Mine Snapshot2

  • 196,526 oz

    Gold production

  • $813 /oz

    Cash operating costs (per gold ounce produced)

  • $1,239 /oz

    AISC (per gold ounce sold)

  • 170 - 190 koz

    Gold production

  • $900 - $1,000 /oz

    Cash operating costs (per gold ounce produced)

  • $1,430 - $1,580 /oz

    AISC (per gold ounce sold)

About Masbate

The Masbate Gold Project is located within the Republic of the Philippines near the northern extremity of the island of Masbate. The mine is situated about 360 km southeast of Manila, the capital of the Philippines, within the municipality of Aroroy, Masbate Province. The Masbate Gold Project is comprised of 29 patented mineral claims, three mineral production sharing agreements, and five exploration permits. Collectively the patented claims, mineral production sharing agreements, and exploration permits cover an area of 9,940.63 hectares; the Mining Permits in the project are held by Filminera. B2Gold holds its interest in the Masbate Gold Project through indirectly owned subsidiaries.

The Masbate mine is a low-cost conventional open pit operation. Based on the current life of mine, mining activities are expected to end in 2028 while Mineral Reserve stockpile processing is expected to continue into 2034.

Map showing the Masbate Mine location in the Philippines, with Manila labeled and a regional context in South-Eastern Asia. SEE LOCATION MAP

HISTORY

Prior to B2Gold’s acquisition of CGA Mining in 2013, exploration and mining operations in the Masbate area were undertaken by Atlas Consolidated Mining and Development Corporation. Filminera later acquired the property and together with PGPRC completed the feasibility study and construction of the Masbate Gold Project. In 1997, Filminera became the mining operator for the Masbate Gold Project while PGPRC became the process plant operator. Philippines Gold Limited, formerly Philippine Gold PLC, (“PGL”) owns 40% of Filminera and 100% of PGPRC. PGL was then controlled by Thistle Mining Inc. and subsequently by CGA Mining Limited.

PROCESSING PLANT

Conventional CIP type facility consisting of primary crushing, two-stage SAG/ball mill grinding with pebble crushing, leaching, carbon adsorption; elution, electrowinning, and smelting gold recovery stages; and a cyanide detoxification stage treating process plant tails before disposal in a TSF. Material is ground to an 80% passing size range of 130–150 µm, and the leach residence time is 26 hours.

POWER

A heavy fuel oil and diesel power plant consisting of seven generator sets provides power to the operations. A 1.3 MW rooftop solar operation and an 8.2 MW solar plant also provide electricity to the operation as part of B2Gold’s commitment to generate clean energy and help reduce its global carbon footprint. A second 8.2 MW solar expansion is planned for the second half of 2026 and is currently being permitted.

Production, Costs, Revenue & Sales(2, 3)

Q1 2026 Q4 2025 Q3 2025 Q2 2025
Gold production(2) (ounces) 52,908 49,900 49,519 50,738
Cash operating costs(3) (per ounce produced) 656 813 805 801
AISC(3) (per ounce sold) 1,254 1,230 1,108 $1,497
Gold revenue ($M) 229 199 226 133
Gold sales (ounces) 46,926 47,420 64,043 39,000
Average realized gold price ($/ounce) 4,887 4,195 3,533 3,326
Notes
  1. The disclosure contains forward-looking statements. Refer to the Legal section of the website (click here) for caution regarding forward-looking statements and the basis for presentation of Mineral Reserves, Mineral Resources and other technical disclosures.
  2. B2Gold's FY2025 and 2026 guidance gold production are presented on a 100% basis, unless otherwise stated.
  3. Refer to “Non-IFRS measures” in the Company’s most recently filed MD&A (click here).
  4. Certain portions of the following information are derived from and based on the technical report entitled “Masbate Gold Operation, Republic of the Philippines, NI 43-101 Technical Report on Operations” (click here) that has an effective date of December 31, 2016, and was prepared by Tom Garagan, P. Geo., Ken Jones, P.E., Kevin Pemberton, P.E. and John Rajala, P.E., and from the Company’s most recent AIF, dated March 14, 2024 – click here and are based on the assumptions, qualifications and procedures set out therein.

Processing

Q1 2026 Q4 2025 Q3 2025 Q2 2025
Tonnes of ore milled (M) 2.28 2.19 2.17 2.19
Grade (g/t) 0.95 0.91 0.88 0.93
Recovery (%) 75.6 78.0 80.0 77.8

Mineral Reserve & Resource Estimates

Contained Gold – 100% Project Basis

Probable Mineral Reserves 1.46 Moz
Indicated Mineral Resources 3.18 Moz
Inferred Mineral Resources 0.93 Moz

Indicated Mineral Resource Statement

100% Project Basis
Area Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)
North 28,670 0.70 650
South 73,300 0.76 1,790
Stockpiles 38,950 0.59 740
Sub-Total 140,920 0.70 3,180

Inferred Mineral Resource Statement

100% Project Basis
Area Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)
North 9,510 0.71 220
South 30,660 0.72 710
Total Inferred Mineral Resources 40,160 0.72 930
Notes
  1. Mineral Resources have been classified using the CIM Standards. Mineral Resources are reported in situ or in stockpiles inclusive of those Mineral Resources that have been modified to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  2. Mineral Resources are reported on a 100% project basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, a wholly-owned subsidiary of B2Gold, PGPRC has the right to purchase all ore from Filminera. B2Gold has a 40% interest in Filminera, which owns the mineral tenements, and the remaining 60% is owned by a Philippines-registered company, Zoom.
  3. The Qualified Person for the in situ Mineral Resource estimate is Michael Johnson, P.Geo., our Technical Services Manager.
  4. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Vice President, Projects.
  5. The Mineral Resource estimate for the Masbate Gold Project accounts for mining depletion as of March 31, 2026. The Mineral Resource estimate has an effective date of March 31, 2026.
  6. Mineral Resource estimates assume an open pit mining method.
  7. Mineral Resources are reported within conceptual open pit shells based on a gold price of $2,500/oz, modeled metallurgical recovery (resulting in average metallurgical recoveries by resource area that range from 60–89%), and operating cost estimates of $1.57–$2.06/t mined (mining), $14.49/t processed (processing), $2.36–$3.82/t processed (general and administrative) and a selling cost of $106.00/oz.
  8. Mineral Resources are reported at an average cut-off grade of 0.30 g/t Au.
  9. North and South designations refer to locations north and south of the Guinobatan River, respectively.
  10. 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.

Probable Mineral Reserves Statement

100% Project Basis
Area Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold Ounces
(x 1,000)
North 6,600 0.79 170
South 17,300 1.00 560
Stockpiles 39,000 0.59 740
Total Probable Mineral Resources 62,900 0.72 1,460
Notes
  1. Mineral Reserves have been classified using the CIM Standards, and are reported at the point of delivery to the process plant.
  2. Mineral Reserves are reported on a 100% project basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, a wholly-owned subsidiary of B2Gold, PGPRC has the right to purchase all ore from Filminera. B2Gold has a 40% interest in Filminera, which owns the mineral tenements, and the remaining 60% is owned by a Philippines-registered company, Zoom.
  3. The Qualified Person for the Mineral Reserve estimate is Peter Montano, P.E., our Vice President, Projects.
  4. The Mineral Reserve estimate accounts for mining depletion as of December 31, 2025 and has an effective date of December 31, 2025.
  5. Mineral Reserves are based on a conventional open pit mining method, gold price of $2,000/oz, modeled metallurgical recovery (resulting in average LoM metallurgical recoveries by pit that range from 69–88%), and average base operating cost estimates of $1.90–$2.39/t mined (mining), $14.49/t processed (processing), $2.36–$3.82/t processed (site general), and $85.27/oz selling cost including freight and excise tax.
  6. Reserve model dilution and ore loss were applied through whole block averaging such that at a 0.45 g/t Au cut-off there is a 5.1% increase in tonnes, a 5.9% reduction in grade, and a 1.2% reduction in ounces when compared to the Mineral Resource model.
  7. Mineral Reserves are reported at an assay cut-off grade of 0.46 g/t Au.
  8. 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.

Exploration

In 2026, the Masbate exploration budget is $3 million, including approximately 3,400 m of drilling, and the program will continue to focus on exploration of new regional targets located south of the main mine infrastructure at Masbate. An additional $3.4 million will be allocated to targeting new regional projects in highly prospective areas in the Philippines, leveraging off B2Gold’s presence and operational experience in the country.

1 Ownership reported on a 100% project basis. Pursuant to the ore sales and purchase agreement between Filminera and Philippine Gold Processing & Refining Corporation, our wholly-owned subsidiary PGPRC has the right to purchase all ore from the Masbate Gold Project. We have a 40% interest in Filminera , which owns the majority of the Masbate Gold Project tenements, and the remaining 60% is owned by Zoom Mineral Holdings Inc., a Philippine shareholder company.