B2Gold Achieves Commercial Production at the Goose Mine

Executive Summary

• B2Gold announced that the Goose Mine in Nunavut achieved commercial production on October 2, 2025, meeting its internal definition of 30 consecutive days at ≥65% of design capacity.
• The mill operated at an average throughput of 2,652 tpd (66% of design) during the first 30‑day period and increased to 3,249 tpd (81.2% of design) in the latter half of September, indicating capability to approach full 4,000 tpd capacity through Q4 2025.
• The company reaffirmed its production guidance for Goose Mine: 80–110 koz in 2025; ~250 koz in 2026; ~330 koz in 2027; and an average of ~300 koz per year for the first six full years (2026‑2031).

Key Details

• Commercial Production Criteria: ≥30 consecutive days with average mill throughput ≥65% of 4,000 tpd design capacity.
• Throughput Performance:
• Sep 3 – Oct 2, 2025: Avg. 2,652 tpd (66% of design).
• Sep 19 – Oct 2, 2025: Avg. 3,249 tpd (81.2% of design) after integration of supplemental mobile crusher (183 t/h ≈ 4,385 tpd).
• Mill Capacity Outlook: B2Gold expects the Goose mill to operate near full 4,000 tpd capacity through Q4 2025.
• Feed Source: Primarily mined‑out Echo open pit during the initial commercial period; future feed will shift to the Umwelt deposit.
• Ore Grade & Recovery: Expected average feed grade of 6.5–7.0 g/t Au in Q4 2025; gold recoveries projected >90% for Q4 2025 and beyond.
• Production Guidance (based on existing reserves):
• 2025: 80,000 – 110,000 oz Au
• 2026: ~250,000 oz Au
• 2027: ~330,000 oz Au
• 2026‑2031 average: ≈300,000 oz Au per year
• Corporate Quote: “It is with great pleasure that we announce the Goose Mine has achieved commercial production… The Goose Mine will be a cornerstone of B2Gold’s production base…” – Clive Johnson, President & CEO.

Notable Quotes

“The Goose Mine will be a cornerstone of B2Gold’s production base and demonstrates the strength of our construction and operating teams worldwide.” – Clive T. Johnson, President & Chief Executive Officer

Materiality Assessment: Material – Positive (the announcement confirms that a major new asset is now producing, substantially impacting future revenue and company growth outlook).