B2Gold Corp. announced its gold production and gold revenue for the fourth quarter and full year 2023, its gold production and cost guidance for 2024, preliminary 2025 production outlook, and a gold prepayment arrangement. Results of the Fekola Complex optimization study outlining the trucking of ore from the Anaconda Area to the Fekola mill is the optimal option to maximize the value of Fekola Regional, and to extend the processing life of the Fekola mill.

The study is expected to be released in the first quarter of 2024. Preliminary economic assessment ("PEA") on the Gramalote Project expected by the end of the second quarter of 2024: The Company completed a detailed review of the Gramalote Project, including the facility size and location, power supply, mining and processing options, tailings design, resettlement, potential construction sequencing and camp design to identify potential cost savings to develop a smaller scale project. B2Gold's in-house projects team has commenced work on various smaller scale project development plans for the Gramalote Project, with the goal of identifying a higher-return project than the previously contemplated joint venture development plan.

Based on the results of the 2022 Gramalote feasibility study, the contemplated larger scale project did not meet the combined investment return thresholds for development by both B2Gold and AngloGold Ashanti Limited. B2Gold has commenced a detailed review of the GramALote Project, including the facility sizes and location, power supply, Mining and processing options, tailings designed, resettlement, potential construction sequencing, and camp design to identify potential costs savings to develop a smaller scale projects. The results of the review allowed the Company to determine the optimal parameters and assumptions for a formal study, which commenced in the fourth quarter of 2023, with the goal of completing an initial assessment by the end of the second Quarter of 2024.

Production results and production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis.