Here are a few analogies for B2Gold:

• A global gold miner, similar to a mid-sized Newmont.
• It's a gold producer with international operations, much like a smaller Barrick Gold.

• Gold: Mined and produced from its operating mines in Mali, the Philippines, and Namibia.

B2Gold Corp. sells its gold primarily to other companies. Due to the nature of commodity sales, specific major customer names are not publicly disclosed. However, the categories of corporate entities that typically purchase gold from producers like B2Gold include:

• Gold Refiners: Companies that process raw doré or unrefined gold into high-purity investment-grade gold bars and other forms.
• Bullion Banks: Financial institutions that specialize in the trading, financing, and storage of physical gold, acting as intermediaries in the global gold market.

Here are the key risks to B2Gold (BTG):

1. Geopolitical and Jurisdictional Risk in Mali: B2Gold faces significant geopolitical and jurisdictional risks due to its substantial operations in Mali, particularly its Fekola Mine, which accounts for a large portion of its gold production. Mali has a history of political instability, including military-led governments and changes to mining codes that can impact foreign mining companies. Although B2Gold has successfully negotiated agreements with the Malian government regarding new mining codes and the Fekola Complex, the broader political climate and actions taken against other miners in the country maintain this as a primary concern.
2. Gold Price Volatility: As a gold producer, B2Gold's profitability is highly sensitive to fluctuations in the global price of gold. While the company has benefited from high gold prices and has a low-cost operational profile that provides some insulation against short-term price movements, a significant and sustained decline in gold prices would negatively impact its revenue, earnings, and cash flow. Changes in gold prices also directly affect the royalties and all-in sustaining costs (AISC) incurred by the company.
3. Operational and Execution Risks: B2Gold is exposed to operational risks inherent in mining, such as unexpected geological conditions, equipment failures, labor disputes, and cost overruns. Specifically, the ramp-up of new projects, such as the Goose Mine in Canada, has introduced execution complexity and higher all-in sustaining costs during its initial phases. While the Goose Mine is expected to contribute to production growth and geographic diversification, its successful and cost-effective integration remains a key operational challenge.

Increased resource nationalism and potential for unfavorable mining code revisions in Mali

For B2Gold (BTG), a gold producer, the addressable market for its main product, gold, is global.

The global gold market was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, growing at a compound annual growth rate (CAGR) of 6.51% during the forecast period of 2025-2030. In terms of volume, the global gold market size stood at 4,890.0 Tons in 2025 and is expected to grow from 5,118.1 Tons in 2026 to 7,424.4 Tons by 2034, recording a CAGR of 4.70% during the forecast period.

B2Gold Corp. (BTG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market factors:

1. Ramp-up of the Goose Mine in Canada: The newly commercialized Goose Mine in Nunavut, Canada, which commenced production in Q3 2025, is a significant growth driver. It is projected to ramp up considerably in 2026 and beyond, with an anticipated annual production of approximately 300,000 ounces for its initial six years.

2. Expansion of the Fekola Complex in Mali: The Fekola Mine in Mali is set for increased production through both underground operations and the development of the Fekola Regional project. Approval for underground mining at Fekola was secured in July 2025, contributing immediate ounces and projecting a significant ramp-up from 2026 onwards. The Fekola Regional exploitation permit is also expected to add approximately 180,000 ounces of annual gold production between 2026 and 2029.

3. Favorable Gold Price Environment and Expiry of Gold Prepay Obligations: Sustained or higher realized gold prices are a crucial external driver of revenue. Gold prices were noted near $4,000 per ounce in late 2025, with an average of $3,290 per ounce in Q2 2025. Furthermore, the expiry of existing gold prepay obligations by June 2026 will allow B2Gold to sell a larger portion of its gold production at prevailing market prices, which are currently significantly higher than the prepay rate, thereby boosting revenue per ounce sold.

4. Development of the Antelope Deposit at the Otjikoto Mine in Namibia: An improved construction decision for the Antelope underground deposit at the Otjikoto Mine is expected to enhance gold production and extend the mine's operational life into the 2030s, leveraging the existing low-cost infrastructure.

Share Repurchases

• B2Gold announced its intention to implement a Normal Course Issuer Bid (NCIB) to purchase up to 5% of its outstanding common shares, which was approved by the TSX on April 1, 2025, for the period until April 2, 2026.
• During the year ended December 31, 2025, the company repurchased 2 million shares for $10 million under the NCIB.
• Subsequent to year-end 2025 and up to February 18, 2026, an additional 5 million shares were repurchased for $24 million, bringing total repurchases under the NCIB to 7 million shares for $34 million.

Share Issuance

• On January 28, 2025, B2Gold completed an offering of 2.75% convertible senior unsecured notes totalling US$460 million, with net proceeds intended for working capital and general corporate purposes.
• The company's shares outstanding increased from 1.237 billion in 2023 to 1.309 billion in 2024 (a 5.77% increase) and further to 1.481 billion in 2025 (a 13.14% increase from 2024).

Outbound Investments

• For the first nine months of 2024, B2Gold recorded a dilution loss on its investment in Calibre Mining Corp. of $9 million, as its stake decreased from 24% to 15% following Calibre's acquisition of Marathon Gold Corp. in January 2024.
• B2Gold commenced feasibility work on the Gramalote Gold Project in Colombia, with a feasibility study scheduled for mid-2025, which indicated positive project economics.

Capital Expenditures

• B2Gold's capital expenditures were $863 million in 2025, $901.3 million in 2024, and $824.9 million in 2023.
• A significant focus of capital expenditures has been the Goose Project in Canada, with estimated total construction and mine development cash expenditures before first gold production at C$1,540 million, with $471 million spent in 2025.
• In 2025, Fekola Mine capital expenditures are expected to be approximately $234 million (including sustaining and non-sustaining capital) primarily for deferred stripping, mining equipment, tailings storage, and underground development, while $61 million is budgeted for exploration across various projects, including the Back River Gold District.