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Gramalote JV Project – Colombia

The Gramalote Project is located approximately 230 km northwest of the Colombian capital of Bogota and approximately 120 km northeast of Medellin, the regional capital of the Department of Antioquia.

B2Gold has a 50% interest in the Gramalote Project (Anglo Gold Ashanti -50%), and on January 1, 2020 became the operator of the Project.

Based on the feasibility study work completed by B2Gold as operator of the Gramalote Project to date, and assuming an effective date of January 1, 2021, and a gold price of $1,500 per ounce, the project economic highlights include (100% basis):

• Open-pit gold mine with an initial life of mine (“LoM”) of 10.6 years based on current Indicated Mineral Resources (for Gramalote Ridge only)
• LoM gold production of 2.97 million ounces and average annual gold production of 347,000 ounces per year for the first five full years of production
• Average annual gold production LoM of 281,000 ounces per year at cash operating costs of $514 per ounce of gold and AISC of $744 per ounce of gold
• Average LoM gold recovery of 95.4% from conventional milling, flotation and cyanide leach of the flotation concentrate
• Estimated pre-production capital cost of $925 million (includes approximately $160 million for mining equipment)
• LoM pre-tax net cash flow of $1,444 million, and after-tax net cash flow of $948 million
• Post-tax NPV at a 5% discount rate of $483 million
• After-tax internal rate of return (“IRR”) of 15% at the project construction decision date with a project payback (including construction capital) of 3.5 years

Based on a review of the feasibility study work to date, B2Gold believes that there is strong potential for a more robust project, which could be developed by revisiting the original Project design parameters included in the existing mining permit as applied in the Gramalote PEA and historical AngloGold studies and further optimizing project design. The Gramalote Project team has identified project optimization opportunities, including potential reductions in capital and operating costs, as well as improved operability and sustainability. In addition, development and review of the updated Mineral Resource estimate has indicated that further value is available through additional drilling of the Inferred portions of the Mineral Resource area, both within and adjacent to the designed pit. The Gramalote Project partners are currently reviewing a revised feasibility study budget totalling $86 million which would allow the final feasibility study to be completed by the end of the first quarter of 2022