CERTIFICATE OF QUALIFIED PERSON

I, Stephen Jensen, P.Geo., am employed as the Exploration Manager, Americas, with B2Gold Corp. ("B2Gold"), which has its head offices at 666 Burrard St #3400, Vancouver, BC V6C 2X8, Canada.

This certificate applies to the technical report titled "Gramalote Project, Colombia, NI 43-101 Technical Report", that has an effective date of July 14, 2025 (the "Technical Report").

I am a registered member of the Engineers and Geoscientists of British Columbia (#20213) and of the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists (#L5853). I graduated from the University of British Columbia with a Bachelor of Science, Geology degree in 1987.

I have practiced my profession for 38 years.  In this time, I have been directly involved in generating and managing exploration activities including the collection, supervision and review of geological, mineralization, exploration and drilling data; geological models; sampling, sample preparation, assaying and other resource-estimation related analyses; assessment of quality assurance-quality control data and databases; and supervision of Mineral Resource estimates.

As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").

I visited the Gramalote Project on a continuous basis since June 2008 with the most recent visit on July 4, 2025, a visit duration of one day.

I am responsible for Sections 1.1, 1.2, 1.3, 1.4, 1.5, 1.6, 1.7, 1.8, 1.10, 1.11. 1.23. 1.24; Sections 2.1, 2.2, 2.3, 2.4.1; 2.5, 2.6, 2.7; Section 3; Section 4; Section 5; Section 6; Section 7; Section 8; Section 9; Section 10; Section 11; Sections 12.1, 12.2, 12.3.1; Section 14; Section 23; Sections 25.1, 25.2, 25.3, 25.4, 25.6, 25.16.2; Section 26, and Section 27 of the Technical Report.

I am not independent of B2Gold as independence is described by Section 1.5 of NI 43-101.

I have been involved with the Gramalote Project since 2008.

I have read NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated:  August 27, 2025

(Signed) "Stephen Jensen"

Stephen Jensen, P.Geo.

CERTIFICATE OF QUALIFIED PERSON

I, Peter Montano, P.E., am employed as the Vice President of Projects with B2Gold Corp. ("B2Gold"), which has its head offices at 666 Burrard St #3400, Vancouver, BC V6C 2X8, Canada.

This certificate applies to the technical report titled "Gramalote Project, Colombia, NI 43-101 Technical Report", that has an effective date of July 14, 2025 (the "Technical Report").

I am a registered Professional Engineer (#42745, Colorado, USA).  I graduated from the Colorado School of Mines in 2004 with a B.Sc. in engineering and a B.Sc. in economics.

I have been directly involved in the design, construction, and operation of gold mines in Nicaragua, Namibia, Mali and have participated in and contributed to projects and studies of gold and coal projects in Venezuela, El Salvador, Australia, and the Philippines.  I have participated in long-term and strategic mine planning, Mineral Reserve estimation, and economic analyses of mining projects and mining operations, including from development to closure.

As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

I visited the Gramalote Project most recently October 24, 2024, a duration of one day.

I am responsible for Sections 1.1, 1.2, 1.8, 1.12, 1.13, 1.14, 1.16, 1.18, 1.19 (excepting process), 1.20 (excepting process), 1.21, 1.22, 1.24, 1.25;  Sections 2.1, 2.2, 2.3, 2.4.2, 2.5, 2.6; Section 3; Section 5; Section 12.3.2; Section 15; Section 16; Section 18; Section 19; Sections 21.1, 21.2.1, 21.2.2, 21.2.3, 21.2.4, 21.2.6, 21.2.7, 21.2.8, 21.3.1, 21.3.2, 21.3.4, 21.3.5,  21.4; Section 22; Section 24; Sections 25.1, 25.7, 25.8, 25.10, 25.12, 25.13 (excepting process), 25.14 (excepting process), 25.15, 25.16.1, 25.17; Section 26; and Section 27 of the Technical Report.

I am not independent of B2Gold as independence is described by Section 1.5 of NI 43-101.

I have been involved with the Gramalote Project since 2020.

I have read NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated:  August 27, 2025

(Signed) "Peter Montano"

Peter Montano, P.E.

CERTIFICATE OF QUALIFIED PERSON

I, John Rajala, P.E., am employed as the Vice President, Metallurgy with B2Gold Corp. ("B2Gold"), which has its head offices at 666 Burrard St #3400, Vancouver, BC V6C 2X8, Canada.

This certificate applies to the technical report titled "Gramalote Project, Colombia, NI 43-101 Technical Report", that has an effective date of July 14, 2025 (the "Technical Report").

I am a registered professional engineer in the state of Washington (No. 43299) and have a B.Sc. and M.Sc. in Metallurgical Engineering from Michigan Technological University (1976) and the University of Nevada - Mackay School of Mines (1981), respectively.  I received a M.E. in Mining Engineering from the University of Arizona in 2022.

I have practiced my profession for 47 years, during which I have been directly involved in the operations and management of mineral processing plants for gold and base metals, and in process plant design and commissioning of projects located in Africa, Asia, North, Central and South America.

As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").

I visited the Gramalote Project most recently from October 4-6, 2011, a duration of three days.

I am responsible for Sections 1.1, 1.2, 1.8, 1.9, 1.15, 1.19 (process costs only), 1.20 (process costs only), 1.25; Sections 2.1, 2.2, 2.3, 2.4.3; Section 12.3.3; Section 13; Section 17; Sections 21.2.5, 21.3.3; Sections 25.1, 25.5, 25.9, 25.13 (process costs only), 25.14 (process costs only); Section 26; and Section 27 of the Technical Report.

I am not independent of B2Gold as independence is described by Section 1.5 of NI 43-101.

I have been involved with the Gramalote Project since 2011.  I co-authored a voluntarily-filed technical report on the Gramalote Project as follows:

• Garagan, T., Pemberton, K., Rajala, J., and Jones, K., 2020:  Gramalote Project, Colombia, NI 43-101 Technical Report:  report prepared for B2Gold, effective date 31 December, 2019.

I have read NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated:  August 27, 2025

(Signed) "John Rajala"

John Rajala, P.E.

CERTIFICATE OF QUALIFIED PERSON

I, Ken Jones, P.E., am employed as the Director, Sustainability, with B2Gold Corp. ("B2Gold"), which has its head offices at 666 Burrard St #3400, Vancouver, BC V6C 2X8, Canada.

This certificate applies to the technical report titled "Gramalote Project, Colombia, NI 43-101 Technical Report", that has an effective date of July 14, 2025 (the "Technical Report").

I am a registered Professional Engineer (#42718, Colorado, USA). I graduated from the University of Iowa in 2001 with a B. Sc. in Chemical Engineering. 

I have practiced my profession for over 20 years.  I have developed, conducted and/or directed environmental and social studies including baseline investigations; materials geochemical characterization; hydrologic, air and noise modeling; closure planning and costing; and environmental and social impact assessment for hard rock mining projects in over a dozen countries in North and South America, Africa and Asia.  I have developed, implemented and maintained programs for engineering and administrative compliance regarding international environmental, health and safety regulations and best practices at gold projects in Canada, Nicaragua, Namibia, the Philippines, and Mali.

As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

I visited the Gramalote Project most recently from September 29 to October 7, 2021, a duration of nine days.

I am responsible for Sections 1.1, 1.2, 1.8, 1.17, 1.25; Sections 2.1, 2.2, 2.3, 2.4.4; Sections 4.9, 4.10, 4.11, 4.12; Section 12.3.4; Section 20; Sections 25.1, 25.11, Section 26; and Section 27 of the Technical Report.

I am not independent of B2Gold as independence is described by Section 1.5 of NI 43-101.

I have been involved with the Gramalote Project since 2020.  I co-authored a voluntarily filed technical report on the Gramalote Project as follows:

• Garagan, T., Pemberton, K., Rajala, J., and Jones, K., 2019:  Gramalote Project, Colombia, NI 43-101 Technical Report:  report prepared for B2Gold, effective date 31 December, 2019.

I have read NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Dated:  August 27, 2025

(Signed) "Ken Jones"

Ken Jones, P.E.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This National Instrument 43-101 Technical Report (the Report) contains "forward-looking information" and "forward-looking statements" (collectively, forward-looking statements) within the meaning of applicable Canadian and United States securities legislation, including, but not limited to, B2Gold Corp.'s (B2Gold) objectives, strategies, intentions and expectations; projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs and operating costs, including projected cash operating costs, and budgets; statements regarding future or estimated mine life, metal price assumptions, estimated mineralized material grades, gold recovery rates, stripping ratios, throughput, processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; the results of and estimates in the 2025 Feasibility Study, including the production and life-of-mine estimates, capital cost and operating cost estimates, the financial projections, estimates and results, and other results of the economic analyses contained therein; the potential to convert existing Inferred Mineral Resources to the Indicated category; the timing to complete detailed designs and source equipment; the potential to develop Gramalote as an open-pit gold mine and any construction or other decision in respect thereof; the anticipated effect of external factors on revenue, such as commodity prices, exchange rates and metal price assumptions, estimation of Mineral Reserves and Mineral Resources, mine life projections, reclamation costs, economic outlook; tailings dam and storage facilities, the maintenance or provision of required infrastructure and information technology systems, government regulation of mining operations and the entering into of major contracts required for development and/or operations; potential environmental, physical, social and economic impacts and plans, measures, and requirements to address such impacts, environmental considerations and closing and reclamation planning; stakeholder engagement; legal proceedings on mining area "corridors"; receipt and timing of additional required permits, modifications, and authorizations, including with respect to surface rights; expectations regarding community relations and social licence to operate including with respect to resettlement of individuals due to project development and artisanal and small miners working in the Project area.  All statements in this Technical Report that address events or developments that B2Gold expects to occur in the future are forward-looking statements.  Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur.  All such forward-looking statements are based on the opinions and estimates of B2Gold's management as of the date such statements are made.  All of the forward-looking statements in this Report are qualified by this cautionary note.

Forward-looking statements are not, and cannot be, a guarantee of future results or events.  Forward-looking statements are based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable at the date the forward-looking statements is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking statements.  The material factors or assumptions that B2Gold identified and were applied by B2Gold in drawing conclusions or making forecasts or projections set out in the forward-looking statements include, but are not limited to: the factors identified in Sections 1.12, 14.13 and 25.6 of this Report, which may affect the Mineral Resource estimate; the metallurgical recovery assumptions identified in Section 13 of this Report; the factors related to the 2025 Feasibility Study identified in Sections 1.19, 1.20, 21.3 and 22.1 of this Report; the project risks and opportunities identified in Section 1.22 of this Report; dilution, ore loss and mining recovery assumptions; assumptions regarding stockpiles; the success of mining, processing, exploration and development activities; the accuracy of geological, mining and metallurgical estimates; geotechnical assumptions; assumptions used in the Mineral Resource estimate; anticipated commodity prices and the costs of production; no significant unanticipated operational or technical difficulties; the execution of B2Gold's business and growth strategies, including the success of B2Gold's strategic investments and initiatives; the availability of additional financing, if needed; the availability of personnel for exploration, development, and operational projects and ongoing employee relations; acquisition of any required surface rights; maintaining good relations with the communities surrounding the Project; no significant unanticipated events or changes relating to regulatory, environmental, resettlement and social licence matters, health and safety matters; diminishing quantities or grades of reserves; increased costs, delays, suspensions, and technical challenges associated with the construction of capital projects; geotechnical and hydrogeological considerations during mining being different from what was assumed; no contests over title to B2Gold's properties; no significant litigation; certain tax matters; and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets (including commodity prices and foreign exchange rates).

The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking statements may include, but are not limited to, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), uncertainties related to the continued development and operation of the Project, the speculative nature of mineral exploration and development; changes to production, exploitation and exploration successes and other estimates; changes to legislation, taxation laws, policies and practices in Colombia, risks and uncertainties associated with political and economic instability in Colombia; fluctuations in the price and availability of infrastructure, energy, and other commodities; the impact of inflation; compliance with government regulations, including anti-bribery and corruption laws, environmental, health and safety regulations and internal control over financial reporting; damage to B2Gold's reputation due to actual or perceived occurrence of any number of events, including negative publicity with respect to environmental matters or dealings with community groups; the failure to obtain required licenses, permits, approvals or clearances from government authorities, including environmental permits, on a timely basis or at all; the potential for conflict with small scale miners; dependence on key personnel and employee relations; risks related to political or social unrest or change; operational risks and hazards, including unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks; failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated; the availability of natural gas to generate electrical power, and the resulting power rates used in the operating cost estimates and financial analysis; compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation; volatile financial markets that may affect B2Gold's ability to obtain additional financing on acceptable terms; the failure to obtain required approvals or clearances from government authorities on a timely basis; uncertainties related to the geology, continuity, grade and estimates of Mineral Resources, and the potential for variations in grade and recovery rates; uncertain costs of reclamation activities, and the final outcome thereof; changes to applicable laws or regulations, including with respect to interest rates and tax rates; tax refunds; hedging transactions; as well as other factors identified and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission, which may be viewed at www.sedar.com and www.sec.gov, respectively.  The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements.  Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom.  B2Gold's forward looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law.  For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

Contents

August 2025	TOC-i

August 2025	TOC-ii

August 2025	TOC-iii

August 2025	TOC-iv

August 2025	TOC-v

August 2025	TOC-vi

August 2025	TOC-vii

August 2025	TOC-viii

August 2025	TOC-ix

Tables

August 2025	TOC-x

Figures

August 2025	TOC-xi

August 2025	TOC-xii

1.0 SUMMARY

1.1 Introduction

Mr. Stephen Jensen, P.Geo., Mr. Peter Montano, P.E., Mr. John Rajala, P.E., and Mr. Ken Jones, P.E., prepared a National Instrument 43-101 Technical Report (the Report) on the Gramalote Gold Project (the Gramalote Project or the Project) for B2Gold Corp. (B2Gold).  The Project is located within the department of Antioquia in northwestern Colombia.

Gramalote Limited is registered in Colombia as Gramalote Colombia Limited (Gramalote Colombia) and is the operating entity of the Project.  Gramalote Limited is a wholly-owned subsidiary of B2Gold.

1.2 Terms of Reference

The Report was prepared to support the news release entitled "B2Gold Announces Positive Feasibility Study Results for the Gramalote Project" filed on July 14, 2025.

The Report includes Mineral Resource estimates for the Gramalote Ridge, Trinidad and Monjas West deposits and Mineral Reserve estimates for the Gramalote Ridge deposit.

Units used in the Report are metric units unless otherwise noted.  Monetary units are in United States dollars (US$) unless otherwise stated.  The Report uses Canadian English.  Mineral Resources are reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (May 2014; the 2014 CIM Definition Standards).

In early Project reports, the Gramalote Ridge deposit was also referred to as the Gramalote Central deposit.  The current preferred nomenclature is Gramalote Ridge.

1.3 Project Setting

The Project is located approximately 200 km directly northwest of the Colombian capital of Bogota, a distance of approximately 408 km by road, and 100 km northeast of Medellin, the regional capital of the Department of Antioquia.

The Project site is accessible via a well-maintained paved road from Medellin (approximately 2 hours by car) and Bogota (approximately 8-10 hours by car). Both Medellin and Bogota are served by daily international flights.

The area surrounding the Project has mildly tropical climate, supporting the planned year-round mining operations.

August 2025	Page 1-1

The Project site is located approximately 55 km from Puerto Berrio, a distance of approximately 73 km by road. From Puerto Berrio, direct water access is available to Barranquilla, a major ocean port on the Caribbean coast.

Providencia, the town nearest to the Project site, is a historic mining supply center administered by the Municipality of San Roque, located 12 km southwest of the Gramalote Project.  An inactive freight and passenger railway line, along with active high-tension electricity lines, pass within 1 km of the Project area.  A 2.3 MW hydroelectric plant, owned by B2Gold, is currently generating electricity at Guacas Creek within the Gramalote Project area.  The nearest high voltage substation suitable for grid connection is located approximately 30 km from the Project site.

Several small towns near the Project site, with a long history of ranching and small-scale mining, can provide readily available labor.  Personnel, equipment, and contractors to support exploration, construction, and production activities are available in Medellin.

The Project is located along the southern margin of the topographic depression formed by the Nus River valley.  Elevations in the Project area range from 800-1,500 m above sea level (masl), while elevations over the Antioquia plateau are generally between 2,300-2,500 masl.  Natural bedrock outcrops are rare.  Evidence of small-scale, artisanal gold mining from both alluvial and hard-rock sources is evident throughout the Nus River valley region.  Outside of artisanal mining areas, the region is predominately covered by grass pasture and cropland, with limited and scattered patches of natural vegetation.  Agricultural activities in the Nus River valley are centered around cattle ranching and the cultivation of sugar cane, raw sugar (panela), and tropical fruit production.

1.4 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements

B2Gold, through Gramalote Colombia, holds 11,008.26 ha in three registered concession contracts, namely integrated mining title 14292, totalling 8,720.71 ha (referred to as the Gramalote Ridge title), concession title 4894, totalling 2,277.77 ha (referred to as the Trinidad title) and concession title QHQ-16081, totalling 9.78 ha.  In addition, there is an application for a mineral title, LJC-08012, which has a total area of 94.14 ha. 

To extend exploration activities at concession title 4894, Gramalote Colombia submitted an integration request between concession title 4894 and concession title QHQ-16081 in August 2023.  If the mining authority approves the integration, Gramalote Colombia will be able to advance exploration in these areas. 

B2Gold has commenced the acquisition of surface rights to support mining operations, with purchases having been completed on the majority of the area required.  Based on the data and studies conducted, Gramalote Colombia has established a strategy to acquire the properties that are still to be acquired where necessary for the construction and operation stages. 

August 2025	Page 1-2

Guacas Creek will provide the water for potable use. Gramalote Colombia currently holds a 40 L/s extraction permit.  Water will be treated through a conventional 16 L/s water treatment plant.  The Project is located in a high rainfall area, receiving approximately 2.4 m of precipitation annually. The water management system is designed to handle a positive water balance, ensuring sufficient supply for all process water requirements. 

Once in production, State royalties on the gold and silver are 4% of the gross metal value at the plant site (as per Article 16 of Law 141 in 1994).  However, gross metal value is determined by using 80% of the spot prices for gold and silver on the London Metals Exchange, so the effective royalty rate is 3.2%.  These State royalties are independent of national, departmental, and municipal taxes.

1.5 Geology and Mineralization

The Gramalote Ridge, Trinidad and Monjas West deposits are examples of structurally-controlled, intrusive-related gold deposits.

The Project is located in the northern portion of Colombia's Central Cordillera. The terrane primarily comprises a metamorphic basement complex and the Antioquia Batholith.  In the general Project area, the main compositional types within the Antioquia Batholith are tonalite and granodiorite, with subordinate monzonite and gabbro. Alaskitic, felsitic, and andesitic dikes have intruded the complex. 

Gramalote Ridge is situated between two west-northwest-trending macro-scale curved lineaments that splay off the Palestina fault to the east, and transect the Antioquia Batholith, termed the Nus River and the El Socorro lineaments.  Differential movement along the Nus and El Socorro lineaments is thought to have generated north-northwest, north-south and northeast-striking tensional dilation within the tonalite, reflected in the formation of stockwork style sheeted quartz and quartz carbonate veinlets.

The Gramalote Ridge deposit has dimensions of 1,300 x 1,500 x 700 m. The mineralization has been drill tested to a depth of about 750 m.  Mineralization at Gramalote Ridge is hosted in uniform medium-grained tonalite with minor amounts of granodiorite and aplite dykes.  Alteration is structurally-controlled and occurs as both broad zones and narrow selvedges around veins.  Mineralized zones vary in width from 10-150 m in true width with vertical to sub-vertical dips to the south-southeast.  The deposit remains open at depth and along strike.  The primary mineralization consists of pyrite and chalcopyrite.  Secondary minerals include rutile and a titaniferous mineral. Free gold occurs as argentiferous gold coeval with several tellurides and bismuth sulphosalt minerals.

August 2025	Page 1-3

The Trinidad deposit has dimensions of approximately 1,500 x 500 m. Mineralization has been drill tested to a depth of about 300 m.  The deposit remains open at depth and along strike, especially to the west.  Mineralization is hosted in similar rock types to those that host the Gramalote Ridge deposit.  Alteration is similar to that described for Gramalote Ridge.  Mineralized zones at Trinidad are 10-80 m thick, and the zones periodically coalesce both along strike and down-dip.  Mineralization is associated with stockwork veinlets and alteration along their margins. 

The Monjas West deposit measures approximately 1,000 x 500 m and has been drill tested to 400 m depth.  The deposit remains open at depth and along strike, especially to the west.  Alteration and mineralization styles are similar to that of Trinidad and Gramalote Ridge, with gold correlating with bismuth.  Mineralized zones are 10-80 m thick, and the zones periodically coalesce both along strike and down-dip.

A number of additional prospects have been identified that warrant additional exploration examination. 

1.6 History

The Gramalote area has a long history of artisanal gold mining, likely dating from Pre-Colombian times to the present day.  Historical production was dominated by hydraulic techniques.  The miners worked residually-enriched colluvium and mineralized in situ saprolite in the surface oxide zone around Gramalote Ridge, as well as alluvial deposits.

Prior to B2Gold's Project interest, exploration was conducted by Metallica Resources, Inc., Gridiron Exploration Ltd., Placer Dome Exploration Inc., Industrias Peñoles (a Grupo Nus affiliate), and Sociedad Kedahda S.A. (now AngloGold Ashanti Colombia S.A. (AngloGold Ashanti)).  These companies completed property reviews, as well as surficial sampling and mapping of the Gramalote Ridge area.  AngloGold Ashanti conducted exploration between 2003-2007, including stream sediment, soil, grab, chip, channel and panel sampling, geological and structural mapping of Gramalote Ridge, trial ground geophysical surveys, core drilling, metallurgical test work, and resource estimation.

B2Gold obtained its interest in the Project in 2008.  Since then, work has included geological and structural mapping, rock and soil sampling, geophysics, core and reverse circulation (RC) drilling, engineering investigations, resource estimation, metallurgical test work, environmental and social baseline studies and data collection, as well as mining studies.

1.7 Drilling and Sampling

Drilling completed on the Project as of May 21, 2025 includes core and RC drilling, totalling 1,408 drill holes (approximately 269,049 m).  No drilling has been conducted since that time.

August 2025	Page 1-4

The resource drilling cut-off date for Gramalote Ridge was March 9, 2022.  There are 907 drill holes (approximately 193,126 m) and two adit samples (481 m) supporting the Mineral Resource estimate for Gramalote Ridge.  The resource drilling cut-off date for Trinidad is July 14, 2025, and there are 165 holes (approximately 29,137 m) supporting the Mineral Resource estimate for Trinidad. The resource drilling cut-off date for Monjas West was January 4, 2023, and there are 55 holes (approximately 20,416 m) supporting the Mineral Resource estimate for Monjas West.

In addition to exploration, infill, and step out drilling, holes were completed for metallurgical, geotechnical, hydrological, and condemnation purposes.

Initial core logging was originally recorded on paper log sheets with pre-set logging parameters including lithology, alteration (dominant, subordinate and trace), types of veinlets, sulphide mineralization, and comments.  Currently, B2Gold drilling data is entered directly into Excel spreadsheets and subsequently imported into a project-specific Access database.  Geotechnical logging consists of rock quality designation (RQD), core recovery and rock strength.  In addition, magnetic susceptibility and specific gravity are measured. Digital photographs were taken of all drill core for documentation purposes.

Core recoveries are generally excellent with an overall project average of 96.8%.

During the 2006-2007 program, drill hole collars were surveyed using a high-precision differential global positioning system (GPS) instrument.  Since 2007, drill hole collars are located on the drill pads using total station survey instruments. 

Depending on the drill campaign, ground conditions, and the purpose of the drill hole, down-hole surveys could be taken at 3 m, 6 m, 7 m, 12 m, 20 m, 30 m, 50 m, or 100 m intervals.  Instruments used included Pajari, Reflex Maxibor II, E-Z track, Icefield, and Gyro Master tools.

RC samples are taken from 2 m runs.  Core samples across all programs aimed at a nominal 2 m length, but could be shorter depending on instances where the sampling observed breaks in alteration, mineralization intensities, and lithology.

On average, the true width of the mineralization at Gramalote Ridge, Trinidad, and Monjas West deposits ranges from about is about 70-80% of the downhole drilled length but varies depending on local orientation of the mineralized zones and the drill hole.

Specific gravity or density determinations were collected from 2008 onwards, using the Archimedes or wax immersion method.  Additionally, pycnometer measurements were collected during the initial drilling campaigns.

Sample preparation facilities have included the following laboratories:  ALS Bogota (prior to November 2012); ALS Bucaramanga (December 2012); ALS Medellin (January 2013 to November 2018); Bureau Veritas Medellin (primary preparation laboratory from 2019-Report Effective Date); SGS Medellin (secondary preparation laboratory from November 2021-January 2022); ALS Medellin (secondary preparation laboratory used in April, Sept-October 2020, and February 2022).  ALS holds ISO 17025 accreditation for the preparation facilities in Colombia and the analytical facilities in Lima, Peru.  Bureau Veritas holds ISO 9001:2015 accreditation for the preparation facilities in Colombia.  SGS Colombia holds accreditation ISO/IEC 17021-1:2015 for the preparation facilities in Colombia.

August 2025	Page 1-5

ALS Lima was the primary analytical laboratory prior to 2019.  The laboratory was accredited under INDECOPI prior to 2010 and has held ISO 17025 accreditations for selected analytical techniques since 2010.  ALS Lima has been used as the check laboratory for Bureau Veritas Lima and SGS Medellin originals since 2019.

Bureau Veritas Lima has served as the primary analytical laboratory since 2019.  Bureau Veritas Lima holds accreditations for selected analytical techniques, including ISO 17025, ISO 9001:2015, ISO 14001:2015, and OSHAS 18001:2007.  Bureau Veritas Lima was also used as the check laboratory on original AngloGold Ashanti ALS Lima assays from 2018 and September 2020.

SGS Medellin was used for primary analyses between November 2021 and January 2022.  SGS Medellin was also used as an umpire laboratory (on ALS Lima original analyses) prior to 2019.  The laboratory currently holds the following certifications for selected analytical techniques:  ISO 9001:2015, ISO 45001:2018, and ISO 14001:2015.

In 2020, as a result of Covid-related delays in Lima, both ALS Medellin and BV Medellin submitted some pulps to their respective Vancouver laboratories.  ALS Vancouver holds ISO/IEC 17025:2017 accreditation since 2005, Bureau Veritas Vancouver holds ISO/IEC 17025:2017 since 2011.  The Vancouver laboratories used the same gold-silver analytical techniques as their Peruvian equivalent but the coding on the silver determination was different (discussed below).

ACME Santiago was used as a check laboratory by B2Gold in early 2009 for 2008 ALS Lima originals.  Accreditations held by ACME Santiago at the time are not known.

All laboratories used were independent of the then Project operator.

Sample preparation procedures varied depending on the laboratory utilized.  All laboratories dried the samples, then crushed to either 70% passing 2 mm, 85% passing 2 mm, or 90% passing 2 mm, and finally pulverized to either >85% passing 75 µm or >90% passing 106 µm.

Analytical methods included:

• Gold: Analysis by fire assay and atomic absorption spectrometry (AAS); repeat assays for samples grading >10 g/t Au using a gravimetric finish;

August 2025	Page 1-6

• Silver: Four acid digestion and inductively coupled plasma (ICP) mass spectrometry (MS), ICP emission spectroscopy (ES) or ICP optical emission spectroscopy;

• Multi-element: Four-acid digest followed by ICP-MS for a 48-element suite; ICP-MS or ICP-ES to obtain a 59-element suite.

The quality assurance and quality control (QA/QC) program has included submission of certified reference materials (CRMs or standards), blanks, and coarse reject and pulp duplicate samples.

Sample security has not historically been monitored.  Sample collection from drill point to laboratory relies upon the fact that samples are either always attended to, or stored in the locked on-site preparation facility, or stored in a secure area prior to shipment to the laboratory.  Chain-of-custody procedures consist of sending sample submittal forms to the laboratory with sample shipments to ensure that all samples are received by the laboratory.

Drill core, pulps, and rejects are stored at the Project site in purpose-built storage facilities and are under full time supervision. 

1.8 Data Verification

Internal data verification by B2Gold staff includes checking of data through a set of scripts that displays any inconsistent data related to the Project logging rules.  From 2020 onwards, senior geologists have periodically reviewed the database subset used for Mineral Resource estimation, information consistency, consistency in use of designated codes, and data completeness.  A detailed data validation was conducted in 2022 in support of the updated Gramalote Ridge model.  Where errors or omissions were noted, these were corrected as required.

External verification included laboratory audits, and review of available QA/QC and supporting data in preparation of technical reports on the Project.  No material data issues were noted as a result of these reviews.

The Qualified Persons (QPs) have verified the data in their areas of expertise  and concluded that the Project data and database are acceptable for use in Mineral Resource estimation, and can be used to support conceptual mine planning.

1.9 Metallurgical Testwork

Metallurgical testwork facilities involved in the initial testwork included SGS Lakefield in Lakefield, Ontario, Canada; the SGS analytical laboratory in Santiago, Chile; ALS analytical laboratories in Santiago, Chile, and Perth, Australia; FLSmidth in Salt Lake City, Utah; Jenike and Johanson Limited (Jenike and Johanson) in Toronto, Canada; ADP Holdings (Lycopodium) in Perth, Australia, Metso Outotec Corporation (Metso Outotec) in Pennsylvania, USA; Julius Kruttschnitt Mineral Research Centre (JKMRC) in Brisbane, Australia; and the Cooperative Research Centre for Optimising Resource Extraction (CRC-ORE) in Brisbane, Australia.  Laboratories and testwork facilities used were independent of B2Gold.  Metallurgical laboratories are not typically accredited for testwork other than chemical analyses.  Testwork completed in the early stages was used to refine the approaches taken for the feasibility study (2025 Feasibility Study).

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The majority of the testwork program supporting the 2025 Feasibility Study was conducted by SGS Lakefield, with the remainder either completed at SGS Lakefield under supervision of a consultant or specialist, or at another laboratory.  The program included testwork to establish:

• Comminution characteristics of the ore, using one comminution master composite and nine comminution variability samples;

• Materials handling properties for two composites;

• Mineralogy for the metallurgical master composite;

• Comprehensive head analysis of one metallurgical master composite and ten metallurgical variability samples;

• Gravity recoverable gold content for the metallurgical master composite, along with bulk gravity separation test prior to flotation;

• Optimum grind size for flotation for one metallurgical master composite;

• Optimum regrind size for flotation concentrate leach using metallurgical master composite;

• Optimum leach residence time for flotation concentrate leach using metallurgical master composite;

• Gravity, gravity concentrate leach, flotation and flotation concentrate leach performance for ten metallurgical variability samples using optimized process conditions;

• Cyanide destruction residence time and reagent doses using concentrate leach tailings produced from the metallurgical master composite;

• Engineering data, including testing of oxygen uptake, slurry rheology, carbon kinetics, regrind specific power and thickening characteristics on the products from the metallurgical master composite.

The Gramalote Ridge deposit is characterised as medium to hard competency and moderately soft to moderately hard in terms of Bond ball mill work index.  The ore is considered suitable for a high-pressure grinding rolls (HPGR)-ball mill circuit and is the most energy efficient option for the competency of this ore.  The mineralization is considered moderately abrasive to abrasive.

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A gravity separation circuit was recommended based on testwork conducted by SGS Lakefield and modelling by FLSmidth.

Gramalote Ridge ore is amenable to gold recovery via froth flotation at a coarse grind size of P₈₀ 250 µm.  A flotation time (laboratory) of 20 minutes and a simple potassium amyl xanthate (PAX) and frother reagent scheme will recover approximately 3-4% of the mass and 93-98% of the gold in the flotation feed.  A rougher/scavenger only flowsheet is optimum, and no cleaning is required.  The flotation flowsheet design would also allow the flexibility of operation as a rougher-only circuit.

A regrind size of approximately P₈₀ 20 µm is required to adequately liberate the gold prior to concentrate leach.

The concentrate leach conditions identified as achieving high gold extraction are:  six hours of pre-aeration followed by 30 hours of cyanide leach at 35% solids (w/w), pH 10.5 to 11 maintained with lime, 1 kg/t lead nitrate, 2 g/L NaCN, and dissolved oxygen levels of between 20-25 mg/L.

Based on the very low levels of preg-robbing elements and very good adsorption properties, a carbon-in-pulp (CIP) circuit was recommended.

The concentrate leach tailings responded well to cyanide destruction using the SO₂/air method.  The required cyanide destruction residence time is 240 minutes.

The flotation tailings have a specific thickener throughput rate of 0.035 m²/t/day.  The flotation tailings thickener will require 20 g/t of flocculant to achieve an underflow density of 55-60% (w/w).

The flotation concentrate and pre-leach thickeners have been sized on the basis of a 2 m/h rise rate due to froth concerns.  The thickeners will require 50 and 55 g/t of flocculant addition, respectively.  Thickener underflow densities will be 50% and 45% (w/w), respectively.

Test results indicate that overall gold recoveries in the range of 92-98% and overall silver recoveries in the range of 27-60% could be expected from the Gramalote Ridge ore when using the selected flowsheet.  The average gold and silver recoveries for all the variability samples were 95.5% and 46.3% respectively, while for the master composite, recoveries were 95.7% and 54.1% respectively.

There is a logarithmic relationship between gold head grade and overall gold recovery (including gravity, gravity concentrate leach, flotation and flotation concentrate leach).  There is also a logarithmic relationship between silver head grade and overall silver recovery. 

The logarithmic relationship between overall gold recovery and the calculated gold head grade is shown by the following relationship:

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• Overall Gold Recovery (%) = 1.7873 * ln (Gold Head Grade, g/t) + 95.526

At a gold head grade of 2.5 g/t Au, the overall gold recovery is forecast to average 97.2%.

Typically, a plant recovery discount of up to 1.0% is applied to account for soluble gold losses, fine carbon losses and plant problems which may impact on the overall recovery.  However, the metallurgical testwork has not considered the additional gold that will be recovered by further leaching of the intensive cyanidation residue in the concentrate leach circuit.  It is planned to introduce this residue to the regrind circuit ahead of concentrate leach.  As such, no recovery discount has been applied, as it is considered that the laboratory results are suitably conservative and further optimisation may be possible.

The silver recovery relationship is shown by the following equation:

• Overall Silver Recovery (%) = 19.951 * ln (Silver Head Grade, g/t) + 37.707

At a silver head grade of 1.9 g/t Ag, the overall silver recovery is forecast to average 50.1%.

Similarly, no discount will be applied for silver.

There are no deleterious elements from the processing perspective.

1.10 Mineral Resource Estimation

The Mineral Resource model for Gramalote Ridge was built in 2022, based on drilling data collected up to March 9, 2022.  Nine drill holes (1,795 m) post-date the resource estimate database cut-off.  These holes were drilled for condemnation/infrastructure purposes and are generally outside of the Mineral Resource areas.  As of the Report Effective Date, there has been no additional drilling at Gramalote Ridge.  The Mineral Resource model for Trinidad was built in 2025, based on drilling data collected up to July 14, 2025.  As of the Report Effective Date, there has been no additional drilling at Trinidad.  The Mineral Resource model for Monjas West was built in 2023, based on drilling data collected up to January 4, 2023.  As of the Report Effective Date, there has been no additional drilling at Monjas West.  The models were constrained using pit shell assumptions provided on August 6, 2025, and the Mineral Resource estimates have an effective date of August 6, 2025.

At Gramalote Ridge, Trinidad and Monjas West, low-grade (LG) domains were created at a nominal cut-off grade of 0.1 g/t Au. In addition, at Gramalote Ridge a high-grade (HG) domain was created at a nominal 0.5 g/t Au cut-off. Consideration was given to minimum thickness, logged veining, sulphide, and structural models.

At Gramalote Ridge, bulk densities were estimated to the block model using inverse distance weighting to the second power (ID2) interpolation.  The mineralized zones and weathering domains were used as boundaries to this estimate.  At Trinidad and Monjas West, bulk densities were applied to the block model-based average of specific gravity samples by mineralized zone and weathering domains.

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Capping levels were identified in each domain/sub-domain using distribution (probability) plots, deciles, and spatial observation of high-grade assays.  Assays were capped prior to compositing. 

Down-hole composites of 4 m length were created for Gramalote Ridge and Monjas West.  Trinidad compositing was on 2 m intervals. 

Variograms were modeled on 4 m capped composites at Gramalote Ridge and Monjas West to evaluate spatial continuity of gold mineralization and for use in gold grade estimation checks.  Variograms were run on 2 m capped composites at Trinidad to evaluate spatial continuity and trends to gold mineralization and for use in gold grade estimation checks.  Model variogram nuggets were adjusted downwards for ordinary kriging interpolation to better reconcile with change-of-support distributions.

At Gramalote Ridge, mineralization domain wireframes were coded to 15 x 5 x 10 m blocks with subcells down to 5 x 0.2 x 0.5 m along domain/weathering boundaries.  The LG and HG mineralization domains served as a hard boundary relative to the waste domain for grade estimation.  Due to the variable nature of grades at the HG/LG contact, 2 m of material uphole and downhole of a contact were shared with the adjacent domain.  Search orientations were controlled by Datamine's dynamic anisotropic search.  Composites were shared across the oxide (saprolite)/fresh boundary for estimation.  Gold and silver grades were estimated using inverse distance weighting to the third power (ID3), ordinary kriging (OK), and nearest neighbour (NN) algorithms into parent-sized blocks.  Mineral Resources are reported from the OK estimate. 

Mineralization domain wireframes at Trinidad were coded to 15 x 5 x 10 m blocks with subcells down to 3 x 1 x 1 m along domain boundaries.  The LG mineralization domain served as a hard boundary for grade estimation.  Using 2 m capped composites, gold and silver grades were estimated into 15 x 5 x 10 m blocks.  Search orientations were controlled by Datamine's dynamic anisotropic search.  Composites were shared across the oxide (saprolite)/fresh boundary for estimation.  Gold and silver grades were estimated using ID2, OK, and NN interpolations into parent-sized blocks. Mineral Resources are reported from the ID2 estimate.

The block model estimates were checked using comparison of different declustering (NN and cell declustering) methods; visual comparison of block grades to composites on cross sections and levels; comparison of global block statistics from different estimation techniques; swath plots to review potential local biases in the estimates; and global change of support comparisons.

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Drill hole spacing for resource classification at Gramalote Ridge is as follows:

• No Measured classified;

• Indicated: 50-60 m drill hole spacing;

• Inferred: 100-120 m drill hole spacing.

Drill hole spacing for resource classification at Trinidad is as follows:

• No Measured or Indicated classified;

• Inferred: 100-120 m drill hole spacing or any drill hole within 30-40 m.

Drill hole spacing for resource classification at Monjas West is as follows:

• No Measured or Indicated classified;

• Inferred: 100-120 m drill hole spacing or any drill hole within 30 m.

Mineral Resources for Gramalote Ridge, Trinidad, and Monjas West considered potentially amenable to open pit mining methods were constrained within conceptual Lerchs-Grossmann pit shells.  The calculated break-even cut-off grades are 0.13 g/t Au for oxide and range between 0.16-0.18 g/t Au for sulphide.  Mineral Resources potentially amenable to open pit mining from all deposits are stated above a cut-off of 0.13 g/t Au for oxide and above 0.16 g/t Au for sulphide.

Constraints to the Gramalote Ridge pit optimization were applied around some of the planned infrastructure, specifically the plant, main haul road, and the Guacas River diversion.

1.11 Mineral Resource Statement

Indicated Mineral Resources are reported in Table ‎1-1, inclusive of those Indicated Mineral Resources converted to Probable Mineral Reserves.  Mineral Resources that have not been converted to Mineral Reserves do not have demonstrated economic viability.  Inferred Mineral Resources are provided in Table ‎1-2.

The QP for the estimate is Mr. Stephen Jensen, P.Geo., B2Gold's Exploration Manager for the Americas.

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Table ‎1-1: Indicated Mineral Resource Statement

Table ‎1-2: Inferred Mineral Resource Statement

Notes to accompany Mineral Resource Tables:

1. Mineral Resources have been classified using the 2014 CIM Definition Standards.

2. Mineral Resources are reported inclusive of those Mineral Resources that were converted to Mineral Reserves.  Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

3. The QP for the resource estimate is Stephen Jensen, P.Geo., B2Gold's Exploration Manager for the Americas.

4. Mineral Resources are reported on a 100% project basis.  The Gramalote Ridge, Trinidad and Monjas West estimates have an effective date of August 6, 2025.

5. Mineral Resources for Gramalote Ridge assume metallurgical recoveries of 84% for oxide and 92.7-97.6% for sulphide, and operating cost estimates of an average mining cost of US$2.59/t mined, processing cost of US$6.13/t processed for oxide and US$9.74/t processed for sulphide, general and administrative cost of US$2.10/t processed and selling cost of $82.84/oz of Au produced.

6. Mineral Resources for Trinidad assume metallurgical recoveries of 81.7% for oxide and 90.9% for sulphide, and operating cost estimates of an average mining cost of US$2.41/t mined, processing cost of US$6.13/t processed for oxide and US$9.74/t processed for sulphide, general and administrative cost of US$2.10/t processed and selling cost of $82.84/oz of Au produced.

7. Mineral Resources for Monjas West assume metallurgical recoveries of 81.7% for oxide and 87.6% for sulphide, and operating cost estimates of an average mining cost of US$2.58/t mined, processing cost of US$6.28/t processed for oxide and US$9.89/t processed for sulphide, general and administrative cost of US$2.10/t processed and selling cost of $82.84/oz of Au produced.

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8. Mineral Resources for Gramalote Ridge, Trinidad, and Monjas West are reported at cut-offs of 0.13 g/t Au for oxide and 0.16 g/t Au for sulphide.

9. 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.

Factors that may affect the Mineral Resource estimate include: metal price and exchange rate assumptions; changes to the assumptions used to generate the gold grade cut-off grade; changes in local interpretations of mineralization geometry and continuity of mineralized zones; changes to geological and mineralization shape and geological and grade continuity assumptions; density and domain assignments; changes to geotechnical, mining and metallurgical recovery assumptions; changes to the input and design parameter assumptions that pertain to the conceptual pit constraining the estimates; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environment and other regulatory permits, and maintain the social license to explore and obtain the social license to operate.

1.12 Mineral Reserve Estimation

Mineral Reserves were converted from Indicated Mineral Resources for the Gramalote Ridge deposit only.  Inferred Mineral Resources were set to waste.

The mine plan assumes open pit mining using conventional mining methods and equipment.

Pit optimizations were completed using Geovia Whittle pit optimisation software.  To define the internal and final pit phases, 86 optimizations were completed, starting at US$525/oz Au and running to US$3,500/oz Au.  The US$1,750/oz Au pit shell was selected as the design basis for the ultimate pit.  A smaller Phase 1 was defined using the US$768/oz Au shell, allowing for a lower strip ratio and early access to higher-grade material to support rapid payback.

Only two mining phases were selected in total.  Phase 1 targets medium and high-grade zones that extend from the pit center toward the eastern pit wall.  This phase is designed to deliver higher-grade ore during the initial years of operation, while allowing sufficient time for the Phase 2 ultimate pit to be developed.

For Mineral Reserve reporting, an applied cut-off grade of 0.40 g/t Au is used.  Only sulphide material will be processed in the mine plan.  Oxide material is not included in the Mineral Reserves.

1.13 Mineral Reserve Statement

The Mineral Reserve estimate for the Project reported within the Gramalote Ridge ultimate pit design is presented in Table ‎1-3. 

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Table ‎1-3: Mineral Reserves Statement

Notes to accompany Mineral Reserves table:

1. Mineral Reserves have been classified using the CIM Definition Standards, are reported at the point of delivery to the process plant and have an effective date of April 1, 2025. 

2. Mineral Reserves are reported on a 100% project basis.

3. The QP for the Mineral Reserve estimate is Mr. Peter Montano, P.E., Vice President, Projects, B2Gold.

4. Mineral Reserves are based on a conventional open pit mining method, gold price of $1,750 per ounce, metallurgical recovery averaging 95.6%, selling costs of $60.00 per ounce including royalties, average mining cost of $2.70 per tonne mined, average processing cost of $8.50 per tonne processed, and average site general costs of $3.80 per tonne processed.

5. Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.40 g/t Au cut-off there is a 1.2% increase in tonnes, a 4.6% reduction in grade, and 3.5% reduction in ounces when compared to the Mineral Resource model.

6. Mineral Reserves are reported above a cut-off grade of 0.40 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.

The QP for the estimate is Mr. Peter Montano, P.E., B2Gold's Vice President, Projects.  The estimate has an effective date of April 1, 2025.

Factors that may affect the Mineral Reserve estimates include: changes to the gold price assumptions; changes to pit slope and geotechnical assumptions; unforeseen dilution or ore loss; changes to hydrogeological and pit dewatering assumptions; changes to inputs to capital and operating cost estimates; changes to operating cost assumptions used in the constraining pit shell; delays or changes to the resettlement and relocation plans; changes to pit designs from those currently envisaged; changes in mining or milling productivity assumptions; and changes to modifying factor assumptions, including environmental, permitting and social licence to operate.

1.14 Mining Methods

The mining operations will use conventional open pit mining methods and equipment, using owner-operator mining equipment and labour.

Geotechnical designs are based on information collected from several years of surface mapping programs, geotechnical logging data, photo-logging observations, oriented core data, acoustic televiewer data, and results from laboratory testing to assess the intact rock strength.  Bench heights are planned to be 20 m.  The inter-ramp angles will vary from about 53-60° in fresh rock and will be approximately 37° in overburden and weathered rock. 

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Hydraulic field tests were completed to define the hydraulic characteristics of the various hydrogeological units across the Project site.  These included piezometer measurements, constant discharge tests, falling head tests, and Lugeon/packer hydraulic conductivity tests.  Groundwater seepage is expected at the contact of oxide and fresh rock and will be managed with a 25 m berm at this level in the pit to direct groundwater.  In-pit water will be managed with mobile diesel pumps and sumps.  Estimated pumping rates will range from 100-400 m³/hour, depending on seasonal conditions.

The calculated cut-off grade for sulphide material was 0.24 g/t Au; however, an elevated cut-off grade of 0.40 g/t Au was applied for mine planning purposes.

The Gramalote Ridge deposit is planned to be mined in two phases:

• Pit Phase 1 is scheduled to begin in the second year of construction and continue through year 4 of operations, reaching a depth of 370 m.  At the end of mining, pit Phase 1 will be approximately 900 m long, 500 m wide, and 370 m deep.  This pit phase design contains 102 Mt, or 32% of the total LOM tonnage;

• Pit Phase 2 is planned to commence in year 3 of operations and progress to an ultimate depth of 510 m.  At the end of mining, pit Phase 2 will be approximately 1,300 m long, 750 m wide, and 510 m deep.  This pit phase design contains 217 Mt, or 68% of the total LOM tonnage.

Pit Phase 1 was designed to avoid the need for a diversion of Guacas Creek, which is advantageous for production planning and capital costs.  However, the Guacas Creek diversion will be required before commencing pit Phase 2.

The main ramps were designed to 30 m width for two-way access, including allowances for drainage and berms and have a maximum 10% gradient.  The dual ramp system will begin at an elevation of 660 m and extend up to the pit exit to be located around 820 m elevation.  A double-ramp system supports >75% of the total mined ounces.  Below 660 m elevation, a single ramp system is planned, consisting of a 30-m-wide ramp with a 10% slope, extending to 500 m elevation.

Pre-stripping is estimated at 13 Mt for the period prior to the first year of production. Initial ore will be stockpiled at the ROM area and later at El Balzal area. A portion of waste material moved during will be used for the construction of mine platforms and haul roads.

A maximum extraction rate of 35 Mt/year is projected, with an 11-year of mine life including the pre-stripping period.  The overall strip ratio is forecast at 3.1:1 (waste:ore).  Mining operations will stockpile lower-grade material when applicable, which will be processed at the end of the mine life.  The first phase of the pit will be mined early in the LOM to increase the plant feed grade during the initial years of production and to maintain a relatively steady gold production profile over the LOM.

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The mine planning strategy includes the use of four stockpiles:

• Fresh ore high-grade:  ≥2.1 g/t Au;

• Fresh ore medium grade:  1.3-2.1 g/t Au;

• Fresh ore low-grade:  0.6-1.3 g/t Au;

• Fresh ore very low-grade:  0.4-0.6 g/t Au.

Mineralization grading 0.25-0.4 g/t Au, which is between the calculated cut-off and elevated cut-off for mine planning, is planned to be placed in the San Antonio WRF area. 

The WRSF was designed to store approximately 240 Mt of waste, with additional capacity to accommodate future expansion if required.  Waste rock that is classified as potentially acid generating (PAG) will be saprolite-encapsulated.

A peak fleet of four excavators, 32 haul trucks and various support equipment will be required to support the LOM plan.

1.15 Recovery Methods

The process plant design is based on a robust metallurgical flowsheet designed for optimum recovery with minimum operating costs.  The flowsheet is based upon unit operations that are well proven in industry.

The key project and ore-specific criteria assumed for the plant design include:

• 6 Mt/a of ore;

• Major unit operations and equipment will be sized with a 20% design margin, with the exception of flotation concentrate leach stream equipment;

• Flotation concentrate leach stream equipment will be sized for 5% mass pull without further design margin because typical flotation concentrate mass pull is expected to be 3%;

• Process plant availability of 92% supported by crushed ore storage, stand-by equipment in critical areas and grid power supply;

• Sufficient automated plant control to minimise the need for continuous operator interface and allow manual override and control if and when required.

The plant design commences with single-stage primary crushing with a gyratory crusher to produce a crushed product size of 80% passing (P₈₀) 150 mm.  The crushed ore stockpile with a nominal 21,000 t live capacity to provide 15 hours of operation at design plant throughput.  During extended periods of up to three days for primary crusher equipment maintenance, ore from the dead part of the stockpile will be reclaimed by an excavator or dozer to continue feeding the downstream secondary screening and crushing circuit.

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Crushed ore from the stockpile will be reclaimed by apron feeders positioned under the stockpile to feed the downstream circuit.

Closed circuit secondary crushing using duty/stand-by cone crushers will produce a crushed product size P₈₀ of approximately 27 mm.  Feed size preparation for a secondary crushed product is required for a grinding efficient HPGR-ball mill circuit as compared to a standard SAG mill circuit.  An HPGR will be in closed circuit with wet sizing screens, with undersize slurry reporting to the milling circuit via a cyclone feed pumpbox.  A ball mill in closed circuit with hydrocyclones will produce a  P₈₀ grind size of 250 µm.  The cyclone overflow stream will flow by gravity to the flotation circuit.

A gravity gold recovery circuit was included based on the metallurgical testwork results and a modelling optimization study.  The circuit will contain two centrifugal gravity concentrators and an intensive cyanidation leach reactor.

The flotation circuit will have five flotation cells arranged in series and will use a simple collector (PAX) and frother reagent addition scheme.  The flotation cells can be operated in rougher only, or a rougher/scavenger flowsheet, in the event that higher concentrate grades or lower mass recoveries need to be targeted.  However, it is anticipated that the rougher-only flowsheet will be the primary operating method.

The flotation concentrate will be pumped to a flotation concentrate thickener ahead of a regrind circuit.  The thickener provides a buffer between the primary grinding and flotation circuits and the regrind mill.  It will also provide control of the water balance around the regrind circuit and help to break down froth that may otherwise be an issue in the regrind circuit.

The regrind circuit will include a trash screen to remove any trash or rubbish prior to milling.  The regrind mill will be in closed circuit with hydrocyclones.  The cyclone overflow product size of P₈₀ 20 µm is expected to be achieved with a low cyclone overflow slurry density of 15% solids (w/w) to promote better classification efficiency.  The cyclone overflow stream will flow by gravity to the pre-leach thickener.

A pre-leach thickener for increasing the slurry density of the finely ground flotation concentrate stream to the leach circuit will be required to minimise slurry tank volume requirements and reduce overall reagent consumption.

The pre-aeration and leach circuit will consist of six tanks for 6 hours of pre-aeration and 30 hours of leaching residence time at design plant throughput.  Slaked lime slurry will be added to the pre-aeration and leach tanks for pH adjustment.  Sodium cyanide solution is added to start the gold leaching process in the presence of elevated dissolved oxygen levels and lead nitrate solution.

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A carbon-in-pulp (CIP) circuit will consist of six stages of carbon adsorption for recovery of gold dissolved in the leaching circuit.  A Pressure Zadra elution circuit will be used to recover gold to doré.  The circuit will include an acid wash column to remove inorganic foulants from the carbon with hydrochloric acid.

A carbon regeneration kiln is included to remove organic foulants including any residual flotation circuit reagents, from the carbon with heat.

A cyanide destruction circuit using SO₂ and air will be used to reduce the weakly-acid dissociable cyanide concentration in the flotation concentrate leach tailings discharge stream to an environmentally acceptable level.

A flotation tailings thickener is included in the design to increase slurry density for water recovery prior to tailings discharge to the tailings management facility (TMF).

The power demand for the processing plant will be provided by the national grid supply.  The plant will require about 238,649,287 kW/a.

The process plant will use process water, leach water, reclaim water, fresh water, treated water, gland water, and potable water.  Make-up water requirements for process water and leach water will be pumped from the reclaim water pond, which will receive water recovered from the tailings decant pumps at the TMF.  Water from the thickeners overflow streams will be recycled within the process plant to reduce the external water requirement.  Approximately 1,200 m³/h of decant return water will be recycled from the TMF to the process plant.  Another approximately 56 m³/h of fresh water will be required to make-up the water consumption for the process plant.  Fresh water will be sourced from the Guacas Creek.

The major reagents to be used within the process plant will include slaked lime, PAX collector, frother, sodium cyanide, lead nitrate, caustic soda, hydrochloric acid, sodium metabisulphite, copper sulphate pentahydrate, flocculant, anti-scalant, fluxes, and diesel fuel.

1.16 Project Infrastructure

Surface infrastructure to support operations as envisaged in the 2025 Feasibility Study includes:

• One open pit; to be mined in two phases;

• Waste rock storage facility, stockpiles, and water diversions, including Guacas Creek diversion;

• Process plant: grinding, flotation and leaching facilities, management and engineering offices, change house, workshop, warehouse, and electrical grid switchgear substation;

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• Mine facilities: heavy equipment workshop, warehouse and laydown areas, fuel storage, fuel distribution bays, wash bay, tire bay, welding shop, assay laboratory, change house, cafeteria, explosive magazine, explosive transference plant, and concrete batch plant;

• Internal mine roads, including haul roads;

• A community bypass road to the Cristales village;

• Mine entrance and camp accommodation;

• Sediment control ponds;

• Quarry borrow pits;

• Water intake on Guacas Creek and associated water treatment plant;

• Tailings management facility;

• Utilities including potable and waste water systems, fire protection, communications, and natural gas.

The TMF will be located in the Palestina Valley, and is designed to store 76.7 Mt of tailings over a 13-year processing period.  The valley can accommodate a larger facility if required for any potential future mine expansion or mine life extension.  A larger-capacity TMF of 220 Mt capacity was approved in 2016, and that approval is part of the current Environmental Impact Assessment (EIA). The TMF will be the primary reservoir, and will have the capacity to manage the probable maximum flood at all times.

The TMF will store both flotation and leach circuit cyanide destruction tailing streams, which will be separately handled and deposited.  The tailings material contains a high percentage of a sand-forming coarse fraction, which is planned to be placed directly downstream of the starter dam, creating a large sand dam. 

The Project will have a positive water balance that will require discharge due to the large volumes of surface run-off that will be collected primarily in the TMF.  Water quality models currently indicate that water discharges will meet all Colombian regulatory standards.  Water control reservoirs, seepage and sedimentation ponds will be located in different catchment areas to manage sediment discharges, storm events and contact water, including from the open pit, TMF, and WRSFs. 

Fresh water will be sourced from Guacas Creek, and will form the potable water supply.

A diversion channel is required for Guacas Creek as the later stages of the open pit will impact the creek channel.  Water will be diverted from the current creek course via a large embankment, into the new channel.

The planned new approximately 200-person accommodations camp will be located adjacent the administration offices, and will support construction and operations.  The existing camp, 20 minutes from the Project area, will provide additional accommodations flexibility, with a 70-bed capacity.  A significant portion of the construction workforce is expected to commute from nearby communities, thereby maximizing local opportunities for lodging and transportation services. 

August 2025	Page 1-20

Power is planned to come via pipeline from gas-based self-generation, leveraging off the Project proximity of 2 km to the main gas pipeline that supplies the Medellín region.  The 2025 Feasibility Study assumes that a take-or-pay agreement will be negotiated with the pipeline owner for the electricity supply.  The agreement envisages that the pipeline owner will provide the pipeline to site, and construct the on-site power station.

The power plant will consist of four gas-powered engines that will have a total installed capacity of about 44 MW, sufficient to meet peak Project demands of about 30 MW.  Three engines will be in operation, with one on stand-by.  The plant will include load-shedding abilities. 

1.17 Environmental, Permitting and Social Considerations

1.17.1 Environmental Considerations

The Terms of Reference for the Project EIA were issued by the Autoridad Nacional de Licencias Ambientales (ANLA) in 2012. The EIA was submitted in early 2015, and the Environmental License was granted later that year. A Modified EIA (MEIA) was completed in 2019, and further modifications to the Environmental License were approved in 2019 and 2024. An updated MEIA reflecting the 2025 Feasibility Study is planned for submission.

Baseline data collection began in 2011 and continues to be updated to support the MEIA, with the support of environmental and social specialists. Studies include geology, soils, water, biodiversity, climate, and socio-economic factors.

The Environmental License establishes specific management and monitoring programs to prevent, mitigate, or correct environmental and social impacts. These programs cover all phases of the Project's life of mine (LOM), including planning, construction, operation, and closure.

B2Gold is also implementing compensation programs to address biodiversity loss, impacts to woody vegetation and threatened species, and changes in land use. These programs include conservation actions such as creating or expanding protected areas, establishing voluntary conservation agreements, and undertaking ecological restoration. Water management programs are in place to preserve watersheds and support sustainable water use.

August 2025	Page 1-21

1.17.2 Closure and Reclamation Planning

ANLA has approved a conceptual closure plan (Closure Plan) for the Project under the current Environmental License that includes a strategy to effectively and progressively rehabilitate areas that have been affected by Project activities.  The conceptual Closure Plan will be modified and updated periodically throughout the Project life to reflect significant changes in the design, construction, operation, and closure phases.

B2Gold has estimated the cost of environmental reclamation and closure liabilities for the Project at approximately US$51.2 million. In accordance with the Colombian Mining Code (Law 685 of 2001), a company is required to provide financial guarantees to ensure the Closure Plan can be fully implemented, to cover the costs associated with environmental remediation, and to meet applicable social obligations.

1.17.3 Permitting Considerations

B2Gold was granted an Environmental Licence through Resolutions 1514 (2015), 309 (2016), and 00782 (2019). This license sets out the conditions and requirements that must be met to support Project development, operation, and closure.  B2Gold will submit an updated MEIA for approval to reflect Project changes in accordance with Colombian legislation. 

B2Gold holds a number of other key permits, however, several additional permits and authorizations will be required for the Project, including: 

• Authorization for acquisition and use of explosives;

• Certificates for controlled chemical substances and products;

• Sanitary authorization for potable water supply;

• Construction licenses;

• Technical Regulations for Electrical Installations (RETIE);

• Relocation of existing powerlines.

1.17.4 Social Considerations

The Project's socio-economic baseline studies, conducted as part of the 2015 EIA and 2019 MEIA and updated through 2025, assessed potential impacts on communities within the Project's direct and indirect areas of influence.  Community engagement was carried out throughout the EIA and MEIA processes, including over 100 stakeholder meetings, and will continue as part of the updated MEIA.  Management and monitoring programs have been developed to prevent, mitigate, and address potential social impacts, covering areas such as community participation, health, education, cultural heritage, land access, and institutional support.

August 2025	Page 1-22

Project development requires land acquisition and the physical or economic resettlement of affected households. B2Gold has prepared a Resettlement Action Plan (RAP) in compliance with Colombian legislation, Environmental License obligations, and international standards.  In total, 327 households have been identified as impacted, with 225 to be physically relocated and 102 economically displaced.  As of the Report Effective Date, 98% of households have signed individual agreements, with ongoing engagement for the remaining households.  B2Gold has acquired land, completed housing and infrastructure designs, and is implementing livelihood restoration, community integration, and public service measures, with quarterly reporting to ANLA until completion.

Artisanal and small-scale mining (ASM) is a traditional economic activity in the area, but poses environmental and social risks such as land and water degradation, child labour, and informal employment. B2Gold has monitored ASM since 2011, with approximately 500 miners active in 2025, half of whom operate within the Project footprint.  To mitigate risks and support communities, B2Gold has formalized 73 mining production units under 22 mining associations, benefitting over 180 miners and creating more than 560 formal jobs with social security.  Ongoing initiatives include formalization support, association development, EIA preparation assistance, and technical training, with expansion to new areas being considered.

1.18 Markets and Contracts

No market studies have been completed.  The doré that will be produced by the mine is readily marketable.  Shipping and refining costs are estimated to be US$3.00/oz for gold and US$1.34/oz for silver. 

Commodity prices used in Mineral Resource and Reserve estimates are set by B2Gold at a corporate level.  The gold price provided for Mineral Reserve estimation is US$1,750/oz, and US$2,500/oz was used for Mineral Resource estimation.  The financial model assumes a long-term gold price of US$2,500/oz.

Quotes for major contracts were received to support the 2025 Feasibility Study.  Major contracts will include blasting explosives and accessories through Indumil (the only option for explosives under Colombian law), fuel provision, power provision, tire services, contacts related to infrastructure construction, and other mining and processing consumable contracts as needed.  Contracts will be negotiated and renewed as necessary with terms expected to align with industry standards and comparable to similar contracts previously executed byB2Gold.

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1.19 Capital Cost Estimates

The LOM plan assumes owner-operated mine operations with contractor support in select areas.  The construction period is assumed to be two years, scheduled as 2027 and 2028 in this Report, pending permitting.

Capital and operating costs are estimated in either Colombian Pesos or United States dollars depending on the category and are converted at exchange rate of 4,200 COP:US$ where applicable.

Capital costs consist largely of processing facilities, site infrastructure, mining equipment and rebuilds, and resettlement and land purchases.  Capital costs are split into:

• Sustaining capital:  costs that support the existing LOM plan;

• Non-sustaining capital:  costs are for long-term structures or external project that do not necessarily depend on the mine plan.  Non-sustaining capital includes camp, roads, initial mining equipment fleet, mine services area and workshops, process plant, tailings storage facility, resettlement, and other major infrastructure development required for mining and processing operations.

A construction capital cost of US$740.1 M is estimated prior to commercial production.  A post-construction capital cost of US$67.7 M is estimated after commercial production has begun. 

Total mining fleet and infrastructure capital is estimated to be US$140.5 M over the LOM.  After construction, US$149.5 M of capitalized waste is included in mining capital costs.  The total mining capital cost after construction is estimated to be US$289.9 M over the LOM.

Process capital costs, after construction, are estimated at US$46.5 M over the LOM.

Total site general capital costs are estimated to be US$6.0 M over the LOM.

The total reclamation and closure capital cost is estimated at US$51.2 M.

The overall capital cost estimate is summarized in Table ‎1-4 and is estimated at US$1,236 M.

1.20 Operating Cost Estimates

Department costs are estimated independently.  Some departments are treated as distributable costs, such as power generation and heavy equipment maintenance, and are allocated to other departments based on usage.

Mine operating costs are estimated at US$2.71/t rock mined including capitalized waste.

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Table ‎1-4: Capital Cost Estimate Summary

Note: Totals may not sum due to rounding.

Stockpile and ore rehandle costs are included with the processing costs.  The total process operating cost is estimated to be US$8.16/t milled over the life of processing operations.

The total site general operating cost is estimated at US$3.64/t processed over the life of operations.

The estimated LOM plan operating costs are presented in Table ‎1-5 and Table ‎1-6.

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Table ‎1-5: LOM Operating Cost Totals

Notes:

1. Distributable costs are included in the area totals.  Totals may not sum due to rounding.

2. Operating cost totals are reported from production years only and exclude the estimated construction period.

Table ‎1-6: LOM Unit Operating Costs (Ore Processed)

Note:  Mining costs are US$2.71/t mined for mining including capitalized waste. Processing costs include stockpile rehandle and ore haulage where applicable.  Totals may not sum due to rounding.

Operating costs total US$1,583 M over the LOM.  Mining costs will average US$11.27/t ore processed, process costs will average US$8.16/t ore processed and site general costs will average US$3.64/t ore processed, for an overall ore processed cost of US$23.08/t.

LOM plan operating cost estimates total US$783.16/oz Au produced, or US$23.08/t processed.

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1.21 Economic Analysis

1.21.1 Forward Looking Information Statement

Identification of information that is forward-looking is included in the statement at the front of this Report.

1.21.2 Methodology Used

The financial model that supports the mineral reserve declaration in a standalone model that calculates annual cash flows based on scheduled ore production, assumed processing recoveries, metal sale prices, exchange rate of 4,200 COP/US$, projected operating and capital costs, and estimated taxes.

The financial analysis is based on an after-tax discount rate of 5%.  All costs and prices are in unescalated real dollars. 

All costs are based on the forecast costs for the proposed Gramalote Ridge Mine.  Revenue is calculated from the recoverable metals and long-term metal prices described in Section 19.2, and exchange rate forecasts.

1.21.3 Assumptions

Royalites average 3.2% over the LOM.

The economic analysis is based on 100% equity financing and is reported on a 100% project ownership basis.  The economic analysis assumes constant prices with no inflationary adjustments, and a long-term gold price of US$2,500/oz.

In Colombia, gold miners pay a royalty to the State of 4% on the "mine-head" value of extracted gold, which is calculated at 80% of the international gold price, resulting in an effective royalty rate of about 3.2% of the market value.  The international gold price used as a benchmark is based on daily spot prices published by recognized financial sources such as the London Bullion Market Association (LBMA) or other widely accepted international commodities exchanges.

Additionally, gold mining companies are subject to a 35% corporate income tax, and while royalties were initially non-deductible under Colombia's 2022 tax reform, a 2024 Constitutional Court ruling restored their deductibility, allowing miners to subtract royalty payments from their taxable income.

1.21.4 Economic Analysis

The valuation date is January 1, 2027, which is modelled to be the date of a construction decision, pending permitting.  A discount rate of 5% is used. The after-tax project NPV is US$941 M.  The internal rate of return is calculated to be 22.4%, with a payback period of 3.4 years after production start.

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A summary of the financial results is provided in Table ‎1-7.

1.21.5 Sensitivity Analysis

Changes in metal price, gold grade, capital costs and operating cost assumptions were tested using a range of 25% above and below the base case values.  Results are shown in Figure ‎1-1.  The sensitivity to gold grade is not shown as it mirrored the gold price sensitivity within this sensitivity range.

The Project is most sensitive to changes in the gold price and grade, and less sensitive to changes in operating costs and capital costs, which exhibit similar sensitivity.

1.22 Risks

Permit timing assumes that all key permits will be obtained by 2027 to support Project construction.  Delays in permits being granted may affect the assumed dates in this Report for construction and operations.

Resettlement is assumed to be completed as the Project progresses.  Delays in the resettlement process may affect the assumed dates in this Report for construction and operations.

The Project design basis incorporates the regulatory requirements that were current at the Report Effective Date.  Updates or changes to the regulations after the Report Effective Date may require additional controls to be implemented.

The continued economic uncertainty with the current inflation and tariffs could affect the assumptions related to capital and operating cost estimates and therefore affect the economic analysis in this Report.

The formalization of the ASM activities, identification of designated ASM locations, and the management of potential ASM-related impacts in the Project area are important due to their potential effects on site access and development, local security, and receiving environment.

1.23 Opportunities

The Mineral Resources at the Trinidad and Monjas deposits represent upside opportunity if the Indicated Mineral Resources can be converted to Mineral Reserves and included in an updated mine plan with additional studies.

August 2025	Page 1-28

Table ‎1-7: Key Financial Metrics

NPV = net present value; IRR = internal rate of return; AISC = all in sustaining costs.  AISC per ounce is the sum of cash operating costs, royalties and production taxes, capital expenditures that are sustaining in nature, corporate general and administrative costs, community relations expenditures, all divided by the total gold ounces sold to arrive at a per ounce figure.  AISC is both $/oz sold and $/oz produced as there is no timing delay because ounces are produced and sold in the same period.

.

August 2025	Page 1-29

Figure ‎1-1: Sensitivity Analysis

Note:  Figure prepared by B2Gold, 2025.  Opex - operating cost estimate; Capex = capital cost estimate.

There is upside potential for the estimates if mineralization that is currently classified as Inferred can be upgraded to higher-confidence Mineral Resource categories.

The numerous undrilled prospects discussed in Section 9 represent upside exploration potential.  Drilling is required to test that potential.

1.24 Interpretation and Conclusions

Under the assumptions in this Report, the Project shows a positive cash flow over the LOM and supports the Mineral Reserve estimates.  The mine plan is achievable under the set of assumptions and parameters used.

1.25 Recommendations

As the 2025 Feasibility Study shows a project with positive economics, and a construction decision is at the discretion and purview of B2Gold's Board of Directors, the QPs have no meaningful recommendations to make.

August 2025	Page 1-30

2.0 INTRODUCTION

2.1 Introduction

Mr. Stephen Jensen, P.Geo., Mr. Peter Montano, P.E., Mr. John Rajala, P.E. and Mr. Ken Jones, P.E., prepared a NI 43-101 Technical Report (the Report) on the Gramalote Gold Project (the Project) for B2Gold Corp. (B2Gold).  The Project is located within the department of Antioquia in northwestern Colombia (Figure ‎2-1).

Gramalote Limited is registered in Colombia as Gramalote Colombia Limited (Gramalote Colombia) and is the operating entity of the Project.  Gramalote Limited is a wholly-owned subsidiary of B2Gold.

2.2 Terms of Reference

The Report was prepared to support the news release entitled "B2Gold Announces Positive Feasibility Study Results for the Gramalote Project" filed on July 14, 2025.

The Report includes Mineral Resource estimates for the Gramalote Ridge, Trinidad, and Monjas West deposits and Mineral Reserve estimates for the Gramalote Ridge deposit.

Units used in the report are metric units unless otherwise noted.  Monetary units are in United States dollars (US$) unless otherwise stated.  The Report uses Canadian English.  Mineral Resources are reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (May 2014; the 2014 CIM Definition Standards).

In early Project reports, the Gramalote Ridge deposit was also referred to as the Gramalote Central deposit.  The current preferred nomenclature is Gramalote Ridge.

2.3 Qualified Persons

The following B2Gold employees serve as the QPs for this Report as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects, and in compliance with Form 43-101F1:

• Mr. Stephen Jensen, P.Geo., Exploration Manager, Americas;
• Mr. Peter Montano, P.E., Vice President, Projects;
• Mr. John Rajala, P.E., Vice President, Metallurgy;
• Mr. Ken Jones, P.E., Director, Sustainability.

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Figure ‎2-1: Location Plan

Note:  Figure prepared by B2Gold, 2025.

2.4 Site Visits and Scope of Personal Inspection

2.4.1 Mr. Stephen Jensen

Mr. Stephen Jensen has visited the Gramalote Project site on a continuous basis since June 2008 with the most recent visit on July 4, 2025.  During site visits he observed active drill sites, confirmed exploration progress, and reviewed logging and sampling procedures. Discussions on geology, mineralization, and resources were held with B2Gold, Gramalote Colombia and during the period of the joint venture with AngloGold Ashanti Colombia S.A. (AngloGold Ashanti), with AngloGold Ashanti staff.

2.4.2 Mr. Peter Montano

Mr. Peter Montano visited the Gramalote Project site on October 24, 2024.  While on site, he inspected proposed infrastructure locations, including the open pit, process plant, stockpiles, El Balzal waste rock storage facility (WRSF), and tailings storage facility (TSF).

August 2025	Page 2-2

2.4.3 Mr. John Rajala

Mr. John Rajala visited the Gramalote Project site from October 4-6, 2011.  Mr. Rajala viewed core in the core shed and toured the site, focusing on the general topography as well as potential infrastructure sites.

2.4.4 Mr. Ken Jones

Mr. Ken Jones visited the Gramalote Project site from August 19-20, 2019 and again from September 29 to October 7, 2021. 

During the 2021 site visit, Mr. Jones observed the main proposed infrastructure sites including the process plant, TMF and pit, visited artisanal mining sites within the project tenement, and inspected site installations present at La Mayoria at that time.  During his time in Colombia working with the Gramalote Sustainability team he also discussed the Colombian regulatory framework, the project permitting history including obligations of the Environmental License, and reviewed existing and proposed environmental and social monitoring programs.

2.5 Effective Dates

There are a number of effective dates pertinent to the Report, as follows:

• Database close-out date for estimation: 

– Gramalote Ridge:  March 9, 2022;

– Trinidad:  July 14, 2025;

– Monjas West:  January 4, 2023;

• Date of Mineral Resource models: 

– Gramalote Ridge:  May 11, 2022;

– Trinidad:  August 6, 2025;

– Monjas West:  February 7, 2023;

• Date of Mineral Resource estimates:  August 6, 2025;

• Date of Mineral Reserve estimate:  April 1, 2025;

• Date of the economic analysis supporting the Mineral Reserves:  July 14, 2025.

The overall Report Effective Date is July 14, 2025.

2.6 Information Sources and References

Reports and documents listed in Section 27 of this Report were used to support preparation of the Report.  Additional information was provided by B2Gold and Gramalote Colombia personnel as requested. 

August 2025	Page 2-3

2.7 Previous Technical Reports

B2Gold has filed the following technical reports on the Project:

• Gorham, J.P., 2008, Updated Report on the Gramalote Property, Department of Antioquia, Colombia, 43-101 Technical Report prepared for B2Gold Corp., June 2008.

• Meister, S.N., 2009:  Gramalote Ridge Project, Department of Antioquia, Colombia, NI 43-101 Technical Report: report prepared for B2Gold, effective date 27 February 2009;

• Hulse, D.E., 2012:  NI 43-101 Technical Report on Resources, Gramalote Project, Providencia, Colombia:  Report prepared by Gustavson Associates for B2Gold, effective date 1 June, 2012;

• Hulse, D.E., Sobering, G., Newton, M.C. III, Malhotra, D., and Daviess, F., 2014:  NI 43-101 Preliminary Economic Assessment, Gramalote Project, Northwest Colombia:  report prepared by Gustavson Associates for B2Gold, effective date 1 February, 2014;

• Garagan, T., Pemberton, K., Rajala, J., and Jones, K., 2019:  Gramalote Project, Colombia, NI 43-101 Technical Report:  report prepared for B2Gold, effective date 31 December 2019.

August 2025	Page 2-4

3.0 RELIANCE ON OTHER EXPERTS

This section is not relevant to this Report.

August 2025	Page 3-1

4.0 PROPERTY DESCRIPTION AND LOCATION

4.1 Introduction

The Project is located approximately 200 km directly northwest of the Colombian capital of Bogota, a distance of approximately 408 km by road, and 100 km northeast of Medellin, the regional capital of the Department of Antioquia.

The geographic center of the Project is located at UTM Zone 18N (WGS84): 509,180 East; 720,330 North (6°31' N, 74°55' W).

4.2 Property and Title in Colombia

Information in this subsection is summarized from Ruiz (2019), Zapata and Villada (2016), and the Colombian National Mining Agency (2019).

4.2.1 Mineral Title

The regulatory framework for mining activities in Colombia is outlined in the country's constitution and Law 685/2001, the Mining Code.  The Ministry of Mining and Energy issues government policies in relation to mining sector management.  Sub-departments include the National Mining Agency (NMA), which is in charge of mineral titles, the Colombian Geological Service, which conducts scientific research, and the Mining and Energy Planning Unit, which addresses policies and development.

The Colombian State owns mineral resources in the soil and subsoil.  Mining exploration and exploitation rights are granted to private parties (including foreigners) through mining concessions registered in the National Mining Registry.

The only mineral title under the 2001 Mining Act is a Mining Concession, which is granted for a 30-year term.  There is no automatic extension of term; and any extensions must be negotiated with the NMA.  The NMA may impose additional terms and conditions on the extended licence, or may refuse extension grant.

Mineral titles granted under the 1988 Mining Act include contribution agreements, exploration licences, exploitation licences, and concession agreements, which have different terms, rights and obligations to the Mining Concessions under the 2001 Mining Act.  Unless a request has been made to govern a particular licence under the 2001 Mining Act, these 1988 Mining Act tenures remain in force, and are governed by the 1988 Mining Act.

Mining activities are divided into three phases for the purposes of Mining Concession administration:  Exploration, construction and installation, and exploitation.

Mining is considered to be a public-interest activity, which in practice gives the mining title-holder the ability to request expropriation over properties needed for mining project development.  The mining title-holder also has the ability to request imposition easements over properties located outside or inside the area covered by the mining title.  Easements are generally established for the same granted term as the Mining Concession.

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Annual surface fees are payable during the exploration, and construction and assembly phases.  These are calculated based on the Mining Concession area, and current minimum monthly legal wages.  Additional fees can apply to mining titles granted under the 1988 Mining Code, or as negotiated with the NMA with concession term extensions.

Indigenous and African-Colombian communities have a preferential right to obtain mining concessions over mining deposits located in areas in which Indigenous and African-Colombian communities live.

4.2.2 Work and Construction Plan (Plan de Trabajos y Obras)

The Work and Construction Plan (Plan de Trabajos y Obras or PTO) is a mandatory technical and operational document that the mining titleholder must prepare and present to the NMA prior to starting any mining activity within the area granted under a mining concession contract.  The mining concession contract is the legal instrument that gives a company the right to explore and exploit mineral resources in a defined area.  The PTO describes the technical, environmental, safety, social, and production plans for the exploitation phase, and must be reviewed and approved by the NMA.  Without an approved PTO, a mining titleholder cannot legally begin extraction activities.

4.2.3 Mining Management Integral System (ANNA Minera)

In November 2019, the NMA launched a new mining cadastral system, the Mining Management Integral System (ANNA Minera), which changed the Colombian Mining Cadaster.  The system uses grid cell references for all mining claims, and eliminates the apparent gaps, slivers, fractions, and errors in claim boundary locations ("corridors") that can appear between adjacent claims under the former system.  The Gramalote Project claims have been transferred to the new system.

4.2.4 Surface Rights

Surface rights are independent of mining rights.  Companies are expected to acquire necessary mining easements, direct surface rights, and conduct surface agreements in support of planned mining operations.

Approximately 40% of all land in Colombia has registered property titles.  All land in Colombia must be registered with the Land Registry Office, and each plot has a registration number kept at the cadaster of the Land Registry Office.

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4.2.5 Royalties

Once in production, State royalties on the gold and silver are 4% of the gross metal value at the plant site (as per Article 16 of Law 141 in 1994).  However, gross metal value is determined by using 80% of the spot prices for gold and silver on the London Metals Exchange, so the effective royalty rate is 3.2%. 

These State royalties are independent of national, departmental, and municipal taxes.

4.2.6 Environmental

The Ministry of Environment and Sustainable Development, National Authority for Environmental Licences (ANLA), and regional environmental authorities are responsible for environmental permits for mining construction and exploitation phases, and for any other environmental permits required during the mining title term.

Projects and activities that may severely affect natural resources require environmental authorization in the form of an environmental licence.  Depending on the mining project size, the Environmental License will be granted either by the Environmental Licence Agency or by a Regional Environmental Authority, which are independent and autonomous organizations working in the different regions of the country and are in charge of enforcing environmental regulations on mining projects within their zones.

Under Decree 1076 of 2015, an environmental licence is not currently required during the exploration phase, but is required during the construction, installation, and exploitation phases.

An EIA is required under Law 685 of 2001, Law 99 of 1993 and 1076 of 2015, and must meet the provisions of the General Methodology for Presentation of Environmental Assessments and the specific Terms of Reference.  There is a provision to amend the EIA through a Modification of the Environmental License (MEIA).

A mining titleholder is required to obtain a mining and environmental insurance policy, which must be in force during the entire project period.  The insurance requirement is that 5% of the planned annual exploration expenditures during the exploration phase, and 5% of the planned investment for the assembly and construction phase must be covered.  The exploitation phase requires a policy that covers 10% of the total amount when the estimated annual production is multiplied by the mine pit price of the extracted mineral, as established by the Colombian Government.  The insurance policy has to be in place for the duration of the Mining Concession term, any term of extension, and for a further three years post termination of any such concession.

There are no specific regulations relating to mine closure and remediation.  Closure and remediation obligations are set out in the environmental licence and on a case-by-case basis, depending on the type of mine, mineral and location.

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4.3 Project Ownership

In July 2005, Sociedad Kedahda S.A. (Kedahda; (now AngloGold Ashanti Colombia S.A), entered into an option agreement with the Colombian-based Grupo Nus to earn a 75% interest in the Gramalote Project.  In October 2007, B2Gold purchased the rights to the Grupo Nus option agreement including the remaining 25% interest, held by Grupo Nus, in the Gramalote Project.

On May 15, 2008, B2Gold entered into an agreement with AngloGold Ashanti, whereby AngloGold Ashanti transferred to B2Gold a 2% interest in the Gramalote JV and assigned to B2Gold other rights relating to Gramalote Colombia, including AngloGold Ashanti's right to acquire an additional 24% interest, so that B2Gold then held a 51% interest in the Gramalote JV (AngloGold Ashanti retaining 49%) and accepted responsibility for management of exploration of the Gramalote Project.  In addition, AngloGold Ashanti transferred its interests in additional claims contiguous to the original Gramalote property to the Gramalote JV.

In 2010, AngloGold Ashanti agreed with B2Gold to amend the Shareholder's Agreement.  Under the amended terms, AngloGold Ashanti regained its 51% interest in the JV and became manager (operator) of the Project while B2Gold retained a 49% interest.

In 2017, Gramalote Colombia and AngloGold Ashanti completed a detailed Project assessment.  Based on marginal Project economics reported to B2Gold by Gramalote Colombia and AngloGold Ashanti, B2Gold elected to only fund US$5.0 M of the 2018 Gramalote Project expenditures, resulting in a reduced interest in the Project to 48.3%. 

In late 2018 and early 2019, new resource interpretations and economic analysis indicated that the Project had the potential to become more robust.  On December 23, 2019, B2Gold entered into an amended and restated agreement with AngloGold Ashanti with respect to the Gramalote Project such that the Project became a 50:50 joint venture.  On January 1, 2020, B2Gold assumed the role of the operator of the Gramalote Project.

On October 5, 2023, B2Gold acquired the remaining 50% interest of the Gramalote Project owned by AngloGold Ashanti, resulting in B2Gold owning 100% of the Gramalote Project.

4.4 Mineral Tenure

B2Gold, through Gramalote Colombia, holds 11,008.26 ha in three registered concession contracts, namely integrated mining title 14292, totalling 8,720.71 ha (referred to as the Gramalote Ridge title), concession title 4894, totalling 2,277.77 ha (referred to as the Trinidad title) and concession title QHQ-16081, totalling 9.78 ha.  In addition, there is an application for mineral title, LJC-08012, which has a total area of 94.14 ha. 

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A summary of the mineral tenure is provided in Table ‎4-1 and a location plan for the granted mineral titles and the mining title application is provided in Figure ‎4-1. 

4.4.1 Integrated Mining Title 14292

Gramalote Ridge title is integrated mining title number 14292 consists of 11 registered concession contracts totaling 8,720.71 ha.

A Sole Exploration and Exploitation Program application was filed with the Governor's Office of Antioquia to integrate mining titles 6194B, 2042, 14292, 6263, 6185B, 6054, 6032, ICQ‐0800631X, 7153, 5917, IFC‐08021 into a single title.  Resolution No. 040497, dated May 2, 2012, approved the grouping of the concessions into single Mining concession agreement, under mining title number 14292, and title was transferred to Gramalote Colombia.

From a mining legal standpoint, mining title number 14292 is currently in the construction phase and has a PTO approved by Resolution S201500356632 dated December 22, 2015, and Resolution No. 2016060082224 dated October 21, 2016, which were issued by the Secretary of Mines of Antioquia.  An Environmental License was granted by the ANLA in accordance with Resolution 1514 dated November 15, 2015, and Resolution 309 dated March 29, 2016, for advanced exploration, construction and commissioning, exploitation and closure activities.

According to the PTO Modification, approved in 2018, the Construction Stage will commence when the resettlement obligation is complete.

Under Resolution 1447 dated August 18, 2021, ANLA authorized construction activities in concomitance with the resettlement process, but subject to compliance with the required resettlement of the affected communities.

4.4.2 Mining Title 4894

Trinidad title is mining title number 4894 has an area of 2,277.77 ha.

Mining Title 4894 was originally an exploration license and was granted for five years according to Resolution No. 12423 dated December 30, 1999.  According to Resolution No. 2016060072784 dated August 11, 2016, the Ministry of Mines of Antioquia authorized the execution of a mining concession contract under Law 685 of 2001 and ordered the preparation of the concession contract in terms of technical concepts 1239565 dated May 13, 2016, and 1242953 dated August 4, 2016. 

The concession contract was signed by the Antioquia Governor on May 22, 2019, and registered on June 12, 2019.

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Table ‎4-1: Mineral Tenure Table

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Figure ‎4-1: Granted Mineral Tenure Location Plan

Note:  Figure prepared by B2Gold, 2025.  The small excision in the lowermost portion of mining title 4894 represents a portion of land that is under a Land Restitution Process, whereby a judge has ruled that this specific piece of land is not available to a party until a court process is resolved.

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To extend exploration activities at concession title 4894, Gramalote Colombia submitted an integration request between concession title 4894 and concession title QHQ-16081 in August 2023.  The mining authority approved the integration in June 2025, however, the Integrated Contract still needs to be signed: a process that may take between 6 to 12 months.

4.4.3 Mining Title QHQ-16081

Mining title QHQ-16081 has an area of 9.78 ha.

On July 27, 2022, the Governor's Office of Antioquia granted a mining concession over the former area covered by application QHQ-16081.  The registration was executed on August 4, 2022. 

In respect of duration of tenure, Colombian mining law states that the exploration phase begins as soon as the concession contract is registered in the National Mining Registry. The total period for the concession contract (exploration, construction, and exploitation) is 30 years, which may be renewed for an additional 20-year period.

Under Colombian mining law, producing mines are subject to a federal royalty of 4% of the gross value of gold and silver production. Gross metal value is determined by using 80% of the spot prices for gold and silver on the London Metals Exchange, so the effective royalty rate is 3.2% market value.

The mining title is part of the integration application discussed in Section 4.4.2.

4.5 Surface Rights

Gramalote Colombia has commenced the acquisition of surface rights to support mining operations, with purchases having been completed on the majority of the area required.

From 2011 to 2013, a land acquisition process (first acquisition round) was undertaken, and the acquisition of 34 properties was negotiated.  Because of conditions in the zone where land was being purchased (e.g. affected by violence, absence of formality in land titles, unsettled succession processes, and landowners who did not exercise sovereignty over their property, among other reasons), Gramalote Colombia, after conducting the pertinent previous studies, decided to negotiate the purchase of seven properties with landholders who had to acquire the property through a judicial process to then transfer it to Gramalote Colombia.

Based on the data and studies conducted, Gramalote Colombia has established a strategy to acquire those properties that are still to be acquired where they are necessary for the construction and operation stages.  The negotiation process for land acquisition can be conducted directly by Gramalote Colombia or through an expert consultant, within a framework of transparency subject to the land acquisition procedure.

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4.6 Water Rights

Guacas Creek will provide the water for potable use.  Gramalote Colombia currently holds a 40 L/s extraction permit.  Water will be treated through a conventional 16 L/s water treatment plant. 

The Project is located in a high rainfall area, receiving approximately 2.4 m of precipitation annually, and the water management system will deal with a positive water balance ensuring sufficient supply for all process water requirements. 

4.7 Royalties and Encumbrances

4.7.1 Royalties

Royalties are discussed in Section 4.2.4.

4.7.2 Encumbrances

As of the Report Effective Date, a legal proceeding that was filed by a third party, Natalia Nohaba Vallejo, against the administrative act issued by the Mining Authority (Antioquia Secretary of Mines) is in progress.  The Mining Authority (Antioquia Secretary of Mines) did not grant the mining rights that were requested by third parties over some "corridors" existing within the area of the integrated mining title 14292.  The "corridors" arise from defects in the Colombian Mining Cadaster graphics. 

Gramalote Colombia requested to become a party to the judicial process and was accepted as such on August 28, 2019.  Gramalote Colombia will, therefore, be able to support the legal and technical thesis stated by the Mining Authority (Antioquia Secretary of Mines) throughout the proceeding.

In Gramalote Colombia's assessment, the risk of potential impact to the Project is low.  If the legal precedent is maintained, the status quo of the mining area should be maintained as well.  The "corridors" or graphic defects of the Colombian Mining Cadaster are not considered to be free areas.  In the event that the interpretation does consider the "corridors" to be free areas, Gramalote Colombia would have a first right in time as it is the first applicant.

4.8 Permitting Considerations

Permitting considerations for operations are discussed in Section 20.

Environmental permits for water use and tree cutting are required during the drilling phase of exploration.  Current water use permits are valid.  Tree cutting permits are authorized for the area within the granted environmental licence for the Gramalote Project.  Drilling in the Trinidad area was undertaken only in those areas where tree-cutting was not required.  Future drill programs may require tree-cutting permits.

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No special bonds are required, since all concession contracts require an insurance policy with coverage for environmental and mining liabilities.

4.9 Environmental Considerations

Environmental considerations for operations are discussed in Section 20.  There are active artisanal mining groups within the Project tenure; these are also discussed in Section 20.

Current environmental liabilities consist of the exploration camp, access and drill roads, and drill pads. 

4.10 Social License Considerations

Social licence considerations for operations are discussed in Section 20.

4.11 Comment on Property Description and Location

To the extent known to the QP, there are no other significant factors and risks that may affect access, title, or the right or ability to perform work on the Project that have not been discussed in this Report.

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5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY

5.1 Accessibility

The Project is located in the Nus River valley, a transportation corridor of paved highways connecting the Colombian capital city of Bogota and the city of Medellin to the Magdalena River at Puerto Berrio.  The Project site is accessible via a well-maintained paved road from Medellin (approximately 2 hours by car) and Bogota (approximately 8-10 hours by car). 

Additional information on Project access considerations and available ports is provided in Section 18.2.

Both Medellin and Bogota are served by daily international flights,

5.2 Climate

The area surrounding the Project has mildly tropical climate, with daytime temperatures averaging about 24°C throughout the year.  Yearly rainfall averages about 200 cm and falls mostly during two rainy seasons extending from March to May and from September to December.

Future mining operations are planned to be conducted on a year-round basis.

5.3 Local Resources and Infrastructure

The Project site is located approximately 55 km from Puerto Berrio, a distance of approximately 73 km by road. From Puerto Berrio, direct water access is available to Barranquilla, a major ocean port on the Caribbean coast.

Providencia, the town nearest to the Project site, is a historic mining supply centre, administered by the Municipality of San Roque, located 12 km southwest of the Gramalote Project.  Gravel roads connect the small town and farm population to the Nus River valley infrastructure. 

An inactive freight and passenger railway line, along with active high-tension electricity lines pass within 1 km of the Project area.  Regionally, the central Antioquia Department is a hub of large-scale hydro-electricity generation.  A 2.3 MW hydroelectric plant, owned by Gramalote Colombia, is currently generating electricity at the Guacas Creek, within the Gramalote Project area.  The nearest high voltage substation suitable for grid connection is located approximately 30 km from the Project site.

Several small towns near the Project site, with a long history of ranching and small-scale mining, can provide readily available labor.  Local labor is not trained in modern exploration and mining techniques, so training and importation of some expatriates will likely be necessary.  Personnel, equipment, and contractors to support exploration, construction, and production are available in Medellin.

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Additional information on proposed infrastructure is provided in Section 18.

5.4 Physiography

The Project is located along the southern margin of the topographic depression formed by the Nus River valley, a major west-northwest-trending structural depression within the generally planar south- and east-sloping Antioquia plateau of Colombia's Central Cordillera.  The Nus River flows from the central region of the Antioquia plateau into the Magdalena basin to the east.  Two other main drainage systems are found within the proposed Gramalote Ridge Mine site area: The Palestina Valley, and the Guacas Creek, in addition to the Nus River. 

Topography along the Nus River valley is undulating with locally steep and incised areas.  Elevations in the Project area range from 800-1,500 masl, while elevations over the Antioquia plateau are generally between 2,300-2,500 masl.

Natural bedrock outcrops are rare.  Tropical weathered latosol profiles are common and average 15 m thick in undisturbed areas. 

Small-scale, artisanal gold mining from both alluvial and hard-rock sources is evident throughout the region of the Nus River valley.

Outside of artisanal mining areas, the region is predominately covered by grass pasture and cropland with limited and scattered patches of natural vegetation dominated by lush, low-growth Andean forest, mostly preserved along the courses and headwaters of drainages. 

Agricultural activities in the Nus River valley are centered around cattle ranching and the cultivation of sugar cane, raw sugar (panela), and tropical fruit production. 

5.5 Seismicity

A probabilistic assessment of the seismicity likely in the Project area was conducted as part of the MEIA.  Records used were sourced from the National Seismological Network, covering the period 1993-2003, and from the historical catalogue of Colombia compiled by the Seismological Information Processing Center of the National University of Medellin, covering the period 1656-1993.

The average peak acceleration for a return period of 500 years is predicted to be 0.14 g in the Project area.  This gravitational acceleration estimate represents a low to intermediate level of seismic risk.

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5.6 Sufficiency of Surface Rights

There is sufficient surface area for the open pits, waste rock storage facilities, plant, tailings storage facilities, associated infrastructure and other operational requirements for the planned life-of-mine and mine plan discussed in this Report.

Gramalote Colombia has commenced the acquisition of surface rights to support mining operations (see also discussion in Section 20), with purchases having been completed on the majority of the area required.  Purchases include the 2.2 MW hydroelectric power station located in the base of the waterfall of the Guacas Creek, which was secured in 2021.

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6.0 HISTORY

6.1 Exploration History

The Gramalote area has a long history of artisanal gold mining, likely dating from Pre-Colombian times to the present day.  Historical production was dominated by hydraulic techniques, and by the early 1900s many operations were producing gold throughout the Nus River valley, including at Gramalote Ridge, Guacharacas, La Trinidad, Cisneros and El Limon.  The miners worked residually-enriched colluvium and mineralized in situ saprolite in the surface oxide zone around Gramalote Ridge, as well as alluvial deposits.

Modern exploration activities are summarized in Table ‎6-1.  The table also provides information on the internal studies completed by the JV.

6.2 Production

There has been no formal production from the Project area.

There are no records available as to the historical artisanal production.  Under the formalization process sponsored by B2Gold, about 11,000 oz gold has been produced by artisanal miners.

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Table ‎6-1: Exploration History

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7.0 GEOLOGICAL SETTING AND MINERALIZATION

7.1 Regional Geology

The Project is located in the northern portion of Colombia's Central Cordillera. The terrane is primarily comprised of a metamorphic basement complex and the Antioquia Batholith (Figure ‎7-1).  The Cajamarca-Valdivia basement terrane (Cediel and Ciceres, 2000 and Cediel et al, 2003) consists of early Paleozoic metamorphic rocks; as well as ophiolitic, oceanic, volcanic, and intrusive rocks. 

During the Cretaceous Period, the Paleozoic basement complex and Mesozoic sequences were intruded by the Antioquia Batholith.  This multi-phase, calc-alkaline, I-type intrusive complex predominantly consists of tonalite with localized diorite and granodiorite phases, and is exposed over an area >7,800 km².

To the west, the Cajamarca-Valdivia basement is bounded by the Romeral fault-and-suture system, a generally north-striking and dextral transcurrent mega-structure that records the emplacement of additional allochthonous oceanic terranes along the northern Andean margin throughout the late Mesozoic and Cenozoic Periods.  Major lineaments are noted within the batholith, especially in its eastern sector (Figure ‎7-2).  These lineaments are generally west-northwest through northwest-trending and record rotation and sinistral shearing events.  Subordinate zones of north-south extension and northeast-striking shear are related to the regional sinistral shear patterns and appear to provide an important controlling mechanism for the focusing of late magmato-hydrothermal activity and gold (± Cu, Mo, Pb, Zn, Ag) mineralization in various sectors of the batholith.

7.2 Project Geology

7.2.1 Lithologies

In the general Project area, the main compositional types within the Antioquia Batholith are tonalite and granodiorite, with subordinate monzonite and gabbro.  Alaskitic, felsitic and andesitic dikes have intruded the complex.  The major rock types are summarized in Table ‎7-1.  A Project geology map is included as Figure ‎7-3.

Age dating conducted by AngloGold Ashanti suggest the gold mineralization is associated with the last stages of batholith crystallization at 59.2 ± 1.2 to 60.7 ± 1.0 Ma. 

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Figure ‎7-1: Regional Geology

Note:  Figure prepared by B2Gold, 2025.  B2Gold does not have an interest in projects shown on figure other than the Gramalote deposits.

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Figure ‎7-2: Regional Structural Setting

Note:  Figure modified by B2Gold, 2025, after Valencia, 2007.

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Table ‎7-1: Major Rock Types

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Figure ‎7-3: Project Geology Map

Note:  Figure prepared by B2Gold, 2025.  Gramalote = Gramalote Ridge

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7.2.2 Structure

The structural setting is dominated by two north-south-trending fault zones, the Palestina Fault Zone to the east and the Miraflores Fault Zone to the west.  These are linked by 'horse tail' regional extensional structures with the Nus River structural break to the north and the Cristales Shear Zone to the south.  Duplex shear zones have developed between these two regional structures as second order structures with subordinate third and fourth order tension gashes developing between the second order structures.

Gramalote Ridge is situated between two west-northwest-trending macro-scale curved lineaments that splay off the Palestina fault to the east, and transect the Antioquia Batholith, termed the Nus River and the El Socorro lineaments.

Differential movement along the Nus and El Socorro lineaments is thought to have generated north-northwest, north-south and northeast-striking tensional dilation within the tonalite, reflected in the formation of stockwork style sheeted quartz and quartz-carbonate veinlets.

7.3 Deposit Descriptions

7.3.1 Gramalote Ridge

Dimensions

The Gramalote Ridge deposit has dimensions of 1,300 x 1,500 x 700 m. The mineralization has been drill tested to a depth of about 865 m.

Lithologies

Mineralization at Gramalote Ridge is hosted in a uniform medium-grained tonalite-granodiorite body within the regional quartz diorite and diorite that makes up most the Antioquia batholith.  Aplitic and pegmatitic dykes are common within the tonalite, as well as minor andesitic dykes.  Internal facies changes are also common within the tonalitic body, which has a transitional intrusive contact towards the south with the quartz diorite hosting the Limon and La Maria veins.

Alteration

Alteration is structurally-controlled and occurs as both broad zones and narrow selvedges around veins.  At Gramalote Ridge, vein selvedges range from a few millimetres up to as much as 10 cm. 

The broader alteration zones mimic the vein selvedges and progress from an outer quartz-sericite zone to inner carbonate and potassic zones.  A minor supergene argillic alteration zone is identified at the surface.  The gradual destruction of magnetite from fresh rock to the most intensely altered rock allows the alteration to be 'mapped' to some degree using the magnetic susceptibility of the rock.

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Three, diffuse, overlapping alteration zones are typically identified moving from fresh rock to mineralized veins over a range of generally <20 cm:

• A distal incipient sericite (alteration of plagioclase to a fine mica) zone with partially oxidized magnetite and biotite altered to chlorite;

• An intermediate extensive sericitization and incipient carbonate zone with pyrite replacing magnetite, and incipient carbonatization;

• A proximal zone with no magnetite, ±K-feldspar, muscovite fully replacing chlorite, and increased carbonatization.

Weathering

Mineralization in saprolite and saprock (oxide) is weathered insitu and does not show evidence of significant transport or displacement.  Weathered mineralization is limited to the areas directly above fresh mineralization and represents a small percentage of the mineralization.  Saprolite/saprock thickness is variable from 5-55 m, with an average thickness of 18 m for Gramalote Ridge overall, and about 14 m thick above mineralization.

Mineralization

Gramalote Ridge mineralization occurs within several zones that periodically coalesce both along strike and down-dip.  Zones vary in width from 10-150 m in true width with vertical to sub-vertical dips to the south-southeast.  These east-northeast-trending mineralized corridors are made of a subtle to moderate increase in vein density, coalescing alteration selvedges, and sulphide percent, with internal veinlets trending in three main directions (northwest, north-south and northeast).

The deposit remains open at depth.

Mineralization is vein hosted, either in sheeted veinlets or in local stockworks, and is structurally-controlled.  The mineralized zones form magnetic lows in the magnetic maps, due to the alteration halos associated with the mineralized veinlets.  Figure ‎7-4 shows a cross-section through the Gramalote Ridge deposit.

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Figure ‎7-4: Cross-Section, Gramalote Ridge Deposit

Note:  Figure prepared by B2Gold, 2025.

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The following paragenetic stages are identified and associated with vein and alteration types:

• Quartz-carbonate veinlets with weak potassic alteration halos and fine-grained pyrite;

• Quartz-calcite-pyrite or chalcopyrite-gold veinlets; related to well-developed K-feldspar or carbonate alteration.  Associated with elevated gold grades.  Gold occurs in fractures in pyrite together with chalcopyrite.  Sulphides can include molybdenite and, more rarely, sphalerite;

• Pyrite-white mica veinlets with minor calcite or quartz.  Associated with moderate to strongly developed white mica alteration in host rocks.  Rarely mineralized;

• Coarse grained pyrite veinlets and lenses.  Commonly associated with the highest grade gold values.  Preferentially located at edges or centerlines of quartz-carbonate veinlets.

The vein type 1-6 are summarized, from youngest to oldest, in Table ‎7-2.  Cross cutting relations can be very variable, and most vein types, especially Types 1-4 may also be synchronous.  Anomalous gold mineralization is associated with Type 1, Type 2 and Type 5 vein types, with Type 1 and Type 2 being the most prevalent. Type 7 veins are associated with the intrusive fabric, not the mineralizing systems.

The silver to gold ratio is approximately 1:1.  Free gold occurs as argentiferous gold coeval with several tellurides and bismuth sulphosalt minerals. 

The primary sulphide mineralization consists of pyrite and chalcopyrite. 

7.3.2 Trinidad

Dimensions

The Trinidad deposit has dimensions of approximately 1,500 x 500 m. Mineralization has been drill tested to a depth of about 521 m. 

Lithologies

The Trinidad mineralization is hosted in similar rock types to those described for Gramalote Ridge.

The host tonalite-granodiorite is weakly magnetic and mineralization/alteration is magnetically destructive, so the mineralized zones show on magnetic maps as a magnetic low.  The magnetic low associated with Trinidad supports a strike orientation of ~075-080^o, and this agrees with the apparent continuity of mineralization in closer-spaced drill holes.  These drill holes also support a steep (~80-85^o) dip of the mineralization to the north.

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Table ‎7-2: Vein Types

Alteration

Alteration is similar to that described for Gramalote Ridge.

Weathering

Saprolite/saprock thickness is variable, with an average thickness of 31 m overall, and about 33 m thick over the mineralization. 

Mineralization

Mineralized zones at Trinidad are 10-80 m thick and are continuous along strike for up to 1,500 m and down dip for >500 m.  As at Gramalote Ridge, such zones periodically coalesce both along strike and down-dip.  The deposit remains open at depth and along strike, especially to the west.  A cross-section through the Trinidad deposit is provided as Figure ‎7-5.

Mineralization is associated with stockwork veinlets and alteration along their margins.  Veinlets have been classified into seven types (refer to Table ‎7-2), and gold mineralization is associated with Type 1 (quartz with fine pyrite), Type 2 (quartz with iron carbonate) and Type 5 (quartz with granular pyrite) veins. 

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Figure ‎7-5: Cross-Section, Trinidad Deposit

Note:  Figure prepared by B2Gold, 2025.

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7.3.3 Monjas West

Dimensions

The Monjas West deposit has dimensions of approximately 1,000 x 500 m. Mineralization has been drill tested to a depth of 400 m. 

Lithologies

The Monjas West mineralization is hosted in three rock types comprising tonalite/leucotonalite, porphyritic dacite and andesite porphyry.

The host tonalite is weakly magnetic and mineralization/alteration is magnetically destructive, so the mineralized zones appear on magnetic maps as magnetic lows located slightly north of the deposit.  The magnetic low supports a strike orientation of ~080°, and this agrees with the apparent continuity of mineralization to south of the geophysical anomaly in closer-spaced drill holes.  These drill holes also support a steep (~80°-85°) dip of the mineralization to the south.

Alteration

Alteration is similar to that described for Gramalote Ridge and Trinidad.  Quartz-sericite predominates over potassic alteration, and carbonate-sericite is punctual.

Weathering

Saprolite/saprock thickness is variable, with an average thickness of 25 m overall, and about 27 m thick over the mineralization. 

Mineralization

Mineralized zones at Monjas West are 10-80 m thick and are continuous along strike for up to 700 m and down dip for >350 m.  As at Gramalote Ridge, such zones periodically coalesce both along strike and down-dip.  The deposit remains open at depth and along strike, especially to the west.  A cross-section through the Monjas West deposit is provided as Figure ‎7-6.

Mineralization is associated with stockwork veinlets and alteration along their margins.  Veinlets have been classified into seven types (refer to Table ‎7-2), and gold mineralization is associated with Type 1 (quartz with fine pyrite), Type 2 (quartz with iron carbonate) and Type 5 (quartz with granular pyrite) veins. 

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Figure ‎7-6: Cross-Section, Monjas West Deposit

Note:  Figure prepared by B2Gold, 2025.

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7.4 Prospects/Exploration Targets

Prospects are discussed in Section 9.

7.5 Comments on Geological Setting and Mineralization

The understanding of the Project geology and mineralization is sufficient to support Mineral Resource and Mineral Reserve estimation and mine planning.

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8.0 DEPOSIT TYPES

8.1 Deposit Model

The Gramalote Ridge, Trinidad, and Monjas West deposits are examples of an intrusive-related gold deposits.

Intrusive-related gold deposits have many synonyms, including Intrusion-related gold systems, gold porphyries, and plutonic-related gold quartz veins.  The deposit model that follows is abstracted from Lefebure and Hart (2005). 

Features of such deposits include:

• Commonly found in continental margin sedimentary assemblages which have been intruded by plutons behind continental margin arcs.  Typically developed late in orogeny or post-collisional settings;

• Can be of any age, although they are best known in Paleozoic to Mesozoic rocks;

• Host rocks are granitic intrusions and variably metamorphosed sedimentary rocks. Associated volcanic rocks are rare.  The granitoid rocks are lithologically variable, but typically granodiorite, quartz monzonite to granite.  Most intrusions have some degree of lithological variation that appear as multiple phases that can include monzonite, monzogranite, albite granites, alkali syenite and syenite. The more differentiated phases commonly contain feldspar and quartz and less than 5% mafic minerals. Medium-to coarse-grained intrusions are commonly equigranular, but can contain megacrysts of potassium feldspar or porphyritic phenocrysts of quartz, plagioclase, or biotite.  Biotite is common, hornblende is only locally observed, pyroxene is rare, and muscovite along with tourmaline are common in more highly fractionated phases, aplites or pegmatites.  The intrusions have a reduced primary oxidation state;

• Mineralization is strongly structurally controlled and spatially related to highly differentiated granitoid intrusions.  Mineralization is commonly hosted by, or close to, the most evolved phase of the intrusion;

• Sheeted veins are planar and often parallel to regional structures. The veins are generally extensional with no offset of walls, although some vein systems may also include shear-hosted veins;

• Relatively restricted alteration zones which are most obvious as narrow alteration selvages along the veins.  The alteration generally consists of the same non-sulphide minerals as occur in the veins, typically albite, potassium feldspar, biotite, sericite, carbonate (dolomite) and minor pyrite.  Pervasive alteration, dominated by sericite, only occurs in association with the better-grade ore zones;

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• Gold mineralization hosted by millimetre to metre-wide quartz veins in equigranular to porphyritic granitic intrusions and adjacent hornfelsed country rock. The veins form parallel arrays (sheeted) and less typically, weakly-developed stockworks; the density of the veins and veinlets is a critical element for defining ore.  Native gold occurs associated with minor pyrite, arsenopyrite, pyrrhotite, scheelite, bismuth and telluride minerals;

• Sulphide mineral content is generally <3% and can be <1%.  A number of deposits/intrusions have late and/or peripheral arsenopyrite, stibnite or galena veins.  Native gold, sometimes visible, occurs with associated minor pyrite, arsenopyrite, loellingite, pyrrhotite, variable amounts of scheelite or more rarely wolframite, and sometimes molybdenite, bismuthinite, native bismuth, maldonite, tellurobismuthinite, bismite, tellurides, tetradymite, galena and chalcopyrite.

8.2 Comments on Deposit Types

The deposits show several features associated with intrusive-related gold deposits, including:

• Alteration and mineralization are structurally controlled, restricted to small haloes along veins, sheeted veins and stockwork arrays;

• Sulphides content <5%;

• Some evidence indicates that the host rock is directly related to fluids evolved from the cooling pluton, including pegmatite, aplite and K-feldspar alteration (Rodríguez, 2009).

Mineralization at the Gramalote Project is an unusual example of the deposit type in that the Gramalote Ridge, Trinidad, and Monjas West host intrusion has a different oxidation state to that of a typical host intrusion, which is reduced.  This is reflected in the scarcity of ilmenite, and the common presence of primary magnetite.

The QP is of the opinion that exploration programs that use an intrusive-related gold model are applicable to the Project area.

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9.0 EXPLORATION

9.1 Grids and Surveys

All coordinates are referenced to the UTM84-18N projection.

Until 2020, the topographic model was based on mapping at a 1:2000 scale, using photogrammetric restitution of panchromatic aerial photographs at 1:10,000.  Access points and drainage systems were captured, and a digital elevation model with contours at 2 m intervals was built.  An orthophoto with a 0.3 cm pixel resolution supports identification of 1 m-size objects.

A semi-controlled mosaic with a 0.8 cm pixel was generated from aerial colour photographs at a 1:12,000 scale.  The aerial photographs and the semi-controlled mosaics cover an area of 62,000 ha.  These data were complemented and controlled with 16 geodetic control points surveyed with dual frequency millimetre accuracy GPS equipment, providing up to centimetre-level accuracy.

In January 2020, a 125 km² light detection and ranging (LiDAR) survey was completed by Geoscan Ingeniería (Geoscan), based in Bogota.  The system used was an ALIS-560 with a laser pulse rate up to 400 kHz and an effective measurement rate of 150 measurements per second with an exploration angle of +30/-30 (60) degrees.  The flight elevation was 500 m above the terrain (terrain highest elevation), with overlap of 100% between lines, and <10 cm RMS precision (with control points).  A PPK active GPS was used for a control, with bases located 50 km apart.  Two georeferenced vertices for control and 12 bases covered the zone.  High resolution DTM and DSM models with vertical precision of 5 cm were delivered in two projection systems: WGS84 and MAGNA-SIRGAS.  Geoscan submitted 576 LAS files.  With these, the Gramalote Topographer generated a digital terrain model using the LAS cloud and Global Mapper V21 software, and an overview verification was completed.

Drill collar topographic surveys rely on geodetic control points or monuments to assure accuracies of <10 cm.  In January 2020 several control points were installed in the Mirador, Bateita, Balsal, and Trinidad areas to supplement control points previously installed by AngloGold Ashanti.  The location of these monuments was carried out using high-tech GNSS differential equipment from Topcon Ref. GR-5n with base and rover receiving antennas, as well as the Topcon Tools software for post-processing.

9.2 Geochemistry

Surface geochemical programs were conducted by AngloGold Ashanti in the period 2003-2007, and consisted of stream sediment, reconnaissance and infill soil sampling, and selective and continuous grab, chip, channel and panel sampling. 

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B2Gold completed stream geochemical analysis, prospecting, and surface rock sampling on a regional basis, together with infill soil geochemistry and surface trenching programs over prospective areas in 2008-2009.  Sampling was used to define, then refine, areas that warranted drill testing.  A number of the geochemical anomalies remain to be followed-up.

When B2Gold resumed Project management in 2020, the prospecting program recommenced, and B2Gold completed surface mapping and trenching programs over prospective areas as well on the extensions of known deposits.  A total of 829 rock chip samples were collected during 2020-2024, and 1,261 trenches excavated for a total of 23,510.12 m.  Sample locations are shown in Figure ‎9-1 and results are provided in Figure ‎9-2.  A number of the geochemical anomalies remain to be followed-up.

9.3 Geophysics

With respect to exploration activities in the Gramalote Project area, the geophysical data have been superseded by drilling data.  Information in the following sub-sections is provided for completeness only.

9.3.1 Airborne Geophysical Surveys

Two airborne geophysical studies were completed in the Gramalote Project area.

In 2009, a 490 line-km airborne magnetometer survey (north-south lines) was completed by AngloGold Ashanti at the request of B2Gold.

In 2012, MPX completed a helicopter-borne magnetometer radiometric survey for Gramalote Colombia.  A total of about 3,000 line-km were flown over an area of 35,000 ha, covering the tenement holdings at the time on 200 m spaced north-south lines.

9.3.2 Ground Geophysical Surveys

During 2003-2007, AngloGold Ashanti completed a trial, in-house ground-based magnetometer survey over Gramalote Ridge and some of the outlying prospects.  The program was to test the possibility of using magnetic field information for exploration purposes at a regional level.  A total of 116 line-km was surveyed in 59 lines.

9.4 Petrology, Mineralogy, and Research Studies

Petrographic thin and polished section and microprobe study of prepared core samples, oriented towards gold distribution, were completed. 

Host rocks to gold mineralization were classified as tonalites and granodiorites.  The major minerals in veins and disseminations included pyrite, chalcopyrite, sphalerite, free gold, and rutile.  Pyrite is the most common sulphide. 

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Figure ‎9-1: Location Plan, 2020-2024 Rock Chip and Trench Sampling

Note:  Figure prepare by B2Gold, 2025.

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Figure ‎9-2: Location Plan, 2020-2024 Rock Chip and Trench Sample Results

Note:  Figure prepare by B2Gold, 2025.

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Three types of pyrite and two types of chalcopyrite were differentiated, and correspond to the different mineralizing hydrothermal events.

The free gold occurs as fine elongated crystals (plates) or anhedral crystals, primarily as argentiferous gold coeval with several telluride and Bi-sulphosalt minerals.  In massive sulphide veins, the argentiferous gold-telluride assemblage post-dates coarse-grained pyrite.  Free gold occurs within fractured pyrite, and is closely associated with the second chalcopyrite type, and with the alteration minerals sericite and calcite.  More rarely, free gold can be encapsulated within the second chalcopyrite type.

9.5 Exploration Potential

The Gramalote Ridge deposit remains open at depth.  The mineralization is narrower to the east and west (Monjas East area) of the main deposit area.

The Trinidad and Monjas West deposits remain open at depth, to the east, and particularly to the west.

A number of prospects were identified as summarized in Table ‎9-1.  Prospect locations are shown in Figure ‎9-3.

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Table ‎9-1: Exploration Potential

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Figure ‎9-3: Prospect Areas

Note:  Figure prepared by B2Gold, 2025.

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10.0 DRILLING

10.1 Introduction

Table 10-1 summarizes the drilling to May 21, 2025 on a Project-wide basis.  Figure 10-1 shows the collar locations.  Drilling completed on the Project includes RC and core drilling, totalling 1,408 drill holes (269,049 m).  There has been no drilling since May 21, 2025.

The resource drilling database cut-off date for Gramalote Ridge was March 9, 2022.  There are 907 drill holes (approximately 193,126 m) and two adit samples (481 m) supporting the Mineral Resource estimate for Gramalote Ridge (Table 10-2). There are 147 holes (approximately 23,944 m) supporting the Trinidad Mineral Resource estimate (Table 10-3).  The database cut-off date for the Trinidad estimate was July 14, 2025.  The resource drilling database cut-off date for Monjas West was January 4, 2023.  There are 55 holes (approximately 20,416 m) supporting the Monjas West Mineral Resource estimate (Table ‎10-4).

Drill hole collar locations used in the Mineral Resource estimates are shown in Figure 10-2 for Gramalote Ridge, Figure 10-3 for Trinidad drilling, and Figure ‎10-4 for Monjas West.

Drill holes completed for geotechnical and metallurgical purposes are included in the resource drilling totals. These drill holes were not systematically assayed, but the logging provided input on weathering surface and structural interpretations that are part of the resource models. 

10.2 Drill Methods

AngloGold Ashanti contracted several Colombian drill companies, including Terramundo Drilling, Perfotec Ltda., Geominas Ltda., and Perforaciones Andina S.A., for the 2006-2007 drill program.  The four contractors used a variety of core barrel sizes including HQ (63.5 mm core diameter), NQ (47.6 mm), and BQ (36.4 mm).

B2Gold used three drilling contractors during the 2008 drilling campaign: Kluane Colombia Empresa Unipersonal from Bogotá (drill rig KD600), AK Drilling International S.A. from Lima (drill rig UDR 200D LS), and Perfotec from Medellin (drill rig LF70PQ and Longyear 38).  The three contractors used a variety of core barrel sizes including HQ, NQ, BTW (42.1 mm), and NTW (56 mm).

Gramalote Colombia has used its own drill fleet of five rigs and occasional contractors since 2008.  A variety of core sizes were drilled, including NQ, NQ3 (45.1 mm), HQ, HQ3 (61.1 mm), PQ, and BTW.  The RC hole diameter was 5½ inches.

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Table ‎10-1: Project Drill Summary Table

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Figure ‎10-1: Project Drill Collar Location Plan

Note:  Figure prepared by B2Gold, 2025

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Table ‎10-2: Gramalote Ridge Mineral Resource Drill Summary Table

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Table ‎10-3: Trinidad Mineral Resource Drill Summary Table

Table ‎10-4: Monjas West Mineral Resource Drill Summary Table

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Figure ‎10-2: Gramalote Ridge Mineral Resource Drill Collar Location Plan

Note:  Figure prepared by B2Gold, 2025

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Figure ‎10-3: Trinidad Mineral Resource Drill Collar Location Plan

Note:  Figure prepared by B2Gold, 2025

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Figure ‎10-4: Monjas West Mineral Resource Drill Collar Location Plan

Note:  Figure prepared by B2Gold, 2025

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From 2019 to the Report Effective Date, B2Gold used drill contractors Kluane Drilling and Logan Drilling, and three Gramalote Colombia-owned drill rigs.  The two contractors and Gramalote Colombia used HQ, NQ, HTW (81 mm), and NTW (56 mm) core sizes.  The RC hole diameter was 114.3 mm.

Core and RC drilling is divided into four phases, by operator:

• AngloGold Ashanti:  2006-2007;

• B2Gold:  2008;

• AngloGold Ashanti:  2010-2018;

• B2Gold: 2019-to Report Effective Date.

Oriented core measurements were collected by B2Gold in the 2008 and 2019-2022 phases, using an Orishot Gen4 multishot core orientation tool.

RC drilling was completed in two phases:

• AngloGold Ashanti:  2013 and 2018; completed for test grade control purposes at Gramalote Ridge.  Program comprised 180 drill holes spaced approximately 12.5 m apart in three separate areas; depths ranged from 27-100 m (average 79 m), with dip angles ranging from -54° to -72°;

• B2Gold:  2019-2020; testing oxide potential at Trinidad. Program comprised of 80 holes with depths ranging from 16-98 m (average 46 m), with dip angles ranging from -52° to -61°.

10.3 Logging Procedures

Drill core is transported from the rig in covered core boxes.  Core is delivered to the logging area by the drill contractors or retrieved with company vehicles.

The geological logging protocols have undergone modifications over time. 

During the 2008 B2Gold campaign, data was captured on paper, entered into Excel (dual data entry, comparison, correction), and then imported into and stored in an Access database.  From 2010-2015, all geological data was entered onto A3-size log sheets with pre-set logging parameters that had to be noted, including lithology, alteration (dominant, subordinate and trace), types of veinlets, sulphide mineralization, and comments.  These data were subsequently entered into DH Logger, then imported into a Century Systems Fusion database.  Between 2015-2018 data entry was done directly into Excel capture templates that were subsequently imported into the Fusion database.

The most recent drill programs have the drill data entered directly into Excel and imported into a Project-specific Access database.

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Core logging typically captures the lithology, alteration, and mineralization features.  The Excel template includes tables for a quick and detailed geological logs, collar and downhole survey data, structural data, information on the core boxes, recovery, RQD and rock hardness, magnetic susceptibility and specific gravity, and information on any logging aspects that were subsequently modified.

Oriented core observations were captured using the detailed geological template during the oriented core campaigns.  Geotechnical logging consisted of determination of RQD, core recovery and rock strength. 

Magnetic susceptibility measurements were taken at 20 cm intervals, with a quality assurance and quality control (QA/QC) reading taken every 30 m.

Digital core photographs were taken of all drill core, prior to sampling, but after sample mark-up.  Photographs were captured of two boxes simultaneously, with both a dry and a wet photograph taken.

RC logging included recording lithology, weathering profile, oxidation percentage, alteration, quartz percentage and sulphides percentage, if observed.

10.4 Recovery

Core recoveries are generally excellent with an overall project average of 96.8%.

Recoveries during the 2006-2007 AngloGold Ashanti campaigns averaged 96.8%. 

Core recovery in 2008 averaged 96.47% for the duration of the drill program.

Core recovery for the Gramalote Colombia drilling completed in the period 2010-2017 averages 95.8%.

During the 2019-2022 B2Gold campaigns, core recovery averaged 98%.

10.5 Collar Surveys

The 2006-2007 program drill hole collars were surveyed using a high-precision differential GPS instrument.

During the 2008 program, drill hole collars were located on the drill pads by total station survey.  Once the drill rig commenced drilling, a second high-precision total station survey was completed at the top and bottom of a drill rod in the drill chuck so that a starting azimuth and starting inclination could be calculated.  The procedure was used in 2008-2009 by B2Gold for permanently marking drill hole locations.

During 2019-2022, the location of proposed drill holes was completed using GNSS Topcon GR-5 equipment, under the RTK mode.  The final location of the actual drill hole and alignment to start drilling was completed using a total station instrument.

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10.6 Downhole Surveys

Drill holes 1 through 7 of the 2006-2007 campaign were surveyed at the end of the hole using a Pajari instrument.  Drill holes 8 through 43 were surveyed every 100 m down hole and at the end of the hole. 

Down-hole surveying for the 2008 drill program was performed by a B2Gold geotechnician upon completion of the drill hole.  Reflex Maxibor II, a continuous optical borehole survey system, recorded azimuth and dip every 3 m down the hole.  In the case of spurious readings, the hole was re-surveyed.

Gramalote Colombia drill programs used a number of different instruments with varying survey depths:

• EZ-track:  12 m intervals;

• Maxibor 11:  6 m intervals;

• Icefield:  7 m intervals;

• Pajari:  30 m intervals.

From the 2019 drill campaign onward, down-hole surveying was performed using a Gyro Master tool.  This system recorded azimuth and dip every metre down the hole. Downhole surveys were performed every 20 m during the first 100 m of every drill hole to ensure the hole reached the proposed target.  After 100 m depth, the surveys were performed every 50 m until the end of the drill hole was reached.

10.7 Geotechnical and Hydrological Drilling

Geotechnical drilling provided geotechnical data in the areas of the proposed open pits and plant site infrastructure.  For selected drill holes, geotechnical logging was complemented by structural logging, laboratory tests and acoustic Televiewer surveys.

These drill holes are included in the Project totals in Table ‎10-1.  Drill collar locations are provided in Figure ‎10-5.

10.8 Metallurgical Drilling

Prior to 2019, drilling for metallurgical purposes included 14 drill holes (3,148.06 m) in the Gramalote Ridge area, two drill holes (347.20 m) in the Trinidad area, and two drill holes (540 m) in the Monjas West area.  These drill holes are included in the Project totals in Table ‎10-1.  Drill collar locations are included in Figure ‎10-5.

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Figure ‎10-5: Collar Location Plan, Geotechnical, Metallurgical and Condemnation Drill Holes

Note:  Figure prepared by B2Gold, 2025.

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From 2019-2022, 22 drill holes (9,632.07 m) were completed in the Gramalote Ridge area for metallurgical tests.  The 2019-2020 metallurgical drill program was executed in parallel to the infill drilling program.  The intent was to use the same drill holes for infill purposes and to collect the remaining half core for metallurgical composites.  The Master Comminution Composite and the Master Metallurgical Composite were collected from drill holes located in the core of the Gramalote Ridge deposit.  One drill hole was completed for the Primary Domain Comminution test.  Two drill holes were completed for the Master Metallurgical Composite, separated by 200 m along strike.  These core holes were considered representative of the Gramalote Ridge mineralization for the recovery tests and process design.  Additionally, nine comminution variability composites and 10 recovery variability composites were collected from the same number of drill holes.  About 81% of Gramalote Ridge ore was sampled with the different metallurgical samples selected from the 2019-2020 program.

Early in 2022, one drill hole was completed for a high-pressure grinding (HPGR) recovery test.  This drill hole is located in the central portion of Gramalote Ridge.

10.9 Condemnation

Prior to 2019, 17 condemnation drill holes (2,288.63 m) were completed in the immediate Gramalote Ridge area.  An additional 60 condemnation drill holes (9,852.62 m) were completed in the San Antonio and Palestina areas.

During the 2022 drill campaign, six condemnation drill holes (1,699.64 m) were completed in the Concha area, near Gramalote Ridge.

These drill holes are included in the Project totals in Table ‎10-1.  Drill collar locations are included in Figure ‎10-5.

10.10 Sample Length/True Thickness

During the 2006-2007 drill program, the holes were typically drilled either due east or due west with -60º dips and averaged 290 m in length.  The selected orientation was based on early surface structural and geological mapping data.  The drill spacing varied from 50-120 m and tested an area of about 900 x 400 m.

B2Gold used a predominantly northwest (315°) drill azimuth during 2008, based on an east-northeast multielement-based potassic enrichment and sodium depletion anomaly, and the results of surface structural and geological mapping available at the time.  The northwest-oriented drill azimuth was considered appropriate to best intersect the different vein sets and alteration packages.

The Gramalote Colombia core holes were drilled predominantly with a northwest azimuth (315º), with 47-50º dips.  Drill hole spacings range from 25 x 25 m to 100 x 100 m.  An area of 200 x 100 m within the Gramalote Ridge high-grade zone was drilled on a 12.5 x 12.5 m grid for geostatistical purposes.

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B2Gold used a northwest (315°) drill azimuth with 32-60º dips during the campaigns from 2019-2022.  The northwest-oriented drill azimuth was still considered appropriate to best intersect the different vein sets and alteration packages.  Drill hole spacings of 60 x 60 m were used within the infilled zones.  Two areas of about 150 x 150 m area within the Gramalote Ridge medium- to lower-grade zones were drilled on a 25 x 25 m grid for geostatistical purposes.  The first grid covered a distance of about 125 m along strike and 100 m of elevation range, with drill holes up to 175 m below surface.  The first grid primarily targeted the Felipe Zone and the footwall wireframe areas.  The second grid also covered about 125 m along strike and 100 m of elevation range; testing to 185 m below surface.  This drilling targeted the Retiro and Main Gramalote wireframes.

Mineralized zones at Gramalote Ridge generally strike 075º and dip 75º to the south.  Most drill holes were collared at an azimuth of 315º, but deviated to the right, so drill holes typically have azimuths of 317-318º and dip at about 45-50º.  On average, the true width of the mineralization is about 75-80% of the downhole drilled length but varies depending on local orientation of the mineralized zones and the drill hole.

Trinidad mineralized zones generally strike 260-265° and dip 85° to the north.  Most drill holes have a trend of 140° and dip of 45°.  On average the true width of mineralization is approximately 70% of drilled length, but varies depending on the orientation of the mineralized zone and drill hole.

Mineralized zones at Monjas West generally strike 070-075º and dip 75º to the south.  Most drill holes were collared at an azimuth of 290º, but deviated to the right, so drill holes typically have azimuths of 295-300º and dip at about 45-50º.  On average, the true width of the mineralization is about 65-70% of the downhole drilled length, but varies depending on local orientation of the mineralized zones and the drill hole.

10.11 Drilling Since the Mineral Resource Database Close-off

No additional infill drilling was completed at Gramalote Ridge, Trinidad, and Monjas West after the resource estimate cut-off date.  The drilling results to date confirm approximate mineralization widths as presented in the current Mineral Resource estimate.

Nine drill holes (1,795 m) post-date the resource estimate database cut-off for Gramalote Ridge.  These holes were drilled for condemnation/infrastructure and are generally outside of the resource areas.

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10.12 Comments on Drilling

In the opinion of the QP, the quantity and quality of the logged geological data, collar, and downhole survey data collected in the exploration drill programs are sufficient to support Mineral Resource and Mineral Reserve estimation and conceptual mining studies:

• Core and RC logging meets industry standards for gold and silver exploration;

• Collar surveys have been performed using industry standard instrumentation;

• Downhole surveys were performed using industry standard instrumentation;

• Recovery data from core and RC drill programs are acceptable;

• Drill orientations are generally appropriate for the mineralization style and the orientation of mineralization for the bulk of the deposit areas;

• Drilling was not specifically targeted to the high-grade portions of the deposits.

There are no drilling, sampling, or recovery factors known to the QP that could materially impact the accuracy and reliability of the drill results used in Mineral Resource and Mineral Reserve estimation.

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11.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY

11.1 Sampling Methods

11.1.1 RC

Samples are taken from 2 m runs.  The sample is taken via a hose to the collector cyclone.  Below the collector cyclone is located the splitter that has two chutes to divide the sample in two equal portions.  The first one-half sample goes to the laboratory to be analyzed (sample), and the second one-half sample is returned to the drill hole (field reject).  Only the coarse reject from the laboratory is preserved and stored.  Between samples, the splitter is cleaned in three steps using air, then water, and a final air blast. 

The sample is placed into tagged plastic bags which in turn go into rice bags.  The rice bag markings include sample number, drill hole ID, and down hole depth.  After packing the sample in double plastic bags, a portion is taken to place it in the chip tray for geology review.  The plastic bags are then sealed and packed in the rice bags, normally one sample per rice bag as sample weights are 25-30 kg.

11.1.2 Core

Core sampling during the 2006-2007 AngloGold Ashanti programs was undertaken on nominal 2 m intervals.  Samples were cut in half with a core saw.  Variations in length from 2 m are due to mineralization or lithological changes.

B2Gold core holes from the 2008 program were sampled from top to bottom using variable core lengths observing breaks in alteration, mineralization intensities, and lithology differences.  The majority of the samples are 1.6 m in length or less, with an average of 1.1 m.

Core sampling during the Gramalote Colombia programs from 2010-2018 was undertaken on nominal 2 m intervals.  Samples were cut in half with a core saw.  Variations in length from 2 m are due to mineralization or lithological changes.

During the B2Gold 2019-2022 campaign, samples were kept at 2 m in length, although sometimes shorter to avoid mixing very different alteration or mineralization features, especially at possible mineralization contacts.  The minimum sample size was approximately 0.5 m.  Samples were cut in half with a core saw.

11.2 Density Determinations

Since 2008, specific gravity (SG) or density determinations were collected on Project core samples using the Archimedes or wax immersion method. Additionally, pycnometer measures were collected for the first drilling campaigns.  A summary of the available density data is included in Table ‎11-1.

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Table ‎11-1: Density Data Summary

Specific gravity information available before 2020 was not statistically representative for all types of material; measurements were predominantly performed on fresh tonalite and underrepresented weathered material.  From 2020 onwards, and particularly during the 2021 drill campaign, specific gravity data from weathered material were measured, with samples collected every 3 m when possible.

A total of 29 test pits were excavated during September 2020 and used to calculate in situ saprolite densities to add confidence to the density values obtained from core samples.

11.3 Analytical and Test Laboratories

Sample preparation was completed by the following laboratories:

• ALS Bogota (prior to November 2012);

• ALS Bucaramanga (December 2012);

• ALS Medellin (January 2013-November 2018);

• Bureau Veritas Medellin (primary preparation laboratory; 2019-Report Effective Date);

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• SGS Medellin (secondary preparation laboratory; November 2021-January 2022);

• ALS Medellin (secondary preparation laboratory; April, Sept-October 2020, February 2022 to the Report Effective Date).

ALS holds ISO 17025 accreditation for the preparation facilities in Colombia and the analytical facilities in Lima, Peru.  Bureau Veritas holds ISO 9001:2015 accreditation for the preparation facilities in Colombia.  SGS Colombia holds accreditation ISO/IEC 17021-1:2015 for the preparation facilities in Colombia.

ALS Lima was the primary analytical laboratory prior to 2019.  The laboratory was accredited under INDECOPI, the Peruvian consumer agency, prior to 2010, and has held ISO 17025 accreditations for selected analytical techniques since 2010.  ALS Lima has been used as the check laboratory for Bureau Veritas Lima and SGS Medellin originals since 2019.

Bureau Veritas Lima has served as the primary analytical laboratory since 2019.  Bureau Veritas Lima holds accreditations for selected analytical techniques, including ISO 17025, ISO 9001:2015, ISO 14001:2015, and OSHAS 18001:2007.  Bureau Veritas Lima was also used as the check laboratory on original ALS Lima assays.

SGS Medellin was used for primary analyses between November 2021 and January 2022.  SGS Medellin was also used as an umpire laboratory (on ALS Lima original assays) prior to 2019.  The laboratory currently holds the following certifications for selected analytical techniques:  ISO 9001:2015, ISO 45001:2018, and ISO 14001:2015.

In 2020, as a results of Covid-related delays in Lima, both ALS Medellin and BV Medellin submitted some pulps to their respective Vancouver laboratories.  ALS Vancouver holds ISO/IEC 17025:2017 accreditation since 2005.  Bureau Veritas Vancouver holds ISO/IEC 17025:2017 since 2011.  The Vancouver laboratories used the same gold-silver analytical techniques as their Peruvian equivalent but the coding on the silver determination was different (discussed below).

ACME Santiago was used as a check laboratory by B2Gold in early 2009 for 2008 ALS Lima originals.  Accreditations used by the laboratory at the time are not known.

All of the laboratories listed in this sub-section were independent of the Project operator at the time the analytical work was performed.

11.4 Sample Preparation and Analysis

11.4.1 Sample Preparation

Sample preparation at the ALS laboratories consisted of drying, crushing to 70% passing 2 mm (pre-2011); crushing to 85% passing 2 mm (post-2011), and pulverizing to >85% passing 75 µm.

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Sample preparation at Bureau Veritas Medellin consisted of drying, crushing to 85% passing 2 mm, and pulverizing to >85% passing 75 µm.

Sample preparation at SGS Medellin included drying, crushing to 90% passing 2 mm and pulverizing to >90% passing 106 µm.

11.4.2 Analyses

Analytical work by ALS Lima and ALS Vancouver comprised:

• Gold analysis by fire assay and atomic absorption spectrometry (AAS) ALS method Au-AA24, which has lower and upper detection limits of 0.005 g/t Au and 10 g/t Au respectively.  For assays over 10 g/t Au, a gravimetric finish was applied (method Au-GRA22), with a lower detection limit of 0.05 g/t Au and an upper detection limit of 10,000 g/t Au;

• Silver analysis by four acid digestion and mass spectrometry (method MS62) which has lower and upper detection limits of 0.02 g/t Ag and 100 g/t Ag respectively.  Prior to 2019 samples that assayed >100 g/t Ag were re-analyzed using method Ag-AA62, which had an upper detection limit of 1,500 g/t Ag.  Where assay values were >1,500 g/t Ag, samples were analyzed using a gravimetric finish (method Ag-GRA21) that had an upper detection limit of 10,000 g/t Ag;

• Multi-element determination using a four-acid digest followed inductively coupled plasma (ICP) mass spectrometry (MS), using method ME-MS61 to provide a 48 element suite.

Analytical work by Bureau Veritas consisted of:

• Bureau Veritas Lima and Bureau Veritas Vancouver both completed gold analysis by fire assay with an atomic absorption (AA) finish (method FA450), with a lower and upper detection limit of 0.005 g/t Au and 10 g/t Au, respectively.  For assays >10 g/t Au, re-assay was performed using a gravimetric (method FA550) with a lower and upper detection limit of 0.9 g/t Au and 1,000 g/t Au, respectively;

• Bureau Veritas Lima performed silver analysis using a multi-acid digest followed by ICP-MS (method 4A200-Ag), with a lower and upper detection limit of 0.1 g/t Ag and 200 g/t Ag, respectively;

• Bureau Veritas Vancouver conducted silver analyses using a multi-acid digest followed by ICP-MS or ICP emission spectroscopy (ES), method MA200-Ag, with a lower and upper detection limit of 0.1 g/t Ag and 200 g/t Ag, respectively.  This was the same method as used by Bureau Veritas Lima; Bureau Veritas Vancouver uses a different method code;

• Bureau Veritas Lima completed multi-element analysis using a multi-acid digest followed by either ICP-MS or ICP-ES (method 4A250) to obtain a 59-element suite;

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• Bureau Veritas Vancouver performed multi-element analysis using a multi-acid digest followed by either ICP-MS or ICP-ES (method MA250) to obtain a 59-element suite.  This was the same method as used by Bureau Veritas Lima; Bureau Veritas Vancouver uses a different method code.

Analytical work by SGS Medellin comprised:

• Gold analysis consisted of fire assay with an AAS finish (method FAA515), with lower and upper detection limits of 0.05 g/t Au and 10 g/t Au respectively.  For assays >10 g/t Au, samples were reassayed using a gravimetric finish (method FAG505), with lower and upper detection limits of 0.05 g/t Au and 10,000 g/t Au, respectively;

• Silver analysis was completed using a by four acid digest, and either ICP MS or ICP optical emission spectroscopy, and mass spectrometry quantification (ICM40B - ICP-OES/ICO-MS) with lower and upper detection limits of 0.02 g/t Ag and 50 g/t Ag, respectively.  Overlimit samples (>50 g/t) were re-assayed using a multi-acid digest AAS (method AAS41B), with lower and upper detection limits of 10 g/t Ag and 4,000 g/t Ag respectively.

11.5 Quality Assurance and Quality Control

The analytical QA/QC program included submission of certified reference materials (CRMs or standards), blanks, and coarse reject and pulp duplicate samples. 

CRMs were sourced from third-party suppliers, Geostats Pty Ltd, Rocklabs (now part of SCOTT), and CDN Resource Laboratories Ltd.  Coarse blank material was purchased from SGS Colombia SA.

From 2008 to 2009, standards were inserted at the rate of 1:35 samples, blanks and duplicates were inserted at the rate of 1:40.

From 2010 to 2018, 14 controls samples were inserted in 100 sample groups based on the final digits of the sample number.  Every 25 samples a standard or blank was inserted.

Since 2019, the analytical batch size has been set at 78 samples.  Six QC samples are added to each batch, consisting of two standards, two blanks, and two duplicates.  The duplicates comprise one preparation duplicate that is collected from the coarse reject after crushing and prior to pulverizing; and one field duplicate, which is either a quarter core sample or the lateral outcome of the rotary splitter in the case of RC samples.  Sample crushing and pulverizing is monitored by sieve checks on randomly selected samples after both crushing and pulverizing processes.  No significant preparation issues were identified.

The decision as to how many samples should be reanalyzed when a failure is identified depends on which quality control sample failed, a standard and/or a blank.  If the two standards or all blanks inserted within a batch failed, a rerun will be requested for all of the samples in that batch.  B2Gold personnel prepare monthly QA/QC reports.  To date, no material issues have been noted as a result of the QA/QC evaluations.

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Overall standard failure rates are less than 2%.  The majority of the failed standards were rerun and passed on rerun.  Blank failure rates are very low with only four failures in ~6,100 insertions.  Overall standard analytical bias for assays associated with accepted results is neutral.  The field duplicate precision curve is fairly flat at 92%.  This suggests heterogeneity within the mineralization. Coarse reject duplicates have a precision of 17.6% at 0.5ppm and pulp duplicates have a precision of 27% at 0.5 ppm.

When B2Gold commenced using Bureau Veritas Medellin in 2019 as a sample preparation laboratory, a series of silver analyses and granulometry tests using 75 µm material was conducted from 2019 to end 2020 to verify the laboratory procedures.  The results of the umpire granulometry tests were within the expected levels of performance.

11.6 Check Assays

During the period 2007-2013, AngloGold Ashanti sent samples for check assay to ACME and SGS Medellin.

No check assays were completed during the period 2014-2017.

B2Gold sent selected samples from the 2018 drill program for check assay at Bureau Veritas Lima.  Unfortunately, pulps from the 2014-2017 period had deteriorated and could not be used.  From January 2020 onward B2Gold routinely submitted pulp samples for check assay:

• Bureau Veritas Lima original samples were sent to ALS Lima;

• SGS Medellin original samples were sent to ALS Lima;

• ALS Lima original samples were sent to Bureau Veritas Lima. 

Gold was analyzed by the umpire laboratory using the same method that was used for the original samples.

B2Gold submitted and evaluated the results of the check assay programs on a quarterly basis.  Umpire assays of 2017-2022 originals average 97.7% of the originals, well within acceptable limits, and provide good support for the original assays.

11.7 Databases

The initial database, in 2006, was a Fusion database from Century Systems.  In 2008, the data were migrated to an Access platform.  When AngloGold Ashanti resumed Project control in 2010, the data were re-transferred to the Fusion platform. 

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B2Gold currently manages Project-specific data in Access.  Data are entered into Excel capture templates that are imported and compiled into the Access database. The database is updated weekly with any new data generated, including new logging data, new assay results or logging data corrections.  It is shared via Box.com with B2Gold's Vancouver head office, and the updated Excel export is stored on the Project server.

11.8 Sample Security

Sample security has not historically been monitored.  Sample collection from drill point to laboratory relies upon the fact that samples are either always attended to, or stored in the locked on-site preparation facility, or stored in a secure area prior to laboratory shipment. 

Drill core, pulps, and rejects are stored at the Project in purpose-built storage facilities and are under constant supervision and monitored by a closed camera circuit.

Chain-of-custody procedures consist of sample submittal forms to be sent to the laboratory with sample shipments to ensure that all samples are received by the laboratory.

11.9 Sample Storage

Drill core is stored at the Project in purpose-built storage facilities, and is under camera supervision. 

Pulps and rejects are stored in a separate onsite facility within the Project area that is also monitored by the camera circuit.

11.10 Comments on Sample Preparation, Analyses and Security

In the opinion of the QP:

• Sample collection, preparation, analysis and security for RC and core drill programs are in line with industry-standard methods for gold-silver deposits;

• Drill programs included insertion of blank, duplicate, and standard reference material samples;

• QA/QC methods are practiced during density measurement programs, which are industry leading practices;

• QA/QC program results do not indicate any problems with the analytical programs (refer to discussion in Section 12);

• Data is subject to validation, which includes checks on surveys, collar co-ordinates, and assay data.  The checks are appropriate, and consistent with industry standards (refer to discussion in Section 12);

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• All core and RC chips have been catalogued and stored in designated areas.

The QP is of the opinion that the quality of the gold and silver analytical data is sufficiently reliable to support Mineral Resource estimation without limitations on Mineral Resource confidence categories.  The data can support Mineral Reserve estimates.

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12.0 DATA VERIFICATION