B2Gold Receives Approval from the State of Mali to Commence Underground Mining at Fekola, and a Defined Path Forward for the Fekola Regional Exploitation Permit

Core Viewpoint - B2Gold Corp. has received approval from the State of Mali to commence underground operations at the Fekola Mine, which is expected to drive production growth for the Fekola Complex [1][4]. Group 1: Fekola Mine Operations - The Fekola Complex includes the Fekola Mine, which is 80% owned by B2Gold and 20% by the State of Mali, and the Fekola Regional area, which will be 65% owned by B2Gold and 35% by the State of Mali [2]. - The approval for underground operations includes stope ore production, with the company having completed over 9,300 meters of development work and necessary infrastructure in anticipation of this approval [4]. - The Fekola underground is projected to contribute between 25,000 to 35,000 ounces of gold production in 2025, with significant ramp-up expected in 2026 and beyond [5]. Group 2: Fekola Regional Development - Discussions between B2Gold and the State of Mali highlighted the importance of Fekola Regional for both near and long-term production, with an anticipated contribution of approximately 180,000 ounces of additional annual gold production from 2026 to 2029 [6]. - The exploitation permit for Fekola Regional is expected to be finalized before the end of Q3 2025, with pre-stripping activities to begin shortly after the permit issuance [6]. - The haul road from Fekola Regional to the Fekola Mine is operational, and initial gold production from Fekola Regional is expected to commence in late 2025 [6]. Group 3: Production Guidance - B2Gold has reiterated its 2025 gold production guidance for the Fekola Complex, estimating a total of 515,000 to 550,000 ounces [7]. - The company forecasts total gold production of between 970,000 and 1,075,000 ounces across all its operations in 2025 [8].