B2Gold Corp.

Thank you for standing by. This is the conference operator. Welcome to B2Go Corporation's third quarter 2025 financial results conference call. As a reminder, all participants are enlisted 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 one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to Clive Johnson, President and CEO of B2Gold. Please go ahead.

Clive Johnson Thank you, operator. Good morning or afternoon or evening, everyone. Thanks for joining the call. We're here to talk about the financial results of this third quarter of 2025. We have a strong operational and financial quarter. Focola, Maspani, and Ochoa mines all came in ahead of expectations in the third quarter. On the production side, resulting in a lower than expected cash operating cost per ounce. On October 2nd of this year, we announced we've achieved commercial production at our newly constructed Goosevine. This milestone comes just three months after the inaugural goal, and we look forward to many years of successful operations. In Nunavut, in close collaboration with our partners, the Kittimia Inuit Association. The new third quarter production was impacted by the previous disclosed crushing capacity shortfall and a temporary delay in accessing higher grade of unwell underground. We are now in the higher grade. To ensure a consistent feed of crushed storage in the mill, the company has implemented the use of supplemental mobile crushing capacity. Permanent modification and modifications are in progress and are expected to be implemented in 2026. Continued use of the mobile crusher will assist in operating at higher throughput until these modifications are implemented. by the end of the year. Underground mining of the envelope deposit commenced in late October 2025 and will be a strong contributor to high-grade ore and goose over the next few years. In Namibia, B2Gold announced a new construction decision on the Antelope underground deposit. Production from Antelope has the potential to increase Ojibwe mine gold production, leveraging the low-cost platform and extend the life of the mine into the 2030s. In this strong gold price environment, B2Gold is well-positioned to take advantage of with an annual goal of production of approximately 1 million ounces. This year, with growth in capital spending, a goose is now complete. The company is set up well to have significant shareholder value over the coming years. Before I turn it over to Mike to give us more financial detail, I just want to talk a little bit about the political situation in Mali. We've had some news come out, what I think are some years, lots of headlines from some of the media, is going to take over Bamako and the country of Maui. We think that is completely erroneous, and that's a great exaggeration of the situation. Yes, there have been some fuel challenges, particularly in Bamako, but we continue to run the mine, as we have for many years now, and haven't missed any mining due to any kind of political situation or turmoil associated with that. So the mine continues to run well. We're 500 kilometers from Bamako. And we look at the situation that the government still enjoys popular support from the population. And then they see these organizations that are cutting off fuel to Bamako as foreigners. This is not the battle of the people of Bali from our understanding and from the intelligence that we have received. So operations can continue. It's nice to see some support from other governments, the United States and others. The U.S. came out and posted this thing. There's no Western company that wants to see Mali fall into other hands. And there's a lot of international support gathering. So we're very confident of our ability to continue to produce in Mali and work very closely with the Mali government. We're expecting the permit for a regional mining and trucking towards the Pakola Mill. That's imminent. And we received not that long ago the permit to go underground at Pakola. So we think we're on track there. And once again, we're not impacted by any of the Of the things going on in Mali right now, and we're disappointed to see this irrational or not true headlines that are running around the last little while, including us, the value would be too cold. With the benefit of time, I think we'll see that this is a situation not impacting the mine. With that, I'll hand it over to Mike to give us a financial summary of the quarter.

Thanks, Clive. As Clive said, financially it was a strong quarter. The gap earnings were one cent per share, but they were impacted by several non-cash derivative mark-to-market adjustments. And after adjusting for those one-time items, the company's earnings per share were 14 cents per share of adjusted earnings. And clearly, you can see that benefiting from the strong average gold sales price that we saw in the Q and continues now. The company recorded revenue of approximately $783 million in Q3. And that included $144 million related to the delivery of just over 66,000 ounces under the company's goal prepay obligations. And by the end of October, we had another delivery into those obligations. So we've now delivered into one-third of what we owe there. And that leaves us just under 200,000 ounces that we'll need to deliver into by the end of June. So we're in good shape there. Operating cash flows total $171 million in the third quarter, and or before working capital adjustments, $180 million, which is another strong result, and it highlights the continuing cash generating potential of our assets and the strong gold price environment. Balance sheet-wise, we continue to remain in a strong financial position with cash and cash equivalents of $367 million at the end of the quarter. During the quarter, we drew down, and as we disclosed last time, we drew down $200 million on the revolver That just helps us manage through some of the working capital. Timing differences that we have, especially as we deliver into the prepaids. So we'll continue to do that, but with these gold prices, we expect to repay some or all of it by the year end. So I'd say overall, we maintain excellent financial flexibility to deliver to the prepaids, complete our other sustaining growth initiatives. continue to fund the healthy exploration programs that we have, and I think continue to return capital under our shared buyback plan. So I think that's the summary that I want to touch on in the financial sections. And with that, I'll turn it over to Bill for an operation project update.

All right. Thanks, Mike. So at Goose, having two commercial productions, the focus now moves to steady-state operations and consistent performance at main weight capacity. We've identified the source of the crushing issues that impacted performance early in Q3 and have made a temporary fix to the use of the mobile crushing unit. Permanent optimization to the primary crusher and secondary grinding circuits and the installation of the surge wind capacity are being engineered and designed with a finalized study and remediation plan in December 25. Use of the mobile crusher is expected to continue until the modifications are implemented. Due to the shortfall of the crushing capacity and temporary delays in accessing the higher grade ore at Ohmwalt underground, B2Gold has revised its 2025 gold production guidance for the goose mine down to between 50 and 80,000 ounces. Underground mining of the Ohmwalt deposit commenced in late October 25, and the company expects underground operations to ramp up quickly through the final months of 2025. setting the operation up well for the first full operating year in 2026. The company reiterates the near-term and long-term gold production estimates at the Goose Mine, which includes a production forecast of approximately 250,000 ounces of gold in 2026 and approximately 330,000 ounces of gold in 2027, an average annual gold production for the initial full six years of operation of approximately 300,000 ounces based only on existing mineral resources. Significant construction activities for the first nine months of 2025 included completion of the mining in the echo pit and commissioning of the pit as a PSF to include construction of the winter deposition infrastructure. Mining of the Unwell open pit commenced ahead of schedule with full ramp up achieved during the second quarter of 2025. Development of the Unwell underground continued, including development of fresh areas one and twos to support soapboard production in the fourth quarter of 2025. Continued dewatering of the future site of the llama pit Commissioning of three large glycol heating systems, excavation and construction of foundation for the Arctic corridor for the camp, and construction of mechanically stabilized earth wall for the reclaimed tunnel. In Mali, the site continues its strong performance in 2025, exceeding gold production expectations again in the third quarter. Cash costs per ounce were also lower than expected. Of note, Pakola Underground is also performing above expectations, despite operations commencing earlier in Q3 on July 30, 2025. At Masbati, the operation continues to perform well, with a world-class safety record. Mine throughput has significantly outperformed expectations in 2025, and we anticipate consistent production in the fourth quarter. At Ochocoto, open pit and underground mining went very well in the third quarter, with production also exceeding expectations. During the third quarter, the company approved a development decision for the antelope deposit. The company has also completed further optimization and believes pre-production capital costs can reduce from $129 million estimate in the PA to $105 million. Production from the antelope has the potential to increase Ochocoto Mine gold production to approximately 110,000 ounces over the life of the antelope underground mine. With that, I'll turn it back over to Clive for an intro to Q&A.

Thanks, Bill. Operator, we're ready for Q&A.

Thank you. We will now begin the analyst question and answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. The first question comes from Always Habib with Scotiabank. Please go ahead.

Thanks, operator. Good morning, Clive and P2 team. Congrats on a good quarter. A couple of questions from me, just starting off with Ficola. Ficola Underground seems to be ramping up really well. What are the kind of grades you're expecting going into 2026? And is there a target that you have in mind in terms of Orton's mind and kind of grade on the Ficola Underground?

Yeah, I don't have what the exact rate is, but I think we were targeting about 4.5 grams is what I remember, 4.5 grams and a throughput of about 1,500 tons a day, so you can do the math on what it's going to be. It's something like that. And remember, those are replacement ounces of low-grade.

And, Bill, thanks for that. And, Bill, in terms of, you know, the development rate and development rates into FECOLA Underground, Is that all progressing well and kind of confident in terms of what you guys are going to be producing in 2026 then?

Absolutely. So the contractor is Burncut, the same contractor we've had in Namibia. Very good relationship, and the development has actually been on or ahead of schedule really the whole way.

Good stuff. And then just moving on quickly to Pecola Regional Permit. I know we are expecting the permit by the end of 2025. in terms of any sort of pre-development or anything that you guys can do prior to that, or basically you guys are just ready as soon as the permit comes in, you just start pre-stripping and then start bringing it over?

We are, in fact, restripping some. We've been given approval to go out and do some clearing and grubbing. So all of that is happening. Obviously, we're hiring people, getting the equipment. So really, we're putting a little bit of money at risk, knowing that everything we've been told that this permit is coming.

Got it. Thanks for that. And then just moving quickly to Goose, underground rates seems to be picking up as we're going into Q4. Are development rates also picking up as well? And, again, I think, you know, this is kind of a question that has come up in other mining operations as well. Do you have the right people and kind of equipment in place right now?

Yeah, we have the right people for sure. Remember, this is remote mining, remote stope mining, so it is a specialized skill. And we do have the right people on site now, and we see that it will be coming up as planned.

Okay. Thanks for that. That's it for me, guys. Thanks. Thanks, Luis.

The next question comes from Anita Sonies at CIBC World Markets. Please go ahead.

Hi, good morning, Clive and Bill. I just wanted to ask a few questions on GOOFS, and I just wanted to understand the key drivers of the cost increase into the fourth quarter. Obviously, lower funds are going to be pushed, and that's going to impact the numbers, but how do you expect that to evolve into next year? I mean, you maintain the production guide for next year, so I'm just trying to get an understanding on what we should be thinking about on costs. Are they going to be as indicated previously, or will there be some impact?

Well, again, so it's Mike. It's just on the cost, Anita. For the fourth quarter, we guided up the per ounce costs are a little higher, you're right, than we had before. We've lost the production costs that were in the budget for Q4 there, but we re-guided down the ounces to 45,000 ounces just on the basis that we were a little later getting into the higher-grade stoves and the total production. year to wrap up. And then on the costs as we look forward, you know, the $250,000 that Bill was talking about and beyond into the later years of the mine life, we don't have any change to those right now. We're doing the budget for next year. And then also an updated sort of upside like mine case as well that we're looking at. So I think we don't have anything new to put out on those at this point, but certainly The key message is these Q4 ones are ramp-up ounces, so the cost related to those shouldn't be extrapolated into anything in the future. You know, and we've tried to be relatively conservative in that guidance. We've had to re-guide boost down just for the fourth person. We've tried to be conservative in that guidance, give a chance to meet or even meet it for the Q. Okay.

And sorry, Bill, could you just give a... Give me an idea of what's actually going on with the delay, you know, accessing unwell. Like, what was the reason for the delay?

The reason for the delay was lack of equipment parts for Sandvik and then operators to run it. And so it's one of those things that you assume in Canada these things come on a very set schedule, and it just didn't happen. And so we have rectified the situation. We do have the people on site now, and we do have the appropriate drilling media So it's been solved.

Okay. All right. Thank you. That's it for my questions. Thanks. The next question comes from Don DeMarco with National Bank.

Please go ahead.

Thank you, Operator, and good morning, Clyde and team. Thank you for taking my question. Maybe first off at Goose, you're looking at some different options regarding the crushing, the optimization of the crushing. Among the options that you're considering, we look forward to the results of your report and so on, but what's the potential magnitude of these range of solutions just to get away from that mobile crushing?

Yeah, so we talked before. Remember, the initial one when we were in Denver was the concept of really kind of a very small change. Obviously, we've disappointed on it, and so we've got a third-party consultant coming in that will deliver a report in December. So I really don't want to, once again, tell you in Denver and then have to walk it back, but it's still a small magnitude compared to fixing it and getting a throughput.

Okay. And I guess, like, whatever you decide, I mean, you've got the sea lift coming up and decisions to be made to kind of sequence with that, and you'd have things on the ground as needed, I would imagine. That's correct. Okay, so in Mali, the regional permits, we're looking forward to year-end to have them. You know, the time frame for getting these permits has been somewhat fluid. What are the reasons behind that? I mean, you know, you guys have a good... line of communication with the government? You've been out there a number of times. Is it, you know, a different priority for the government? I mean, from your point of view, what's the reason for the pushing back the schedule multiple times?

Well, I think we're in the bureaucracy of Mali in terms of winding its way through various approval levels. Our understanding most recently is that we're in the final stages of approval, and we expect that definitely before the end of the year and maybe quite imminently.

Okay. Well, we'll look forward to that. But, yeah, I've seen the report, too, that you're going to start right away with the stripping once you get that and other prep work and look forward to seeing all that, you know, production reflected in guidance next year. So that's all for me. Thank you.

Bill said we've already started some prep work. Let's see. Thanks, Doug.

Once again, if any analysts have questions, please press star, then 1. The next question comes from Carrie McCrory with Canaccord Annuity. Please go ahead.

Good morning. Maybe a question for Mike. You drew down $200 million last quarter, and I see you paid off $50 million. Do you anticipate needing to use the credit facility as you go through these prepaid payments?

I think you'll see us. Like you said, I think if gold prices stay where we see them right now for the fourth quarter, then we expect that we'll have paid down substantial part of that line, if not all of it, by year end. I think you'll see us utilize it a little bit as we move through Q1 and Q2, just to manage the timing, the prepaid deliveries, and the fact that we already got the cash for those. But after that, the line will be repaid, and that's off to the races. So I think we'll use it as a temporary inter-quarter thing, and it's a relatively small draw. And then as we move forward, we're into these cash flow harvest years.

And then just maybe on CapEx at Goose, I mean, Q3 CapEx seemed a bit higher than what we were expecting. Maybe that's just seasonality in Nunavut, but any guidance on what we should be expecting for growth capital at Goose for Q4?

Yeah, so I'd say if you look at the budget that we put on for HAP2, it was $176 million. And we didn't give a split, but it was heavily weighted to Q3, so the budget was roughly $130 for Q3 and then $45, $46 for HAP2. Q4. So in Q3, the recorded capex and the financials is $157, but that includes, we ended up capitalizing a bunch of site general costs and commissioning costs just because of the timing of the ramp-up, which they were budgeted as operating costs. And so we ended up capitalizing them so they flowed through the capex line. Light for light, the hard assets in the budget We were $120,000 versus the budget of $131,000 plus these site G&A costs. So on the capital front, the pure CapEx front that we budgeted, we're pretty much on budget. Q4, we did add $15 million to Goose's capital budget. So it's gone from $45 to $60. And that really is the factor. And so there's still quite a few folks on site that are graduating. So the way to think about Q3 is if you look at the capital and operating costs, we were pretty much right on budget. It's just to split how we ended up. We capitalized some of the site G&A and some of the commissioning costs that we didn't expect. But that was just a reallocation of costs put from two areas of the budget. And then Q4, yeah, add in 15 for CapEx for Q4. So it goes from 45 to 60.

That's helpful. Thanks, Mike.

This concludes the question and answer session. I would like to turn the conference back over to Clyde Johnson for any closing remarks. Please go ahead.

Okay, thanks, operator.

As we said at the outset, a strong quarter operationally and financially, and we look forward to progressing, ramp up at Goose, and continuing our strong performance at the other operations. So if you have any follow-up questions, feel free to reach out to Michael McDonald, and he can put you in touch with the right party to answer your questions.

So thanks for joining us today.

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