Back River, Canada

History and Timeline

Following the acquisition of Sabina Gold & Silver in April 2023, B2Gold acquired Sabina’s 100% owned Back River Gold District located in Nunavut, Canada.

Nunavut: Canada's Newest Mining Friendly Territory

On April 1, 1999, the Territory of Nunavut was formed. The groundwork was laid by the signing of the Nunavut Agreement (the “Agreement”) in 1993 between Inuit of the Nunavut Settlement Area and Her Majesty the Queen in right of Canada. As a result of the Agreement, Inuit are the largest landowners in the Territory and a process of environmental assessment and permitting was established. Mineral resource development remains an important economic driver in the Territory. The development of mining projects in the West Kitikmeot region has far reaching impacts, not only for our shareholders but also for the government and residents of the Territory. The Territory has a well established and sophisticated environmental review process allowing all parties to participate an open and transparent review processes.

The first project at Back River, the Goose Project, has progressed through this process and is now fully authorized for construction and operations. The development of the Goose Project opens the Back River Gold District for opportunities yet to be discovered.

INUIT IMPACT BENEFIT AGREEMENT

• Signed the Framework Agreement with the Kitikmeot Inuit Association in April 2018
• 20-year term
• 1% Net Smelter Royalty
• Equivalent to 2.5 million B2Gold shares – alignment as a shareholder
• $4 million cash payment towards Regional Wealth Creation - A new initiative for creating long-term benefits to the region and jobs outside of the mining industry

B2Gold recognizes that respect and collaboration with the KIA is central to the license to operate in the Back River Gold District and will continue to prioritize developing the project in a manner that recognizes Inuit priorities, addresses concerns and brings long-term socio-economic benefits to the Kitikmeot Region. B2Gold looks forward to continuing to build on its strong collaboration with the KIA and Kitikmeot Communities.

Goose Project

• All planned construction activities at the Goose Project were completed and project construction and development continues to progress on track for first gold pour in the second quarter of 2025.

Goose Project Infrastructure

Winter Ice Road

Construction of the 163 km WIR began in December 2024 and was completed in February 2025. As of February 18, 2025, the WIR is operational with the transportation of all materials from the MLA to the Goose Project site expected to be completed by May 15, 2025

Marine Laydown Area

Following the acquisition of Sabina, the MLA located on Bathurst Inlet, Nunavut was reorganized to maximize space for the 2023 sealift. Additionally, the fuel tank containment area at the MLA was enlarged to facilitate increased storage.

The 2024 sealift was completed on September 30, 2024, with ten ships and one barge having unloaded 123,000 cubic meters of dry cargo, more than 84 million liters of arctic grade diesel fuel and 58 additional trucks for the 2025 WIR campaign. Sealift offloading performance significantly increased throughout the 2024 sealift due to a newly constructed barge ramp.

Current activities at the MLA include continued maintenance and preparation of the WIR construction and haulage fleet and staging all materials for shipment on the 2025 WIR to the Goose Project site.

Accommodation Complex

Phase 1 of the accommodation complex opened July 2023, including sleeping quarters, office area, medical center, gymnasium, kitchen and water treatment facility.

Phase 2 of the accommodation complex was completed in May 2024, expanding the camp to more than 600 beds.

Concrete and Steel Work

Key construction items completed in the summer of 2024 included: the construction of three additional fuel storage tanks to increase fuel storage capacity to more than 80 million liters of fuel, the placement of more than 90% of the concrete, the placement of all E-houses on the mill pad, piping work focused on the fuel storage tanks and the final Heavy Mechanical Equipment workshop, and the development of access, placement of piping and installation of a fresh water system.

Exploration

A total of $28 million was budgeted for exploration at the Back River Gold District in 2024 to complete approximately 25,000 m of drilling, including confirmation drilling at the Umwelt deposit, as well as exploration drilling at several Goose Project regional targets that were developed based on structural modeling and geophysical re-processing. For the year ended December 31, 2024, $29 million was incurred on Back River Gold District exploration and 26,209 m of drilling over 69 drill holes at the Goose Project. This included 14,480 m over 39 drill holes at the Umwelt deposit, 4,231 m over 15 drill holes at the Llama deposit area, 7,361 m over 14 exploration target drill holes and 137 m over one metallurgical hole at the Goose Main deposit.

A total of $32 million is budgeted for exploration at the Back River Gold District in 2025, of which $21 million is planned for the more advanced Goose Project. A total of 12,000 meters of drilling will target extensions of the Llama and Umwelt deposits, the largest and highest-grade resources at the Goose Project. In additional, follow up drilling of significant results returned at the Nuvuyak, Mammoth and Hook targets are planned.

Regional exploration including geophysics, mapping, prospecting and till sampling will be undertaken on the George, Boot, Boulder, Del, Beech and Needle projects. This regional work will also include an estimated 13,000 meters of diamond drilling to follow up drill ready targets defined during the 2024 summer regional exploration program. A significantly increased budget of $11 million is being allocated for the regional projects.