About Goose Mine

The Back River Gold District is situated within the West Kitikmeot region of southwestern Nunavut, 520 km northeast of Yellowknife, Northwest Territories. The Back River Gold District is comprised of 12 project areas along an 80km belt that collectively cover approximately 96,150 ha. The most advanced project in the district, the Goose Mine, completed its construction phase and achieved first gold production in June 2025 and declared commercial production in October 2025.

The Company works in close partnership and collaboration with the Kitikmeot Inuit Association (KIA), who has played a critical role in ensuring the development of a successful gold mining operation. Respect and collaboration with the KIA is central to B2Gold’s licence to operate in the Back River Gold District and the Company will continue to prioritize development in a manner that recognizes Inuit priorities, addresses concerns, and brings long-term socio-economic benefits to the Kitikmeot region.

Map showing the locations of various mining projects in the Kitikmeot Region of Nunavut, including the George, Goose, and Bath projects. See Location Map

History

Prior to B2Gold’s acquisition of Sabina Gold and Silver Corp. and the Back River Gold District in 2023, several operators conducted exploration and development activities in the Back River Gold District and Goose Mine area. Work included prospecting, geological mapping and studies, geochemical sampling, airborne and ground geophysical surveys, exploration and infill drilling, metallurgical test-work, geotechnical and hydrological studies, mining studies, environmental baseline surveys, and Mineral Resource and Mineral Reserve estimation.

  • All planned construction activities at the Goose Mine were completed in 2025, with the first gold pour achieved in June 2025.
Timeline showing key events for Goose Project from 2015 to 2023, including feasibility studies, updated estimates, and acquisition re-baseline for mining projects. Timeline showing key events for Goose Project from 2015 to 2023, including feasibility studies, updated estimates, and acquisition re-baseline for mining projects. Aerial view of the Goose Project site with ongoing construction, containers, and equipment in the Nunavut region.

Processing Plant

Processing consists of a leach and carbon adsorption process comprising crushing; grinding; gravity concentration; leaching; carbon adsorption; cyanide destruction; carbon elution and regeneration; gold refining; and tailings thickening and disposal. The mill is designed with a nominal capacity of 4,000 tonnes per day at a planned average feed grade of 6 g/t Au.

Production, Costs, Revenue, Sales

Q1 2026 Q4 2025 Q3 2025 Q2 2025
Gold production2 (ounces) 42,876 38,616
Cash operating costs3
(per ounce produced) 		$1,653 $1,066
AISC3 (per ounce sold) $2,806 $2,249
Gold revenue ($M) $220 $137
Gold sales (ounces) 44,445 31,938
Average realized gold price ($/ounce) $4,939 $4,282
Notes

(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”.

Processing

Q1 2026 Q4 2025
Tonnes of ore milled (M) 180,184 210,317
Grade (g/t) 7.92 6.22
Recovery (%) 93.5 91.7

Mineral Reserve & Resource Estimates

Probable Mineral Reserves 2.38 Moz
Indicated Mineral Resources 4.21 Moz
Inferred Mineral Resources 3.49 Moz

Indicated Resource Statement

Goose Claims Group Indicated Resource Statement

Resource Classification Deposit 100% Project Basis
Conceptual Mining Method Tonnes (x 1,000) Gold Grade (g/t Au) Contained Gold Ounces (x 1,000)
Indicated Goose Main Open pit 6,060 4.37 850
Llama Open pit 2,680 6.68 580
Underground 360 15.45 180
Umwelt Open pit 2,240 8.26 600
Underground 4,090 11.65 1,530
Stockpiles 470 3.49 50
Total Indicated Mineral Resources 15,910 7.40 3,790

George Claims Group Indicated Mineral Resource Statement

Resource Classification Deposit 100% Project Basis
Conceptual Mining Method Tonnes (x 1,000) Gold Grade (g/t Au) Contained Gold Ounces (x 1,000)
Indicated LCP North Open pit 160 8.70 40
LCP South Open pit 340 8.71 90
Locale 1 Open pit 590 8.46 160
Locale 2 Open pit 270 6.28 60
GH Open pit 260 6.97 60
Tupiq Open pit 40 6.15 10
Total Indicated Mineral Resources 1,660 7.89 420

Inferred Mineral Resource Statement

Goose Claims Group Inferred Resource Statement

Resource Classification Deposit 100% Project Basis
Conceptual Mining Method Tonnes (x 1,000) Gold Grade (g/t Au) Contained Gold Ounces (x 1,000)
Inferred Goose Main Open pit 160 2.23 10
Underground 2,790 4.50 400
Llama Open pit 40 5.23 7
Underground 1,750 11.13 630
Umwelt Open pit 80 1.54 4
Underground 1,230 10.02 400
Nuvuyak Underground 2,630 8.26 700
Echo Underground 580 7.04 130
Goose Neck South Open pit 50 2.98 5
Total Inferred Mineral Resources 9,310 7.63 2,280

George Claims Group Inferred Mineral Resource Statement

Resource Classification Deposit 100% Project Basis
Conceptual Mining Method Tonnes (x 1,000) Gold Grade (g/t Au) Contained Gold Ounces (x 1,000)
Inferred LCP North Open Pit 50 7.86 10
LCP North Underground 160 10.00 50
LCP South Underground 270 10.16 90
Locale 1 Underground 1,150 10.25 380
Locale 2 Underground 1,690 8.73 480
Tupiq Open Pit 150 6.23 30
Tupiq Underground 450 7.68 110
GH Underground 250 7.39 60
Total Inferred Mineral Resources 4,190 8.98 1,210
Notes
  1. Mineral Resources have been classified using the CIM Standards and have an effective date of December 31, 2025. Mineral Resources at Echo and Umwelt account for mining depletion as of December 31, 2025.
  2. Mineral Resources are reported in situ or in stockpiles, inclusive of those Mineral Resources that have been modified to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  3. Mineral Resources are reported on a 100%basis.
  4. The Qualified Person for the Mineral Resource estimate is Andrew Brown, P.Geo., our Vice President, Exploration
  5. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Vice President, Projects.
  6. Mineral Resource estimates that are amenable to open pit mining methods are reported within conceptual open pit shells based on a gold price of $2,500/oz, metallurgical recovery of 92.5%, selling costs of $127.98/oz Au including royalties and levies, and operating cost estimates of $4.31–5.07/t mined (mining), $37.81/t processed (processing) and $26.52/t processed (site general), and pit slope angles of 45º. Mineral Resources potentially amenable to open pit mining methods are reported at an average cut-off grade of 0.9 g/t Au.
  7. Mineral Resource estimates potentially amenable to underground mining are reported at a cut-off grade of 2.2 g/t Au, assuming a gold price of $2,500/oz Au, process recovery of 92.5%, variable mining costs by deposit of $176.23/t mined, processing cost of $65.14/t processed, and a selling cost of $127.98/oz Au produced. No stope or other constraint was applied.
  8. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.

Probable Mineral Reserves Statement

Deposit Mining Method 100% Project Basis
Tonnes (x 1,000) Gold Grade (g/t Au) Contained Gold Ounces (x 1,000)
Umwelt Open pit 2,300 7.91 580
Llama Open pit 1,400 6.39 290
Goose Main Open pit 3,100 4.79 470
Subtotal – Open Pits 6,800 6.18 1,340
Umwelt Underground 3,700 8.26 980
Stockpiles Stockpiles 430 3.71 52
Total Probable Mineral Reserves 10,900 6.79 2,380
Notes
  1. Mineral Reserves have been classified using the CIM Standards, are reported at the point of delivery to the process plant and have an effective date of December 31, 2025.
  2. Mineral Reserves are reported on a 100% project basis.
  3. The Qualified Person for the Open Pit and stockpile Mineral Reserve estimate is Peter Montano, P.E., our Vice - 68 - B2GOLD 2026 Annual Information Form President, Projects.
  4. The Qualified Person for the Underground Mineral Reserve estimate is Michael Meyers, P.Eng., our Director, Project Development.
  5. Mineral Reserves from open pit mine methods and stockpiles are based on a conventional open pit mining method, gold price of $1,750/oz, metallurgical recovery of 92.5%, selling costs of $90.00/oz including royalties and levies, average mining cost of $4.92/t mined at surface, average processing cost of $41.08/t processed, and site general costs of $66.95/t processed. Reserve model dilution and ore loss were applied through whole block averaging such that at a 1.65 g/t Au cut-off, for all pits combined there is a 32% increase in tonnes, a 25% reduction in grade, and a 1% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves that will be mined by open pit methods or are in stockpiles are reported above a cut-off grade of 1.65 g/t Au.
  6. Mineral Reserves that will be mined by underground methods assume longhole stoping mining methods, gold price of $1,750/oz, metallurgical recovery of 92.5%, selling costs of $90.00/oz including royalties and levies, average mining cost of $120.13/t ore mined, average processing cost of $41.08/t processed, site general costs of $66.95/t processed, dilution % variable by stoping area, and 90% mining recovery. Mineral Reserves that will be mined by underground methods are reported above a cut-off grade of 4.64 g/t Au.
  7. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.

Goose Mine Infrastructure

Winter Ice Road

Materials and heavy machinery required at the Goose Mine are transported from the Marine Laydown Area (MLA) along a ~163 km Winter Ice Road, which is constructed annually to connect the MLA to the Goose site. The transportation window runs generally from February to May each year.

Large truck on winter ice road built for transporting materials to the Goose project site, with snow visible.

Marine Laydown Area

B2Gold’s Marine Laydown Area (MLA), located on Bathurst Inlet, Nunavut, is the storage and staging area for the annual sealift of materials, fuel and heavy machinery required at the Goose Mine. Goods are shipped from ports in Canada, and around the world, to the MLA during the open water season, typically between August-October, before Bathurst Inlet begins to freeze.

Activities at the MLA include continued maintenance and preparation of the WIR construction and haulage fleet and staging all materials for shipment on the next WIR to the Goose Mine site.

Aerial view of the Marine Laydown Area (MLA) at Bathurst Inlet, part of the Goose Project in Nunavut, with a barge unloading containers.

Accommodation Complex

The accommodation complex opened July 2023, including sleeping quarters, offices and admin areas, medical center, gymnasium, kitchen, a commissary for employees to purchase snacks and supplies, and recreation rooms. The camp was further expanded in May 2024 to accommodate more than 600 beds, and construction of the structure for a covered sports hall and larger gymnasium was completed in September 2025.

Aerial view of the accommodation complex at the Goose Project in Nunavut, with rows of modular units, containers, and construction materials.

Crusher Optimization

The Company announced that a fire had occurred in certain areas of the crushing circuit at the Goose Mine in the evening of April 16, 2026. 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.

These repairs will coincide with first phase of the upgrades to the Goose Mine 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. These repairs are scheduled to be implemented in the third quarter of 2026. B2Gold reiterates its previously disclosed estimate that the Goose Mine 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, based on the studies conducted to date, the Company has identified a second phase of crushing circuit upgrades, that are scheduled to be implemented in the first half of 2027, in order to increase the name-plate capacity of the crushing circuit and enable it to run at an average rate of 4,000 tonnes per day.

Exploration

A total of $51 million is budgeted for exploration at the Back River Gold District in 2026, of which $29 million is planned for the Goose Mine, and a significantly increased budget of $22 million is earmarked for Back River Gold District regional exploration.

At the Goose Mine, a total of 22,600 m of drilling will target extensions of the Llama deposit, the largest and highest-grade resource at the district, as well as prioritize follow up drilling of significant results returned at the Nuvuyak-Mammoth-Hook targets and the prospective Wing deposit.

Regional exploration including geophysics, mapping, prospecting, and till sampling will be undertaken on the George, Boot, Boulder, Del, and Needle projects. This regional work will also include an estimated 12,800 m of diamond drilling to further define resources at the George Project and to follow up drill ready targets defined during the 2025 summer regional exploration program.

Llama deposit and Nuvuyak area – 2026 surface exploration drill hole data