B2Gold Corp.

Thank you for standing by. This is the conference operator. Welcome to BT Gold Corporation's fourth quarter and 2025 year-end 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 one on your telephone keypad. You will hear a tone acknowledging your request. Should you need assistance during the conference call, you may reach 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.

Welcome, everyone. As you heard from the operator, we're here to review B2Gold's financial results for 2025. The fourth quarter of 2025 brought a solid end to what was an exciting year for B2Gold. The Coca-Cola mass-banding Ocho Cota mines continued their performance. In the first ramp-up quarter, it was resulted in the strongest concern in the production quarter of the year. Across our portfolio, we celebrated many milestones during 2025. We achieved record revenue of $3 billion. In Mali, we produced our 4 millionth ounce since the inception of the mine and received the Coca-Cola underground exploitation approval. producing over 20,000 ounces from Foucault Underground in 2025. We are excited for the future of Foucault Underground as it contributes to the Foucault complex as it ramps up the full production. At Goose, we celebrated the first gold floor in tourism production. This milestone is not one that we celebrated on our own. We look forward to many years of operations in lieu of it. Canada has had close collaboration with our partner, the Katikmeat Inuit Association and Katikmeat Communities. In the mid-year, Beecher Gold announced an improved construction decision for the Anselope underground deposit. Production from Anselope has the potential to increase Ochocoto buying gold production, leveraging the low-cost platform, and extend the life of mine into the 2030s. At last, Banding's operations delivered a better year, consistent and safe results, achieving the incredible feat of seven years without a lost time injury. Gold price environment, beach gold as well, is set up to take advantage with a strong asset portfolio and flexible balance sheet. And with growth capital spending, it is now complete. The company is in a position to add significant shareholder value over the coming years. With that, I will turn the call over to Mike Siddow for a discussion of our financial results in the fourth quarter fiscal year.

Mike. Thanks, Tyler. As Clyde said, financially, it was a strong quarter. GAAP earnings were $0.13 per share or $0.11 per share on an adjusted earnings basis. And those earnings would have been even stronger if it wasn't for the timing of the late shipments at Focola. Focola had a very strong Q4 just with timing of shipments at year-end. We had just over 20,000 ounces that were delivered just after December 31st, so not recorded in revenues for 2025, recorded in early 2016. So revenues, we did a quarter of 1.05 billion in the fourth quarter. That included delivering 66,000, just over 66,000 ounces under our gold prepay obligations. And as of today, we've delivered January's tranche and we're working on February. So we're nearly there. We'll have delivered into those and they'll be wound up by the end of June 26. Operating cash flows for 2025 are 896 million. and that included $286 million in the fourth quarter, which is another strong result, and it highlights the continuing cash generation potential of our operating assets in this very strong gold price environment. Balance sheet-wise, we remain in strong financial position. We have cash and cash equivalents of $380 million at the end of 2025. We had drawn $150 million on our revolver at the end of 2025 as well, but subsequent to year-end, we paid down another $100 of that, so leaving us with capacity of $750 million on the revolver and a further $200 million in the accordion feature there. So lots of capacity there. So overall, I think we maintain excellent financial flexibility to fully repay our obligations under the gold prepaids, as I said, by the end of June, and complete our other sustaining and growth initiatives all across our portfolio. And to continue to fund healthy exploration programs. I think you'll see that in our budgets. To extend mine lives. But at the same time also to return capital to shareholders. I think that's an important one. During 25, you saw us start to repurchase shares under our NCIB. We repurchased 2 million shares for about 10 million in 25. But subsequent to year end, we've gone back and we've purchased another 5 million shares for approximately 24 million. And I think you'll see us continue to do that as the year progresses. Obviously, with the prepaids rolling off, we've got close to an extra $110 million a month coming in now from cash flows post-June. We're currently delivering into those prepaids. But with that extra cash flow, I think you'll see us look at that normal course-issue bid and see if we can buy some more shares. But given where we think we are and where we think we're going,

coming up so with that i'll turn the call over to bill for an operation and project update yeah thanks mike um so i'd say overall we're pleased with the 2025 operating performance at our sites producing approximately 980 000 ounces which was near the midpoint of guidance looking forward to 2026 we're anticipating production between 820 and 970 000 ounces Production is expected to be lower than 2025 due to the planned step down of Ochocoto following completion of the open pit mining in Q4 2025 and the expected lower production of Focola as stripping of phase eight of the Focola pit continues. These decreases will be partially offset by the continued ramp up at the Goose mine. While we only have a small data set so far in 2026, all operations have performed above expectations. In Mali, The company expects to receive the approval for the FACOLA Regional Exploitation Permit during the first quarter of 2026 with production starting in the second half of the year. Gold production at FACOLA is expected to be relatively consistent throughout the year as production from FACOLA Regional is expected to ramp up in the second half to offset decrease in production from FACOLA Phase 7 as the FACOLA pit begins to transition to Phase 8. FACOLA Regional is expected to contribute between 60 and 80,000 ounces in 2026. At Goose, we expect the operation to ramp up throughout the year. The crushing circuit, unfortunately, continues to be supplemented with the mobile crusher. Production during the fourth quarter was impacted by unseasonably low temperatures, impacting the performance of the mobile crushing unit, which is not enclosed and is susceptible to operational interruptions and extreme cold. Initial modifications to improve performance of the crushing circuit in the near term, including the addition of run of mine bins and apron feeders, were ordered in late 2025. They're scheduled to be implemented in the second half of 26, at which point use of the mobile crusher will cease. The company estimates that the crushing circuit will be able to operate consistently at an average of approximately 3,200 tons per day once these initial modifications are implemented. Capital for the initial phase has been included in the 2026 operating budget. The company is studying a more comprehensive crushing circuit improvement to increase design capacity of the existing crushing circuit to enable it to run at an average of 4,000 tons per day. These studies will be finalized in the first half of 26, at which point the company will determine the optimal scope and timing of additional crushing circuit improvements. Capital for the second phase has not been included in the 2026 budget, And while the studies are currently ongoing, I reiterate, the studies are currently ongoing, the company believes the overall cost to implement these improvements will be in the tens of millions of dollars and not material for the scope of the operation. At MozBody, the operation continues to perform well with a world-class safety track record. Mine throughput significantly outperformed expectations in 2025 and achieved a record for the second year in a row. We anticipate another year of consistent operations in 2026. At Ochocoto, the operation had a fantastic year, with strong production from the final phase of the open pit, achieving the upper end of its guidance range for 2025. Given the planned completion of the open pit activities, we expect lower production in 2026 as the mine transitions to processing only Wolfshake underground ore, supplemented by low-grade stockpiles. The company has begun development of the antelope deposits, which we believe has the potential to increase Ochocoto mine gold production to an average of approximately 110,000 ounces from 2029 through 2032. With that, I'll turn it back over to Clive for the intro into the Q&A.

Thanks, Bill. Let's open it up for Q&A.

Certainly. 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'll 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, press star then two. Our first question is from Fahad Tariq with Jefferies. Please go ahead.

Hi, thanks for taking my question. Just on Focola Regional, can you just give us maybe the latest conversations you're having or not having with the government and what gives you the confidence that the permit could be in the first quarter of this year? Thanks.

Yeah, thanks. It's Randall. I'll respond to this one. You know, over the 25, I think part of our confidence goes to the movement that we saw over the course of the year. This was a permit that took, you know, all of the ability of the Malian government to come up with a consolidation that had never been done before in Maui under the 2023 Mining Code. And so for us to be able to move that through last year and get to a point right now where we do have the endorsement of the Minister of Mines, the endorsement of the Minister of Finance on this permit has been pushed through. The technical group, the review has been completed. It is sitting with the President and the newly formed Mining Commissioner, Hilaria Diarra, And we are in very regular dialogue. In addition, you know, moving forward with the underground exploitation, and as you've seen, Barrick's Lulu permit get extended. The government is moving these things forward. It is slower than we would like, for sure. But there is constant dialogue on the process. And that's really what gives us the confidence that we're going to see it in the near future.

Got it. And then just maybe switching gears to GUS, I believe there was an internal study that was being done with Ethel Smith to figure out the permanent crusher solution and what that would entail and how would be like the specifications for it. Can you just share anything else from that study that came about if that's been completed and what that means for the second half of this year at GUS?

Yeah. So the study, as you correctly said by Ethel Smith, was completed. It's been delivered to Lycopodium, who's going to be the engineer of record. They're in the process of reviewing that study. And then, of course, it has to go out for, you know, once the final design is set, it's got to go out for cost bids, and we have to come back with what the final study is. So, you know, I think we've been very open that we're not really going to have final answers until April. What we know is that the first part is the apron feeder and the hopper. That is Phase 1. The second half after April, we'll come out with what the final guidance is. But we did, you know, I think we did talk about this kind of, you know, tens of millions of dollars. So the first, the Phase 1 is $7 million, and all that's in the budget. The second half is tens of millions of dollars. But once again, without having a study, we're probably somewhere in the middle of that. So, you know, it's probably something like $50 million Canadian, of which time, We'll be purchasing equipment, and there is the opportunity. There's two choices. One, depending on what the final decision is, we could hurt it in, so we could bring it in on plane this year, or we'd have to bring it up the road next year. I know those are the two options, which have yet to be finalized.

Okay. Thank you.

The next question is from Anita Thony with CIDC World Markets. Please go ahead.

Hi, Bill. Just to follow up on Todd's question on the throughput, I understood the issue with the hopper and the crusher, but what is preventing it from getting to 4,000? I thought that initial fix was going to be the final solution. Can you talk about the second portion of it?

Yeah, I can. It really is a design factor. So we can run at 4,000. We just can't keep it at 4,000 all day, every day. And so, you know, we can't catch up ever. So if the crusher goes down for whatever, for maintenance or there's a blockage or that type of stuff, then suddenly we're behind and we can't catch up. So this next study is talking about expanding the capacity of the crusher with a safety or with a protector.

All right. So getting to 6,000 would just allow you to potentially maybe a little bit more, but average the 4,000. Is that the case?

I didn't say 6,000 for sure.

No, no, I know your MD&A does say something about evaluating going to 6,000.

Well, no, the MD&A really was a different issue related to sending the overall circuit to 6,000. This is completely tied around the crushing circuit.

Okay. All right, thanks. And then just on Ojikodo, I wasn't quite clear about – when antelopes would come on stream? I think this capital spending is 26 and 27, but is 28 a ramp-up year? And then 29 to 32 is where you exceed 110. And then what would 27 and 28 look like in terms of production?

Yeah, so the answer is yes to the first part, that 27 and 28 are kind of years which we're continuing to build. With 29 being a ramp up, I mean, once again, given the fact we haven't even ordered equipment, it's maybe a bit premature to talk about when ramp up will happen. But we are talking about 29 and then through 32 being production. And what it looks like in 27 and 28 is kind of that, it looks like, just look at my numbers here. I see life of mine at Ochocoto kind of 78 and 27 and 64 and 28.

Okay. And then at Focola, could you give us a bit of a breakout in terms of what's coming from the open pit and the underground? And then also, so excluding the regional where you've got 70 to, I guess it was 70 to 80 or 60 to 80,000 ounces, the breakout between the underground and the open pit and sort of what grades and tonnage we were looking at in each.

Yeah, I don't have the grades and tonnage in front of me, but I do have the gross never. So you could back calculate for sure. So, From the underground, I'm showing 71,000 in 26. Okay. And then the combination of the coal and cardinal is I'm showing 300,000. So a total of 371 minus the regional.

Okay. And then the underground, sorry, do you know what the grades are at the underground or no? Sorry, the tonnage that you would be pulling.

Yeah. Well, I think we're mining at 1,500 tons per day there. So I'll have a guide check over on this call just to make sure, but I think it's 1,500 tons.

All right. Thank you. That's it for my questions.

Once again, any analyst who has a question can press star then one on your telephone keypad. They'll hear a tone acknowledging your request. The next question is from Kerry McCreary with Canaccord Genuity. Please go ahead.

Hey, good morning, guys. I'm just wondering how we should think about ASIC at Goose once you're at 3,200 tons a day versus your guidance?

So, well, what I'd say, Kerry, you can see obviously there's an ASIC ramp-up in 26 in the budget numbers and, you know, that's based on obviously much lower range production than we see I think, all of the elements of this new question study and what we plan to do. But the goal is that we get ramped up to 4,000 tons per day, maybe a little bit further into 2027. So once we've got stage two of the pressure remediation done, then you'll see our goose all-in sustaining costs step down significantly from what we've put on the budget here.

Okay. And then maybe just on the cash taxes, you've given guidance at $5,000 an ounce. Is there, would you happen to know what that would be at, like, 4,500 or so? Is there any sensitivity around that number?

So, sorry, the second part of your question, can you?

Just, like, your cash tax guidance is done at 5,000 an ounce, and just wondering what that would look like at 4,500 or so.

Well, yeah, you could probably, if you take what's there, and then multiply by an effective average rate of 30% for the stack down, that'll probably get you somewhere in the bull part. Remember, the thing to remember with those cash taxes is we're showing you what we think it is. We have to make assumptions about how much we would repatriate from sites, right? So, with these higher bull prices, we're pulling up a lot of cash. And so, it's not a linear stack down from $5,000 to $42,000 because there are withholding taxes on those dividends. But if you want to quantify it, very high level what it is, take the difference of gold price, multiply it by the production ounces and take 30% of it. You'll get the ballpark of what the impact of cash taxes would be. We did give back cash tax guidance just to show you what it looks like around the whole group because you can see in 2025 cash tax numbers, you know, we over half a billion and withholding taxes on that was $130 million plus. So I want to remind everyone, all the analysts for your models, you've got to put those withholdings in to see the impact of the higher gold prices. And we pulled back over a billion from sites during 25. So we wanted to give you that guidance in 26 as well, just to show you what we see at 5,000 and withholding somewhere in that 115 million range of 5,000 is the impact for the year. All right, great.

Thanks, Mike.

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

Okay. Thank you all for those good questions. Sorry, operator.

I apologize for the interruption. Have you finished your concluding remarks?

Okay. Yes. Thank you, operator. Thanks, everyone, for attending and for your questions.

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