521,503 329,516 1,089,231 538,349 
Interest and financing expense (Note 11 and 16)
(15,387)(4,854)(33,785)(10,577)
Gain on dilution of associate (Note 9)
6,126 — 30,129 — 
Gains (losses) on derivative instruments, net (Note 14)
73,872 (21,153)20,055 (64,472)
Change in fair value of gold stream (Note 15)
35,720 (21,754)16,914 (52,306)
Interest income3,603 2,913 6,695 6,085 
Other income (expense)1,702 1,729 (127)2,085 
Income from operations before taxes627,139 286,397 1,129,112 419,164 
Current income tax, withholding and other taxes (Note 18)
(179,857)(160,174)(394,202)(246,257)
Deferred income tax (expense) recovery (Note 18)
(27,662)34,530 (109,740)50,410 
Net income for the period$419,620 $160,753 $625,170 $223,317 
Attributable to:
   Shareholders of the Company$417,334 $154,424 $617,271 $212,011 
   Non-controlling interests (Note 13)
2,286 6,329 7,899 11,306 
Net income for the period$419,620 $160,753 $625,170 $223,317 
Earnings per share (attributable to shareholders of the Company) (Note 12)
Basic$0.31 $0.12 $0.46 $0.16 
Diluted$0.29 $0.10 $0.42 $0.14 
Weighted average number of common shares outstanding
(in thousands) (Note 12)
   Basic1,331,711 1,321,740 1,336,219 1,320,074 
   Diluted1,489,867 1,477,021 1,495,062 1,473,509 
See accompanying notes to condensed interim consolidated financial statements.
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE AND SIX MONTHS ENDED JUNE 30
(Expressed in thousands of United States dollars)
(Unaudited)

For the three
months ended
June 30, 2026		For the three
months ended
June 30, 2025		For the six
months ended
June 30, 2026		For the six
months ended
June 30, 2025
Net income for the period$419,620 $160,753 $625,170 $223,317 
Other comprehensive (loss) income
Items that will not be subsequently reclassified to net income:
(Loss) gain on long-term investments, net of deferred income tax (Note 7)
(16,804)6,028 (68,018)42,315 
Other comprehensive (loss) income for the period(16,804)6,028 (68,018)42,315 
Total comprehensive income for the period$402,816 $166,781 $557,152 $265,632 
Other comprehensive (loss) income attributable to:
   Shareholders of the Company$(16,804)$6,028 $(68,018)$42,315 
   Non-controlling interests— — — — 
$(16,804)$6,028 $(68,018)$42,315 
Total comprehensive income attributable to:
   Shareholders of the Company$400,530 $160,452 $549,253 $254,326 
   Non-controlling interests2,286 6,329 7,899 11,306 
$402,816 $166,781 $557,152 $265,632 

See accompanying notes to condensed interim consolidated financial statements.
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30
(Expressed in thousands of United States dollars)
(Unaudited)
For the three
months ended
June 30, 2026		For the three
months ended
June 30, 2025		For the six
months ended
June 30, 2026		For the six
months ended
June 30, 2025
Operating activities
Net income for the period$419,620 $160,753 $625,170 $223,317 
Non-cash charges, net (Note 19)
(179,606)140,163 146,332 321,593 
Delivery into prepaid sales (Note 16)
(145,927)— (291,222)— 
Changes in non-cash working capital (Note 19)
(118,441)28,862 29,543 14,022 
Changes in long-term inventory(31,144)(30,326)(30,224)(41,283)
Changes in long-term value added tax receivables(23,257)(44,371)(18,873)(83,780)
Cash (used) provided by operating activities(78,755)255,081 460,726 433,869 
Financing activities
Proceeds from convertible senior unsecured notes, net of financing costs (Note 11)
— — — 445,913 
Revolving credit facility draw downs (Note 11)
— — 25,000 — 
Revolving credit facility repayments (Note 11)
(75,000)— (175,000)(400,000)
Equipment loan facility draw downs (Note 11)
— 3,314 — 12,304 
Equipment loan facility repayments (Note 11)
(2,079)(4,155)(4,397)(8,557)
Interest and commitment fees paid(1,562)(1,148)(10,306)(4,642)
Cash proceeds from stock option exercises (Note 12)
11,128 3,936 38,081 6,167 
Repurchase of common shares (Note 12)
(92,337)— (171,898)— 
Dividends paid (Note 12)
(25,948)(25,959)(52,256)(51,511)
Principal payments on lease arrangements (Note 11)
(5,339)(8,441)(12,135)(11,413)
Distributions to non-controlling interests (Note 13)
(5,461)(9,435)(16,991)(17,617)
Realized loss on derivative instruments (Note 14)
(71,407)— (141,175)— 
Other(35)(4)66 (4,271)
Cash used by financing activities(268,040)(41,892)(521,011)(33,627)
Investing activities
Capital expenditures on mining interests:
Fekola Mine(39,567)(53,379)(86,652)(117,382)
Goose Mine(67,604)(143,484)(138,279)(238,296)
Masbate Mine(14,879)(17,499)(30,798)(25,232)
Otjikoto Mine(7,676)(4,709)(14,889)(8,316)
Fekola Regional Properties(28,377)(5,004)(44,299)(8,173)
Gramalote Project(7,849)(5,151)(17,026)(11,944)
Other exploration (Note 19)
(12,809)(13,878)(24,499)(19,474)
Cash proceeds on sale of mining interest, net of transaction costs (Note 8)
324,892 — 324,892 — 
Cash proceeds on sale of long-term investments, (Note 7)
18,076 — 18,076 — 
Purchase of long-term investments (Note 7)
(3,598)(1,318)(3,598)(3,126)
Funding of reclamation accounts(2,883)(5,027)(3,244)(6,448)
(Purchase) redemption of short-term investments(639)17,690 1,647 11,618 
Other(77)(4,683)(358)(4,745)
Cash provided (used) by investing activities157,010 (236,442)(19,027)(431,518)
Decrease in cash and cash equivalents(189,785)(23,253)(79,312)(31,276)
Effect of exchange rate changes on cash and cash equivalents(3,033)1,621 (17,230)2,796 
Cash and cash equivalents prior to restatement for amendments to IFRS 9— — 380,424 — 
Adjustment on adoption of IFRS 9 amendments on January 1, 2026 (Note 3)
— — 2,694 — 
Cash and cash equivalents, beginning of period479,394 330,123 383,118 336,971 
Cash and cash equivalents, end of period$286,576 $308,491 $286,576 $308,491 
Supplementary cash flow information (Note 19)
See accompanying notes to condensed interim consolidated financial statements.
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of United States dollars)
(Unaudited)
As at June 30,
2026		As at December 31,
2025
Assets
Current
Cash and cash equivalents$286,576 $380,424 
Receivables, prepaids and other (Note 5)
85,214 58,293 
Value-added and other tax receivables33,327 63,732 
Inventories (Note 6)
696,874 627,225 
1,101,991 1,129,674 
Long-term investments (Note 7)
193,676 286,066 
Value-added tax receivables312,381 276,035 
Mining interests (Note 8)
3,775,764 3,760,337 
Investments in associates (Note 9)
134,272 98,183 
Long-term inventories (Note 6)
123,804 177,595 
Other assets (Note 10)
83,179 74,986 
Deferred income taxes24,184 76,440 
$5,749,251 $5,879,316 
Liabilities
Current
Accounts payable and accrued liabilities$189,448 $174,802 
Current income and other taxes payable316,133 267,073 
Current portion of prepaid gold sales (Note 16)
— 285,458 
Current portion of long-term debt (Note 11)
32,608 33,870 
Current portion of derivative instruments (Note 14)
94,006 237,308 
Current portion of gold stream obligation (Note 15)
27,200 24,500 
Current portion of mine restoration provisions16,921 18,114 
Other current liabilities20,554 20,131 
696,870 1,061,256 
Long-term debt (Note 11)
423,478 564,440 
Gold stream obligation (Note 15)
230,100 258,231 
Mine restoration provisions146,759 151,293 
Deferred income taxes198,214 151,343 
Employee benefits obligation25,113 25,103 
Other long-term liabilities24,123 26,134 
1,744,657 2,237,800 
Equity
Shareholders’ equity
Share capital (Note 12)
3,578,473 3,607,005 
Contributed surplus140,222 151,218 
Accumulated other comprehensive (loss) income(12,063)55,955 
Retained earnings (deficit)265,245 (220,613)
3,971,877 3,593,565 
Non-controlling interests (Note 13)
32,717 47,951 
4,004,594 3,641,516 
$5,749,251 $5,879,316 
Commitments (Note 21)
Approved by the Board"Michael Cinnamond"Director"Mary-Lynn Oke"Director
See accompanying notes to condensed interim consolidated financial statements.
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED JUNE 30
(Expressed in thousands of United States dollars)
(Unaudited)
2026
Shares
(‘000’s)		Share
capital
Contributed
surplus
Accumulated
other
comprehensive
(loss) income
Retained earnings (deficit)
Non-
controlling
interests
Total
equity
Balance at December 31, 20251,340,622 $3,607,005 $151,218 $55,955 $(220,613)$47,951 $3,641,516 
Net income for the period— — — — 617,271 7,899 625,170 
Dividends (Note 12)
255 1,169 290 — (53,807)— (52,348)
Loss on investments, net of deferred income tax (Note 7)
— — — (68,018)— — (68,018)
Shares issued on exercise of stock options
10,641 38,081 — — — — 38,081 
Shares issued on vesting of RSUs3,076 10,101 (10,101)— — — — 
Shares issued on vesting of PSUs1,457 5,288 (5,288)— — — — 
Share repurchased and cancelled under Normal Course Issuer Bid (Note 12)
(34,980)(94,292)— — (77,606)— (171,898)
Transactions with non-controlling interests
(Note 13)
— — — — — (23,133)(23,133)
Share-based payments
— — 15,224 — — — 15,224 
Transfer to share capital on exercise of stock options— 11,121 (11,121)— — — — 
Balance at June 30, 20261,321,071 $3,578,473 $140,222 $(12,063)$265,245 $32,717 $4,004,594 

2025
Shares
(‘000’s)		Share
capital
Contributed
surplus
Accumulated
other
comprehensive
loss
Retained deficit
Non-
controlling
interests
Total
equity
Balance at December 31, 20241,318,041 $3,510,271 $91,184 $(102,771)$(515,619)$52,632 $3,035,697 
Net income for the period— — — — 212,011 11,306 223,317 
Dividends (Note 12)
380 1,259 455 — (53,335)— (51,621)
Portion of convertible senior unsecured notes allocated to equity, net of deferred income tax (Note 11)
— — 67,437 — — — 67,437 
Gain on investments, net of deferred income tax
— — — 42,315 — — 42,315 
Shares issued on exercise of stock options2,388 6,167 — — — — 6,167 
Shares issued on vesting of RSUs2,072 6,870 (6,870)— — — — 
Transactions with non-controlling interests— — — — — (17,337)(17,337)
Share-based payments
— — 10,568 — — — 10,568 
Transfer to share capital on exercise of stock options— 2,306 (2,306)— — — — 
Balance at June 30, 20251,322,881 $3,526,873 $160,468 $(60,456)$(356,943)$46,601 $3,316,543 

See accompanying notes to condensed interim consolidated financial statements.
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)

1 Nature of operations

B2Gold Corp. (“B2Gold” or the “Company”) is a Vancouver-based gold producer with four operating mines: the Fekola Mine in Mali, the Goose Mine in Canada, the Masbate Mine in the Philippines and the Otjikoto Mine in Namibia. The Company also owns the Gramalote Project in Colombia. The Company holds an approximately 28% interest in Versamet Royalties Corporation ("Versamet") and a portfolio of evaluation and exploration assets in a number of countries including Mali, Canada and Kazakhstan.

B2Gold is a public company which is listed on the Toronto Stock Exchange under the symbol “BTO”, the NYSE American LLC under the symbol “BTG” and the Namibian Stock Exchange under the symbol “B2G”. B2Gold’s head office is located at Suite 3400, Park Place, 666 Burrard Street, Vancouver, British Columbia, V6C 2X8.

2 Basis of preparation

These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting ("IAS 34"), as issued by the International Accounting Standards Board ("IASB"). These condensed interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025, which have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS").

These condensed interim consolidated financial statements follow the same accounting policies and methods of application as the most recent annual consolidated financial statements of the Company except as noted below.

These condensed consolidated interim financial statements were authorized for issue by the Board of Directors ("Board") on August 6, 2026.

3 Recent accounting pronouncements

New accounting standards adopted

Amendments to IFRS 9, Financial instruments, and IFRS 7, Financial instruments: Disclosures

In May 2024, the IASB issued amendments to update the classification and measurement requirements in IFRS 9 and related disclosure requirements in IFRS 7 as follows:
•Clarified the recognition and derecognition date of certain financial assets and liabilities and amended the requirements related to settling financial liabilities using an electronic payment system. For a financial liability settled in cash using an electronic payment system, the amendments permit an entity to deem the financial liability to be discharged before the settlement date provided certain criteria are met.
•Clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criteria.
•New disclosures for certain instruments with contractual terms that can change cash flows (including instruments with features linked to environmental, social and corporate governance targets).
•Additional disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs.
•Amended disclosures relating to equity instruments designated at fair value through other comprehensive income.

The Company adopted the Amendments effective January 1, 2026. The Company decided to apply the accounting policy choice permitted by the Amendments to determine the settlement date for electronic payments based on the date preceding actual settlement.

As a result of the adoption of the Amendments, the Company adopted changes to its accounting policy around derecognition of financial liabilities. The Company generally derecognizes financial liabilities on the settlement date, which is the date on which the liability is extinguished, because the Company’s obligations are discharged, cancelled or have expired. However, when the Company is using an electronic payment system, a financial liability is derecognized when the payment instructions are issued if the following conditions are met:
•Once the Company initiated a payment instruction, it has no practical ability to withdraw, stop or cancel the payment and no practical ability to access the cash that will be used for settlement.
•The settlement risk associated with the electronic payment system is insignificant.

1
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
The Amendments have been applied prospectively with no restatement of comparative information, in accordance with transition requirements on initial application of IFRS 9. The adjustment resulted in $3 million increase to the Cash and cash equivalents as at January 1, 2026, in the Condensed Interim Statement of Cash Flows.

Pronouncements issued but not yet effective

IFRS 18, Presentation and disclosure in financial statements

In April 2024, the IASB issued IFRS 18, Presentation and disclosure in financial statements ("IFRS 18"), which replaces IAS 1, Presentation of financial statements. IFRS 18 introduces an updated structure for the income statement by requiring income and expenses to be presented in three defined categories (operating, investing and financing), and by specifying certain defined totals and subtotals. Where company-specific measures related to income statement disclosure are provided, management-defined performance measures ("MPMs"), such as certain non-GAAP measures, IFRS 18 requires additional disclosure around those management-defined performance measures in the notes to the financial statements. IFRS 18 provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and the notes to the financial statements. IFRS 18 does not affect the recognition and measurement of items in the financial statements, nor does it affect which items are classified as other comprehensive income and how these items are classified. The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required and early adoption is permitted.

The Company is still continuing to assess and quantify the effect of IFRS 18 on our consolidated financial statements. The standard is expected to result in changes to the presentation of the consolidated statements of operations, by requiring all income and expenses to be classified into the three main categories of operating, investing and financing. Specifically, we anticipate changes to the presentation of certain income and expense items, for example, that foreign exchange gains and losses will be classified in the same category as the items that gave rise to the exchange difference, rather than being combined into one line. The cash flow statement will begin with the new IFRS 18-specified subtotal of operating profit. The Company will also have enhanced note disclosures on any identified MPMs. The Company expects to apply IFRS 18 on its effective date, with full retrospective application including restated comparative information.

4 Significant accounting judgements and estimates

The preparation of these financial statements in conformity with IAS 34 requires judgements and estimates that affect the amounts reported. Those judgements and estimates concerning the future may differ from actual results. The following are the areas of accounting policy judgement and accounting estimates applied by management that most significantly affect the Company’s financial statements, including those areas of estimation uncertainty that could result in a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Areas of judgement

Assessment of impairment and reversal of impairment indicators for long-lived assets

The Company applies significant judgement in assessing whether there are indicators of impairment, or the reversal of previously recorded impairment, present that give rise to the requirement to conduct an impairment test. Internal and external factors such as significant changes in the use of the asset, legal and permitting factors, future gold prices, operating and capital cost forecasts, quantities of mineral reserves and resources, and movements in market interest rates are used by the Company in determining whether there are any indicators of impairment or reversal of impairment.

Uncertain tax positions

The Company’s operations involve the application of complex tax regulations in multiple international jurisdictions. Determining the tax treatment of a transaction requires the Company to apply judgement in its interpretation of the applicable tax law. These positions are not final until accepted by the relevant tax authority. The tax treatment may change based on the result of assessments or audits by the tax authorities often years after the initial filing.

The Company recognizes and records potential liabilities for uncertain tax positions based on its assessment of the amount, or range of amounts of tax that will be due. The Company adjusts these accruals as new information becomes available. Due to the complexity and uncertainty associated with certain tax treatments, the ultimate resolution could result in a payment that is materially different from the Company’s current estimate of the tax liabilities.

2
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
Sources of estimation uncertainty

Fair value of financial instruments

The fair value of financial instruments that are not traded in an active market are determined using valuation techniques. In determining the fair value of the Company's gold collars and gold stream obligation (Notes 14, 15 and 17), the Company makes significant assumptions that are based on the underlying models and the market conditions existing at both initial recognition and the end of each reporting period.

Mineral reserve and resource estimates

Mineral reserves are estimates of the amount of ore that can be economically and legally extracted from the Company’s mining properties. The Company estimates its mineral reserves and mineral resources based on information compiled by appropriately qualified persons relating to the geological data on the size, depth and shape of the ore body, and requires complex geological judgements to interpret the data. The estimation of recoverable reserves and mineral resources is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, metallurgical recoveries, permitting and production costs along with geological assumptions and judgements made in estimating the size, and grade of the ore body. Changes in the reserve or resource estimates may impact the carrying value of mining interests, mine restoration provisions, the gold stream obligation, recognition of deferred tax assets, depreciation and amortization charges and royalties obligation.

Impairment of long-lived assets

Long-lived assets are tested for impairment, or reversal of a previous impairment, if there is an indicator of impairment or a subsequent reversal. Calculating the estimated recoverable amount of cash-generating units for long-lived asset requires management to make estimates and assumptions that include such factors as mineable mineralization including reserves and resources, future production levels, operating and capital costs, application of royalty, income tax and mining tax rates, future metal prices and discount rates. Changes in any of these assumptions or estimates used in determining the recoverable amount could impact the analysis. Such changes could be material.

Value-added tax receivables

The Company incurs indirect taxes, including value-added tax, on purchases of goods and services at its operating mines and development project. Indirect tax balances are recorded at their estimated recoverable amounts within current or long-term assets, net of provisions, and reflect the Company’s best estimate of their recoverability under existing tax rules in the respective jurisdictions in which they arise. Management’s assessment of recoverability considers the probable outcomes and expected timing of claimed deductions and/or disputes. The provisions and balance sheet classifications made to date may be subject to change and such change may be material.

Long-term value-added tax receivables as at June 30, 2026 included amounts for the Fekola Mine of $274 million (December 31, 2025 - $244 million), for the Masbate Mine of $14 million (December 31, 2025 – $11 million), and for the Gramalote Project of $25 million (December 31, 2025 - $22 million).

Current and deferred income taxes

The Company is periodically required to estimate the tax basis of assets and liabilities. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the financial statements. Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period that the changes occur.

Each period, the Company evaluates the likelihood of whether some portion or all of each deferred tax asset will not be realized. This evaluation is based on historic and future expected levels of taxable income and the associated repatriation of retained earnings, the pattern and timing of reversals of taxable temporary timing differences that give rise to deferred tax liabilities, and tax planning initiatives. Levels of future taxable income are affected by, among other things, metal prices, production costs, quantities of proven and probable gold reserves, interest rates and foreign currency exchange rates. The availability of retained earnings for distribution depends on future levels of taxable income as well as future reclamation expenditures, capital expenditures, dividends and other uses of available cash flow.

3
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
5 Receivables, prepaids and other
June 30, 2026December 31, 2025
$$
Prepaid expenses24,427 13,251 
Supplier advances27,725 10,097 
Insurance claim receivable12,600 5,000 
Current portion of derivative instruments6,801 — 
Short-term investments3,456 4,868 
Prepaid royalties— 13,482 
Other receivables10,205 11,595 
85,214 58,293 

6 Inventories

The current inventories balance is made up as follows:
June 30, 2026December 31, 2025
$$
Gold and silver bullion84,113 67,438 
In-process inventory30,205 45,820 
Ore stock-pile inventory74,545 79,119 
Materials and supplies508,011 434,848 
696,874 627,225 

The long-term inventories balance is made up as follows:
June 30, 2026December 31, 2025
$$
Ore stock-pile inventory59,131 77,292 
Materials and supplies64,673 100,303 
123,804 177,595 

Current ore stock-pile inventory as at June 30, 2026 includes amounts for the Goose Mine of $30 million (December 31, 2025 - $42 million), for the Masbate Mine of $15 million (December 31, 2025 - $13 million), for the Otjikoto Mine of $15 million (December 31, 2025 – $4 million) and for the Fekola Mine of $15 million (December 31, 2025 - $20 million).

Long-term stock-pile inventory as at June 30, 2026 includes amounts for the Otjikoto Mine of $48 million (December 31, 2025 – $58 million), for the Masbate Mine of $10 million (December 31, 2025 - $10 million), and for the Fekola Mine of $0 million (December 31, 2025 - $9 million).

Long-term supplies inventory are supplies for the Goose Mine that are expected to be consumed beyond the next twelve months.

4
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
7 Long-term investments
June 30, 2026December 31, 2025
Cost
$		AOCI
$		Fair Value
$		Cost
$ 		AOCI
$		Fair Value
$
Snowline Gold Corp.47,303 105,891 153,194 47,303 167,569 214,872 
Prospector Metals Corp.15,362 11,020 26,382 13,672 12,944 26,616 
St. Augustine Gold & Copper Ltd.20,174 (11,088)9,086 20,193 2,166 22,359 
AuMEGA Metals Ltd.5,747 (2,271)3,476 3,839 (1,810)2,029 
Founders Metals Inc.— — — 13,256 6,388 19,644 
Other15,021 (13,483)1,538 14,298 (13,752)546 
103,607 90,069 193,676 112,561 173,505 286,066 


During the six months ended June 30, 2026, the Company disposed of 6 million shares in Founders Metals Inc. at an average price of Cdn. $4.15 per share for total proceeds of $18 million.

During the six months ended June 30, 2026, the Company purchased 2 million shares in Prospector Metals Corp. at an average cost of Cdn. $1.49 per share for a total cost of $2 million.

During the six months ended June 30, 2026, the Company purchased 66 million shares in AuMEGA Metals Ltd. at an average cost of Cdn. $0.04 per share for a total cost of $2 million.

5
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
8 Mining interests
Mineral propertiesBuildings, plant & equipmentConstruction-in-progressExploration & evaluation assetsTotal
$$$$$
Cost
Balance at December 31, 20243,352,643 2,087,742 1,263,835 662,309 7,366,529 
Additions223,411 189,927 446,558 47,209 907,105 
Capitalized interest— — 54,989 — 54,989 
Disposals and write-downs(350,469)(92,072)— (5,118)(447,659)
Transfers315,323 1,440,460 (1,755,783)— — 
Change in mine restoration provision estimates17,788 — — 543 18,331 
Balance at December 31, 20253,558,696 3,626,057 9,599 704,943 7,899,295 
Additions170,630 176,263 9,604 28,929 385,426 
Capitalized interest— — 30 — 30 
Disposals and write-downs(435)(77,587)— (39,190)(117,212)
Change in mine restoration provision estimates(7,861)— — — (7,861)
Balance at June 30, 20263,721,030 3,724,733 19,233 694,682 8,159,678 
Accumulated depreciation, depletion, amortization and impairment
Balance at December 31, 2024(2,452,176)(1,288,051)— (334,867)(4,075,094)
Depreciation and depletion(264,064)(234,096)— — (498,160)
Disposals and write-downs350,469 83,827 — — 434,296 
Balance at December 31, 2025(2,365,771)(1,438,320)— (334,867)(4,138,958)
Depreciation and depletion(144,651)(123,161)— — (267,812)
Disposals and write-downs435 22,421 — — 22,856 
Balance at June 30, 2026(2,509,987)(1,539,060)— (334,867)(4,383,914)
Net book value at December 31, 20251,192,925 2,187,737 9,599 370,076 3,760,337 
Net book value at June 30, 20261,211,043 2,185,673 19,233 359,815 3,775,764 


6
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)

Finland Properties

On April 23, 2026, the Company completed the sale of its 70% interest in Fingold Ventures Ltd., which holds several claims in Northern Finland ("Finland Properties") to Agnico Eagle Mines Limited in exchange for cash proceeds of $325 million. The gain on sale of $292 million was recorded in Gain on sale of mining interests in the Condensed Interim Consolidated Statement of Operation as outlined below:
$
Proceeds from sale:
Cash consideration325,000
Transaction costs(108)
Total proceeds from sale, net of transaction costs324,892
Total assets sold39,190
Total non-controlling interest sold(6,672)
Net assets sold32,518
Gain on disposal of Finland Properties292,374

Goose Mine

On April 17, 2026, the Company announced a fire had occurred in certain areas of the crushing circuit at the Goose Mine. In accordance with IAS 16, Property, plant and equipment, the Company assessed that components of plant and equipment with a net book value of $50 million (cost of $51 million less accumulated depreciation of $1 million) were damaged in the event. These assets have been assessed have no future benefit and have been written-off in the Condensed Interim Consolidated Statement of Operations for the three months ended June 30, 2026. The Company is still in the process of inspecting the full damage caused by the fire and these estimates could change. The Goose Mine remained operational throughout the second quarter, but with a limited milling capacity. In accordance with IAS 2, Inventories, the Company has recorded an expense of $16 million for costs that do not form part of producing inventory during the period. These costs, related to the suspension of crushing operations and non-capital crusher repair activities at the Goose Mine, have been recorded as Other cost of sales in the Condensed Interim Consolidated Statement of Operations for the three months ended June 30, 2026.

Other

During the six months ended June 30, 2025, the company wrote-off $5 million related to non-core exploration and evaluation properties that it no longer plans to proceed with.


9 Investment in associates
VersametOtherTotal
$$$
Balance at December 31, 202487,067 4,350 91,417 
Share of net income (loss)2,566 (3,321)(755)
Interests acquired— 7,521 7,521 
Balance at December 31, 202589,633 8,550 98,183 
Share of net income (loss)8,884 (3,404)5,480 
Gain on dilution30,129 — 30,129 
Interests acquired— 480 480 
Balance at June 30, 2026128,646 5,626 134,272 

7
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)

Versamet

During the six month ended June 30, 2026, the Company's associate Versamet issued shares to other third parties, including a bought deal financing and a private placement. As a result of the Versamet shares issued, the Company's interest in Versamet was diluted from 33% to 28%, resulting in a gain on dilution of $30 million recorded in the Condensed Interim Consolidated Statement of Operations for the six months ended June 30, 2026.

10 Other assets
June 30, 2026December 31, 2025
$$
Reclamation deposits70,908 68,808 
Restricted cash6,042 6,109 
Deferred financing costs (Note 11)
5,174 — 
Other1,055 69 
83,179 74,986 

As at June 30, 2026, reclamation deposits include amounts for the Fekola Mine of $29 million (December 31, 2025 - $27 million), for the Otjikoto Mine of $24 million (December 31, 2025 – $23 million), for the Goose Mine of $13 million (December 31, 2025 - $14 million) and for the Masbate Mine of $4 million (December 31, 2025 - $5 million).

11 Long-term debt

Convertible senior unsecured notesRevolving credit facilityEquipment loansLease liabilitiesTotal
$$$$$
Balance at December 31, 2025375,295 143,787 27,018 52,210 598,310 
Drawdowns— 25,000 — — 25,000 
Debt repayments— (175,000)(4,397)(12,135)(191,532)
Interest payment(6,325)— — — (6,325)
Lease liabilities incurred— — — 8,047 8,047 
Lease liabilities modified or derecognized— — — (724)(724)
Foreign exchange gains— — (666)(871)(1,537)
Reclassification of deferred financing
costs to Other Assets (Note 10)
— 5,522 — — 5,522 
Non-cash interest and financing expense15,771 691 — 2,863 19,325 
Balance at June 30, 2026384,741 — 21,955 49,390 456,086 
Current portion(5,271)— (7,781)(19,556)(32,608)
379,470 — 14,174 29,834 423,478 

Convertible senior unsecured notes

On January 28, 2025, the Company issued convertible senior unsecured notes (“the Notes”) with an aggregate principal amount of $460 million. The Notes mature on February 1, 2030. The Notes are the Company's senior unsecured obligations and rank equally with all existing and future senior unsecured indebtedness. The Notes are effectively unsecured to all of the Company's existing and future secured indebtedness, including trade payables, to the extent of the value of the collateral securing such indebtedness. During the three and six months ended June 30, 2026, the Company recognized interest charges of $8 million and $16 million related to the Notes, respectively, in the Condensed Interim Consolidated Statement of Operations (2025 - $0 million and $0 million, net of $8 million and $13 million, respectively, capitalized to the construction of qualifying assets during the period).

8
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
Revolving credit facility

The Company has an $800 million revolving credit facility ("RCF") with a syndicate of international banks. The RCF allows for an accordion feature whereby upon receipt of additional binding commitments, the facility may be further increased to $1 billion any time prior to the maturity date of December 17, 2028. During the six months ended June 30, 2026, the Company repaid $175 million and drew down $25 million on the RCF. As at June 30, 2026, the RCF was undrawn and the Company had the full capacity of $800 million available. The Company has provided security on the RCF in the form of a general security interest over the Company’s assets and pledges creating a charge over the shares of certain of the Company’s direct and indirect subsidiaries. In connection with the RCF, the Company must also maintain an interest coverage ratio greater than or equal to 3:1 for any fiscal quarter and a leverage ratio of less than 3.5:1 for any fiscal quarter. As at June 30, 2026, the Company was in compliance with these debt covenants. During the three and six months ended June 30, 2026, the Company recognized interest charges of $2 million and $4 million related to the RCF, respectively, in the Condensed Interim Consolidated Statement of Operations (2025 - $1 million and $3 million, net of $0 million and $2 million, respectively, capitalized to the construction of qualifying assets during the period). Subsequent to June 30, 2026, the Company drew down $95 million under the RCF.

Fekola equipment loan facilities

During the six months ended June 30, 2026, the Company's subsidiary, Fekola SA, extended the availability of the third term equipment facility with Caterpillar Financial Services Corporation to December 31, 2026. The aggregate principal amount of the facility is up to the Euro equivalent of $35 million. As at June 30, 2026, $29 million has been drawn down under the third term equipment facility.

Lease liabilities

During the six months ended June 30, 2026, the Company entered into contracts that resulted in the recognition of $8 million of right-of-use assets and $8 million of lease liabilities. The valuation of the lease was based on a 2-year term.

12 Share capital

The Company’s authorized share capital consists of an unlimited number of common shares and an unlimited number of preferred shares. As at June 30, 2026, the Company had 1,321,070,762 common shares outstanding (December 31, 2025 - 1,340,621,856 shares). No preferred shares were outstanding.

During the six months ended June 30, 2026, the Company paid two quarterly dividends of $0.02 per share each, totaling $54 million (2025 - $53 million). Of this amount, $1 million (2025 - $1 million) was satisfied by the issuance of 0.3 million shares (2025 - 0.4 million shares) under the Company's Dividend Re-investment Plan.

For the three and six months ended June 30, 2026, the Company issued 3 million and 11 million common shares for proceeds of $11 million and $38 million upon exercise of stock options.

Related party transactions during the six months ended June 30, 2025 related to compensation for key management personnel, including salaries, short term benefits, directors' fees and share-based payments of totalling $11 million (2025 - $7 million).

In April 2026, the Company received approval from the TSX to renew its Normal Course Issuer Bid ("NCIB"), previously implemented in April 2025, pursuant to which the Company may purchase up to a maximum of 10% (increased from 5%) of its issued and outstanding common shares during the period commencing April 3, 2026 and ending April 2, 2027. The Company is allowed to repurchase its common shares, through the facilities of the TSX, the NYSE American and other designated exchanges or alternative trading systems or by such other means as may be permitted by applicable Canadian and U.S. securities laws. The Company repurchased and cancelled 35 million common shares for $172 million during the six months ended June 30, 2026. The book value of the cancelled common shares of $94 million was recorded as a reduction to share capital.

Subsequent to June 30, 2026, on August 6, 2026, the Company approved a third quarter dividend of $0.02 payable on September 23, 2026.

9
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
Earnings per share

The following is the calculation of basic and diluted earnings per share:
For the three
months ended
June 30, 2026		For the three
months ended
June 30, 2025		For the six
months ended
June 30, 2026		For the six
months ended
June 30, 2025
Net income (attributable to shareholders of the Company)
$417,334 $154,424 $617,271 $212,011 
Interest and financing expense on convertible senior unsecured notes included in net income$7,906 $— $15,747 $468 
Diluted net income (attributable to shareholders of the Company) used in calculating diluted earnings per share
$425,240 154,424 $633,018 $212,479 
Basic weighted average number of common shares outstanding (in thousands)
1,331,711 1,321,740 1,336,219 1,320,074 
Effect of dilutive securities:
Convertible senior unsecured notes144,996 144,996 144,996 144,996 
Performance share units4,420 4,308 4,420 4,308 
Restricted share units1,843 1,798 1,928 1,579 
Stock options6,897 4,179 7,499 2,552 
Diluted weighted average number of common shares outstanding (in thousands)
1,489,867 1,477,021 1,495,062 1,473,509 
Earnings per share (attributable to shareholders of the Company)
Basic$0.31 $0.12 $0.46 $0.16 
Diluted$0.29 $0.10 $0.42 $0.14 

13 Non-controlling interests

The following is a continuity schedule of the Company's non-controlling interests:
MasbateOtjikotoFinlandTotal
$$$$
Balance at December 31, 202523,964 17,779 6,208 47,951 
Share of net (loss) income(2,772)10,735 (64)7,899 
Distributions to non-controlling interest(3,600)(13,391)— (16,991)
Non-controlling interest associated with mining interest sold (Note 8)
— — (6,672)(6,672)
Participating funding from non-controlling interest— — 517 517 
Other— 2 11 13 
Balance at June 30, 202617,592 15,125 — 32,717 

14 Derivative financial instruments

Fuel derivatives

The following is a summary, by maturity dates, of the Company’s fuel derivatives contracts outstanding as at June 30, 2026. The Company's fuel derivative instruments were not designated as hedges and are being recorded at fair value through profit and loss ("FVTPL").

10
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
For the three and six months ended June 30, 2026, the Company recorded an unrealized fuel derivative loss of $12 million and a derivative gain of $12 million, respectively (2025 – loss of $1 million and $0 million, respectively) and realized fuel derivative gains of $10 million and $9 million, respectively (2025 - losses of $1 million and $1 million, respectively) as part of Gains (losses) on derivative instruments in the Condensed Interim Consolidated Statement of Operations.


The following is a summary, by maturity dates, of the Company’s fuel derivative contracts outstanding as at June 30, 2026:

20262027Total
Forward – fuel oil:
Litres (thousands)17,362 14,483 31,845 
Average strike price$0.39 $0.37 $0.38 
Forward – gas oil:
Litres (thousands)21,081 21,003 42,084 
Average strike price$0.51 $0.52 $0.51 

The unrealized fair value of these contracts at June 30, 2026, was $8 million (December 31, 2025 - $(4) million).


Gold derivatives

During the year ended December 31, 2024, as a requirement of the RCF (Note 11), the Company entered into a series of 1:1 zero-cost put/call gold collar contracts with settlement between February 2025 and January 2027. These derivative instruments were not designated as hedges by the Company and are recorded at FVTPL.

For the three and six months ended June 30, 2026, the Company recorded unrealized gains of $148 million and $140 million, respectively (2025 - losses of $18 million and $70 million, respectively) on the gold collar contracts and realized losses of $71 million and $141 million, respectively (2025 - losses of $0 million and $0 million, respectively) as part of Gains (losses) on derivative instruments in the Condensed Interim Consolidated Statement of Operations.

The following is a summary, by maturity dates, of the Company’s gold derivative contracts outstanding as at June 30, 2026:

20262027Total
Ounces99,821 16,637 116,458 
Average floor price$2,450 $2,450 $2,450 
Average ceiling price$3,294 $3,294 $3,294 

The unrealized fair value of these contracts at June 30, 2026, was $(94) million (December 31, 2025 - $(234) million).

15 Gold stream obligation

The Company's gold stream obligation requires the delivery from production at the Company's Goose Mine as follows:
•2.7805% of gold production up to delivery of 87,100 ounces;
•1.4405% of gold production up to an aggregate of 134,000 ounces; and
•1.005% of gold production thereafter.

The gold stream obligation was determined to be a derivative liability under IFRS 9 Financial instruments, and has been classified as FVTPL. As a result, it has been recorded at its fair value on the Condensed Interim Consolidated Balance Sheet with changes in the fair value being recorded in the Condensed Interim Consolidated Statement of Operations. The fair value of the gold stream was determined to be level 3 in the fair value hierarchy (Note 17). The Company has guaranteed the gold stream obligation.

11
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
During the three and six months ended June 30, 2026, the Company delivered 859 ounces and 2,198 ounces, respectively, (2025 - 0 ounces and 0 ounces, respectively) into the gold stream obligation. The Company receives purchase price for each ounce of refined gold metal equal to 18% of the spot gold price. The difference between the spot gold price and such purchase price being payable is deducted against the upfront funding until it has been reduced to nil.

The following is a summary of the changes in the gold stream obligation:
$
Outstanding at December 31, 2025282,731
Change in fair value(16,914)
Gold delivered(8,517)
Outstanding at June 30, 2026257,300
Less current portion(27,200)
230,100


16 Prepaid gold sales

On January 23, 2024, the Company entered into a series of prepaid gold sales with a number of its RCF syndicate banks. Under the terms of the prepaid gold sales, the Company received an upfront payment of $500 million, based on gold forward curve prices averaging approximately $2,191 per ounce, in exchange for equal monthly deliveries of gold from July 2025 to June 2026 totaling 264,768 ounces.

During the three and six months ended June 30, 2026, the Company delivered 66,192 ounces and 132,384 ounces, respectively, into contracts valued at $146 million and $291 million, respectively. As the Company physically delivered ounces into the contracts, the portion of the Prepaid Sales relating to the delivered ounces was recognized as gold revenue in the Interim Condensed Consolidated Statement of Operations at the time of delivery based on the contract price.

As at June 30, 2026, the Company had delivered into all of its prepaid gold sales and had no contracts outstanding.

The following is a summary of the changes in the prepaid gold sales obligation:
$
Outstanding at December 31, 2025285,458
Gold deliveries(291,222)
Accretion5,764
Outstanding at June 30, 2026
—

During the three and six months ended June 30, 2026, the Company recognized interest charges of $2 million and $6 million, respectively, relating to the financing component contained in the prepaid gold sales, in the Condensed Interim Consolidated Statement of Operations for the three and six months ended June 30, 2026 (2025 - $0 million and $0 million net of $10 million and $20 million, respectively, capitalized to the construction of qualifying assets during the period).

17 Financial instruments

The Company’s financial assets and liabilities are classified based on the lowest level of input significant to the fair value measurement based on the fair value hierarchy:

Level 1 – quoted prices in active markets for identical assets or liabilities;

Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

Level 3 – inputs for the asset or liability that are not based on observable market data.

12
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
As at June 30, 2026, the Company’s financial assets and liabilities that are measured at fair value are categorized as follows:
As at June 30, 2026As at December 31, 2025
Level 1Level 2Level 3Level 1Level 2Level 3
$$$$$$
Long-term investments (Note 7)
193,676 — — 286,066 — — 
Short-term investments (Note 5)
3,456 — — 4,868 — — 
Gold derivative contracts (Note 14)
— (94,006)— — (233,821)— 
Fuel derivative contracts (Note 14)
— 7,782 — — (4,415)— 
Gold stream obligation (Note 15)
— — (257,300)— — (282,731)

The Company’s long-term investments consist of shares of publicly traded mining companies. The fair values of these were determined using market quotes from an active market for each investment.

The fair values of the Company's fuel and gold derivative contracts were determined using prevailing market rates for instruments with similar characteristics.

The fair value of the gold stream was calculated based on an income approach and a discounted cash flow model. The calculated fair value includes inputs that are based on observable market data, including forward gold price curves and credit adjusted risk-free rates. The fair value also includes inputs that are not based on observable market data, including the timing of future gold deliveries. The valuation has been prepared by an independent valuations specialist with direct oversight from the Company. Forward gold price estimates ranged from $4,054 to $5,328 per ounce. A $100 per ounce change in the gold forward price would have approximately a $6 million impact on the fair value of the gold stream obligation. A 50 basis point change in the discount rate would also have an approximately $7 million impact on the fair value of the gold stream obligation.

The fair value of the Notes, based on quoted market prices, is $642 million. The carrying amount of the Notes represents the liability component recorded at amortized cost (Note 11), while the fair value represents both the liability and equity components. The fair value of the Notes is categorized as level 1 in the fair value hierarchy outlined in IFRS 13 Fair value measurement. The fair value of the Company's other long-term debt approximates its carrying value as it has a floating interest rate and the Company's credit spread has remained approximately consistent. The fair value of the Company's other financial instruments approximates their carrying value due to their short-term nature.

Credit risk

The Company’s maximum exposure to credit risk is the book value of cash and cash equivalents, accounts receivable, loans receivable and the carrying value of its derivative portfolio. The Company limits its credit exposure on cash and cash equivalents by holding its deposits mainly with high credit quality financial institutions as determined by credit rating agencies. The Company maintains its excess cash balances in short-term investments accounts. The Company does not maintain insurance for its cash balances.

13
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
18 Income and other taxes

Income tax expense differs from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings from operations before taxes. These differences result from the following items:
For the three
months ended
June 30, 2026		For the three
months ended
June 30, 2025		For the six
months ended
June 30, 2026		For the six
months ended
June 30, 2025
$$$$
Income from operations before taxes627,139 286,397 1,129,112 419,164 
Canadian federal and provincial income tax rates27.00 %27.00 %27.00 %27.00 %
Income tax expense at statutory rates169,328 77,327 304,860 113,174 
Increase (decrease) attributable to:
Change in losses and tax bases for which no tax benefit has been recorded(14,082)8,908 59,848 21,930 
Effects of different foreign statutory tax rates34,941 30,452 93,134 47,573 
Future withholding tax8,000 11,400 55,000 31,000 
Change in losses and temporary differences not previously recognised4,556 — (18,499)— 
Benefit of optional tax incentives(15,715)(7,822)(31,661)(14,544)
Change due to foreign exchange1,476 (40,449)12,483 (58,207)
Royalty and windfall profit taxes9,707 — 14,532 — 
Change in non-taxable portion of gains(39,178)51 (43,817)51 
Withholding and other taxes42,911 33,558 47,329 37,658 
Non-deductible expenditures4,551 9,715 8,739 15,523 
Amounts under provided in prior years25 1,504 955 689 
Change in accrual for tax audits999 1,000 1,039 1,000 
Income tax expense207,519 125,644 503,942 195,847 
Current income tax, withholding and other taxes179,857 160,174 394,202 246,257 
Deferred income tax expense (recovery)27,662 (34,530)109,740 (50,410)
Income tax expense207,519 125,644 503,942 195,847 

Included in current income tax expense for the three and six months ended June 30, 2026, was an expense of $30 million and $81 million, respectively (2025 - $23 million and $36 million, respectively), related to the State of Mali's 20% priority dividend on its free carried interest in the Fekola Mine. This priority dividend is accounted for as an income tax in accordance with IAS 12, Income Taxes.

14
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
19 Supplementary cash flow information

Supplementary disclosure of cash flow information is provided in the tables below:

Non-cash charges (credits):
For the three
months ended
June 30, 2026		For the three
months ended
June 30, 2025		For the six
months ended
June 30, 2026		For the six
months ended
June 30, 2025
$$$$
Gain on sale of mining interests (Note 8)
(292,374)— (292,374)— 
Depreciation and depletion121,085 102,705 282,321 192,262 
Unrealized (gains) losses on derivative instruments(135,472)19,780 (152,012)70,655 
Add back of realized loss on derivative instruments71,407 — 141,175 — 
Deferred income tax expense (recovery) (Note 18)
27,662 (34,530)109,740 (50,410)
Write-off plant and equipment (Note 8)
49,713 — 49,713 — 
Gain on dilution of associate (Note 9)
(6,126)— (30,129)— 
Change in fair value of gold stream (Note 15)
(35,720)21,754 (16,914)52,306 
Non-cash interest and financing expense15,387 4,854 33,785 10,577 
Share-based payments5,143 8,017 13,673 13,886 
Share of net (income) loss of associates (Note 9)
(579)576 (5,480)(178)
Non-recoverable input taxes2,094 5,431 3,413 12,277 
Other(1,826)11,576 9,421 20,218 
(179,606)140,163 146,332 321,593 

Changes in non-cash working capital:
For the three
months ended
June 30, 2026		For the three
months ended
June 30, 2025		For the six
months ended
June 30, 2026		For the six
months ended
June 30, 2025
$$$$
Accounts receivable and prepaids(18,402)(12,866)(34,096)(15,939)
Value-added and other tax receivables10,165 18,380 9,405 10,926 
Inventories8,662 462 (3,479)(33,040)
Accounts payable and accrued liabilities(12,447)11,111 (4,828)12,531 
Current income and other taxes payable(106,419)11,775 62,541 39,544 
(118,441)28,862 29,543 14,022 

15
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
Other exploration and development:
For the three
months ended
June 30, 2026		For the three
months ended
June 30, 2025		For the six
months ended
June 30, 2026		For the six
months ended
June 30, 2025
$$$$
Goose Mine, exploration(3,345)(7,634)(9,763)(10,322)
Masbate Mine, exploration(893)(531)(1,301)(951)
Otjikoto Mine, exploration(1,303)(2,382)(2,598)(4,213)
Back River Regional, exploration(6,063)(3,006)(7,970)(3,006)
Other(1,205)(325)(2,867)(982)
(12,809)(13,878)(24,499)(19,474)

Non-cash investing and financing activities:
For the three
months ended
June 30, 2026		For the three
months ended
June 30, 2025		For the six
months ended
June 30, 2026		For the six
months ended
June 30, 2025
$$$$
Change in current liabilities relating to mining interest expenditures17,566 (24,924)16,966 (11,055)
Interest capitalized to construction of qualifying assets16 18,341 30 34,768 

For the three and six months ended June 30, 2026, the Company paid $262 million and $293 million, respectively, of current income tax, withholding and other taxes in cash (2025 - $115 million and $170 million, respectively).

20 Segmented information

The Company’s reportable operating segments include its mining operations and development projects, namely the Fekola, Masbate, Otjikoto and Goose mines. It also includes Fekola Regional properties, which are in the exploration and evaluation stage. The Fekola Regional segment includes the Anaconda Area (the combined Menankoto permit) and the Dandoko permit. The “Other Mineral Properties” segment consists of the Company’s interests in mineral properties which are at various stages of exploration and evaluation, including the Company's interest in the Gramalote Project, as well as the Company's equity accounted investment in its associates. The “Corporate” segment includes corporate operations. The Company’s segments are summarized in the following tables:
For the three months ended June 30, 2026
Fekola
Mine		Fekola RegionalGoose
 Mine		Masbate
Mine		Otjikoto
Mine		Other
Mineral
Properties		Corporate
Total
$$$$$$$$
External gold revenue518,048 — 4,000 24,675 96,704 — 145,927 789,354 
Intersegment gold revenue— — 73,696 220,102 — — (293,798)— 
Production costs129,212 — 38,107 45,187 23,705 — — 236,211 
Depreciation & depletion62,019 145 23,758 28,375 6,754 — 571 121,622 
Net income (loss)113,925 (201)(53,544)101,454 37,337 300,853 (80,204)419,620 
Capital expenditures39,567 28,439 70,949 15,772 8,979 15,055 — 178,761 
Total assets1,470,305 255,111 2,339,059 619,068 293,399 413,633 358,676 5,749,251 


16
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
For the three months ended June 30, 2025
Fekola
Mine		Fekola RegionalGoose ProjectMasbate
Mine		Otjikoto
Mine		Other
Mineral
Properties		Corporate
Total
$$$$$$$$
External gold revenue377,316 — — 132,698 182,192 — — 692,206 
Production costs96,121 — — 34,468 29,774 — — 160,363 
Depreciation & depletion44,015 123 — 18,343 40,224 9 567 103,281 
Net income (loss)105,583 (1,194)(1,158)47,892 60,296 (786)(49,880)160,753 
Capital expenditures53,379 5,027 151,118 18,030 7,091 8,504 40 243,189 
Total assets1,493,359 199,394 1,952,209 683,244 304,100 351,335 322,727 5,306,368 


For the six months ended June 30, 2026
Fekola
Mine		Fekola RegionalGoose
 Mine		Masbate
Mine		Otjikoto
Mine		Other
Mineral
Properties		Corporate
Total
$$$$$$$$
External gold revenue1,252,898 — 10,387 141,696 251,806 — 291,222 1,948,009 
Intersegment gold revenue— — 286,836 332,407 — — (619,243)— 
Production costs240,215 — 102,385 74,302 53,147 — — 470,049 
Depreciation & depletion144,590 300 69,064 50,829 17,537 — 1,069 283,389 
Net income (loss)317,692 (2,095)49,702 205,273 99,009 328,703 (373,114)625,170 
Capital expenditures86,652 44,415 148,042 32,099 17,487 27,747 — 356,442 
Total assets1,470,305 255,111 2,339,059 619,068 293,399 413,633 358,676 5,749,251 


For the six months ended June 30, 2025
Fekola
Mine		Fekola RegionalGoose ProjectMasbate
Mine		Otjikoto
Mine		Other
Mineral
Properties		Corporate
Total
$$$$$$$$
External gold revenue631,983 — — 262,091 330,239 — — 1,224,313 
Production costs185,146 — — 72,484 64,727 — — 322,357 
Depreciation & depletion80,778 259 (3,770)37,823 77,172 36 1,131 193,429 
Net income (loss)172,623 (450)2,130 83,910 100,344 (4,842)(130,398)223,317 
Capital expenditures117,382 8,173 248,618 26,183 12,529 15,977 128 428,990 
Total assets1,493,359 199,394 1,952,209 683,244 304,100 351,335 322,727 5,306,368 
17
B2GOLD CORP.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended June 30, 2026
(All tabular amounts are in thousands of United States dollars unless otherwise stated)
(Unaudited)
The Company’s mining interests are located in the following geographical locations:
June 30, 2026December 31, 2025
$$
Mining interests
Canada2,002,760 1,950,116 
Mali1,099,927 1,105,803 
Philippines411,618 431,312 
Namibia136,797 128,392 
Colombia123,570 106,703 
Finland— 37,505 
Other1,092 506 
3,775,764 3,760,337 

21 Commitments

As at June 30, 2026, the Company had the following commitments (in addition to those disclosed elsewhere in these financial statements):
•For payments at the Fekola Mine of $17 million for mobile equipment purchases and major rebuilds, and $2 million for other capital expenditures, of which $18 million expected to be incurred in 2026 and $1 million expected to be incurred in 2027 .
•For payments at the Goose Mine of $11 million for the purchase and assembly of a mobile crusher and supporting equipment, $6 million for mobile equipment purchases, $6 million related to site infrastructure and civil projects, and $4 million for crushing circuit upgrades, all of which expected to be incurred in 2026.
•For payments at the Masbate Mine of $4 million related to mobile equipment purchases, all of which is expected to be incurred in 2026.
•For payments of $35 million at the Otjikoto Mine for the development of the Antelope project, of which $9 million expected to be incurred in 2026, $20 million is expected to be incurred in 2027 and $7 million expected to incurred in 2028.
•For payments of $19 million at the Gramalote Project for resettlement programs of which $16 million is expected to be incurred in 2026 and $3 million is expected to be incurred in 2027.

18



B2GOLD CORP.
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the quarter ended June 30, 2026

This Management’s Discussion and Analysis (“MD&A”) has been prepared as at August 6, 2026 and contains certain "forward-looking information" and “forward-looking statements” under Canadian and United States securities laws, respectively ("forward-looking statements"). All statements included herein, other than statements of historical fact, including without limitation statements regarding potential mineralization, exploration results and future plans, production and objectives of B2Gold Corp. (the “Company” or “B2Gold”), are forward-looking statements that involve various risks, uncertainties and assumptions. See the “Cautionary Statement on Forward-Looking Information” section. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements as a result of a number of factors, including those set out in “Risks and Uncertainties.”
The following discussion of the operating results and financial position of the Company should be read in conjunction with the unaudited condensed interim consolidated financial statements and the notes thereto of the Company for the three and six months ended June 30, 2026, and the annual consolidated financial statements and the notes thereto of the Company for the year ended December 31, 2025. The unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IAS 34"). The unaudited condensed interim financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2025, which have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS"). All amounts are expressed in United States dollars, unless otherwise stated. All production results and the Company's guidance presented in this MD&A reflect total production at the mines the Company operates on a 100% basis.

Additional information related to B2Gold, including our Annual Information Form, is available on the Company's website www.b2gold.com and on SEDAR+ at www.sedarplus.ca.

INDEX
Overview
2
Review of Financial Results
5
Review of Mining Operations and Development Projects
9
Liquidity and Capital Resources
15
Critical Accounting Estimates
19
Risks and Uncertainties
20
Internal Control Over Financial Reporting
21
Non-IFRS Measures
21
Summary of Quarterly Results
29
Summary and Outlook
29
Outstanding Share Data
30
Cautionary Statement on Forward-Looking Information
30

1


OVERVIEW
B2Gold Corp. ("B2Gold" or the "Company") is a Vancouver-based gold producer with four operating mines: the Fekola Complex in Mali ("Fekola"), the Goose Mine in Canada ("Goose"), the Masbate Mine in the Philippines ("Masbate") and the Otjikoto Mine in Namibia ("Otjikoto"). The Company also owns the Gramalote Project in Colombia ("Gramalote"). The Company holds an approximately 28% interest in Versamet Royalties Corporation ("Versamet") and a portfolio of exploration and development projects in several countries including Canada, Mali, Colombia and Kazakhstan.

Summary

Consolidated gold revenue for the second quarter of 2026 was $0.79 billion on sales of 209,537 ounces at an average price of $3,767 per ounce compared to $0.69 billion on sales of 210,384 ounces at an average price of $3,290 per ounce in the second quarter of 2025. The increase in gold revenue of 14% ($0.10 billion) was attributable to a 14% increase in average realized gold price.

Consolidated gold revenue for the first half of 2026 was $1.95 billion on sales of 485,883 ounces at an average price of $4,009 per ounce compared to $1.22 billion on sales of 394,382 ounces at an average price of $3,104 per ounce in the first half of 2025. The increase in gold revenue of 59% ($0.72 billion) was attributable to a 29% increase in average realized gold price and a 23% increase in gold ounces sold due to higher production (including production from Goose) and a draw down of year-end inventory at Fekola. Consolidated gold revenue for the second quarter and first half of 2026 includes $146 million ($2,205 per ounce sold) and $291 million ($2,200 per ounce sold), respectively, related to the delivery of 66,192 ounces and 132,384 ounces, respectively, under the Company’s series of prepaid gold sales (the "Gold Prepay") contracts. Revenues received under the Gold Prepay contracts were initially deferred and have been recognized upon delivery of the underlying contract gold ounces. The Company has now delivered all ounces into the Gold Prepay contracts and no further ounces remain outstanding.

For the second quarter of 2026, consolidated gold production was 203,648 ounces, 11% (25,806 ounces) lower compared to the second quarter of 2025. Consolidated gold production in the second quarter of 2026 was relatively in line with expectations. Gold production at Fekola, Masbate and Otjikoto was higher than anticipated, offset by lower than anticipated gold production at Goose as a result of the previously reported fire that occurred in certain areas of the Goose crushing circuit during the quarter.

For the first half of 2026, consolidated gold production was 441,411 ounces, 5% (19,205 ounces) higher compared to the first half of 2025. Consolidated gold production in the first half of 2026 was higher than anticipated. Gold production at Fekola, Masbate and Otjikoto exceeded expectations, offset by lower than anticipated gold production at Goose as a result of the fire in certain areas of the Goose crushing circuit described above.

For the second quarter of 2026, consolidated cash operating costs1 were $1,201 per gold ounce produced ($1,127 per gold ounce sold), $456 (61%) per gold ounce produced higher than the second quarter of 2025. Cash operating costs per ounce produced for the second quarter of 2026 were lower than anticipated mainly as a result of lower than expected processing costs at Masbate, with Fekola, Otjikoto and Goose relatively in-line with expectations.

For the first half of 2026, consolidated cash operating costs (refer to "Non-IFRS Measures) were $1,096 per gold ounce produced ($967 per gold ounce sold), $311 (40%) per gold ounce produced higher than the first half of 2025. Cash operating costs per ounce produced for the first half of 2026 were lower than anticipated mainly as a result of higher than expected consolidated production.

Consolidated all-in sustaining costs2 for the second quarter of 2026 were $2,356 per gold ounce sold, $837 (55%) per gold ounce sold higher than the second quarter of 2025. Consolidated all-in sustaining costs for the second quarter of 2026 were lower than anticipated as a result of lower than expected production costs, and lower than expected sustaining capital expenditures.

Consolidated all-in sustaining costs (refer to "Non-IFRS Measures) for the first half of 2026 were $2,133 per gold ounce sold, $608 (40%) per gold ounce sold higher than the first half of 2025. Consolidated all-in sustaining costs for the first half of 2026 were lower than anticipated as a result of lower than expected production costs, higher than expected gold ounces sold, and lower than expected sustaining capital expenditures. The lower sustaining capital expenditures were mainly a result of timing of expenditures and the majority of expenditures are expected to be caught up by the end of 2026.

As described below in the “Review of Mining Operations and Development Projects” section, the Company is modifying the gold production guidance ranges for each of Fekola, Masbate, Otjikoto, and Goose to reflect year-to-date operating performance and expected results in the second half of 2026. The largest change is related to Fekola Regional, due to delays in the issuance of the Menankoto exploitation permit ("Menankoto Exploitation Permit"). Consolidated gold production for 2026 is now expected to be between 820,000 and 920,000 ounces (previously between 820,000 and 970,000 ounces). Based on the changes in mine-by-
1 “Cash operating costs” a non-IFRS measure; for a description of how we calculate this measure and a reconciliation from this measure to the most directly comparable measure specified, defined or determined under IFRS and presented in our financial statements, refer to “Non-IFRS Measures”.
2 “All-in sustaining costs” is a non-IFRS measure; for a description of how we calculate this measure and a reconciliation from this measure to the most directly comparable measure specified, defined or determined under IFRS and presented in our financial statements, refer to “Non-IFRS Measures”.
2


mine production guidance changes, consolidated cash operating costs guidance remains between $1,155 and $1,280 per gold ounce produced, but consolidated all-in sustaining costs guidance for 2026 is now forecast to be between $2,370 and $2,550 per gold ounce sold (previously between $2,400 and $2,580 per gold ounce sold). The Company expects consolidated all-in sustaining costs will be at or below the low-end of its guidance range.

For the second quarter of 2026, the Company generated net income of $420 million compared to a net income of $161 million in the second quarter of 2025, including net income attributable to the shareholders of the Company of $417 million ($0.31 per share) in the second quarter of 2026 compared to net income attributable to the shareholders of the Company of $154 million ($0.12 per share) in the second quarter of 2025. Adjusted net income attributable to the shareholders of the Company (refer to "Non-IFRS Measures") for the second quarter of 2026 was $41 million ($0.03 per share) compared to adjusted net income of $163 million ($0.12 per share) in the second quarter of 2025. Adjusted net income in the second quarter of 2026 excluded a gain on sale of mining interests of $292 million, unrealized gains on derivative instruments of $135 million, a write-off of plant and equipment of $50 million, a gain on change in fair value of the gold stream obligation of $36 million, other cost of sales of $16 million and a gain on dilution of an investment in associate of $6 million. Included in adjusted net income for the second quarter of 2026 is $71 million of realized losses on the Company's gold collars as described in the “Derivative financial instruments” section. Settlement of the gold collars will be completed in January 2027.

For the first half of 2026, the Company generated net income of $625 million compared to a net income of $223 million in the first half of 2025, including net income attributable to the shareholders of the Company of $617 million ($0.46 per share) in the first half of 2026 compared to net income attributable to the shareholders of the Company of $212 million ($0.16 per share) in the first half of 2025. Adjusted net income attributable to the shareholders of the Company for the first half of 2026 was $301 million ($0.23 per share) compared to adjusted net income of $285 million ($0.22 per share) in the first half of 2025. Adjusted net income in the first half of 2026 excluded a gain on sale of mining interests of $292 million, unrealized gains on derivative instruments of $152 million, a write-off of plant and equipment of $50 million, a gain on dilution of an investment in associate of $30 million, a gain on change in fair value of the gold stream obligation of $17 million and other cost of sales of $16 million. Included in adjusted net income for the second quarter of 2026 is $141 million of realized losses on the Company's gold collars as described in the “Derivative financial instruments” section. Settlement of the gold collars will be completed in January 2027.

Cash flow used by operating activities was $79 million in the second quarter of 2026 compared to cash flow provided by operating activities of $255 million in the second quarter of 2025, a decrease of $334 million as higher gold revenues in second quarter of 2026 were more than offset by higher cash tax payments (including a higher priority dividend paid to the State of Mali), the impact of the Gold Prepay, and higher production costs.

Cash flow provided by operating activities was $461 million in the first half of 2026 compared to $434 million in the first half of 2025, an increase of $27 million due mainly to higher gold revenues partially offset by higher cash tax payments, the impact of the Gold Prepay, and higher production costs in the first half of 2026.

Free cash flow3 for the second quarter of 2026 was an outflow of $258 million compared to an inflow of $12 million in the second quarter of 2025, a decrease of $270 million due to lower cash flow from operating activities in the second quarter of 2026, as noted above, partially offset by lower capital expenditures. Under the Company's definition, free cash flow for the second quarter of 2026 does not include $325 million cash proceeds on the sale of several claims in Northern Finland (the "Finland Properties").

Free cash flow (refer to "Non-IFRS Measures") for the first half of 2026 was an inflow of $104 million compared to an inflow of $5 million in the first half of 2025, an increase of $99 million due to higher cash flow provided by operating activities as noted above as well as lower capital expenditures in the first half of 2026. As noted above, free cash flow for the first half of 2026 does not include $325 million of cash proceeds on sale of the Finland Properties.

B2Gold continues to maintain a strong financial position and liquidity. At June 30, 2026, the Company had cash and cash equivalents of $287 million (December 31, 2025 - $380 million) and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $405 million (December 31, 2025 - $68 million). During the first half of 2026, the Company repaid a net $150 million on its $800 million revolving credit facility ("RCF"), leaving the full $800 million remaining available for future draw downs. Subsequent to June 30, 2026, the Company drew down $95 million under the RCF to fund working capital, predominantly the annual fuel purchase for Goose, which is currently being shipped to the MLA and will be transported down the winter ice road to site in early 2027.

In the first half of 2026, the Company’s Board of Directors ("Board") declared two quarterly cash dividends of $0.02 per common share each (or an expected $0.08 per share on an annualized basis). The declaration and payment of future quarterly dividends remains at the sole discretion of the Board and will depend on the Company's financial results, cash requirements, future prospects and other factors deemed relevant by the Board.

On April 1, 2026, the Company announced that the Toronto Stock Exchange accepted the notice of the Company’s intention to renew its normal course issuer bid ("NCIB"), which became effective on April 3, 2026 and will expire no later than April 2, 2027.
3 “Free cash flow” is a non-IFRS measure; for a description of how we calculate this measure and a reconciliation from this measure to the most directly comparable measure specified, defined or determined under IFRS and presented in our financial statements, refer to “Non-IFRS Measures”.
3


The NCIB allows the Company to purchase up to 10% of its issued and outstanding common shares during the period. During the first half of 2026, the Company repurchased 35 million shares for $172 million under the NCIB.

On April 17, 2026, the Company announced that a fire had occurred in certain areas of the crushing circuit at Goose. No injuries were reported and no medical treatment was required related to the fire. The fire damage was localized to the crushing circuit area. There was no damage or impact to the mill or power facility. A revised processing plan was developed for the second and third quarters of 2026 based on the use of the existing mobile crushers to feed crushed ore directly to the fine ore stockpile while repairs to the crushing circuit related to the fire are completed. An additional mobile crusher and supporting equipment was purchased and transported to site, at an expected final cost of $16 million, to supplement the existing mobile crushers. The Company estimates that repairs will be completed in the third quarter of 2026 at a cost of approximately $13 million, excluding the purchase of the additional mobile crusher.

These repairs will coincide with the first phase of the upgrades to Goose crushing circuit comprised of the previously announced addition of a run-of-mine bin and apron feeder, plus a new larger jaw crusher and rock breaker. The total cost of the first phase of crushing circuit upgrades is expected to be approximately $11 million. B2Gold reiterates its estimate that Goose crushing circuit will be able to operate at an average daily capacity of approximately 3,200 tonnes per day by the end of the third quarter of 2026, as a result of the first phase of upgrades. Additionally, the Company is pursuing a second phase of crushing circuit upgrades that are scheduled to be implemented by the end of the first half of 2027 in order to increase the name-plate capacity of the crushing circuit. The total cost of the second phase of crushing circuit upgrades is expected to be $25 million, within the previously announced estimate of $20 to $30 million. The second phase of crusher upgrades include the installation of larger cone crushers, additional surge bins and feeders to optimize crusher performance, and upgraded conveyors to support higher throughput. Upon completion of the first and second phases of the crusher upgrades noted above, the Company expects crushing capacity will be increased to an average of 4,000 tonnes per day by the end of the first half of 2027.

On April 23, 2026, the Company sold its 70% interest in Fingold Ventures Ltd., which holds the Finland Properties, to Agnico Eagle Mines Limited ("Agnico") in exchange for $325 million in cash. In addition, B2Gold and Agnico have agreed to enter into a collaboration agreement ("Nunavut Collaboration Agreement") related to their respective gold mining operations located in Nunavut, Canada. The Nunavut Collaboration Agreement is expected to establish a framework for the two companies to share operational knowledge and best practices across key areas, including mining and processing operations in arctic environments, logistics and procurement, operational planning, exploration planning, human resources, health and safety and environmental management. The Nunavut Collaboration Agreement is intended to enhance operational effectiveness while supporting responsible mining in Nunavut, reflecting both companies’ shared commitment to continuous improvement, sustainability and constructive engagement and partnership with local communities and stakeholders.

On June 4, 2026, the Company completed the previously announced leadership succession. Mike Cinnamond, Senior Vice President and Chief Financial Officer of the Company, succeeded Clive Johnson as President and Chief Executive Officer. Mr. Cinnamond also replaced Mr. Johnson on the Board of Directors. Michael McDonald, Vice President, Investor Relations, Corporate Development and Treasury, succeeded Mike Cinnamond as Senior Vice President and Chief Financial Officer of the Company, also effective June 4, 2026.
4


REVIEW OF FINANCIAL RESULTS
Selected Quarterly Financial and Operating Results
Three months endedSix months ended
June 30,June 30,
2026202520262025
Gold revenue ($ in thousands)789,354692,2061,948,0091,224,313
Net income ($ in thousands)419,620160,753625,170223,317
Earnings per share – basic(1) ($/ share)
0.310.120.460.16
Earnings per share – diluted(1) ($/ share)
0.290.100.420.14
Cash (used) provided by operating activities ($ thousands)(78,755)255,081460,726433,869
Average realized gold price ($/ ounce)3,7673,2904,0093,104
Adjusted net income(1)(2) ($ in thousands)
40,881162,839300,758284,689
Adjusted earnings per share(1)(2) – basic ($)
0.030.120.230.22
Free cash flow(2) ($ in thousands)
(257,516)11,977104,2845,052
Consolidated operations results:
Gold sold (ounces)209,537210,384485,883394,382
Gold produced including pre-commercial production from Goose (ounces)203,648229,454441,411422,206
Gold produced excluding pre-commercial production from Goose (ounces)203,648228,762441,411421,514
Production costs ($ in thousands)236,211160,363470,049322,357
Cash operating costs(2) ($/ gold ounce sold)
1,127762967817
Cash operating costs(2) ($/ gold ounce produced)
1,2017451,096785
Total cash costs(2) ($/ gold ounce sold)
1,6421,1321,5061,123
All-in sustaining costs(2) ($/ gold ounce sold)
2,3561,5192,1331,525
(1) Attributable to the shareholders of the Company.
(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
Second quarter 2026 and 2025
Revenue

Consolidated gold revenue for the second quarter of 2026 was $0.79 billion on sales of 209,537 ounces at an average price of $3,767 per ounce compared to $0.69 billion on sales of 210,384 ounces at an average price of $3,290 per ounce in the second quarter of 2025. The increase in gold revenue of 14% ($0.10 billion) was attributable to a 14% increase in average realized gold price. Consolidated gold revenue for the second quarter of 2026 included $146 million ($2,205 per ounce sold) related to the delivery of 66,192 ounces under the Company’s Gold Prepay obligations. Revenues received under the Gold Prepay contracts were initially deferred and have been recognized upon delivery of the underlying contract gold ounces. The Company has now delivered all ounces into the Gold Prepay contracts and further ounces remain outstanding.

In the second quarter of 2026, Fekola accounted for $0.52 billion (second quarter of 2025 - $0.38 billion) of gold revenue from the sale of 114,384 ounces (second quarter of 2025 - 115,184 ounces), Goose accounted for $0.08 billion (second quarter of 2025 - $nil) of gold revenue from the sale of 17,426 ounces (second quarter of 2025 - nil), Masbate accounted for $0.24 billion (second quarter of 2025 - $0.13 billion) of gold revenue from the sale of 55,775 ounces (second quarter of 2025 - 39,900 ounces) and Otjikoto accounted for $0.10 billion (second quarter of 2025 - $0.18 billion) of gold revenue from the sale of 21,952 ounces (second quarter of 2025 - 55,300 ounces).

Production and operating costs

For the second quarter of 2026, consolidated gold production was 203,648 ounces, 11% (25,806 ounces) lower compared to the second quarter of 2025. Consolidated gold production in the second quarter of 2026 was relatively in line with expectations. Gold production at Fekola, Masbate and Otjikoto was higher than anticipated, offset by lower than anticipated gold production at Goose as a result of the previously reported fire that occurred in certain areas of the Goose crushing circuit during the quarter.

For the second quarter of 2026, cash operating costs (refer to "Non-IFRS Measures") were $1,201 per gold ounce produced ($1,127 per gold ounce sold), $456 (61%) per gold ounce produced higher than the second quarter of 2025. Cash operating costs per ounce produced for the second quarter of 2026 were lower than anticipated mainly as a result of lower than expected
5


processing costs at Masbate, with Fekola, Otjikoto and Goose relatively in-line with expectations.

Consolidated all-in sustaining costs (refer to "Non-IFRS Measures") for the second quarter of 2026 were $2,356 per gold ounce sold, $837 (55%) per gold ounce sold higher than the second quarter of 2025. Consolidated all-in sustaining costs for the second quarter of 2026 were lower than anticipated as a result of lower than expected production costs, and lower than expected sustaining capital expenditures.

Depreciation and depletion

Depreciation and depletion expense included in total cost of sales was $121 million in the second quarter of 2026, 18% higher than the second quarter of 2025 primarily due to an approximately 18% increase in the depreciation rate per gold ounce sold. Depreciation per gold ounce sold was higher due to the impact of depreciation of Goose which achieved commercial production at the beginning of the fourth quarter of 2025.

Royalties and production taxes

Royalties and production taxes included in total cost of sales were $108 million for the second quarter of 2026 compared to $78 million for the second quarter of 2025. The 39% increase in royalties and production taxes for the second quarter of 2026 was primarily due to a higher average realized gold price.

Other

General and administrative (“G&A”) costs relate primarily to the Company’s head office in Vancouver, the Bamako office in Mali, the Makati office in the Philippines and the Windhoek office in Namibia. G&A for the second quarter of 2026 was $19 million, 18% higher than the second quarter of 2025 due to higher salary costs, and higher bank charges in Mali on cash repatriation.

Share-based payment expense for the second quarter of 2026 was $6 million, a decrease of $2 million over the second quarter of 2025 as a result of lower expenses related to the Company's deferred share unit plan.

The results from the second quarter of 2026 included a gain of $292 million on the sale of the Company's 70% interest in the Finland Properties to Agnico.

During the second quarter of 2026 the Company has recorded an expense of $16 million as Other cost of sales, related to the suspension of crushing operations and non-capital crusher repair activities at the Goose Mine, and a write-off of plant and equipment of $50 million related to the netbook value of components of the crushing circuit at Goose that were damaged by the fire on April 16, 2026, as described above.

The Company reported $9 million in foreign exchange losses for the second quarter of 2026 compared to foreign exchange gains of $13 million in the second quarter of 2025 reflecting the impact of exchange rate movements on VAT receivables and taxes payable balances in Mali and higher losses on cash repatriation from Mali in second quarter of 2026.

For the second quarter of 2026, other operating income totalled $7 million, primarily due to insurance proceeds related to claims in Mali from equipment damage and mining delays in 2024.

The Company reported $15 million in interest and financing expense during the second quarter of 2026 which was approximately $10 million higher than second quarter of 2025 primarily due to less interest capitalized to the construction of qualifying assets in the second quarter of 2026. The Company reported interest income of $4 million in the second quarter of 2026 which was approximately in line with the second quarter of 2025.

The Company recorded gains on derivative instruments of $74 million for the second quarter of 2026 compared to losses of $21 million in the second quarter of 2025. The gains for the second quarter of 2026 primarily consist of unrealized gains of $148 million and realized losses of $71 million on the Company's gold collars.

The Company reported a gain on change in fair value of the gold stream obligation of $36 million for the second quarter of 2026 resulting from decreases in long-term gold price assumptions compared to a loss on change in fair value of the gold stream obligation of $22 million for the second quarter of 2025.

For the second quarter of 2026, the Company recorded a net current income and other tax expense of $180 million, compared to $160 million in the second quarter of 2025, consisting of current income tax of $107 million (second quarter of 2025 - $103 million), the 20% priority dividend to the State of Mali of $30 million (second quarter of 2025 - $23 million), and withholding tax (on intercompany dividends and management fees) of $43 million (second quarter of 2025 - $34 million). The priority dividend is accounted for as an income tax in accordance with IAS 12, Income Taxes. Compared to the second quarter of 2025, current tax expense in the second quarter of 2026 (including the priority dividend and withholding taxes) was $20 million higher mainly as a result of higher taxable net income in the second quarter of 2026 at the Company's mining operations, which also resulted in higher intercompany dividends. For the second quarter of 2026, the Company recorded a deferred income tax expense of $28
6


million compared to a deferred income tax recovery of $35 million in the second quarter of 2025. The higher deferred income tax expense in the second quarter of 2026 was due to higher foreign exchange impacts and higher temporary differences between accounting and taxable income.

For the second quarter of 2026, the Company generated net income of $420 million compared to $161 million in the second quarter of 2025, including net income attributable to the shareholders of the Company of $417 million ($0.31 per share) in the second quarter of 2026 compared to $154 million ($0.12 per share) in the second quarter of 2025. Adjusted net income attributable to the shareholders of the Company (refer to "Non-IFRS Measures") for the second quarter of 2026 was $41 million ($0.03 per share) compared to adjusted net income of $163 million ($0.12 per share) in the second quarter of 2025. Adjusted net income in the second quarter of 2026 excluded a gain on sale of mining interests of $292 million, unrealized gains on derivative instruments of $135 million, a write-off of plant and equipment of $50 million, a gain on change in fair value of the gold stream obligation of $36 million, other cost of sales of $16 million and a gain on dilution of an investment in associate of $6 million. Included in adjusted net income for the second quarter of 2026 is $71 million of realized losses on the Company's gold collars as described in the “Derivative financial instruments” section. Settlement of the gold collars will be completed in January 2027.

Cash flow used by operating activities was $79 million in the second quarter of 2026 compared to cash flow provided by operating activities of $255 million in the second quarter of 2025, a decrease of $334 million as higher gold revenues were more than offset by higher cash tax payments (including a higher priority dividend paid to the State of Mali), the impact of the Gold Prepay, and higher production costs in second quarter of 2026.

Cash income tax and withholding tax payments in the second quarter of 2026 totalled $262 million (second quarter of 2025 - $115 million). Cash income tax and withholding tax payments in the second quarter of 2026 were 128% higher due to the payment of higher final 2025 tax obligations (due to higher 2025 taxable net income) for Masbate and Fekola, including the 20% priority dividend to the State of Mali, in the second quarter of 2026.
First half 2026 and 2025
Revenue

Consolidated gold revenue for the first half of 2026 was $1.95 billion on sales of 485,883 ounces at an average price of $4,009 per ounce compared to $1.22 billion on sales of 394,382 ounces at an average price of $3,104 per ounce in the first half of 2025. The increase in gold revenue of 59% ($0.72 billion) was attributable to a 29% increase in average realized gold price and a 23% increase in gold ounces sold due to higher production (including production from Goose) and a draw down of year-end inventory at Fekola. Consolidated gold revenue for the first half of 2026 included $291 million ($2,200 per ounce sold) related to the delivery of 132,384 ounces under the Company’s Gold Prepay obligations. Revenues received under the Gold Prepay contracts were initially deferred and have been recognized upon delivery of the underlying contract gold ounces. The Company has now delivered all ounces into the Gold Prepay contracts and further ounces remain outstanding.

In the first half of 2026, Fekola accounted for $1.25 billion (first half of 2025 - $0.63 billion) of gold revenue from the sale of 266,740 ounces (first half of 2025 - 202,992 ounces), Goose accounted for $0.30 billion (first half of 2025 - $nil) of gold revenue from the sale of 61,871 ounces (first half of 2025 - nil), Masbate accounted for $0.47 billion (first half of 2025 - $0.26 billion) of gold revenue from the sale of 102,701 ounces (first half of 2025 - 84,350 ounces) and Otjikoto accounted for $0.25 billion (first half of 2025 - $0.33 billion) of gold revenue from the sale of 54,571 ounces (first half of 2025 - 107,040 ounces).

Production and operating costs

For the first half of 2026, consolidated gold production was 441,411 ounces, 5% (19,205 ounces) higher compared to the first half of 2025. Consolidated gold production in the first half of 2026 was higher than anticipated. Gold production at Fekola, Masbate and Otjikoto exceeded expectations, offset by lower than anticipated gold production at Goose as a result of the fire in certain areas of the Goose crushing circuit described above.

For the first half of 2026, consolidated cash operating costs (refer to "Non-IFRS Measures") were $1,096 per gold ounce produced ($967 per gold ounce sold), $311 (40%) per gold ounce produced higher than the first half of 2025. Cash operating costs per ounce produced for the first half of 2026 were lower than anticipated mainly as a result of higher than expected consolidated production.

Consolidated all-in sustaining costs (refer to "Non-IFRS Measures") for the first half of 2026 were $2,133 per gold ounce sold, $608 (40%) per gold ounce sold higher than the first half of 2025. Consolidated all-in sustaining costs for the first half of 2026 were lower than anticipated as a result of lower than expected production costs, higher than expected gold ounces sold, and lower than expected sustaining capital expenditures. The lower sustaining capital expenditures were mainly a result of timing of expenditures and the majority of expenditures are expected to be caught up by the end of 2026.

Depreciation and depletion

Depreciation and depletion expense included in total cost of sales was $282 million in the first half of 2026, 47% higher than the first half of 2025 due to 23% higher gold ounces sold in the first half of 2026, and an approximately 19% increase in the
7


depreciation rate per gold ounce sold. Depreciation per gold ounce sold was higher due to the impact of depreciation of Goose which achieved commercial production at the beginning of the fourth quarter of 2025.

Royalties and production taxes

Royalties and production taxes included in total cost of sales were $262 million for the first half of 2026 compared to $121 million for the first half of 2025. The 117% increase in royalties and production taxes in the first half of 2026 was due to the increase in the average realized gold price, higher ounces sold at Fekola, and higher revenue-based production taxes and State of Mali funds applicable to Fekola, which became effective in March 2025.

Other

G&A costs relate primarily to the Company’s head office in Vancouver, the Bamako office in Mali, the Makati office in the Philippines and the Windhoek office in Namibia. G&A for the first half of 2026 was $35 million, 28% higher than the first half of 2025 due to higher salary costs and higher bank charges in Mali on cash repatriation.

Share-based payment expense for the first half of 2026 was $14 million, in line with the first half of 2025.

The results from the first half of 2026 included a gain of $292 million on the sale of the Company's 70% interest in the Finland Properties to Agnico.

During the first half of 2026 the Company has recorded an expense of $16 million as Other cost of sales, related to the suspension of crushing operations and non-capital crusher repair activities at the Goose Mine, and a write-off of plant and equipment of $50 million related to the netbook value of components of the crushing circuit at Goose that were damaged by the fire on April 16, 2026, as described above.

The Company reported $19 million in foreign exchange losses for the first half of 2026 compared to foreign exchange gains of $20 million in the first half of 2025 reflecting the impact of exchange rate movements on VAT receivable and taxes payable balances in Mali, and higher losses on cash repatriation from Mali in the first half of 2026.

For the first half of 2026, other operating expenses totalled $1 million, as insurance proceeds related to claims in Mali were offset by non-capital exploration and other non-recurring expenses.

The Company reported $34 million in interest and financing expense during the first half of 2026, approximately $23 million higher than first half of 2025 primarily due to less interest capitalized to the construction of qualifying assets in the first half of 2026. The Company reported interest income of $7 million in the first half of 2026 which was approximately in line with the first half of 2025.

The Company recorded gains on derivative instruments of $20 million for the first half of 2026 compared to losses of $64 million in the first half of 2025. The gains for the first half of 2026 primarily consist of unrealised gains of $140 million and realised losses of $141 million on the Company's gold collars partially offset by an unrealized gain of $12 million and a realised gain of $9 million on the Company's fuel derivatives.

The Company reported a gain on change in fair value of the gold stream obligation of $17 million for the first half of 2026 resulting from decreases in long-term gold price assumptions compared to a loss on change in fair value of the gold stream obligation of $52 million for the first half of 2025.

For the first half of 2026, the Company recorded a net current income and other tax expense of $394 million, compared to $246 million in the first half of 2025, consisting of current income tax of $266 million (first half of 2025 - $172 million), the 20% priority dividend to the State of Mali of $81 million (first half of 2025 - $36 million), and withholding tax (on intercompany dividends and management fees) of $47 million (first half of 2025 - $38 million). The priority dividend is accounted for as an income tax in accordance with IAS 12, Income Taxes. Compared to the first half of 2025, current income tax expense in the first half of 2026 (including the priority dividend and withholding taxes) was $148 million higher than the first half of 2026 due to higher taxable net income at the Company's mining operations which also resulted in higher intercompany dividends. For the first half of 2026, the Company recorded a deferred income tax expense of $110 million compared to a deferred income tax recovery of $50 million in the first half of 2025. The higher deferred income tax expense in the first half of 2026 was due to higher temporary differences between accounting and taxable income, higher foreign exchange impacts and higher future withholding tax estimates.

For the first half of 2026, the Company generated net income of $625 million compared to $223 million in the first half of 2025, including net income attributable to the shareholders of the Company of $617 million ($0.46 per share) in the first half of 2026 compared to $212 million ($0.16 per share) in the first half of 2025. Adjusted net income attributable to the shareholders of the Company (refer to "Non-IFRS Measures") for the first half of 2026 was $301 million ($0.23 per share) compared to adjusted net income of $285 million ($0.22 per share) in the first half of 2025. Adjusted net income in the first half of 2026 excluded a gain on sale of mining interests of $292 million, unrealized gains on derivative instruments of $152 million, a write-off of plant and equipment of $50 million, a gain on dilution of an investment in associate of $30 million, a gain on change in fair value of the gold
8


stream obligation of $17 million and other cost of sales of $16 million. Included in adjusted net income for the second quarter of 2026 is $141 million of realized losses on the Company's gold collars as described in the “Derivative financial instruments” section. Settlement of the gold collars will be completed in January 2027.

Cash flow provided by operating activities was $461 million in the first half of 2026 compared to cash flow provided by operating activities of $434 million in the first half of 2025, an increase of $27 million due mainly to higher gold revenues offset by higher cash tax payments (including a higher priority dividend paid to the State of Mali), the impact of the Gold Prepay, and higher production costs in the first half of 2026.

Cash income tax and withholding tax payments in the first half of 2026 totalled $293 million (first half of 2025 - $170 million). Cash income tax and withholding tax payments in the first half of 2026 were 72% higher due to the payment of higher final 2025 tax obligations (due to higher 2025 taxable net income) for Masbate and Fekola, including the 20% priority dividend to the State of Mali, in the first half of 2026.

Assuming an average gold price of $4,000 per ounce for the second half of 2026, total cash payments for current income tax, withholding and other taxes in 2026 are expected to be approximately $620 million, including estimated withholding taxes of $150 million on repatriation of funds through dividends from operating sites.
REVIEW OF MINING OPERATIONS AND DEVELOPMENT PROJECTS
Fekola Complex - Mali
Three months endedSix months ended
June 30,June 30,
2026202520262025
Gold revenue ($ in thousands)518,048377,3161,252,898631,983
Gold sold (ounces)114,384115,184266,740202,992
Average realized gold price ($/ ounce)4,5293,2764,6973,113
Tonnes of ore milled2,362,4562,341,7184,909,4044,788,389
Grade (grams/ tonne)1.671.841.621.57
Recovery (%)91.891.291.791.1
Gold production (ounces)116,281126,361233,731220,166
Production costs ($ in thousands)129,21296,121240,215185,146
Cash operating costs(1) ($/ gold ounce sold)
1,130834901912
Cash operating costs(1) ($/ gold ounce produced)
1,1857981,066870
Total cash costs(1) ($/ gold ounce sold)
1,9201,3691,7311,361
All-in sustaining costs(1) ($/ gold ounce sold)
2,2891,7212,0981,815
Capital expenditures ($ in thousands)39,56753,37986,652117,382
Exploration ($ in thousands)————
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.

Fekola is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal open pits and Fekola underground), owned 80% by B2Gold and 20% by the State of Mali, and Fekola Regional (comprised of the consolidated Menankoto permit and the Dandoko permit), which will be owned 65% by B2Gold and 35% by the State of Mali. Fekola Regional is located approximately 20 kilometers ("km") from Fekola.

For the second quarter of 2026, production from Fekola was 116,281 ounces of gold, 8% (10,080 ounces) lower than the second quarter of 2025. Gold production in the second quarter of 2026 was higher than anticipated due to higher mill throughput and higher mill feed grade.

For the first half of 2026, production from Fekola was 233,731 ounces of gold, 6% (13,565 ounces) higher than the first half of 2025. Gold production in the first half of 2026 was higher than anticipated due to higher mill throughput. Gold ounces sold for the first half of 2026 were significantly higher than production due to the timing of refinery shipments and the draw down of 2025 year-end gold inventory levels.

Cash operating costs (refer to “Non-IFRS Measures”) for the second quarter of 2026 were $1,185 per ounce produced ($1,130 per gold ounce sold) compared to $798 per ounce produced for the second quarter of 2025. Cash operating costs per ounce produced for the second quarter of 2026 were in line with expectations as higher than expected gold production was offset by
9


higher than expected mining costs due to accelerated mining of the Fekola Pit as a result of delays in receiving the Menankoto Exploitation Permit.

Cash operating costs for the first half of 2026 were $1,066 per ounce produced ($901 per gold ounce sold) compared to $870 per ounce produced for the first half of 2025. Cash operating costs per ounce produced for the first half of 2026 were in line with expectations as higher than expected gold production was offset by higher than expected mining costs resulting from accelerated mining at the Fekola Mine.

All-in sustaining costs (refer to “Non-IFRS Measures”) for the second quarter of 2026 were $2,289 per gold ounce sold compared to $1,721 per gold ounce sold in the second quarter of 2025. All-in sustaining costs for the second quarter of 2026 were lower than anticipated due to higher than expected gold ounces sold, lower than expected sustaining capital expenditures, and a slightly lower than expected royalties expense per ounce sold due to a lower than expected realized gold price.

All-in sustaining costs for the first half of 2026 were $2,098 per gold ounce sold compared to $1,815 per gold ounce sold in the first half of 2025. All-in sustaining costs for the first half of 2026 were lower than anticipated due to the same reasons outlined for the second quarter above. Lower than expected sustaining capital expenditures for the first half of 2026 were mainly a result of timing of expenditures and are expected to be incurred later in 2026.

Capital expenditures for the Fekola Mine in the second quarter of 2026 totalled $40 million primarily consisting of $19 million for deferred stripping, $12 million for major rebuilds of mobile equipment, $3 million for Fekola underground development and $3 million for general site projects. Capital expenditures for Fekola Regional in the second quarter of 2026 totalled $28 million, primarily related to $17 million of mobile equipment purchases and $11 million of other site preparation projects.

Capital expenditures for the Fekola Mine in the first half of 2026 totalled $87 million primarily consisting of $44 million for deferred stripping, $21 million for major rebuilds of mobile equipment, $8 million for Fekola underground development, $6 million for general site projects and $3 million related to power plant rebuilds. Capital expenditures for Fekola Regional in the first half of 2026 totalled $44 million, primarily related to $28 million mobile equipment purchases and $16 million of site preparation projects.

The Fekola Complex is now expected to produce between 390,000 and 420,000 ounces of gold in 2026 (previously between 410,000 and 460,000 ounces). The reduction in gold production guidance for the Fekola Complex reflects higher than anticipated gold production from the Fekola Mine in the first half of 2026, offset by lower anticipated gold production from Fekola Regional in the second half of 2026 based on delays in the issuance of the Menankoto Exploitation Permit.

Cash operating costs guidance of between $1,060 and $1,160 per gold ounce produced and all-in sustaining costs guidance of between $2,670 and $2,820 per gold ounce sold remain unchanged for 2026. The Company expects to be at or below the low end of the all-in sustaining costs guidance range for the Fekola Complex.

All-in sustaining costs guidance for the Fekola Complex was based on an assumed realised gold price of $5,000 per ounce for 2026, resulting in total budgeted royalties and production taxes of approximately $410 million or approximately $910 per ounce sold. Each $100 per ounce change in the gold price is expected to impact Fekola all-in sustaining costs by approximately $23 per ounce.

During the week of July 27, 2026, B2Gold senior executives completed productive meetings with key government officials of the State of Mali, who have confirmed all the required steps to finalize approval of the Menankoto Exploitation Permit have been completed. The permit is now awaiting approval by the Council of Ministers of Mali, which the Company anticipates will occur in the near future. Upon issuance of the Menankoto Exploitation Permit, mining pre-stripping activities will commence. Fekola Regional is expected to ramp up operations through the end of 2027, and produce in excess of 150,000 ounces of gold per year from 2028 through the mid-2030’s.
10


Goose Mine - Canada
Three months endedSix months ended
June 30,June 30,
2026202520262025
Gold revenue ($ in thousands)77,696—297,223—
Gold sold (ounces)17,426—61,871—
Average realized gold price ($/ ounce)4,459—4,804—
Tonnes of ore milled72,3349,206252,5189,206
Grade (grams/ tonne)5.872.747.332.74
Recovery (%)93.985.393.685.3
Gold production (ounces)12,89069255,766692
Production costs ($ in thousands)38,107—102,385—
Cash operating costs(1) ($/ gold ounce sold)
2,187—1,655—
Cash operating costs(1) ($/ gold ounce produced)
2,935—1,949—
Total cash costs(1) ($/ gold ounce sold)
2,287—1,750—
All-in sustaining costs(1) ($/ gold ounce sold)
6,390—3,815—
Capital expenditures ($ in thousands)67,604—138,279—
Exploration ($ in thousands)3,345—9,763—
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.

The Back River Gold District in Canada consists of several mineral claims blocks along an 80 km belt and contains the most advanced project in the district, the 100% owned Goose Mine.

B2Gold acknowledges our partner the Kitikmeot Inuit Association (“KIA”), who has played a critical role for many years to ensure the development of a successful gold mining operation at Goose. Respect and collaboration with the KIA is central to the license to operate in the Back River Gold District and the Company will continue to prioritize developing the District in a manner that recognizes Inuit priorities, addresses concerns and brings long-term socio-economic benefits to the Kitikmeot Region. B2Gold looks forward to continuing to build on its strong collaboration with the KIA and Kitikmeot communities. With its significant gold resource endowment, the Back River Gold District is expected to be a large, long life mining complex.

On April 17, 2026, the Company announced that a fire had occurred in certain areas of the crushing circuit at Goose. No injuries were reported and no medical treatment was required related to the fire. The fire damage was localized to the crushing circuit area. There was no damage or impact to the mill or power facility. A revised processing plan was developed for the second and third quarters of 2026 based on the use of the existing mobile crushers to feed crushed ore directly to the fine ore stockpile while repairs to the crushing circuit related to the fire are completed. An additional mobile crusher and supporting equipment was purchased and transported to site, at an expected final cost of $16 million, to supplement the existing mobile crushers. The Company estimates that repairs will be completed in the third quarter of 2026 at a cost of approximately $13 million, excluding the purchase of the additional mobile crusher.

These repairs will coincide with the first phase of the upgrades to Goose crushing circuit comprised of the previously announced addition of a run-of-mine bin and apron feeder, plus a new larger jaw crusher and rock breaker. The total cost of the first phase of crushing circuit upgrades is expected to be approximately $11 million. B2Gold reiterates its estimate that Goose crushing circuit will be able to operate at an average daily capacity of approximately 3,200 tonnes per day by the end of the third quarter of 2026, as a result of the first phase of upgrades. Additionally, the Company is pursuing a second phase of crushing circuit upgrades that are scheduled to be implemented by the end of the first half of 2027 in order to increase the name-plate capacity of the crushing circuit. The total cost of the second phase of crushing circuit upgrades is expected to be $25 million, within the previously announced estimate of $20 to $30 million. The second phase of crusher upgrades include the installation of larger cone crushers, additional surge bins and feeders to optimize crusher performance, and upgraded conveyors to support higher throughput. Upon completion of the first and second phases of the crusher upgrades noted above, the Company expects crushing capacity will be increased to an average of 4,000 tonnes per day by the end of the first half of 2027.

The additional mobile crusher that was transported to site in July 2026, as described above, is anticipated to be operational in early August 2026. Based on anticipated design rates of the new mobile crusher, combined with the existing mobile crushers currently in operation at site, B2Gold believes mobile crushing capacity will be in excess of 3,000 tonnes per day beginning in early August 2026.

11


For the second quarter of 2026, production from Goose was 12,890 ounces of gold. Gold production in the second quarter was lower than anticipated primarily due to lower than expected mill throughput as a result of the previously announced fire in the crushing circuit, partially offset by higher than expected mill feed grade.

For the first half of 2026, production from Goose was 55,766 ounces of gold. Gold production in the first half of 2026 was lower than anticipated for the same reasons as the second quarter, noted above.

Cash operating costs (refer to “Non-IFRS Measures”) for the second quarter of 2026 were $2,935 per gold ounce produced ($2,187 per gold ounce sold). Cash operating costs per ounce produced for the second quarter of 2026 were approximately in line with expectations.

Cash operating costs (refer to “Non-IFRS Measures”) for the first half of 2026 were $1,949 per gold ounce produced ($1,655 per gold ounce sold). Cash operating costs per ounce produced for the first half of 2026 were lower than anticipated due to lower than expected underground mining costs during the first half of 2026.

All-in sustaining costs (refer to “Non-IFRS Measures”) for the second quarter of 2026 were $6,390 per gold ounce sold. All-in sustaining costs for the second quarter of 2026 were higher than anticipated as a result of lower than expected gold ounces sold and higher than expected sustaining capital expenditures. Gold ounces sold were lower than expected as a result of lower production, as noted above. Sustaining capital expenditures were higher than anticipated as a result of expected catch-up on costs not incurred in the first quarter of 2026.

All-in sustaining costs for the first half of 2026 were $3,815 per gold ounce sold. All-in sustaining costs for the first half of 2026 were lower than anticipated as lower than expected gold ounces sold were offset by lower than expected production costs and lower than expected capital expenditures in the first half of 2026.

Capital expenditures in the second quarter of 2026 totalled $68 million primarily consisting of $26 million for site infrastructure and civil projects, $18 million for deferred stripping, $9 million for Umwelt underground development, and $9 million for mobile equipment purchases.

Capital expenditures in the first half of 2026 totalled $138 million primarily consisting of $23 million for rollover site construction activities from 2025, $35 million for deferred stripping, $19 million for Umwelt underground development, $40 million for site infrastructure and civil projects, and $13 million for mobile equipment purchases.

The Company is narrowing the gold production guidance range for Goose based on actual gold production results in the first half of 2026, combined with gold production estimates for the second half of 2026. Goose is now expected to produce between 170,000 and 200,000 ounces of gold in 2026 (previously between 170,000 and 230,000 ounces).

Cash operating costs guidance of between $1,610 and $1,810 per gold ounce produced and all-in sustaining costs guidance of between $2,670 and $2,970 per gold ounce sold remain unchanged for 2026.

Masbate Mine – Philippines
Three months endedSix months ended
June 30,June 30,
2026202520262025
Gold revenue ($ in thousands)244,777132,698474,103262,091
Gold sold (ounces)55,77539,900102,70184,350
Average realized gold price ($/ ounce)4,3893,3264,6163,107
Tonnes of ore milled2,187,9872,191,5994,477,9344,469,631
Grade (grams/ tonne)0.920.930.950.88
Recovery (%)78.277.877.377.1
Gold production (ounces)51,03950,738103,94797,107
Production costs ($ in thousands)45,18734,46874,30272,484
Cash operating costs(1) ($/ gold ounce sold)
810864723859
Cash operating costs(1) ($/ gold ounce produced)
804801729816
Total cash costs(1) ($/ gold ounce sold)
1,0241,0869591,052
All-in sustaining costs(1) ($/ gold ounce sold)
1,2361,4971,2441,344
Capital expenditures ($ in thousands)14,87917,49930,79825,232
Exploration ($ in thousands)8935311,301951
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.

12


Masbate, in the Philippines, continued its strong performance in the second quarter of 2026 with gold production of 51,039 ounces, in line with the second quarter of 2025. Gold production in the second quarter of 2026 was higher than anticipated primarily as a result of higher mill throughput and gold recoveries.

For the first half of 2026, production from Masbate was 103,947 ounces of gold, 7% (6,840 ounces) higher than the first half of 2025. Gold production in the first half of 2026 was higher than anticipated as a result of higher gold grade due to favourable grade variance in ore mined from the Main Vein and Blue Quartz pits in the first quarter of 2026.

Cash operating costs (refer to “Non-IFRS Measures”) for the second quarter of 2026 were $804 per ounce produced ($810 per gold ounce sold) compared to $801 per ounce produced for the second quarter of 2025. Cash operating costs per ounce produced for the second quarter of 2026 were lower than anticipated as a result of higher than expected gold production as well as lower operating costs due primarily to lower than expected processing costs.

Cash operating costs (refer to “Non-IFRS Measures”) for the first half of 2026 were $729 per ounce produced ($723 per gold ounce sold) compared $816 per ounce produced for the first half of 2025. Cash operating costs per ounce produced for the first half of 2026 were lower than anticipated for the same reasons as outlined for the second quarter above.

All-in sustaining costs (refer to “Non-IFRS Measures”) for the second quarter of 2026 were $1,236 per gold ounce sold compared to $1,497 per gold ounce sold in the second quarter of 2025. All-in sustaining costs for the second quarter of 2026 were lower than anticipated primarily as a result of lower than expected production costs.

All-in sustaining costs (refer to “Non-IFRS Measures”) for the first half of 2026 were $1,244 per gold ounce sold compared to $1,344 per gold ounce sold in the first half of 2025. All-in sustaining costs for the first half of 2026 were lower than anticipated for the same reasons as outlined for the second quarter above.

Capital expenditures in the second quarter of 2026 totalled $15 million, primarily consisting of $3 million for the solar plant, $3 million for major overhauls in the mill, $2 million in mobile equipment purchases and major rebuilds, $2 million for mine development and $2 million for tailings storage facility construction projects.

Capital expenditures in the first half of 2026 totalled $31 million, primarily consisting of $11 million in mobile equipment purchases and major rebuilds, $5 million for the solar plant, $4 million for tailings storage facility construction projects, $4 million for major overhauls in the mill, $3 million for prestripping and $3 million for mine development.

Masbate is now expected to produce between 180,000 and 200,000 ounces of gold in 2026 (previously between 170,000 and 190,000 ounces). The increase in gold production guidance for Masbate reflects higher than anticipated gold production in the first half of 2026, with strong operating results expected to continue through year-end.

Cash operating costs guidance of between $900 and $1,000 per gold ounce produced and all-in sustaining costs guidance of between $1,430 and $1,580 per ounce sold remain unchanged for 2026. The Company expects to be at or below the low end of the all-in sustaining costs guidance range for Masbate.

13


Otjikoto Mine - Namibia
Three months endedSix months ended
June 30,June 30,
2026202520262025
Gold revenue ($ in thousands)96,704182,192251,806330,239
Gold sold (ounces)21,95255,30054,571107,040
Average realized gold price ($/ ounce)4,4053,2954,6143,085
Tonnes of ore milled859,828883,0041,596,3941,726,061
Grade (grams/ tonne)0.871.840.961.90
Recovery (%)97.798.797.998.8
Gold production (ounces)23,43851,66347,967104,241
Production costs ($ in thousands)23,70529,77453,14764,727
Cash operating costs(1) ($/ gold ounce sold)
1,080538974605
Cash operating costs(1) ($/ gold ounce produced)
1,1905601,040577
Total cash costs(1) ($/ gold ounce sold)
1,2556701,159728
All-in sustaining costs(1) ($/ gold ounce sold)
1,4808251,389869
Capital expenditures ($ in thousands)7,6764,70914,8898,316
Exploration ($ in thousands)1,3032,3822,5984,213
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.

Otjikoto in Namibia, in which the Company holds a 90% interest, produced 23,438 ounces of gold in the second quarter of 2026, 55% (28,225 ounces) lower than the second quarter of 2025. Higher than anticipated production in the second quarter of 2026 was primarily due to higher than expected average mill feed grade as a result of greater ore volumes than expected from higher grade underground sources.

For the first half of 2026, Otjikoto produced 47,967 ounces of gold, 54% (56,274 ounces) lower than the first half of 2025. Higher than anticipated production in the first half of 2026 was primarily due to higher than expected mill feed grade partially offset by slightly lower than expected mill throughput due to mill repairs in the period.

Cash operating costs (refer to “Non-IFRS Measures”) for the second quarter of 2026 were $1,190 per gold ounce produced ($1,080 per ounce gold sold), compared to $560 per ounce produced for the second quarter of 2025. Cash operating costs per ounce produced for the second quarter of 2026 were lower than anticipated as a result of higher than expected gold production partially offset by higher than expected underground mining costs.

Cash operating costs (refer to “Non-IFRS Measures”) for the first half of 2026 were $1,040 per gold ounce produced ($974 per ounce gold sold), compared to $577 per ounce produced for the first half of 2025. Cash operating costs per ounce produced for the first half of 2026 were lower than anticipated as a result of higher than expected gold production.

All-in sustaining costs (refer to “Non-IFRS Measures”) for the second quarter of 2026 were $1,480 per gold ounce sold, compared to $825 per ounce sold in the second quarter of 2025. All-in sustaining costs per ounce sold for the second quarter of 2026 were lower than anticipated as a result of lower than expected cash operating costs per ounce sold and lower than expected sustaining capital expenditures.

All-in sustaining costs (refer to “Non-IFRS Measures”) for the first half of 2026 were $1,389 per gold ounce sold, compared to $869 per ounce sold in the first half of 2025. All-in sustaining costs per ounce sold for the first half of 2026 were lower than anticipated as a result of lower than expected cash operating costs per ounce sold and lower than expected sustaining capital expenditures.

Capital expenditures for the second quarter of 2026 totalled $8 million, consisting mainly of $5 million for Antelope development and $2 million for Wolfshag underground development.

Capital expenditures for the first half of 2026 totalled $15 million, consisting mainly of $9 million for Antelope development and $5 million for Wolfshag underground development.

Otjikoto is now expected to produce between 80,000 and 100,000 ounces of gold in 2026 (previously between 70,000 and 90,000 ounces). The increase in gold production guidance for Otjikoto reflects higher than anticipated gold production in the first half of 2026, with strong operating results expected to continue through year-end.

14


Cash operating costs guidance of between $1,200 and $1,300 per ounce produced and all-in sustaining costs guidance of between $1,830 and $1,980 per ounce sold remain unchanged for 2026. The Company expects to be at or below the low end of the all-in sustaining cost guidance range for Otjikoto.

Gramalote Project - Colombia

Gramalote is located in central Colombia, approximately 230 km northwest of Bogota and 100 km northeast of Medellin, in the Province of Antioquia, which has expressed a positive attitude towards the development of responsible mining projects in the region. Following consolidation of ownership in 2023, B2Gold completed a detailed review of Gramalote, including the higher-grade core of the resource, facility size and location, power supply, mining and processing options, tailings design, resettlement, potential construction sequencing and camp design to identify potential cost savings to develop a medium-scale project.

Due to the desired modifications to the processing plant and infrastructure locations from those previously approved, a Modified Work Plan and Modified Environment Impact Assessment ("EIA") are required. The Modified Work Plan was submitted in December 2025 and the Modified EIA was submitted in March 2026, with completion of the modification process expected to take approximately twelve months. In conjunction with these permit modifications, resettlement construction is underway and the Company expects to complete a significant portion of its resettlement objectives by the end of 2026, in accordance with its existing resettlement plan. Assessment and optimization of Gramalote remains ongoing.

Gramalote has a budget of $61 million for 2026 to continue to de-risk the project, including $35 million to advance resettlement programs, establish coexistence programs for small miners, work on health, safety and environmental projects and continue to work with the government and local communities on social programs. To date, $17 million has been incurred primarily related to the Modified Work Plan, submission of the Modified EIA, construction of resettlement roads, homes and community areas including a school and athletic facility, as well as ongoing site activities.
LIQUIDITY AND CAPITAL RESOURCES
B2Gold continues to maintain a strong financial position and liquidity. At June 30, 2026, the Company had cash and cash equivalents of $287 million (December 31, 2025 - $380 million) and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $405 million (December 31, 2025 - $68 million). During the first half of 2026, the Company repaid a net $150 million on the Company's $800 million RCF, leaving the entire $800 million remaining available for future draw downs. Subsequent to June 30, 2026, the Company drew down $95 million under the RCF to fund working capital, predominantly the annual fuel purchase for Goose, which is currently being shipped to the MLA and will be transported down the winter ice road to site in early 2027.

In January 2024, B2Gold entered into a series of Gold Prepay contracts with a number of its existing lenders. The Company received an upfront payment of $500 million, based on gold forward curve prices averaging approximately $2,191 per ounce, in exchange for equal monthly deliveries of gold from July 2025 to June 2026 totaling 264,768 ounces. At June 30, 2026, the Company had delivered all 264,768 ounces into the Gold Prepay contracts.

The Company has an RCF with a syndicate of international banks for an aggregate amount of $800 million, plus a $200 million accordion feature. Draw-downs on the RCF can be in either United States or Canadian dollars. The RCF bears interest on a sliding scale based on the Secured Overnight Financing Rate (“SOFR”) or the Canadian Overnight Repo Rate Average ("CORRA"), plus term credit spread adjustment, in addition to a sliding scale premium between 1.88% to 2.50% based on the Company's net leverage ratio. Commitment fees for the undrawn portion of the RCF are also on a sliding scale basis, between 0.42% and 0.563%, based on the Company's net leverage ratio. The term of the RCF is four years, maturing on December 17, 2028. The Company has provided security on the RCF in the form of a general security interest over the Company’s assets and pledges creating a charge over the shares of certain of the Company’s direct and indirect subsidiaries. In connection with the RCF, the Company must maintain certain ratios for leverage and interest coverage. At June 30, 2026, the Company was in compliance with these debt covenants.

On January 28, 2025, the Company issued convertible senior unsecured notes (the "Notes") with an aggregate principal amount of $460 million. The Notes bear interest at a rate of 2.75% per annum, payable semi-annually on February 1st and August 1st of each year commencing from August 1, 2025. The Notes mature on February 1, 2030. The initial conversion rate for the Notes is 315.2088 Shares per $1,000 principal amount of Notes, equivalent to an initial conversion price of approximately $3.17 per Share. The initial conversion rate represented a premium of approximately 35% relative to closing sale price of the Shares on January 23, 2025 and is subject to adjustment in certain events, including redemption of the Notes by the Company. B2Gold has the right to redeem the Notes in certain circumstances and holders have the right to require B2Gold to repurchase their Notes upon the occurrence of certain events. The Notes are our senior unsecured obligations and rank equally with all of our existing and future senior unsecured indebtedness. The Notes are effectively subordinated to all of the Company's existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The Notes are structurally subordinated to all existing and future liabilities, including trade payables, of the Company's subsidiaries.

15


The Company has a gold stream arrangement with Wheaton Precious Metals Corp. with a deposit amount of $84 million. The delivery obligation is as follows:

•2.7805% of gold production up to delivery of 87,100 oz;
•1.4405% of gold production up to an aggregate of 134,000 oz; and
•1.005% of gold production thereafter.

The Company has guaranteed any remaining portion of the gold stream deposit amount not satisfied by delivery of ounces.

For the second quarter of 2026, capital expenditures totalled $179 million. The most significant capital expenditures were Fekola Mine expenditures of $40 million, Goose expenditures of $68 million, Masbate expenditures of $15 million, Otjikoto expenditures of $8 million, Gramalote expenditures of $8 million, and Fekola Regional expenditures of $28 million. Other exploration costs for the first half of 2026 totalled $13 million. For the first half of 2026, capital expenditures totalled $356 million. The most significant capital expenditures were Fekola Mine expenditures of $87 million, Goose expenditures of $138 million, Masbate expenditures of $31 million, Otjikoto expenditures of $15 million, Gramalote expenditures of $17 million, and Fekola Regional expenditures of $44 million. Other exploration costs for the first half of 2026 totalled $24 million.

As at June 30, 2026, the Company had the following commitments (in addition to those disclosed elsewhere in the MD&A):

•For payments at the Fekola Mine of $17 million for mobile equipment purchases and major rebuilds, and $2 million for other capital expenditures, of which $18 million expected to be incurred in 2026 and $1 million expected to be incurred in 2027 .
•For payments at the Goose Mine of $11 million for the purchase and assembly of a mobile crusher and supporting equipment, $6 million for mobile equipment purchases, $6 million related to site infrastructure and civil projects, and $4 million for crushing circuit upgrades, all of which expected to be incurred in 2026.
•For payments at the Masbate Mine of $4 million related to mobile equipment purchases, all of which is expected to be incurred in 2026.
•For payments of $35 million at the Otjikoto Mine for the development of the Antelope project, of which $9 million expected to be incurred in 2026, $20 million is expected to be incurred in 2027 and $7 million expected to incurred in 2028.
•For payments of $19 million at the Gramalote Project for resettlement programs of which $16 million is expected to be incurred in 2026 and $3 million is expected to be incurred in 2027.

Derivative financial instruments

Gold collars

During the year ended December 31, 2024, as a requirement of the RCF, the Company entered into a series of 1:1 zero-cost put/call collar contracts for gold with settlement between February 2025 and January 2027. These derivative instruments were not designated as hedges by the Company and were recorded at fair value through profit and loss ("FVTPL").

The following is a summary, by maturity dates, of the Company’s gold derivative contracts outstanding as at June 30, 2026:
20262027Total
Ounces99,821 16,637 116,458 
Average floor price$2,450 $2,450 $2,450 
Average ceiling price$3,294 $3,294 $3,294 

The unrealized fair value of these contracts at June 30, 2026 was $(94) million.

Fuel forward contracts

The Company uses forward contracts for fuel oil and gas oil to manage the risk of volatility in future operating costs. The Company reviews the open positions and the potential for additional forward contracts on an ongoing basis. The Company's fuel forward contracts were not designated as hedges and are being recorded at FVTPL. The following is a summary, by maturity dates, of the Company’s fuel forward contracts outstanding as at June 30, 2026:
20262027Total
Forward – fuel oil:
Litres (thousands)17,362 14,483 31,845 
Average strike price$0.39 $0.37 $0.38 
Forward – gas oil:
Litres (thousands)21,081 21,003 42,084 
Average strike price$0.51 $0.52 $0.51 
The unrealized fair value of these contracts at June 30, 2026 was $8 million.
16



Operating activities

Cash flow used by operating activities was $79 million in the second quarter of 2026 compared to cash flow provided by operating activities of $255 million in the second quarter of 2025, a decrease of $334 million as higher gold revenues were more than offset by higher production costs, higher cash tax payments, and higher royalty expenses in second quarter of 2026.

Cash flow provided by operating activities was $461 million in the first half of 2026 compared to $434 million in the first half of 2025, an increase of $27 million due mainly to higher gold revenues in the first half of 2026 partially offset by higher total production costs as a result of higher gold ounces sold in the first half of 2026.

Financing activities

For the second quarter of 2026, the Company’s cash used by financing activities was $268 million, compared to cash used by financing activities of $42 million in the second quarter of 2025. During the second quarter of 2026, the Company repaid $75 million on the RCF, repurchased $92 million of shares under the NCIB, realised $71 million in losses on gold collars, made dividend payments of $26 million, received $11 million in proceeds from the exercise of stock options, made principal payments on lease arrangements of $5 million, distributed $5 million to non-controlling interests, made interest and commitment fee payments of $2 million, and made equipment loan facility repayments of $2 million.

For the first half of 2026, the Company’s cash used by financing activities was $521 million. For the first half of 2025, the Company’s cash used by financing activities was $34 million. During the first half of 2026, the Company repaid net $150 million on the RCF, repurchased $172 million of shares under the NCIB, realised $141 million in losses on gold collars, made dividend payments of $52 million, received $38 million in proceeds from the exercise of stock options, made principal payments on lease arrangements of $12 million, distributed $17 million to non-controlling interests, made interest and commitment fee payments of $10 million, and made equipment loan facility repayments of $4 million.

During the first half of 2026, the Board declared two quarterly cash dividends of $0.02 per common share each (or an expected $0.08 per share on an annualized basis). Returning capital to shareholders remains a foundational element of the Company's capital allocation philosophy. The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board, 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 B2Gold'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 deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the revised intended rate or at all in the future.

The Company has a dividend reinvestment plan ("DRIP"). The DRIP provides B2Gold shareholders residing in Canada and the United States with the opportunity to have the cash dividends declared on all or some of their common shares automatically reinvested into Reinvestment Shares on an ongoing basis. Participation in the DRIP is optional and will not affect shareholders’ cash dividends unless they elect to participate in the DRIP. Dividends are only payable as and when declared by the Company’s Board of Directors. The benefits of enrolling in the DRIP include the convenience of automatic reinvestment of dividends into Reinvestment Shares; flexibility to enroll some or all common shares in the DRIP; and ability to acquire Reinvestment Shares without paying any brokerage fees. Participants in the DRIP will acquire Reinvestment Shares issued from a Treasury Purchase at a price equal to the volume weighted average price of the Company’s common shares on the Toronto Stock Exchange for the five consecutive trading days immediately preceding a dividend payment date, subject to a possible discount, in the Company’s sole discretion, of up to 5%. For the dividends declared to date in 2026, no discount was offered.

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.

On April 1, 2026, the Company announced that the Toronto Stock Exchange accepted the notice of the Company’s intention to renew its NCIB, which became effective on April 3, 2026 and will expire no later than April 2, 2027. The NCIB allows the Company to purchase up to 10% of its issued and outstanding common shares during the period. During the first half of 2026, the Company bought back 35 million shares for $172 million under the NCIB.

17


Investing activities

For the second quarter of 2026, the Company’s cash provided by investing activities was $157 million. For the second quarter of 2025, the Company’s cash used by investing activities was $236 million. For the second quarter of 2026, capital expenditures totalled $179 million. The most significant capital expenditures were Fekola Mine expenditures of $40 million, Goose expenditures of $68 million, Masbate expenditures of $15 million, Otjikoto expenditures of $8 million, Gramalote expenditures of $8 million and Fekola Regional expenditures of $28 million. Other exploration costs for the second quarter of 2026 totalled $13 million. In addition, during the second quarter of 2026, the Company received net proceeds of $325 million from the sale of mining interests and proceeds of $18 million from the sale of long-term investments, spent $4 million on the purchase of long-term investments and funded $3 million into reclamation accounts.

For the first half of 2026, the Company’s cash used by investing activities was $19 million. For the first half of 2025, the Company’s cash used by investing activities was $432 million. For the first half of 2026, capital expenditures totalled $356 million. The most significant capital expenditures were Fekola Mine expenditures of $87 million, Goose expenditures of $138 million, Masbate expenditures of $31 million, Otjikoto expenditures of $15 million, Gramalote expenditures of $17 million and Fekola Regional expenditures of $44 million. Other exploration costs for the first half of 2026 totalled $24 million. In addition, during the first half of 2026, the Company received net proceeds of $325 million from the sale of mining interests and proceeds of $18 million from the sale of long-term investments, spent $4 million on the purchase of long-term investments and funded $3 million into reclamation accounts.

Exploration

Resource property expenditures on exploration are disclosed in the table below:
For the three months ended
June 30, 2026		For the three months ended
June 30, 2025		For the six months ended
June 30, 2026		For the six months ended
June 30, 2025
$$$$
(000’s)(000’s)(000’s)(000’s)
Canada exploration9,408 10,640 17,733 13,328 
Mali exploration(697)3,047 1,606 3,047 
Philippine exploration1,504 1,081 2,304 1,501 
Namibia exploration1,303 2,382 2,598 4,213 
Kazakhstan exploration204 — 336 — 
Generative exploration761 1,699 1,614 1,775 
Other549 226 1,875 883 
13,032 19,075 28,066 24,747 

The Company is executing another year of extensive exploration in 2026 with an updated budget of approximately $80 million. A significant focus will be on exploration at the Back River Gold District, with the continued goal of enhancing and growing the significant resource base at Goose and surrounding regional targets. In Namibia, the exploration program at Otjikoto will be focused on enhancing and increasing the resources at the Antelope deposit. In Mali, an ongoing focus will be on discovery of additional high-grade, sulfide mineralization across the Fekola Complex. In the Philippines, the exploration program at Masbate will continue to focus on new targets located south of Masbate infrastructure as well as commencing exploration on the newly permitted Uson Project. Selective infill drilling will derisk inferred resources in the Blue Quartz pit. Early-stage exploration programs continue in the Philippines and Kazakhstan in 2026. Finally, the search for new joint ventures and strategic investment opportunities will continue, building on existing equity investments in Snowline Gold Corp., AuMEGA Metals Ltd., and Prospector Metals Corp.

Canada Exploration

On March 25, 2026, the Company announced positive exploration drilling results from the 2025 Back River Gold District exploration program. A total of $50 million is budgeted for exploration at the Back River Gold District in 2026, of which $28 million is planned for Goose, and a significantly increased budget of $22 million is earmarked for Back River Gold District regional exploration.

At Goose, a total of 19,900 metres ("m") of drilling will target extensions of the Llama deposit, one of the largest and highest-grade resources in the Back River Gold District, as well as a recently increased campaign of infill drilling and extension of high-grade Inferred Resources in the Nuvuyak target.

In addition to drilling at Goose, further program optimization has resulted in a total of 15,200 m of drilling budgeted for regional exploration in 2026, including up to 6,400 m of infill drilling on the Locale 1 deposit, one of several deposits comprising the
18


Inferred Resource at the George Project. Later this year, up to 1,500 m of drilling at the Boot Property will follow-up promising intersections from the 2025 regional campaign, and the inaugural exploration of the newly acquired Ailiruk Property will commence, with mapping, prospecting and till sampling. During the first half of 2026, the Company completed 13,269 m of drilling between Goose and Back River Gold District regional exploration targets.

Mali Exploration

A total of $5 million is budgeted for exploration in Mali in 2026 with an ongoing focus on discovery of additional high-grade, sulfide mineralization across Fekola to supplement feed to the Fekola mill. A total of 8,200 m of diamond and reverse circulation drilling is budgeted for Mali in 2026.

Philippine Exploration

The total budget for the Philippines in 2026 is now $10 million, of which the increased Masbate exploration budget is now $6 million, including approximately 13,700 m of drilling. The 2026 exploration program includes a program of infill drilling of inferred resources at the Blue Quartz pit, and will continue to focus on exploration of new regional targets located south of the main mine infrastructure at Masbate. Drilling work is currently underway on the Bart-Ag and Blue Quartz programs.

An additional $3 million will be allocated to targeting new regional projects in highly prospective areas in the Philippines, leveraging off B2Gold’s presence and operational experience in the country. A total of 2,400 m is allocated to testing new projects.

Namibia Exploration

A total of $6 million is budgeted for exploration at Otjikoto in 2026. The focus of the exploration program will be drilling to expand and refine the Antelope deposit, located approximately 3 km south of Phase 5 of the Otjikoto open pit, with an initial total of approximately 15,000 m of drilling planned. High productivity from the Otjikoto drilling team has resulted in approximately 4,600 m of drilling being completed in the first half of 2026, exceeding the 3,600 m budgeted for the period.

Guidance for Greenfield Exploration

B2Gold has allocated approximately $7 million to other grassroots exploration projects in 2026. This includes $3 million (7,200 m) in Kazakhstan. The Company has allocated approximately $3 million for the generation and evaluation of new greenfield targets.
CRITICAL ACCOUNTING ESTIMATES
Full disclosure of the Company’s accounting policies and significant accounting judgments and estimation uncertainties in accordance with IFRS can be found in Notes 4 and 5 of its Notes to the annual consolidated financial statements for the year ended December 31, 2025. Management considers the following estimates to be the most critical in understanding the judgments involved in preparing the Company’s interim consolidated financial statements and the uncertainties that could impact its results of operations, financial condition and cash flows:

Mineral reserve and resource estimates

Mineral reserves are estimates of the amount of ore that can be economically and legally extracted from the Company’s mining properties. The Company estimates its mineral reserves and mineral resources based on information compiled by appropriately qualified persons relating to the geological data on the size, depth and shape of the ore body, and requires complex geological assessments to interpret the data. The estimation of recoverable mineral reserves and mineral resources is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, metallurgical recoveries, permitting and production costs along with geological assumptions made in estimating the size, and grade of the ore body. Changes in the mineral reserve or mineral resource estimates may impact the carrying value of mining interests, mine restoration provisions, the gold stream obligation, recognition of deferred tax assets, depreciation and amortization charges and royalty obligations.

Assessment of impairment and reversal of impairment indicators for long-lived assets

The Company applies significant judgement in assessing whether there are indicators of impairment, or the reversal of previously recorded impairment, present that give rise to the requirement to conduct an impairment test. Internal and external factors such as significant changes in the use of the asset, legal and permitting factors, future gold prices, operating and capital cost forecasts, quantities of mineral reserves and resources, and movements in market interest rates are used by the Company in determining whether there are any indicators of impairment or reversal of impairment.

Impairment of long-lived assets

Long-lived assets are tested for impairment, or reversal of a previous impairment, if there is an indicator of impairment or a subsequent reversal. Calculating the estimated recoverable amount of CGUs for long-lived asset requires management to make
19


estimates and assumptions that include such factors as mineable mineralization including reserves and resources, future production levels, operating and capital costs, application of royalty, income tax and mining tax rates, future metal prices and discount rates. Changes in any of these assumptions or estimates used in determining the recoverable amount could impact the analysis. Such changes could be material.

Fair value of financial instruments

The fair value of financial instruments that are not traded in an active market are determined using valuation techniques. In determining the fair value of the gold stream obligation, the Company makes significant assumptions that are based on the underlying models and the market conditions existing at both initial recognition and the end of each reporting period.

Value-added tax receivables

The Company incurs indirect taxes, including value-added tax, on purchases of goods and services at its operating mines and development projects. Indirect tax balances are recorded at their estimated recoverable amounts within current or long-term assets, net of provisions, and reflect the Company’s best estimate of their recoverability under existing tax rules in the respective jurisdictions in which they arise. Management’s assessment of recoverability considers the probable outcomes of claimed deductions and/or disputes. The provisions and balance sheet classifications made to date may be subject to change and such change may be material.

Long-term value-added tax receivables at June 30, 2026 included amounts for Fekola of $274 million (December 31, 2025 - $244 million), for Masbate of $14 million (December 31, 2025 – $11 million), and for Gramalote of $25 million (December 31, 2025 - $22 million).

Uncertain tax positions

The Company’s operations involve the application of complex tax regulations in multiple international jurisdictions. Determining the tax treatment of a transaction requires the Company to apply judgement in its interpretation of the applicable tax law. These positions are not final until accepted by the relevant tax authority. The tax treatment may change based on the result of assessments or audits by the tax authorities often years after the initial filing.

The Company recognizes and records potential liabilities for uncertain tax positions based on its assessment of the amount, or range of amounts, of tax that will be due. The Company adjusts these accruals as new information becomes available. Due to the complexity and uncertainty associated with certain tax treatments, the ultimate resolution could result in a payment that is materially different from the Company’s current estimate of the tax liabilities.

Current and deferred income taxes

The Company is periodically required to estimate the tax basis of assets and liabilities. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the financial statements. Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period that the changes occur.

Each period, the Company evaluates the likelihood of whether some portion or all of each deferred tax asset will not be realized. This evaluation is based on historic and future expected levels of taxable income and the associated repatriation of retained earnings, the pattern and timing of reversals of taxable temporary timing differences that give rise to deferred tax liabilities, and tax planning initiatives. Levels of future taxable income are affected by, among other things, metal prices, production costs, quantities of proven and probable gold reserves, interest rates and foreign currency exchange rates. The availability of retained earnings for distribution depends on future levels of taxable income as well as future reclamation expenditures, capital expenditures, dividends and other uses of available cash flow.
RISKS AND UNCERTAINTIES
The exploration and development of natural resources are highly speculative in nature and the Company’s business operations, investments and prospects are subject to significant risks. For details of these risks, please refer to the risk factors set forth in the Company’s current Annual Information Form, which can be found under the Company’s corporate profile on SEDAR+ at www.sedarplus.ca, the Company’s current Form 40-F Annual Report, which can be found on EDGAR at www.sec.gov, and the Company’s other filings and submissions with securities regulators on SEDAR+ and EDGAR, which could materially affect the Company’s business, operations, investments and prospects and could cause actual events to differ materially from those described in forward-looking statements relating to the Company. Additional risks and uncertainties not presently known to the Company or that the Company currently considers immaterial may also impair the business, operations, investments and prospects of the Company. If any of the risks actually occur, the business of the Company may be negatively impacted and its financial condition and results of operations may suffer significantly.
20


INTERNAL CONTROL OVER FINANCIAL REPORTING
The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, are responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. As a result, even those systems determined to be effective can only provide reasonable assurance regarding the preparation of financial statements.

The Company’s management has determined that there have been no significant changes in the Company’s internal control over financial reporting during the three months ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
NON-IFRS MEASURES
Cash operating costs per gold ounce sold and total cash costs per gold ounce sold
‘‘Cash operating costs per gold ounce’’ and “total cash costs per gold ounce” are common financial performance measures in the gold mining industry but, as non-IFRS measures, they do not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance and ability to generate cash flow. Accordingly, these measures are 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. The measures, along with sales, are considered to be a key indicator of the Company’s ability to generate earnings and cash flow from its mining operations.

Cash cost figures are calculated on a sales basis in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard is the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. Other companies may calculate these measures differently. Cash operating costs and total cash costs per gold ounce sold are derived from amounts included in the statement of operations and include post-commercial production mine site operating costs such as mining, processing, smelting, refining, transportation costs, royalties and production taxes, less silver by-product credits. The tables below show a reconciliation of cash operating costs per gold ounce sold and total cash costs per gold ounce sold to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
For the three months ended June 30, 2026
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		Total
$$$$$
Production costs129,212 38,107 45,187 23,705 236,211 
Royalties and production taxes90,367 1,754 11,940 3,850 107,911 
Total cash costs219,579 39,861 57,127 27,555 344,122 
Gold sold (ounces)114,384 17,426 55,775 21,952 209,537 
Cash operating costs per ounce ($/ gold ounce sold)1,130 2,187 810 1,080 1,127 
Total cash costs per ounce ($/ gold ounce sold)1,920 2,287 1,024 1,255 1,642 
21


For the three months ended June 30, 2025
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		Total
$$$$$
Production costs96,121 — 34,468 29,774 160,363 
Royalties and production taxes61,557 — 8,872 7,272 77,701 
Total cash costs157,678 — 43,340 37,046 238,064 
Gold sold (ounces)115,184 — 39,900 55,300 210,384 
Cash operating costs per ounce ($/ gold ounce sold)834 — 864 538 762 
Total cash costs per ounce ($/ gold ounce sold)1,369 — 1,086 670 1,132 
For the six months ended June 30, 2026
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		Total
$$$$$
Production costs240,215 102,385 74,302 53,147 470,049 
Royalties and production taxes221,552 5,903 24,183 10,086 261,724 
Total cash costs461,767 108,288 98,485 63,233 731,773 
Gold sold (ounces)266,740 61,871 102,701 54,571 485,883 
Cash operating costs per ounce ($/ gold ounce sold)901 1,655 723 974 967 
Total cash costs per ounce ($/ gold ounce sold)1,731 1,750 959 1,159 1,506 
For the six months ended June 30, 2025
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		Total
$$$$$
Production costs185,146 — 72,484 64,727 322,357 
Royalties and production taxes91,051 — 16,250 13,206 120,507 
Total cash costs276,197 — 88,734 77,933 442,864 
Gold sold (ounces)202,992 — 84,350 107,040 394,382 
Cash operating costs per ounce ($/ gold ounce sold)912 — 859 605 817 
Total cash costs per ounce ($/ gold ounce sold)1,361 — 1,052 728 1,123 
Cash operating costs per gold ounce produced
In addition to cash operating costs on a per gold ounce sold basis, the Company also presents cash operating costs on a per gold ounce produced basis. Cash operating costs per gold ounce produced is derived from amounts included in the statement of operations and include post-commercial production mine site operating costs such as mining, processing, smelting, refining, transportation costs, less silver by-product credits. Cash operating costs per gold ounce produced do not include pre-commercial production from Goose. The tables below show a reconciliation of cash operating costs per gold ounce produced to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
For the three months ended June 30, 2026
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		Total
$$$$$
Production costs129,212 38,107 45,187 23,705 236,211 
Inventory sales adjustment 8,534 (276)(4,148)4,186 8,296 
Cash operating costs137,746 37,831 41,039 27,891 244,507 
Gold produced (ounces)116,281 12,890 51,039 23,438 203,648 
Cash operating costs per ounce ($/ gold ounce produced)1,185 2,935 804 1,190 1,201 
22


For the three months ended June 30, 2025
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		Total
$$$$$
Production costs96,121 — 34,468 29,774 160,363 
Inventory sales adjustment 4,758 1,178 6,151 (846)11,241 
Less pre-commercial production costs— (1,178)— — (1,178)
Cash operating costs100,879 — 40,619 28,928 170,426 
Gold produced (ounces)126,361 692 50,738 51,663 229,454 
Less pre-commercial gold production— (692)— — (692)
Adjusted gold produced (ounces)126,361 — 50,738 51,663 228,762 
Cash operating costs per ounce ($/ gold ounce produced)798 — 801 560 745 
For the six months ended June 30, 2026
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		Total
$$$$$
Production costs240,215 102,385 74,302 53,147 470,049 
Inventory sales adjustment 9,054 6,316 1,427 (3,278)13,519 
Cash operating costs249,269 108,701 75,729 49,869 483,568 
Gold produced (ounces)233,731 55,766 103,947 47,967 441,411 
Cash operating costs per ounce ($/ gold ounce produced)1,066 1,949 729 1,040 1,096 
For the six months ended June 30, 2025
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		Total
$$$$$
Production costs185,146 — 72,484 64,727 322,357 
Inventory sales adjustment 6,294 1,178 6,779 (4,592)9,659 
Less pre-commercial production costs— (1,178)— — (1,178)
Cash operating costs191,440 — 79,263 60,135 330,838 
Gold produced (ounces)220,166 692 97,107 104,241 422,206 
Less pre-commercial gold production— (692)— — (692)
Adjusted gold produced (ounces)220,166 — 97,107 104,241 421,514 
Cash operating costs per ounce ($/ gold ounce produced)870 — 816 577 785 
All-in sustaining costs per gold ounce
In June 2013, the World Gold Council, a non-regulatory association of the world’s leading gold mining companies established to promote the use of gold to industry, consumers and investors, provided guidance for the calculation of the measure “all-in sustaining costs per gold ounce”, but as a non-IFRS measure, it does not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The original World Gold Council standard became effective January 1, 2014 with further updates announced on November 16, 2018 which were effective starting January 1, 2019.

Management believes that the all-in sustaining costs per gold ounce measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it 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. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. The Company has applied the principles of the World Gold Council recommendations and has reported all-in sustaining costs on a sales basis. Other companies may calculate these measures differently.

B2Gold defines all-in sustaining costs per ounce as the sum of post-commercial production cash operating costs, royalties and
23


production taxes, capital expenditures and exploration costs that are sustaining in nature, sustaining lease expenditures, corporate general and administrative costs, share-based payment expenses related to restricted share units/deferred share units/performance share units ("RSUs/DSUs/PSUs"), community relations expenditures, reclamation liability accretion and realized (gains) losses on fuel derivative contracts, all divided by the total post-commercial production gold ounces sold to arrive at a per ounce figure.

The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
For the three months ended June 30, 2026
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		CorporateTotal
$$$$$$
Production costs129,212 38,107 45,187 23,705 — 236,211 
Royalties and production taxes90,367 1,754 11,940 3,850 — 107,911 
Corporate administration4,424 573 508 1,074 12,063 18,642 
Share-based payments – RSUs/DSUs/PSUs(1)
— — — — 6,619 6,619 
Community relations 481 557 85 86 — 1,209 
Reclamation liability accretion
664 366 340 337 — 1,707 
Realized gains on derivative contracts(5,723)— (3,772)(311)— (9,806)
Sustaining lease expenditures2,824 243 306 639 461 4,473 
Sustaining capital expenditures(2)
39,567 66,403 14,290 2,856 — 123,116 
Sustaining mine exploration(2)
— 3,345 36 263 — 3,644 
Total all-in sustaining costs from commercial production261,816 111,348 68,920 32,499 19,143 493,726 
Gold Sold (ounces)114,384 17,426 55,775 21,952 — 209,537 
All-in sustaining cost per ounce ($/ gold ounce sold)2,289 6,390 1,236 1,480 — 2,356 
(1) Included as a component of Share-based payments on the Consolidated statement of operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.

The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the unaudited condensed interim consolidated financial statements (dollars in thousands):
For the three months ended June 30, 2026
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		Total
$$$$$
Operating mine capital expenditures39,567 67,604 14,879 7,676 129,726 
Antelope development costs— — — (4,820)(4,820)
Crusher circuit upgrades— (1,201)— — (1,201)
Land acquisition costs— — (589)— (589)
Sustaining capital expenditures39,567 66,403 14,290 2,856 123,116 

The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the unaudited condensed interim consolidated financial statements (dollars in thousands):
For the three months ended June 30, 2026
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		Total
$$$$$
Operating mine exploration— 3,345 893 1,303 5,541 
Non-sustaining exploration— — (857)(1,040)(1,897)
Sustaining mine exploration— 3,345 36 263 3,644 

24


The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
For the three months ended June 30, 2025
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		CorporateTotal
$$$$$$
Production costs96,121 — 34,468 29,774 — 160,363 
Royalties and production taxes61,557 — 8,872 7,272 — 77,701 
Corporate administration3,591 — 541 938 10,713 15,783 
Share-based payments – RSUs/DSUs/PSUs(1)
15 — — — 4,663 4,678 
Community relations 192 — 79 288 — 559 
Reclamation liability accretion
697 — 335 246 — 1,278 
Realized losses on derivative contracts508 — 342 59 — 909 
Sustaining lease expenditures(755)— 325 2,072 543 2,185 
Sustaining capital expenditures(2)
36,308 — 14,718 4,607 — 55,633 
Sustaining mine exploration(2)
— — 54 352 — 406 
Total all-in sustaining costs from commercial production198,234 — 59,734 45,608 15,919 319,495 
Gold Sold (ounces)115,184 — 39,900 55,300 — 210,384 
All-in sustaining cost per ounce ($/ gold ounce sold)1,721 — 1,497 825 — 1,519 
(1) Included as a component of Share-based payments on the Consolidated statement of operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.

The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the unaudited condensed interim consolidated financial statements (dollars in thousands):
For the three months ended June 30, 2025
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		Total
$$$$$
Operating mine capital expenditures53,379 — 17,499 4,709 75,587 
Fekola underground(17,071)— — — (17,071)
Other— — (2,781)(102)(2,883)
Sustaining capital expenditures36,308 — 14,718 4,607 55,633 

The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the unaudited condensed interim consolidated financial statements (dollars in thousands):
For the three months ended June 30, 2025
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		Total
$$$$$
Operating mine exploration— — 531 2,382 2,913 
Non-sustaining exploration— — (477)(2,030)(2,507)
Sustaining mine exploration— — 54 352 406 

25


The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
For the six months ended June 30, 2026
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		CorporateTotal
$$$$$$
Production costs240,215 102,385 74,302 53,147 — 470,049 
Royalties and production taxes221,552 5,903 24,183 10,086 — 261,724 
Corporate administration8,732 1,064 1,117 2,357 22,100 35,370 
Share-based payments – RSUs/DSUs/PSUs(1)
— — — — 14,131 14,131 
Community relations 967 900 245 378 — 2,490 
Reclamation liability accretion
1,317 727 672 668 — 3,384 
Realized gains on derivative contracts(5,356)— (3,548)(313)— (9,217)
Sustaining lease expenditures5,568 1,339 624 2,820 909 11,260 
Sustaining capital expenditures(2)
86,652 113,962 30,097 6,126 — 236,837 
Sustaining mine exploration(2)
— 9,763 75 504 — 10,342 
Total all-in sustaining costs from commercial production559,647 236,043 127,767 75,773 37,140 1,036,370 
Gold Sold (ounces)266,740 61,871 102,701 54,571 — 485,883 
All-in sustaining cost per ounce ($/ gold ounce sold)2,098 3,815 1,244 1,389 — 2,133 
(1) Included as a component of Share-based payments on the Consolidated statement of operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below.

The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the unaudited condensed interim consolidated financial statements (dollars in thousands):
For the six months ended June 30, 2026
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		Total
$$$$$
Operating mine capital expenditures86,652 138,279 30,798 14,889 270,618 
Site infrastructure construction— (23,116)— — (23,116)
Antelope development costs— — — (8,763)(8,763)
Crusher upgrade costs— (1,201)— — (1,201)
Land acquisitions— — (701)— (701)
Sustaining capital expenditures86,652 113,962 30,097 6,126 236,837 

The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the unaudited condensed interim consolidated financial statements (dollars in thousands):
For the six months ended June 30, 2026
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		Total
$$$$$
Operating mine exploration— 9,763 1,301 2,598 13,662 
Non-sustaining exploration— — (1,226)(2,094)(3,320)
Sustaining mine exploration— 9,763 75 504 10,342 
26


The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):
For the six months ended June 30, 2025
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		CorporateTotal
$$$$$$
Production costs185,146 — 72,484 64,727 — 322,357 
Royalties and production taxes91,051 — 16,250 13,206 — 120,507 
Corporate administration6,528 — 1,068 2,287 17,702 27,585 
Share-based payments – RSUs/DSUs/PSUs(1)
30 — — — 8,201 8,231 
Community relations 674 — 181 703 — 1,558 
Reclamation liability accretion
1,312 — 680 509 — 2,501 
Realized losses on derivative contracts621 — 381 82 — 1,084 
Sustaining lease expenditures164 — 641 2,412 970 4,187 
Sustaining capital expenditures(2)
82,834 — 21,580 8,214 — 112,628 
Sustaining mine exploration(2)
— — 70 845 — 915 
Total all-in sustaining costs368,360 — 113,335 92,985 26,873 601,553 
Gold sold (ounces)202,992 — 84,350 107,040 — 394,382 
All-in sustaining cost per ounce ($/ gold ounce sold)1,815 — 1,344 869 — 1,525 
(1) Included as a component of Share-based payments on the Consolidated statement of operations.
(2) Refer to Sustaining capital expenditures and Sustaining mine exploration reconciliations below

The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the unaudited condensed interim consolidated financial statements (dollars in thousands):
For the six months ended June 30, 2025
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		Total
$$$$$
Operating mine capital expenditures117,382 — 25,232 8,316 150,930 
Fekola underground(34,548)— — — (34,548)
Other— — (3,652)(102)(3,754)
Sustaining capital expenditures82,834 — 21,580 8,214 112,628 

The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the unaudited condensed interim consolidated financial statements (dollars in thousands):
For the six months ended June 30, 2025
Fekola
Mine		Goose
Mine		Masbate
Mine		Otjikoto
Mine		Total
$$$$$
Operating mine exploration— — 951 4,213 5,164 
Regional exploration— — (881)(3,368)(4,249)
Sustaining mine exploration— — 70 845 915 
Adjusted net income and adjusted earnings per share - basic
"Adjusted net income" and "adjusted earnings per share – basic" are non-IFRS measures that do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines adjusted net income as net income attributable to shareholders of the Company adjusted for non-recurring items and also significant recurring non-cash items. The Company defines adjusted earnings per share – basic as adjusted net income divided by the basic weighted number of common shares outstanding.

Management believes that the presentation of adjusted net income and adjusted earnings per share - basic is appropriate to provide additional information to investors regarding items that we do not expect to continue at the same level in the future or that management does not believe to be a reflection of the Company's ongoing operating performance. Management further believes that its presentation of these non-IFRS financial measures provide information that is useful to investors because they are important indicators of the strength of our operations and the performance of our core business. Accordingly, it is intended to
27


provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently.

A reconciliation of net income to adjusted net income as extracted from the unaudited condensed interim consolidated financial statements is set out in the table below (dollars in thousands):
Three months endedSix months ended
June 30,June 30,
2026202520262025
$$$$
Net income attributable to shareholders of the Company for the period:417,334 154,424 617,271 212,011 
Adjustments for non-recurring and significant recurring non-cash items:
Gain on sale of mining interests(292,374)— (292,374)— 
Unrealized (gains) losses on derivative instruments(135,472)19,780 (152,012)70,655 
Write-off of plant and equipment49,713 — 49,713 — 
Gain on dilution of associate (6,126)— (30,129)— 
Change in fair value of gold stream(35,720)21,754 (16,914)52,306 
Other cost of sales15,862 — 15,862 — 
Realized gain on total return swap— — — (7,731)
Write-down of mining interests — — — 5,118 
Deferred income tax expense (recovery)27,664 (33,119)109,341 (47,670)
Adjusted net income attributable to shareholders of the Company for the period40,881 162,839 300,758 284,689 
Basic weighted average number of common shares outstanding (in thousands)1,331,711 1,321,740 1,336,219 1,320,074 
Adjusted net earnings attributable to shareholders of the Company per share–basic ($/share)0.03 0.12 0.23 0.22 
Free cash flow
"Free cash flow" is a non-IFRS measure that does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines free cash flow as net cash flow provided by operating activities less capital expenditures.

Management believes that the presentation of free cash flow is appropriate to provide additional information to investors on the Company's ability to operate without reliance on additional borrowing. Management further believes that its presentation of this non-IFRS financial measures provides information that is useful to investors because it is an important indicators of the strength of our operations and the performance of our core business. Accordingly, it is intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS.

A reconciliation of net cash provided by operating activities to free cash flow as extracted from the unaudited condensed interim consolidated financial statements is set out in the table below (dollars in thousands):
Three months endedSix months ended
June 30,June 30,
2026202520262025
$$$$
Cash (used) provided by operating activities(78,755)255,081 460,726 433,869 
Capital expenditures
Fekola Mine(39,567)(53,379)(86,652)(117,382)
Goose Mine(67,604)(143,484)(138,279)(238,296)
Masbate Mine(14,879)(17,499)(30,798)(25,232)
Otjikoto Mine(7,676)(4,709)(14,889)(8,316)
Fekola Regional Properties(28,377)(5,004)(44,299)(8,173)
Gramalote Project(7,849)(5,151)(17,026)(11,944)
Other exploration(12,809)(13,878)(24,499)(19,474)
Total capital expenditures(178,761)(243,104)(356,442)(428,817)
Free cash flow(257,516)11,977 104,284 5,052 
28


SUMMARY OF QUARTERLY RESULTS
Q2Q1Q4Q3Q2Q1Q4Q3
20262026202520252025202520242024
Gold revenue ($ in thousands)789,3541,158,6551,053,977782,948692,206532,107499,788448,229
Net income (loss) for the period ($ in thousands)
419,620205,550180,25923,123160,75362,564(9,325)(631,032)
Earnings (loss) per share (1) – basic ($)
0.310.150.130.010.120.04(0.01)(0.48)
Earnings (loss) per share (1) – diluted ($)
0.290.140.110.010.100.04(0.01)(0.48)
Cash flows (used) provided by operating activities ($ in thousands)
(78,755)539,481286,364175,140255,544178,788120,544(16,099)
Gold sold including pre-commercial production from Goose (ounces)209,537276,346283,490249,925210,384183,998187,793180,525
Average realized gold price ($/ ounce)
3,7674,1933,7183,1333,2902,8922,6612,483
Gold produced (ounces)
203,648237,763303,029240,507228,762192,752186,001180,553
Gold produced, total including Goose pre-commercial production (ounces)
203,648237,763303,029254,369229,454192,752186,001180,553
Production costs ($ in thousands)236,211233,838227,935195,154160,363161,994181,376192,408
(1) Attributable to the shareholders of the Company.

Quarterly gold revenue throughout the eight quarters is a function of quarterly production levels, the timing of bullion shipments and changes in average realized gold price, while cash flows from operating activities are also impacted by production costs of each quarter and changes in working capital. Quarterly gold revenue and production costs for the second half of 2025 and the first half of 2026 include the results of Goose, including any sales of pre-commercial production. Net income throughout the eight quarters is a function of quarterly revenues, cash operating costs, related taxes and asset impairment charges, where applicable. The net loss in the second quarter of 2024 reflects an impairment of $194 million related to Fekola, net of deferred income tax, partially offset by a gain on sale of mining interests of $49 million and a gain on sale of shares in associate of $17 million. The net loss in the third quarter of 2024 reflects an impairment of $661 million related to Goose and settlement expenses arising from the MOU Agreement signed with the State of Mali in September 2024 of $84 million partially offset by a gain on sale of mining interests of $8 million. Cash flows used in operating activities in the third quarter of 2024 reflect the build-up of long-term supplies inventory of $98 million for Goose. The net loss in the fourth quarter of 2024 reflects the retroactive application of the additional 10% priority dividend at Fekola resulting in an additional current income tax expense of $13 million. The net income in the second quarter of 2025 reflects a gain on sale of mining interests of $292 million and a loss on write-off of plant and equipment of $50 million.
SUMMARY AND OUTLOOK
Consolidated gold production of 441,411 ounces in the first half of 2026 exceeded corporate expectations. The higher than anticipated production helped drive lower than expected consolidated cash operating costs and all-in sustaining costs.

At the Fekola Mine, the Company remains focused on efficient operations of both the Fekola and Cardinal open-pits and Fekola underground. The expected near-term issuance of the Menankoto Exploitation Permit by the State of Mali, which along with the Dandoko exploration permit collectively forms Fekola Regional, is one of the Company's most important near-term growth opportunities. Once the Menankoto Exploitation Permit is received, mining pre-stripping activities can commence. Fekola Regional is expected to ramp up operations through the end of 2027, and produce in excess of 150,000 ounces of gold per year from 2028 through the mid-2030’s.

At Goose, remediation repairs as a result of the fire in certain areas of the crushing circuit remains ongoing in conjunction with phase one of the planned Goose crushing circuit upgrades. The Company anticipates a continued ramp-up in mill throughput through the remainder of 2026 and into 2027. Phase two of the planned Goose crushing circuit upgrades will be completed in the first half of 2027, at which time the Company anticipates the Goose mill to operate at an average of 4,000 tonnes per day. B2Gold remains confident that Goose will be able to produce average gold production of 300,000 per year over the medium-term.

At Masbate, strong gold production results from the first half of 2026 are expected to continue through the remainder of the year. As a result, the Company is increasing the Masbate gold production guidance for 2026 and anticipates that all-in sustaining costs will be at or below the low-end of guidance.

Similarly, at Otjikoto strong gold production results from the first half of 2026 are expected to continue throughout the remainder of the year. As a result, the Company is increasing the Otjikoto gold production guidance for 2026 and anticipates that all-in sustaining costs will be at or below the low-end of guidance.

The Company is well placed to complete its planned capital and exploration activities for 2026, manage its financial commitments and continue to return capital to its shareholders. In addition to paying a dividend at a yield consistent with its peer group, the Company has continued to repurchase shares under its NCIB, or share buyback, program. The Company has already
29


repurchased 35 million shares to date in 2026 for a total of $172 million and expects to repurchase further shares as the year progresses.

Exploration also remains a key focus as B2Gold seeks to both expand its reserve and resource base at its existing operations as well as seeking out greenfield opportunities, including strategic investments in prospective junior exploration companies.

The Company's ongoing strategy is to continue to maximize responsible profitable production from its existing mines, maintain a strong financial position, realize the potential increase in gold production from the Company's existing development projects, continue exploration programs across the Company's robust land packages, evaluate new exploration, development and production opportunities and continue to return capital to shareholders.
OUTSTANDING SHARE DATA
As at August 6, 2026, 1,321,386,966 common shares were outstanding. The Notes, if converted, would result in the issuance of approximately 145 million shares. In addition, the Company had approximately 22 million stock options, approximately 4 million RSUs and approximately 6 million PSUs outstanding at August 6, 2026. The number of shares issued upon the vesting of PSUs could vary from 0% to 200% of the number of PSUs depending on the achievement of certain performance criteria, all other stock-based compensation converts at a 1:1 ratio.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Production results and production guidance presented in this MD&A reflect the total production at the mines B2Gold operates on a 100% basis. Please see our most recent Annual Information Form for a discussion of our ownership interest in the mines B2Gold operates.

This MD&A 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 all-in sustaining costs, and budgets on a consolidated and mine by mine basis, which 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: remaining well positioned for continued strong operational and financial performance in 2026; projected gold production, cash operating costs and all-in sustaining costs (on a consolidated and mine by mine basis in 2026 for the Fekola Complex, the Otjikoto Mine, the Masbate Gold Project and the Goose Mine; revised total consolidated gold production of between 820,000 and 920,000 ounces in 2026, with cash operating costs of between $1,155 and $1,280 per ounce and all-in sustaining costs of between $2,370 and $2,550 per ounce; 2026 production guidance for Goose expected to be between 170,000 and 200,000 ounces of gold; B2Gold's continued prioritization of operating the Goose Mine in a manner that recognizes Indigenous input and concerns and brings long-term socio-economic benefits to the area; the Goose Mine annual gold production exceeding 300,000 ounces per year over the medium-term; the timeline and cost for repairs of the Goose crushing circuit damaged by the fire and the interim ability to utilize mobile crushers to maintain the planned production profile; the first phase of the crushing circuit upgrades bring completed by the third quarter of 2026 and the costs associated therewith; the second phase of the crushing circuit upgrades bring completed in the first half of 2027 and the costs associated therewith; upon completion of the first and second phase of the crusher circuit upgrades noted the potential for crushing capacity to be increased to an average of 4,000 tpd by the end of the first half of 2027; 2026 Fekola Complex production guidance expected to be between 390,000 and 420,000 ounces of gold after reducing the number of ounces expected from Fekola Regional due to delays in issuance of the Menankoto Exploitation Permit; Fekola Regional contributing in excess of 150,000 ounces starting in 2028; 2026 production guidance for Otjikoto expected to be between 80,000 to 100,000 ounces of gold; the potential for the Antelope deposit to be developed as an underground operation and contribute up to 65,000 per year during the low-grade stockpile processing in 2029 through 2032 and the Otjikoto Mine producing an average of approximately 110,000 ounces per year during that period; 2026 production guidance for Masbate expecting to be between 180,000 and 200,000 ounces of gold; the receipt of the required permit amendments for Gramalote and the potential to develop the Gramalote Project as an open pit gold mine; planned 2026 exploration budgets for Canada, Mali, Namibia, the Philippines, Kazakhstan and other grassroots projects;; the entering into of a collaboration agreement with Agnico Eagle and the contents thereof; and the potential payment of future dividends, including the timing and amount of any such dividends, and the expectation that quarterly dividends will be maintained at the same level. All statements in this MD&A 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", "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 mineral reserve and resource
30


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 and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally; 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 Gold 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; 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; 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; 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.sedarplus.ca 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, including: 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 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-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 should not be placed on forward-looking statements.

The projected range of all-in sustaining costs includes sustaining capital expenditures, corporate administrative expense, mine-site exploration and evaluation costs and reclamation cost accretion, and exclude the effects of expansionary capital and non-sustaining expenditures. Projected GAAP total production cash costs for the full year would require inclusion of the projected impact of future included and excluded items, including items that are not currently determinable, but may be significant, such as sustaining capital expenditures, reclamation cost accretion. Due to the uncertainty of the likelihood, amount and timing of any such items, B2Gold does not have information available to provide a quantitative reconciliation of projected all-in sustaining costs to a total production cash costs projection. B2Gold believes that this measure represents the total costs of producing gold from current operations, and provides B2Gold and other stakeholders of the Company with additional information about B2Gold’s operational performance and ability to generate cash flows. All-in sustaining costs, as a key performance measure, allows B2Gold to assess its ability to support capital expenditures and to sustain future production from the generation of operating cash flows. This information provides management with the ability to more actively manage capital programs and to make more prudent capital investment decisions.
CAUTIONARY STATEMENT REGARDING MINERAL RESERVE AND RESOURCE ESTIMATES
The disclosure in this MD&A was prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ in some material respects from the disclosure requirements of United States securities laws. In particular, and without limiting the generality of the foregoing, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “inferred mineral resources,”, “indicated mineral resources,” “measured mineral resources” and “mineral resources” used or referenced in this MD&A are Canadian mineral disclosure terms as defined in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute
31


of Mining, Metallurgy and Petroleum (the “CIM”) - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). The definitions of these terms, and other mining terms and disclosures, differ from the definitions of such terms, if any, for purposes of the SEC’s disclosure rules for domestic United State issuers. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the MJDS, B2Gold is not required to provide disclosure on its mineral properties under applicable SEC rules and regulations and provides disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource information and other technical information contained in this MD&A may not be comparable to similar information disclosed by companies subject to the SEC’s reporting and disclosure requirements for domestic United States issuers.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves. Investors are cautioned not to assume that any part of mineral deposits in these categories will ever be converted into reserves or recovered. In addition, United States investors are cautioned not to assume that any part or all of B2Gold’s measured, indicated or inferred mineral resources constitute or will be converted into mineral reserves or are or will be economically or legally mineable without additional work.

Historical results or feasibility models presented herein are not guarantees or expectations of future performance. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves. Investors are cautioned not to assume that any part of mineral deposits in these categories will ever be converted into reserves or recovered. In addition, United States investors are cautioned not to assume that any part or all of B2Gold’s measured, indicated or inferred mineral resources constitute or will be converted into mineral reserves or are or will be economically or legally mineable without additional work.
QUALIFIED PERSONS
William Lytle, Senior Vice President and Chief Operating Officer, a qualified person under National Instrument 43-101, has reviewed and approved the disclosure of all scientific and technical information related to operational matters contained in this MD&A. Andrew Brown, P. Geo., Vice President, Exploration, a qualified person under NI 43-101, has approved the scientific and technical information regarding exploration matters contained in this MD&A.
32

Form 52-109F2
Certification of Interim Filings
Full Certificate

I, Michael Cinnamond, President and Chief Executive Officer of B2Gold Corp., certify the following:

1.    Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of B2Gold Corp. (the “issuer”) for the interim period ended June 30, 2026.

2.    No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.    Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.    Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.    Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)    designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(i)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)    designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1    Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Internal Control-Integrated Framework published by The Committee of Sponsoring Organizations of the Treadway Commission.

5.2    ICFR – material weakness relating to design: N/A

5.3    Limitation on scope of design: N/A.

6.    Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.


Date: August 6, 2026

/s/ Michael Cinnamond
Michael Cinnamond
President and CEO

Form 52-109F2
Certification of Interim Filings
Full Certificate

I, Michael McDonald, Chief Financial Officer of B2Gold Corp., certify the following:

1.    Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of B2Gold Corp. (the “issuer”) for the interim period ended June 30, 2026.

2.    No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.    Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.    Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.    Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)    designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(i)information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)    designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1    Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Internal Control-Integrated Framework published by The Committee of Sponsoring Organizations of the Treadway Commission.

5.2    ICFR – material weakness relating to design: N/A

5.3    Limitation on scope of design: N/A.

6.    Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.


Date: August 6, 2026
/s/ Michael McDonald
Michael McDonald
Chief Financial Officer

Source: View Original Filing on SEC EDGAR

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