B2Gold Announces Positive Exploration Drilling Results from its Inaugural Drilling Campaign at the Back River Gold District in Nunavut and Provides an Update on Construction and Mining at the Goose Project

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VANCOUVER, British Columbia, Nov. 21, 2023 (GLOBE NEWSWIRE) —  B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Firm”) is happy to announce constructive exploration drilling outcomes from its inaugural drilling marketing campaign on the Again River Gold District in Nunavut and supply an replace on development and mining on the Goose Venture.

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Exploration and Infill Drill Outcomes Highlights

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• 23,605 meters (“m”) drilled in 77 holes as of the tip of October 2023, with outcomes acquired from 42 of the 77 holes
• Exploration drilling intersected high-grade mineralization 110 m down plunge from the prevailing mineral useful resource boundary on the Goose Venture’s Llama deposit
  • Drill gap 23GSE-626 returned 7.79 grams per tonne (“g/t”) over 22.00 m from 729.00 m, together with the next grade interval of 11.22 g/t over 14.40 m, at a vertical depth of 660 m, which examined a folded a part of the construction 110 m down plunge from earlier legacy drilling; and
  • This outcome demonstrates the continuity of gold grades and widths of those mineralized constructions, and the Llama deposit stays open at depth.
• Drill outcomes for infill and mine improvement, acquired to this point on the Goose Venture’s Umwelt deposit verify the continuity of high-grade mineralization, with a number of drill holes returning intercepts with greater gold grades and widths than predicted by the mineral useful resource mannequin
  • Drill gap 23GSE-618 returned 14.28 g/t gold over 16.00 m from 248.00 m;
  • Drill gap 23GSE-620 returned 10.20 g/t gold over 19.00 m from 274.00 m;
  • Drill gap 23GSE-622 returned 17.14 g/t gold over 17.05 m from 191.00 m;
  • Drill gap 23GSE-625B returned 11.24 g/t gold over 24.15 m from 188.85 m; and
  • The outcomes from these drill holes will likely be included into the upcoming Goose Venture optimized lifetime of mine plan.

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Within the second quarter of 2023, B2Gold authorised a US$20 million exploration funds for the stability of 2023 to finish roughly 25,000 m of drilling on the Again River Gold District, considerably greater than historic annual exploration expenditures. Drilling on the Goose Venture started in early August 2023 with two drill rigs, testing the Llama deposit down-plunge for mineral useful resource affirmation and mineral useful resource growth, and testing regional targets that had been developed based mostly on structural modelling and geophysical re-processing. The target for drilling on the George Venture was to check a number of targets over a strike size of 10 kilometers (“km”).

As of the tip of October 2023, B2Gold had accomplished 17,595 m of drilling over 51 drill holes on the Goose Venture, and an additional 6,010 m of drilling over 26 drill holes on the George Venture.

Determine 1. Again River Gold District Overview.

Goose Venture Exploration

The Goose Venture consists of 5 identified deposits with present mineral assets, Umwelt, Llama, Goose, Echo and Nuvuyak, which happen alongside a strike size of 8 km. The Firm believes that exploration upside exists on all identified deposits which might be open at depth, in addition to a number of zones of curiosity that stay comparatively untested throughout the footprint of the favorable host stratigraphy. Ongoing structural and knowledge evaluate will kind the idea of an aggressive 2024 exploration season to drill check a number of zones of curiosity.

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As of October 31, 2023, assay outcomes have been acquired from 16 of the 51 drilled holes on the Goose Venture.

On the Umwelt deposit, drilling was designed to substantiate geometry and grade continuity of high-grade shoots under the deliberate open pits. Outcomes acquired to this point verify the continuity of high-grade mineralization within the hinge and brief limb of the Umwelt antiform and can present essential info for underground mine design planning. For the reason that finish of October, an additional 17 drill holes are deliberate for completion in 2023.

On the Llama deposit, which outcrops 1,500 m north of the Umwelt deposit, two holes had been drilled, which have confirmed the extension of the construction at depth. Drill gap 23GSE-626 returned a formidable 7.79 g/t over 22.00 m from 729.00 m, together with the next grade intercept of 11.22 g/t over 14.40 m, and was designed to check the favorable stratigraphy 660 m vertically, and 110 m down plunge past beforehand reported inferred mineral assets. Drill gap 23GSE-614 returned high-grade slender outcomes on the much less drilled east limb of the Llama deposit together with 32.75 g/t gold over 2.05 m from 365.95 m.

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Important 2023 drill outcomes from the Goose Venture embody:

Notes:

1. Capped at 50 g/t gold
2. Drill intercepts are perpendicular to the zones so true widths are similar to reported drill lengths

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The Goose Venture drill program will proceed till mid-December 2023 to focus on high-grade plunging shoots at Umwelt. The drill program in 2024 will begin late within the first quarter of 2024 and concentrate on drilling a number of zones on the Goose Venture to develop identified mineral assets and check new areas for mineral useful resource upside potential.

George Venture Exploration

On the George Venture, situated 50 km northwest of the Goose Venture, a 2023 spring and summer time drill program examined a number of targets alongside a ten km strike size to guage mineralization controls and upside potential with 6,010 m drilled over 26 drill holes.

The George Venture represents three sub-parallel zones of tightly folded banded iron formation that stretch over 20 km in strike size.

Drill outcomes from the 2023 marketing campaign mirror related widths and grades as these reported by earlier operators, with a number of holes from the 2023 program extending mineralization alongside strike and between identified zones of mineral assets. Drill gap 23GRL-216 returned encouraging outcomes, intersecting 19.17 g/t gold over 7.50 m from 36.60 m, very near floor between two identified deposits (LCPS and LCPN). Within the southwestern a part of the belt within the GH space, drill holes 23GRL-207 and 23GRL-211 prolonged mineralization to the south of the prevailing mineral useful resource pit shell.

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Important 2023 drill outcomes from the George Venture embody:

Notes:

1. Capped at 40 g/t gold

High quality Assurance/High quality Management on Pattern Assortment and Assaying

The first laboratory utilized for the Again River Gold District drilling program in 2023 is ALS laboratory in North Vancouver, Canada. Core samples are ready on the ALS preparation facility in Yellowknife with consultant pulp samples despatched to the ALS North Vancouver laboratory for gold evaluation. Gold is analyzed by a fireplace assay/atomic absorption spectrometry (FA/AAS) end utilizing a 50 gram subsample of the coin pulp. FAs had been completed with AAS, and samples with greater grades that exceeded the utmost detection restrict of AAS acquired a supplemental gravimetric (“GRAV”) end. All samples over 3,000 elements per billion are analyzed by FA/GRAV utilizing a 50 gram subsample of the coin pulp. Activation Laboratories Ltd. (Actlabs) in Kamloops, Canada, is the umpire laboratory.

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High quality assurance and high quality management procedures embody the systematic insertion of blanks and requirements into the core pattern strings. The outcomes of the management samples are evaluated regularly with batches re-analyzed and/or resubmitted as wanted. All outcomes acknowledged on this announcement have handed B2Gold’s high quality assurance and high quality management protocols.

Goose Venture, Nunavut, Development and Mining Replace

Development on the Goose Venture is progressing on observe, with the challenge remaining on schedule for first gold pour within the first quarter of 2025. Open pit mining is underway on the Echo Pit and underground improvement work on the Umwelt deposit is ongoing.

The primary concrete pour was accomplished in July 2023 and concrete and metal work within the mill space to this point are progressing forward of schedule. Erection of the structural metal for the mill constructing, energy home and truck store is properly underway, and cladding is advancing rapidly on the mill constructing with the roof full and over 50% of the constructing cladding accomplished. Cladding of each the facility home and truck store has begun. Enclosure of those three buildings will enable for work to proceed via the colder months and stay on schedule. Moreover, it’s anticipated that the ball mill will likely be set in place in December 2023, roughly six months forward of schedule, permitting the main focus for the beginning of 2024 to shift to piping and mechanical techniques.

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In July 2023, Part 1 of the lodging advanced opened, together with sleeping quarters, workplace space, medical heart, gymnasium, kitchens and water therapy. Part 1 of the lodging advanced consists of 310 beds on the everlasting website location. In September 2023, the earthworks crucial to increase the airstrip to five,000 toes had been accomplished. The extension of the airstrip will enable massive capability, totally loaded passenger planes to land on the Goose Venture all through the 2024 development marketing campaign. In mid-October, the 2023 sealift was efficiently accomplished, with a complete of six ships acquired from world ports bringing a complete transport quantity of 90,000 cubic meters of dry cargo and 24,000,000 liters of arctic grade diesel gas to the Marine Laydown Space (“MLA”). The 2023 sealift included all deliberate materials sealift supplies required for the profitable development, commissioning and mining of the Goose Venture.

The 163 km winter ice highway (“WIR”) between the MLA and the Goose Venture is scheduled to function between February and the tip of April. The 2024 WIR development group will mobilize to the MLA and Goose Venture websites in early and mid-December 2023, with the development of the 2024 WIR anticipated to start in December 2023. On the MLA, preparations for the 2024 WIR are properly underway, together with upkeep and preparation of the WIR development and haulage fleet and staging all supplies for cargo on the WIR to the Goose Venture website.

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Open pit mining of the Echo Pit is underway and can produce development fill, stockpile ore and supply tailings storage capability. Open pit mining of the Umwelt Pit will start within the first quarter of 2024 and can produce a lot of the commissioning ore in addition to future tailings storage. Underground improvement of the Umwelt deposit can be underway, at present at a depth of 142 vertical meters under floor. Breakthrough of the preliminary air flow elevate has been accomplished and improvement in direction of the ore zones is in progress with greater than 2,100 meters of lateral improvement accomplished to this point.

B2Gold acknowledges that respect and collaboration with the Kitikmeot Inuit Affiliation (“KIA”) is central to the license to function within the Again River Gold District and can proceed to prioritize creating the challenge in a way that acknowledges Inuit priorities, addresses issues, and brings long-term socio financial advantages to the Kitikmeot Area. B2Gold appears to be like ahead to persevering with to construct on its robust collaboration with the KIA and Kitikmeot Communities.

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About B2Gold

B2Gold is a low-cost worldwide senior gold producer headquartered in Vancouver, Canada. Based in 2007, at the moment, B2Gold has working gold mines in Mali, Namibia and the Philippines, a mine below development in northern Canada and quite a few improvement and exploration tasks in varied international locations together with Mali, Colombia and Finland. B2Gold forecasts whole consolidated gold manufacturing of between 1,000,000 and 1,080,000 ounces in 2023.

Certified Individuals

Brian Scott, P. Geo., Vice President, Geology & Technical Companies, a certified particular person below NI 43-101, has authorised the scientific and technical info associated to exploration and mineral useful resource issues contained on this information launch.

ON BEHALF OF B2GOLD CORP.

“Clive T. Johnson”                                        
President and Chief Govt Officer                                                                      

The Toronto Inventory Alternate and NYSE American LLC neither approve nor disapprove the knowledge contained on this information launch.  

Manufacturing outcomes and manufacturing steering introduced on this information launch mirror whole manufacturing on the mines B2Gold operates on a 100% challenge foundation. Please see our Annual Info Kind dated March 16, 2023 for a dialogue of our possession curiosity within the mines B2Gold operates.

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This information launch consists of sure “forward-looking info” and “forward-looking statements” (collectively forward-looking statements”) throughout the which means of relevant Canadian and United States securities laws, together with: projections; outlook; steering; forecasts; estimates; and different statements concerning future or estimated monetary and operational efficiency, gold manufacturing and gross sales, revenues and money flows, and capital prices (sustaining and non-sustaining) and working prices, together with projected money working prices and AISC, and budgets on a consolidated and mine by mine foundation, which in the event that they happen, would have on our enterprise, our deliberate capital and exploration expenditures; future or estimated mine life, steel value assumptions, ore grades or sources, gold restoration charges, stripping ratios, throughput, ore processing; statements concerning anticipated exploration, drilling, improvement, development, allowing and different actions or achievements of B2Gold; and together with, with out limitation: B2Gold’s continued prioritization of creating the Goose Venture in a way that acknowledges Indigenous enter and issues and brings long-term socio-economic advantages to the realm; the Goose Venture capital price being roughly C$800 million, and whole capital expenditures together with the accelerated underground improvement prices being C$890 million; the capital price to finish the Goose Venture being roughly C$550 million; the Goose Venture producing greater than 300,000 ounces of gold per yr for the primary 5 years and the Umwelt crown pillar containing over 150,000 ounces of gold; and the potential for first gold manufacturing within the first quarter of 2025 from the Goose Venture. All statements on this information launch that handle occasions or developments that we anticipate to happen sooner or later are forward-looking statements. Ahead-looking statements are statements that aren’t historic information and are typically, though not at all times, recognized by phrases resembling “anticipate”, “plan”, “anticipate”, “challenge”, “goal”, “potential”, “schedule”, “forecast”, “funds”, “estimate”, “intend” or “consider” and related expressions or their unfavourable connotations, or that occasions or situations “will”, “would”, “might”, “may”, “ought to” or “may” happen. All such forward-looking statements are based mostly on the opinions and estimates of administration as of the date such statements are made.

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Ahead-looking statements essentially contain assumptions, dangers and uncertainties, sure of that are past B2Gold’s management, together with dangers related to or associated to: the volatility of steel costs and B2Gold’s frequent shares; adjustments in tax legal guidelines; the risks inherent in exploration, improvement and mining actions; the uncertainty of reserve and useful resource estimates; not reaching manufacturing, price or different estimates; precise manufacturing, improvement plans and prices differing materially from the estimates in B2Gold’s feasibility and different research; the power to acquire and keep any crucial permits, consents or authorizations required for mining actions; environmental rules or hazards and compliance with advanced rules related to mining actions; local weather change and local weather change rules; the power to switch mineral reserves and determine acquisition alternatives; the unknown liabilities of firms acquired by B2Gold; the power to efficiently combine new acquisitions; fluctuations in trade charges; the supply of financing; financing and debt actions, together with potential restrictions imposed on B2Gold’s operations in consequence thereof and the power to generate enough money flows; operations in international and creating international locations and the compliance with international legal guidelines, together with these related to operations in Mali, Namibia, the Philippines and Colombia and together with dangers associated to adjustments in international legal guidelines and altering insurance policies associated to mining and native possession necessities or useful resource nationalization typically; distant operations and the supply of enough infrastructure; fluctuations in value and availability of power and different inputs crucial for mining operations; shortages or price will increase in crucial gear, provides and labour; regulatory, political and nation dangers, together with native instability or acts of terrorism and the results thereof; the reliance upon contractors, third events and three way partnership companions; the shortage of sole decision-making authority associated to Filminera Sources Company, which owns the Masbate Venture; challenges to title or floor rights; the dependence on key personnel and the power to draw and retain expert personnel; the chance of an uninsurable or uninsured loss; opposed local weather and climate situations; litigation danger; competitors with different mining firms; neighborhood assist for B2Gold’s operations, together with dangers associated to strikes and the halting of such operations infrequently; conflicts with small scale miners; failures of data techniques or info safety threats; the power to keep up enough inner controls over monetary reporting as required by legislation, together with Part 404 of the Sarbanes-Oxley Act; compliance with anti-corruption legal guidelines, and sanctions or different related measures; social media and B2Gold’s popularity; dangers affecting Calibre having an influence on the worth of the Firm’s funding in Calibre, and potential dilution of our fairness curiosity in Calibre; in addition to different elements recognized and as described in additional element below the heading “Danger Components” in B2Gold’s most up-to-date Annual Info Kind, B2Gold’s present Kind 40-F Annual Report and B2Gold’s different filings with Canadian securities regulators and the U.S. Securities and Alternate Fee (the “SEC”), which can be considered at www.sedar.com and www.sec.gov, respectively (the “Web sites”). The checklist shouldn’t be exhaustive of the elements which will have an effect on B2Gold’s forward-looking statements.

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B2Gold’s forward-looking statements are based mostly on the relevant assumptions and elements administration considers affordable as of the date hereof, based mostly on the knowledge obtainable to administration at such time. These assumptions and elements embody, however should not restricted to, assumptions and elements associated to B2Gold’s capacity to hold on present and future operations, together with: improvement and exploration actions; the timing, extent, period and financial viability of such operations, together with any mineral assets or reserves recognized thereby; the accuracy and reliability of estimates, projections, forecasts, research and assessments; B2Gold’s capacity to satisfy or obtain estimates, projections and forecasts; the supply and price of inputs; the worth and marketplace for outputs, together with gold; international trade charges; taxation ranges; the well timed receipt of crucial approvals or permits; the power to satisfy present and future obligations; the power to acquire well timed financing on affordable phrases when required; the present and future social, financial and political situations; and different assumptions and elements typically related to the mining trade.

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B2Gold’s forward-looking statements are based mostly on the opinions and estimates of administration and mirror their present expectations concerning future occasions and working efficiency and converse solely as of the date hereof. B2Gold doesn’t assume any obligation to replace forward-looking statements if circumstances or administration’s beliefs, expectations or opinions ought to change aside from as required by relevant legislation. There may be no assurance that forward-looking statements will show to be correct, and precise outcomes, efficiency or achievements may differ materially from these expressed in, or implied by, these forward-looking statements. Accordingly, no assurance may be provided that any occasions anticipated by the forward-looking statements will transpire or happen, or if any of them do, what advantages or liabilities B2Gold will derive therefrom. For the explanations set forth above, undue reliance shouldn’t be positioned on forward-looking statements.

Cautionary Assertion Relating to Mineral Reserve and Useful resource Estimates
The disclosure on this information launch was ready in accordance with Canadian Nationwide Instrument 43-101, which differs considerably from the necessities of america Securities and Alternate Fee (“SEC”), and useful resource and reserve info contained or referenced on this information launch will not be corresponding to related info disclosed by public firms topic to the technical disclosure necessities of the SEC. Historic outcomes or feasibility fashions introduced herein should not ensures or expectations of future efficiency.

A photograph accompanying this announcement is out there at https://www.globenewswire.com/NewsRoom/AttachmentNg/e656f0c6-48ce-4913-b1ef-bfa64d856913

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