Earnings release
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B2GOLD News Release B2Gold Reports Q2 2026 Results ; Strong Operating Performance at the Fekola , Masbate , and Otjikoto Mines led to Higher than Expected Gold Production and Lower than Expected All - In Sustaining Costs ; Menankoto Exploitation Permit Expected to be Issued in the Near - Term by the State of Mali Vancouver , BC , August 6 , 2026 - B2Gold Corp. ( TSX : BTO , NYSE AMERICAN : BTG , NSX : B2G ) ( " B2Gold " or the " Company " ) is pleased to announce its operational and financial results for the second quarter of 2026. All dollar figures are in United States dollars unless otherwise indicated . 2026 Second Quarter Highlights Gold production of 203,648 ounces : Consolidated gold production in the second quarter of 2026 was 203,648 ounces , 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 a previously reported fire in certain areas of the crushing circuit in April 2026 . Consolidated cash operating costs of $ 1,201 per gold ounce produced : Consolidated cash operating costs ( see “ Non - IFRS Measures " ) were $ 1,201 per gold ounce produced ( $ 1,127 per gold ounce sold ) during the second quarter of 2026. 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 . Consolidated all - in sustaining costs of $ 2,356 per gold ounce sold : Consolidated all - in sustaining costs ( see “ Non - IFRS Measures " ) were $ 2,356 per gold ounce sold during the second quarter of 2026. 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 . Attributable net income of $ 0.31 per share ; adjusted attributable net income of $ 0.03 per share : Net income attributable to the shareholders of the Company of $ 417 million , or $ 0.31 per share ; adjusted net income ( see “ Non - IFRS Measures ” ) attributable to the shareholders of the Company of $ 41 million , or $ 0.03 per share . Adjusted net income in the second quarter of 2026 excluded a gain on sale of mining interests of $ 292 million and unrealized gains on derivative instruments of $ 135 million , amongst other items . Included in adjusted net income for the second quarter of 2026 is $ 71 million of realized losses on the Company's gold collars . Final settlement of the gold collar contracts will be completed in January 2027 . Operating cash flow before working capital adjustments of $ 94 million and free cash outflow of $ 258 million : Cash flow provided by operating activities before working capital adjustments of $ 94 million , and free cash outflow ( see “ Non - IFRS Measures " ) of $ 258 million in the second quarter of 2026. Free cash outflow during the second quarter was mainly the result of 1
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2 higher cash tax payments (including a higher priority dividend paid to the State of Mali), the impact of the prepaid gold sales (the “Gold Prepay”), and higher production costs, which more than offset higher gold revenues. Free cash flow for the second quarter of 2026 does not include the $325 million of cash proceeds on sale of the Finland properties. • Repurchased $92 million of shares under the Company's renewed normal course issuer bid: On April 1, 2026, the Toronto Stock Exchange accepted the notice of B2Gold's intention to renew its normal course issuer bid (“NCIB”). The renewed NCIB commenced on April 3, 2026 and will expire no later than April 2, 2027. Under the NCIB, the Company may purchase up to 132,662,594 common shares, representing 10% of the public float as of March 20, 2026. During the second quarter of 2026, the Company repurchased a total of 19 million shares for $92 million. • Menankoto Exploitation Permit Status: 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 (the “Menankoto Exploitation Permit”) have been completed. The permit is now awaiting approval by the Council of Ministers of Mali, which B2Gold anticipates will occur in the near future. The Menankoto Exploitation Permit together with the Dandoko exploration permit, make up Fekola Regional, a key near-term production growth driver for B2Gold. B2Gold and the State of Mali remain committed to the agreement entered into in September 2024 related to the ongoing operation and governance of the Fekola Mine and Fekola Regional (together “Fekola Complex”). • Sold 70% interest in Fingold Ventures Ltd. (“Fingold”) to Agnico Eagle Mines Ltd. (“Agnico Eagle”) for $325 million: On April 23, 2026, B2Gold announced that it had completed the sale of its 70% interest in Fingold to Agnico Eagle for cash consideration of $325 million. • Completed final delivery of ounces into the Gold Prepay contracts: As of June 30, 2026, the Company had delivered all 264,768 ounces into the Gold Prepay contracts. With all future gold sales expected at spot prices, free cash flow is anticipated to improve in the second half of 2026 relative to the second quarter of 2026. • Strong financial position and liquidity : At June 30, 2026, the Company had cash and cash equivalents of $287 million and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $405 million . During the second quarter of 2026, the Company repaid $75 million on the Company's $800 million revolving credit facility (“RCF”), leaving the full $800 million available for future drawdowns as of June 30, 2026. • Consolidated gold production guidance range narrowed to between 820,000 and 920,000 ounces: 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 relates to Fekola Regional, based on delays in issuance of the 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 mine -by-mine production guidance changes, consolidated cash operating costs guidance remains unchanged between $1,155 and $1,280 per gold ounce produced, while 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 believes consolidated all-in sustaining costs for 2026 will be at or below the low-end of this updated guidance range.
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3 • Q3 2026 dividend of $0.02 per share declared : On August 6, 2026, B2Gold's Board of Directors declared a cash dividend for the third quarter of 2026 of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on September 23, 2026, to shareholders of record as of September 10, 2026. Mike Cinnamond, President and CEO of B2Gold, said “B2Gold delivered a solid second quarter, with production across our operating portfolio largely in line with expectations, highlighted by stronger -than- anticipated performance from Fekola, Masbate and Otjikoto. Following recent visits to Mali to discuss the status of issuance of the Menankoto Exploitation Permit, we believe that all necessary steps in the approval process have now been completed, and are confident that the permit will be approved by the Council of Ministers of Mali in the near future . Receipt of the Menankoto Exploitation Permit will be an important milestone that allows B2Gold to commence mining within Fekola Regional and supports the continued long- term growth of the Fekola Complex. At Goose, while the previously reported fire in certain areas of the crushing circuit temporarily impacted production during the second quarter, the quick and well-executed response of our team safely contained the incident, limiting the damage and resulting in no injuries to employees. Repair of the crushing circuit is progressing as planned and is on track for completion in the third quarter. During the second quarter, we further strengthened our balance sheet through the sale of our interest in Fingold for $325 million in cash, unlocking significant value for our shareholders. Other highlights from the second quarter included repurchasing $92 million of shares under our NCIB and completing the final deliveries into our Gold Prepay contracts. As we look forward to the second half of 2026 and into 2027, B2Gold expects to generate significant free cash flow at prevailing metal prices, enabling us to reinvest in our business, fund our prospective exploration projects, and increase capital returns to shareholders.” 2026 Guidance 2026 Guidance (100% Basis)(1) Fekola Complex(2) Masbate Otjikoto Goose Operations and Projects Total Gold Production (koz) 390 - 420 180 - 200 80 - 100 170 - 200 820 - 920 Cash Operating Costs ($/oz produced)(3) 1,060 - 1,160 900 - 1,000 1,200 - 1,300 1,610 - 1,810 1,155 - 1,280 All-In Sustaining Costs ($/oz sold)(3) 2,670 - 2,820 1,430 - 1,580 1,830 - 1,980 2,670 - 2,970 2,370 - 2,550 (1) Totals may not add due to rounding. Estimates are based on a $5,000 per oz gold price assumption for 2026. (2) The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal open pits and Fekola underground), and Fekola Regional (comprised of the consolidated Menankoto permit, and the Dandoko permit). (3) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most direc tly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".
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4 Second Quarter 2026 Results Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 Gold revenue ($ in thousands) 789,354 692,206 1,948,009 1,224,313 Net income ($ in thousands) 419,620 160,753 625,170 223,317 Earnings per share – basic(1) ($/ share) 0.31 0.12 0.46 0.16 Earnings per share – diluted(1) ($/ share) 0.29 0.10 0.42 0.14 Cash (used) provided by operating activities ($ thousands) (78,755) 255,081 460,726 433,869 Average realized gold price ($/ ounce) 3,767 3,290 4,009 3,104 Adjusted net income(1)(2) ($ in thousands) 40,881 162,839 300,758 284,689 Adjusted earnings per share(1)(2) – basic ($) 0.03 0.12 0.23 0.22 Free cash flow(2) ($ in thousands) (257,516) 11,977 104,284 5,052 Consolidated operations results: Gold sold (ounces) 209,537 210,384 485,883 394,382 Gold produced including pre-commercial production from Goose (ounces) 203,648 229,454 441,411 422,206 Gold produced excluding pre-commercial production from Goose (ounces) 203,648 228,762 441,411 421,514 Production costs ($ in thousands) 236,211 160,363 470,049 322,357 Cash operating costs(2) ($/ gold ounce sold) 1,127 762 967 817 Cash operating costs(2) ($/ gold ounce produced) 1,201 745 1,096 785 Total cash costs(2) ($/ gold ounce sold) 1,642 1,132 1,506 1,123 All-in sustaining costs(2) ($/ gold ounce sold) 2,356 1,519 2,133 1,525 (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”. (3) Cash operating costs per gold ounce sold, cash operating costs per gold ounce produced, total cash costs per gold ounce s old and all-in sustaining costs per gold ounce sold do not include the results of pre-commercial production from the Goose Mine. 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 and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $405 million. During the first half of 2026, the Company repaid a net $150 million on the Company's RCF, leaving the full $800 million available for future drawdowns. Subsequent to June 30, 2026, the Company drew down $95 million under the RCF to fund working capital initiatives, predominantly the purchase of annual fuel requirements for Goose that will be transported to site in early 2027. Third Quarter 2026 Dividend On August 6, 2026, B2Gold’s Board of Directors declared a cash dividend for the third quarter of 2026 (the “Q3 2026 Dividend”) of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on September 23, 2026, to shareholders of record as of September 10, 2026.
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5 The Company currently has a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q3 2026 Dividend, the Company has determined that no discount will be applied to calculate the Average Market Price (as defined in the DRIP) of its common shares issued from treasury. Beneficial shareholders who wish to participate in the DRIP should contact their financial advisor, broker, investment dealer, bank, financial institution, or other intermediary through which they hold common shares for instructions on how to enroll in the DRIP. 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. 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 intended rate or at all in the future. For more information regarding the DRIP and enrollment in the DRIP, please refer to the Company's website at https://www.b2gold.com/investors/stock_info/. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction. The Company has filed a registration statement relating to the DRIP with the U.S. Securities and Exchange Commission that may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at http://www.sec.gov/EDGAR or by contacting the Company using the contact information at the end of this news release.
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6 Operations Fekola Complex - Mali Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 Gold revenue ($ in thousands) 518,048 377,316 1,252,898 631,983 Gold sold (ounces) 114,384 115,184 266,740 202,992 Average realized gold price ($/ ounce) 4,529 3,276 4,697 3,113 Tonnes of ore milled 2,362,456 2,341,718 4,909,404 4,788,389 Grade (grams/ tonne) 1.67 1.84 1.62 1.57 Recovery (%) 91.8 91.2 91.7 91.1 Gold production (ounces) 116,281 126,361 233,731 220,166 Production costs ($ in thousands) 129,212 96,121 240,215 185,146 Cash operating costs(1) ($/ gold ounce sold) 1,130 834 901 912 Cash operating costs(1) ($/ gold ounce produced) 1,185 798 1,066 870 Total cash costs(1) ($/ gold ounce sold) 1,920 1,369 1,731 1,361 All-in sustaining costs(1) ($/ gold ounce sold) 2,289 1,721 2,098 1,815 Capital expenditures ($ in thousands) 39,567 53,379 86,652 117,382 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”. The Fekola Complex 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 the Fekola Mine. 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 B2Gold 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. For the second quarter of 2026, production from Fekola was 116,281 ounces of gold. Gold production in the second quarter of 2026 was higher than anticipated due to higher mill throughput and higher mill feed grade. 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). 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 higher than expected mining costs due to accelerated mining of the Fekola open pit as a result of delays in receiving the Menankoto exploitation permit.
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7 All-in sustaining costs (refer to “ Non-IFRS Measures”) for the second quarter of 2026 were $2,289 per gold ounce sold. 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. 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. 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 Fekola reflects better than anticipated gold production in the first half of 2026, which was offset by lower anticipated gold production from Fekola Regional in the second half of 2026. 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 $2,820 per gold ounce sold remain unchanged for 2026. The Company expects to be at or below the low end of the all -in sustaining costs guidance range for Fekola. Goose Mine - Canada Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 Gold revenue ($ in thousands) 77,696 — 297,223 — Gold sold (ounces) 17,426 — 61,871 — Average realized gold price ($/ ounce) 4,459 — 4,804 — Tonnes of ore milled 72,334 9,206 252,518 9,206 Grade (grams/ tonne) 5.87 2.74 7.33 2.74 Recovery (%) 93.9 85.3 93.6 85.3 Gold production (ounces) 12,890 692 55,766 692 Production costs ($ 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 direc tly 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 the Goose Mine. Respect and collaboration with the KIA is central to the license to operate in the Back River Gold District
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8 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. 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 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. 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. 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. Sustaining capital expenditures were higher than anticipated as a result of expected catch- up on costs not incurred in the first quarter.
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9 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. 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 $2,970 per gold ounce sold remain unchanged for 2026. Masbate Mine – Philippines Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 Gold revenue ($ in thousands) 244,777 132,698 474,103 262,091 Gold sold (ounces) 55,775 39,900 102,701 84,350 Average realized gold price ($/ ounce) 4,389 3,326 4,616 3,107 Tonnes of ore milled 2,187,987 2,191,599 4,477,934 4,469,631 Grade (grams/ tonne) 0.92 0.93 0.95 0.88 Recovery (%) 78.2 77.8 77.3 77.1 Gold production (ounces) 51,039 50,738 103,947 97,107 Production costs ($ in thousands) 45,187 34,468 74,302 72,484 Cash operating costs(1) ($/ gold ounce sold) 810 864 723 859 Cash operating costs(1) ($/ gold ounce produced) 804 801 729 816 Total cash costs(1) ($/ gold ounce sold) 1,024 1,086 959 1,052 All-in sustaining costs(1) ($/ gold ounce sold) 1,236 1,497 1,244 1,344 Capital expenditures ($ in thousands) 14,879 17,499 30,798 25,232 Exploration ($ in thousands) 893 531 1,301 951 (1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most direc tly comparable measures specified, defined or determined under IFRS and presented in the Company’ s financial statements, refer to “Non-IFRS Measures”. The Masbate Mine continued its strong performance in the second quarter of 2026 with gold production of 51,039 ounces. Gold production in the second quarter of 2026 was higher than anticipated primarily as a result of higher mill throughput and gold recoveries. The Masbate Mine's cash operating costs (see “Non-IFRS Measures”) for the second quarter of 2026 were $804 per ounce produced ( $810 per gold ounce sold). 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. All-in sustaining costs (refer to “Non-IFRS Measures”) for the second quarter of 2026 were $1,236 per gold ounce sold. All -in sustaining costs for the second quarter of 2026 were lower than anticipated primarily as a result of lower than expected production costs.
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10 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. 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 better 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 $1,580 per ounce sold remain unchanged for 2026. The Company expects to be at or below the low end of the all-in sustaining costs guidance range for Masbate. Otjikoto Mine - Namibia Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 Gold revenue ($ in thousands) 96,704 182,192 251,806 330,239 Gold sold (ounces) 21,952 55,300 54,571 107,040 Average realized gold price ($/ ounce) 4,405 3,295 4,614 3,085 Tonnes of ore milled 859,828 883,004 1,596,394 1,726,061 Grade (grams/ tonne) 0.87 1.84 0.96 1.90 Recovery (%) 97.7 98.7 97.9 98.8 Gold production (ounces) 23,438 51,663 47,967 104,241 Production costs ($ in thousands) 23,705 29,774 53,147 64,727 Cash operating costs(1) ($/ gold ounce sold) 1,080 538 974 605 Cash operating costs(1) ($/ gold ounce produced) 1,190 560 1,040 577 Total cash costs(1) ($/ gold ounce sold) 1,255 670 1,159 728 All-in sustaining costs(1) ($/ gold ounce sold) 1,480 825 1,389 869 Capital expenditures ($ in thousands) 7,676 4,709 14,889 8,316 Exploration ($ in thousands) 1,303 2,382 2,598 4,213 (1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most direc tly 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. 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. 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). 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. All-in sustaining costs (refer to “Non -IFRS Measures”) for the second quarter of 2026 were $1,480 per gold ounce sold. All -in sustaining costs per ounce sold for the second quarter of 2026 were lower than
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11 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, primarily consisting of $5 million for Antelope development and $2 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 better 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 $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. 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 Fekola, the Company remains focused on efficient operations at 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 B2Gold'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 remain 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 throughout 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 budgeted 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 normal course issuer bid, or share buyback, program. The Company has already repurchased 35 million shares to date in 2026 for a total of $172 million and expects to repurchase further amounts as the year progresses.
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12 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. Second Quarter 2026 Financial Results - Conference Call Details B2Gold executives will host a conference call to discuss the results on Friday, August 7, 2026, at 8:00 am PT / 11:00 am ET. Participants may register for the conference call here: registration link. Upon registering, participants will receive a calendar invitation by email with dial in details and a unique PIN. This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call. Participants may also dial in using the numbers below: • Toll-free in U.S. and Canada: +1 (833) 821-2803 • International: +1 (647) 846-2419 • Web Phone: access link The conference call will be available for playback for two weeks by dialing toll -free in the U.S. and Canada: +1 (855) 669- 9658, replay access code 2939801. All other callers: +1 (412) 317- 0088, replay access code 2939801. About B2Gold B2Gold is a responsible international gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Canada, Mali, Namibia and the Philippines, and numerous development and exploration projects in various countries. Qualified Persons Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43- 101, has approved the scientific and technical information related to operations matters contained in this news release. Andrew Brown, P. Geo., Vice President, Exploration, a qualified person under NI 43- 101, has approved the scientific and technical information related to exploration and mineral resource matters contained in this news release. ON BEHALF OF B2GOLD CORP. “Mike Cinnamond” President and Chief Executive Officer
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13 For more information on B2Gold please visit the Company website at www.b2gold.com or contact: Rebecca Henare Cherry DeGeer VP, Investor Relations & Corporate Development Director, Corporate Communications +1 604-681-8371 +1 604-681-8371 investor@b2gold.com investor@b2gold.com Source: B2Gold Corp. The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release. Production results and production guidance presented in this news release 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 news release 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: projectio ns; 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 activitie s 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 Mine 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 product ion profile; the first phase of the crushing circuit upgrades bring completed by the third quarter of 2026 and the costs associat ed therewith; the second phase of the crushing circuit upgrades bring completed in the first half of 2027 and the costs associat ed 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 due to delays in issuance of the Menankoto Exploitation Permit; 2026 production guidance for Otjikoto expected to be between 80,000 to 100,000 ounces of gold; 2026 production guidance for Masbate expecting to be between 180,000 and 200,000 ounces of gold; planned 2026 exploration budgets for Canada, Mali, Namibia, the Philippines, Kazakhstan and other grassroots projects; the entering into of a collaboration agreement with Agnic o 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 news rel ease 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 estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materi ally 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 inte grate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potenti al
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14 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 l ocal instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture part ners; 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 personne l; 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 f rom 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 Ann ual 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; t he 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, the se 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 projecte d 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 a ny 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 of 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. Non-IFRS Measures This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including "cash operating costs" and "all -in sustaining costs" (or "AISC"). Non -IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The projected range of AISC is anticipated to be adjusted to include sustaining capit al expenditures, corporate administrative expense, mine -site exploration and evaluation costs and reclamation cost accretion and amortization, 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
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15 expenditures, reclamation cost accretion and amortization. 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 AISC 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 of B2Gold’ s operational performance and ability to generate cash flows. AISC, 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. The data presented 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 and should be read in conjunction with B2Gold's consolidated financial statements. Readers should refer to B2Gold's Management Discussion and Analysis, available on the Websites, under the heading "Non-IFRS Measures" for a more detailed discussion of how B2Gold calculates certain such measures and a reconciliation of certain measures to IFRS terms. Cautionary Statement Regarding Mineral Reserve and Resource Estimates The disclosure in this news release 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 reser ve”, “probable mineral reserve”, “inferred mineral resources,”, “indicated mineral resources,” “measured mineral resources” and “mineral resources” used or referenced in this news release 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 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 f or 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 provide s disclosure under NI 43- 101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource information and other technical information contained in this news release 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 o f 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.
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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) 16 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 (15,862) — (15,862) — Total cost of sales (481,069) (340,769) (1,029,956) (635,126) Gross profit 308,285 351,437 918,053 589,187 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 292,374 — 292,374 — Write-off of plant and equipment (49,713) — (49,713) — Foreign exchange (losses) gains (8,884) 12,781 (19,083) 19,995 Share of net income (loss) of associates 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 income 521,503 329,516 1,089,231 538,349 Interest and financing expense (15,387) (4,854) (33,785) (10,577) Gain on dilution of associate 6,126 — 30,129 — Gains (losses) on derivative instruments, net 73,872 (21,153) 20,055 (64,472) Change in fair value of gold stream 35,720 (21,754) 16,914 (52,306) Interest income 3,603 2,913 6,695 6,085 Other income (expense) 1,702 1,729 (127) 2,085 Income from operations before taxes 627,139 286,397 1,129,112 419,164 Current income tax, withholding and other taxes (179,857) (160,174) (394,202) (246,257) Deferred income tax (expense) recovery (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 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) 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) Basic 1,331,711 1,321,740 1,336,219 1,320,074 Diluted 1,489,867 1,477,021 1,495,062 1,473,509
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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) 17 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 (179,606) 140,163 146,332 321,593 Delivery into prepaid sales (145,927) — (291,222) — Changes in non-cash working capital (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 — — — 445,913 Revolving credit facility draw downs — — 25,000 — Revolving credit facility repayments (75,000) — (175,000) (400,000) Equipment loan facility draw downs — 3,314 — 12,304 Equipment loan facility repayments (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 11,128 3,936 38,081 6,167 Repurchase of common shares (92,337) — (171,898) — Dividends paid (25,948) (25,959) (52,256) (51,511) Principal payments on lease arrangements (5,339) (8,441) (12,135) (11,413) Distributions to non-controlling interests (5,461) (9,435) (16,991) (17,617) Realized loss on derivative instruments (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 (12,809) (13,878) (24,499) (19,474) Cash proceeds on sale of mining interest, net of transaction costs 324,892 — 324,892 — Cash proceeds on sale of long-term investments 18,076 — 18,076 — Purchase of long-term investments (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 activities 157,010 (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 — — 2,694 — Cash and cash equivalents, beginning of period 479,394 330,123 383,118 336,971 Cash and cash equivalents, end of period $ 286,576 $ 308,491 $ 286,576 $ 308,491
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B2GOLD CORP. CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (Expressed in thousands of United States dollars) (Unaudited) 18 As at June 30, 2026 As at December 31, 2025 Assets Current Cash and cash equivalents $ 286,576 $ 380,424 Receivables, prepaids and other 85,214 58,293 Value-added and other tax receivables 33,327 63,732 Inventories 696,874 627,225 1,101,991 1,129,674 Long-term investments 193,676 286,066 Value-added tax receivables 312,381 276,035 Mining interests 3,775,764 3,760,337 Investments in associates 134,272 98,183 Long-term inventories 123,804 177,595 Other assets 83,179 74,986 Deferred income taxes 24,184 76,440 $ 5,749,251 $ 5,879,316 Liabilities Current Accounts payable and accrued liabilities $ 189,448 $ 174,802 Current income and other taxes payable 316,133 267,073 Current portion of prepaid gold sales — 285,458 Current portion of long-term debt 32,608 33,870 Current portion of derivative instruments 94,006 237,308 Current portion of gold stream obligation 27,200 24,500 Current portion of mine restoration provisions 16,921 18,114 Other current liabilities 20,554 20,131 696,870 1,061,256 Long-term debt 423,478 564,440 Gold stream obligation 230,100 258,231 Mine restoration provisions 146,759 151,293 Deferred income taxes 198,214 151,343 Employee benefits obligation 25,113 25,103 Other long-term liabilities 24,123 26,134 1,744,657 2,237,800 Equity Shareholders’ equity Share capital 3,578,473 3,607,005 Contributed surplus 140,222 151,218 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 32,717 47,951 4,004,594 3,641,516 $ 5,749,251 $ 5,879,316
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19 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 th e 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 wi th 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 pr epared 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 cea sed 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 s tatement of operations and include post-commercial production mine site operating costs s uch 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 costs 129,212 38,107 45,187 23,705 236,211 Royalties and production taxes 90,367 1,754 11,940 3,850 107,911 Total cash costs 219,579 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 For the three months ended June 30, 2025 Fekola Mine Goose Mine Masbate Mine Otjikoto Mine Total $ $ $ $ $ Production costs 96,121 — 34,468 29,774 160,363 Royalties and production taxes 61,557 — 8,872 7,272 77,701 Total cash costs 157,678 — 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
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20 For the six months ended June 30, 2026 Fekola Mine Goose Mine Masbate Mine Otjikoto Mine Total $ $ $ $ $ Production costs 240,215 102,385 74,302 53,147 470,049 Royalties and production taxes 221,552 5,903 24,183 10,086 261,724 Total cash costs 461,767 108,288 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 costs 185,146 — 72,484 64,727 322,357 Royalties and production taxes 91,051 — 16,250 13,206 120,507 Total cash costs 276,197 — 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 si lver 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 condense d 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 costs 129,212 38,107 45,187 23,705 236,211 Inventory sales adjustment 8,534 (276) (4,148) 4,186 8,296 Cash operating costs 137,746 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
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21 For the three months ended June 30, 2025 Fekola Mine Goose Mine Masbate Mine Otjikoto Mine Total $ $ $ $ $ Production costs 96,121 — 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 costs 100,879 — 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 costs 240,215 102,385 74,302 53,147 470,049 Inventory sales adjustment 9,054 6,316 1,427 (3,278) 13,519 Cash operating costs 249,269 108,701 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 costs 185,146 — 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 costs 191,440 — 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 u pdates 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. Managem ent 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 volunt ary and the cost measures presented may not be comparable to other similarly titled measures of other companies. The Company has applied the p rinciples of the World Gold Council recommendations and has reported all -in sustaining costs on a sales basis. Other companies may calculate these measures differently.
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22 B2Gold defines all -in sustaining costs per ounce as the sum of post -commercial production cash operating costs, royalties and 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 der ivative 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 Corporate Total $ $ $ $ $ $ Production costs 129,212 38,107 45,187 23,705 — 236,211 Royalties and production taxes 90,367 1,754 11,940 3,850 — 107,911 Corporate administration 4,424 573 508 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 expenditures 2,824 243 306 639 461 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 production 261,816 111,348 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 expenditures 39,567 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 expenditures 39,567 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 una udited 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
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23 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 Corporate Total $ $ $ $ $ $ Production costs 96,121 — 34,468 29,774 — 160,363 Royalties and production taxes 61,557 — 8,872 7,272 — 77,701 Corporate administration 3,591 — 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 contracts 508 — 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 production 198,234 — 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 expenditures 53,379 — 17,499 4,709 75,587 Fekola underground (17,071) — — — (17,071) Other — — (2,781) (102) (2,883) Sustaining capital expenditures 36,308 — 14,718 4,607 55,633 The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the una udited 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
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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 six months ended June 30, 2026 Fekola Mine Goose Mine Masbate Mine Otjikoto Mine Corporate Total $ $ $ $ $ $ Production costs 240,215 102,385 74,302 53,147 — 470,049 Royalties and production taxes 221,552 5,903 24,183 10,086 — 261,724 Corporate administration 8,732 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 expenditures 5,568 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 production 559,647 236,043 127,767 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 expenditures 86,652 138,279 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 expenditures 86,652 113,962 30,097 6,126 236,837 The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the una udited 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
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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, 2025 Fekola Mine Goose Mine Masbate Mine Otjikoto Mine Corporate Total $ $ $ $ $ $ Production costs 185,146 — 72,484 64,727 — 322,357 Royalties and production taxes 91,051 — 16,250 13,206 — 120,507 Corporate administration 6,528 — 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 contracts 621 — 381 82 — 1,084 Sustaining lease expenditures 164 — 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 costs 368,360 — 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 expenditures 117,382 — 25,232 8,316 150,930 Fekola underground (34,548) — — — (34,548) Other — — (3,652) (102) (3,754) Sustaining capital expenditures 82,834 — 21,580 8,214 112,628 The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the una udited 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
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26 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 provide additional information and should not be conside red 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 ended Six months ended June 30, June 30, 2026 2025 2026 2025 $ $ $ $ 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 equipment 49,713 — 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 sales 15,862 — 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 period 40,881 162,839 300,758 284,689 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 act ivities 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 operat ions 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 different ly. 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 int erim consolidated financial statements is set out in the table below (dollars in thousands): Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 $ $ $ $ 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