B2Gold Corp.

This is the conference operator. Welcome to B2Gal Corporation's fourth quarter

and full year 2024 Financial Results Conference Call. As a reminder,

all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity for analysts to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. Since you need assistance during the conference call, you may signal an operator by pressing star then 0. I would now like to turn the conference over to Clive Johnson, President and CEO of B2Gal. Please go ahead. Hello

everyone. Thanks for joining us. As you heard from the operator, we're going to talk about the fourth quarter 2024 and results as we just released and the full year of 2024. I'll give a few highlights and then toss it over to Mike and Bill to give you some detail. We did meet a new guidance for the year coming in at the end of the year, at the steady cost and the end of production. Basically, as we turn the page on 2024, we're going to be much more positive in 2025, increase the production of the coal, and looking to start tracking the work and also for coal underground as well. So Bill will give you a little more detail on that. Of course, the other real highlight you will be used for coming to this point is very well there for first of all for June of 2025. We'll spend a bit of time on that. On Mali, as many of you are aware, we reached an agreement in September of last year with the government on how to proceed moving forward, both with the coal and also starting the truckloads on the regional projects. That was an important agreement for us and the government, and we're now on the same page where both parties are looking forward to the revenue and the profits from mining in the regional area. We're now implementing the agreement with the government, and that's quite very well. We're looking at receiving in the near term permits to proceed. Based on media reports from the last couple of days, including those reports, Barrett and the Mali government have come to an agreement on a way forward, and that's very important for all of us, I guess, because I think we can all see a path forward now in relation to the play with the Mali government. It can be positive going forward, not just for us but for the other parties there. So now, most of the media producers, if it's true about Barrett, have reached an agreement with the Mali government that we can get on with what we do. It's important to note that Ficola, the problems that Ficola were not about, that the government per se, and I've talked about the reasons why production was down in 2024, we would continue to operate through all the discussions with the government of Mali, and the relationship has actually been positive in terms of coal production and the requirements from the government. So that relationship remains valid during the period of negotiations. We're going to talk, as I said, shortly, about use. Like I said, now we're actually learning all the facts on the house, looking forward in terms of growth. So, as we said, we're going to receive substantial increase in production from Ficola, but also there's a lot of other milestones coming up this year. And receiving the credits for Ficola will allow us to get up to an 8,000 ounces of annualized basis from the mining of the regional oil. And of course, these are going to represent some of the growths for us as we bring it into production and improvement this year. And on an annualized basis, as expected by the producer, between the 1,000 ounces of gold annually by the front piece. And it's subject to a positive feasibility study and the construction decision. Potentially, they'll return the 3,500 ounces of annual production from the Grabalante project in Colombia. As I said, that is subject to a positive feasibility study, which will come out in the middle of the year, and the production decision to go forward. We found the project quite attractive. The VA might know that the net returns on iron are at present volume at 3,000 on gold. So if you are at some higher gold price, you're already looking at the 2,000. The website, in terms of the gold price, may be locking with that gold price during construction. So if you add all that up, this is the expectation of every 1,000 ounces from the oil of the regional, to improve the production overall. Over 3,500 ounces of emissions reduced, and then the 2,400 ounces, they're about the same, nearly potential, from the Grabalante subject to the website. In addition, we've got a new discovery, the Hoche Pearl area, another that is potentially enhanced, which is a good discovery in the technical, that is potentially at about 165,000 ounces by Hoche Pearl. So if you add all that up, you get over 600 to 20,000 ounces of gold production, and that's very important from existing assets. These are not assets we have to go by through MLA, and then we don't have to find them. I'm sure we'll find a lot more, but that's what we said today. So a very impressive growth profile, and there's not a lot of speculation there. Of course, Grabalante will be the most speculative, as I said, we're still in the chart, we're not done. So that's our way forward, and we're getting into difficult 2024, as everyone knows, but that's a roll-out. In 2025, we're going to get back to what this company does well, which is meet Kiles, and also grow the company's production profile, which we've had great success doing over many years since Beach of Monkeys created 2007. So I didn't go out on that, but I would like to introduce the financial and the bills, because I'm going to give a quick summary of what's happening for gold, what's happening in the gold, according to this year, and also

he's been a doctor, of course, updated us on the program, so the blue side of the production, the green side of the production, and the green side of Grabalante. And then Kiles, just to touch on a few highlights for the quarter, basic earnings per share, hours likely negative for this Q, that's primarily due to lower the budgeted production of the FOPOLA, and also the FX and tax from weakening of the West African CIFIN, maybe a dollar, and also recording of the increase in the FOPOLA priority dividend, which is now 20% after the pre-implemented as part of the MOU, which was previously 10 dollars 20, that gets recorded as a tax. Adjusted net earnings for the quarter were one cent per share. Operating cash flow before working capital adjustments for the quarter was 145 million, benefiting from the average higher average bill price. Then to make the GOES project construction mine development activities was Canadian 209 million during the quarter, and 55 million for working capital, Canadian 55 million for working capital. And GOES, we were reiterating this total construction and developing cash expenditures to first gold, and then we reported to 25, were maintained at a total of 1.54 billion Canadian. Balance UIs were good and strong in the national position. We finished the year with cash and cash equivalents, we had 37 million. We had 400 million drawn in our revolving crowd facility, but as you saw in early 25, we completed a convertible offering for growth proceeds of 460 million, which we subsequently used to fully pay down the balance in the RCF, so we currently have nothing drawn in the revolver, 800 million capacity with the existing syndicate plus another 200 million quarter year feature, should we want to ever use that. With a good amount of financial flexibility, we think to be able to complete the GOES construction by the second quarter of 25, complete the other sustaining growth initiatives across our portfolio, some of which Clyde mentioned already, and to continue to fund healthy exploration programs across our sites to extend mine lines. So that's all I have. Those are the highlights I

was going to touch on. I'll pass it over to Doug. Alright, thanks Mike. Okay, maybe stepping back into Q3 last year, remember that we had the SEALIFT in September, August-September. The 2024 SEALIFT was successfully completed with 10 ships and one barge unloading approximately 123,000 cubic meters of dry cargo and more than 84 million liters of Arctic grade diesel fuel. We also added 58 additional trucks to help us bring down the supplies down the winter road in 2025. I'm happy to say we opened the 2025 winter ice road two days ago. This is ahead of schedule and I've already begun transporting materials down to the GOES site. As far as construction at site, all planned activities for 2024 were completed on schedule and the process plan is on track to produce first gold at the end of Q2. On the mining side, significant progress was made in the mining of the Ecopet. We are now currently ahead of our announced schedule and the underground development of Unwell is consistently hitting new highs on mining efficiency. In Mali, we're gearing up to have contributions in 2025 from both the Pacola Regional and Pacola Underground which would benefit the operations for years to come. And as Clive indicated, we did have a couple of run-offs in 2024. Just to refresh everyone's memory, we had an upset condition where we had operator error and we lost an excavator for a quarter and we also had some illegal union activities which we have since gone through our disciplinary procedure and all cases have been finalized. At Mozbody, the operations continue to perform to a world-class level. I think everyone saw they outperformed last year and the operations delivered all in sustaining cross in 2024 materially lower than our guidance range, delivering very strong free cash flow at these global prices. And at Ochicoto, once again in 2024, they outperformed. We also have, as Clive mentioned, the new discovery, the Antelope deposit. This PEA was released earlier this month and is a positive step towards new production later this decade. And this continues to remain open for exploration. At Grand Malote, we're working through a feasibility study which we believe will be ready by the end of mid-2025 or released in mid-2025. With that, Clive, I'll turn it back to you. Thanks, Mike.

It's the fun of thought. What's been hanging over us for a while has been the reality and the perception of the other in Mali when we needed to reach an agreement with the government based on the government coming up with a 2022 mining code. So I think with the developments we've had in terms of reaching a deal in September and then the company's reaching an agreement since then, and then finally, once again, if the new research, the barracks, all that, that takes a lot of weight off of, I think, pressure off of the space in our shares that have not beat up a lot in the last couple of years based on a large part of that uncertainty about the future. And now, additionally, I think there's been great concern about who's, just in the sense of, is it going to meet timing, is it going to come in around the budget that we are alive, will it be guided? As Bill said, the good news is we're very much on track at goose. So I think that's a better factor that's been putting pressure on our market value, has been the concern of a goose, significant cash crash, sorry, a certain crash that we're not seeing, and also the timing of goose, which is very much on track. So with that, we've broken the market turnaround a little bit, and in fact, hopefully, this next couple of days is the start of that as we remove these risk factors going forward. The other significant thing is going to be the -too-feasibility study. It's going to be completed by the middle of the year. So in all 2024s, as I said, was a challenging year. We met the challenges, and as we go into 2025, we're turning the page back to solid production performance, strong financial position, and close from existing assets. So I think with that, we'll open it up to questions. Thank you.

We will now begin the analyst question and answer session. To join the question queue, you may press star then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please put up your handset before pressing any keys. To answer your question, please press star then 2. We'll pause for just a moment and follow shortly in the queue. This first question comes from Odeh Sabib with SocialBank.

Please

go ahead.

Hi, Tribe and B2Cole team. A couple of questions from me. Sorry if you've already addressed some of these questions. I've just been bouncing between a couple of conference calls, so I apologize for that. I just want to start off with the COLA in regards to the permit, and I'm glad to see things are moving ahead with the FAREC as well. Is there any additional info that regulators require on the COLA regional or local underground, or are we just waiting for the final sign-offs?

What we're working with the government on right now is consolidating three licenses that make up the majority of the property, which to the north, and that's what we've called Anaconda in the past. So that's on track. We're really expecting that any time. And then hopefully shortly after that we will get the permit from the government to start all the work. There will be a bit of a pre-ship to start on that. But basically, if we re-intention those things, which we're expecting to do, as I mentioned, we're very much on the same page as the government, running this money at the start. This year we're going to collect 10 to 20,000 ounces to come from the regional. It will be, as we said, about 180,000 ounces on an annualized basis for the first five years from the regional. I think the other thing that's significant is the government gave us permission, a lot of them, to build the infrastructure for regional mining and trucking the water down to the Ficolum Elk. So that meant building the roads and other facilities, maintenance facilities, workshops, etc. So that was a good sign that the government was agreeing for us to get going,

even before we reached the full agreement, as we did as said government. Thanks, Ola, on that slide. And just moving quickly onto Goose. Again, great to hear you guys ahead on the ice road. You also mentioned in the press release that underground mining rates are a bit behind schedule. Is this just a function of experienced miners, or is there anything else in terms of rock hardness, anything else, ground conditions, that is causing that?

If I'm being honest, Ola, once again, it's two things really, both of them historical, both of which we have fixed. The first one being, as you correctly pointed out, the quality of the miners that we inherited, which has certainly brought that team up to scratch. That's why you can see, and I think I said it in my statement, that the daily rates are coming up every day. The second one is the equipment that was purchased by our predecessor, which we have now, are in the process of changing out during this ice road. First up on the first stop down the road is some new equipment to bring that, to bring the speed up. But we have seen, we've started meeting targets kind of in Q4, our daily production rates, and so we've readjusted our schedule. We don't see any real impact to 2025 production at our current rates.

Perfect. Thanks for that, Klaire, on that note. And yeah, that's it for me, guys. Looking forward to the wrap-up at Goose. Thank you.

Thanks, it is.

Thank you. This concludes our question and answer session. I'd like to turn the conference back over to Klaude Johnson for the closing remarks.

Okay, well I guess that means we have a great and clean presentation. And once again, thanks for your time, and you can see why we're pretty excited about the future here at B2Go. Thank you, operator.

Thank you, sir. This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day. You

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