Mine Snapshot2

  • 196,526 oz

    Gold production

  • $813 /oz

    Cash operating costs (per gold ounce produced)

  • $1,239 /oz

    AISC (per gold ounce sold)

  • 170 - 190 koz

    Gold production

  • $900 - $1,000 /oz

    Cash operating costs (per gold ounce produced)

  • $1,430 - $1,580 /oz

    AISC (per gold ounce sold)

About Masbate

Masbate is considered to be an example of a low sulphidation epithermal gold deposit. The gold deposits currently being mined at Masbate are centered on a 5 - 7 km wide northwest-to-southeast oriented mineralized volcanic block which is bounded by two interpreted northwest-trending fault zones.

Masbate is a conventional open pit operation. Based on the current life of mine, mining activities are expected to end in 2027 while Mineral Reserve stockpile processing is expected to continue into 2033.

Map showing the Masbate Mine location in the Philippines, with Manila labeled and a regional context in South-Eastern Asia. SEE LOCATION MAP

Production, Costs, Revenue & Sales(2, 3)

Q4 2024 Q3 2024 Q2 2024 Q1 2024
Gold production(2) (ounces) 49,534 50,215 44,515 49,782
Cash operating costs(3) (per ounce produced) $835 $811 $876 $835
AISC(3) (per ounce sold) $1,102 $1,167 $1,135 $1,219
Gold revenue ($M) $136 $120 $109 $99
Gold sales (ounces) 51,010 47,960 46,600 47,700
Average realized gold price ($/ounce) $2,666 $2,504 $2,341 $2,075
Notes
  1. The disclosure contains forward-looking statements. Refer to the Legal section of the website (click here) for caution regarding forward-looking statements and the basis for presentation of Mineral Reserves, Mineral Resources and other technical disclosures.
  2. B2Gold's FY2024 and 2025 guidance gold production are presented on a 100% basis, unless otherwise stated.
  3. Refer to “Non-IFRS measures” in the Company’s most recently filed MD&A (click here).
  4. Certain portions of the following information are derived from and based on the technical report entitled “Masbate Gold Operation, Republic of the Philippines, NI 43-101 Technical Report on Operations” (click here) that has an effective date of December 31, 2016, and was prepared by Tom Garagan, P. Geo., Ken Jones, P.E., Kevin Pemberton, P.E. and John Rajala, P.E., and from the Company’s most recent AIF, dated March 14, 2024 – click here and are based on the assumptions, qualifications and procedures set out therein.

Processing

Q4 2024 Q3 2024 Q2 2024 Q1 2024
Tonnes of ore milled (M) 2.19 2.20 2.04 2.17
Grade (g/t) 0.95 0.98 0.94 0.99
Recovery (%) 74.1 72.4 72.4 72.4

Mineral Reserve & Resource Estimates

Contained Gold – 100% Project Basis

Probable Mineral Reserves 1.61 Moz
Indicated Mineral Resources 2.87 Moz
Inferred Mineral Resources 0.53

Indicated Mineral Resource Statement

100% Project Basis
Area Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)
North 14,090 0.84 380
South 58,270 0.95 1,770
Stockpiles 37,270 0.60 710
Sub-Total 109,630 0.81 2,870

Inferred Mineral Resource Statement

100% Project Basis
Area Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)
North 5,480 0.82 150
South 12,860 0.92 380
Total Inferred Mineral Resources 18,340 0.89 380
Notes
  1. Mineral Resources have been classified using the CIM Standards. 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.
  2. 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.
  3. Mineral Resources are reported on a 100% project basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. We have a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements, and the remaining 60% is owned by Zoom, a Philippine shareholder company.
  4. The Qualified Person for the resource estimate is Michael Johnson, P.Geo., our Technical Services Manager.
  5. The Qualified Person for the stockpile estimate is Peter Montano, our Vice President, Projects.
  6. The Mineral Resource estimate for the Masbate Gold Project accounts for mining depletion as of December 31, 2023. The Mineral Resource estimate has an effective date of December 31, 2023.
  7. Mineral Resource estimates assume an open pit mining method.
  8. Mineral Resources are reported within a conceptual open pit based on a gold price of US$1,850/oz, modeled metallurgical recovery (resulting in average metallurgical recoveries by resource area that range from 62%-89%), and operating cost estimates of US$1.52–US$2.01/t mined (mining), US$14.63/t processed (processing) and US$2.39–US$3.90/t processed (general and administrative).
  9. Mineral Resources are reported at an average cut-off grade of 0.41 g/t Au.
  10. North and South designations refer to locations north and south of the Guinobatan River, respectively.

Probable Mineral Reserves Statement

100% Project Basis
Area Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)
North 4,910 0.80 130
South 23,620 1.01 770
Stockpiles 37,270 0.60 710
Total Probable Mineral Resources 65,800 0.76 1,610
Notes
  1. Mineral Reserves have been classified using the CIM Standards, and are reported at the point of delivery to the process plant.
  2. 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.
  3. Mineral Reserves are reported on a 100% project and attributable basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. We have a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements, and the remaining 60% is owned by Zoom, a Philippine shareholder company.
  4. The Qualified Person for the reserve estimate is Peter Montano, our Vice President, Projects, and a Qualified Person under NI 43-101.
  5. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,600/oz, modeled metallurgical recovery (resulting in average LoM metallurgical recoveries by pit that range from 60% to 86%), and average base operating cost estimates of US$1.46–US$2.23/t mined (mining), US$14.63/t processed (processing) and US$2.39-3.90/t processed (general and administrative).
  6. Reserve model dilution and ore loss were applied through whole block averaging such that at a 0.45 g/t Au cut-off there is a 2.6% increase in tonnes, a 6.6% reduction in grade, and a 4.1% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves are reported at an assay cut-off grade of 0.47 g/t Au.
  7. North and South designations refer to locations north and south of the Guinobatan River, respectively.

Exploration

The total budget for the Philippines in 2025 was $5 million, of which the Masbate exploration budget was $3 million, including approximately 4,200 m of drilling. The 2025 exploration program focused on drilling several greenfields targets between 3 km and 12 km south of the Masbate Mine infrastructure. For the year ended December 31, 2025, the Company incurred $3 million for Masbate Mine exploration, which was in-line with the budget (included approximately 4,867 m of diamond drilling in 32 holes).

In addition, $2 million was allocated to targeting new regional projects in highly prospective areas in the Philippines, leveraging off B2Gold's presence and operational experience in the country. For the year ended December 31, 2025, the Company incurred $2 million on targeting new regional projects. 21

The total budget for the Philippines in 2026 is $5 million, of which the Masbate exploration budget is $3 million, including approximately 4,200 m of drilling. The 2026 exploration program will continue to focus on exploration of new regional targets located south of the main mine infrastructure at Masbate.

An additional $2 million will be allocated to targeting new regional projects in highly prospective areas in the Philippines, leveraging off B2Gold's presence and operational experience in the country. A total of 2,000 m is allocated to testing new projects.

1 Ownership reported on a 100% project basis. Pursuant to the ore sales and purchase agreement between Filminera and Philippine Gold Processing & Refining Corporation, our wholly-owned subsidiary PGPRC has the right to purchase all ore from the Masbate Gold Project. We have a 40% interest in Filminera , which owns the majority of the Masbate Gold Project tenements, and the remaining 60% is owned by Zoom Mineral Holdings Inc., a Philippine shareholder company.