B2Gold : 2024 Climate Strategy Update (2024 B2Gold Climate Update FINAL)

BTO.TO

Published on 05/13/2025 at 12:45

2024

UPDATE

CAUTIONARY STATEMENT 03

INTRODUCTION 04

OUR CLIMATE RISK

MANAGEMENT APPROACH 05

2024 CLIMATE RISK

MANAGEMENT ACTIVITIES 07

2024 PERFORMANCE 09

TCFD INDEX 14

MAIN CONTACT FOR ENQUIRIES WITH REGARD TO OUR CLIMATE STRATEGY UPDATE:

Ken Jones

MAIN CONTACT FOR ENQUIRIES WITH REGARD TO INVESTOR RELATIONS AND CORPORATE COMMUNICATIONS:

Michael McDonald Cherry DeGeer

Director, Sustainability

B2Gold Corp.

[email protected] +1 604 681 8371

VP, Investor Relations and Corporate Development

B2Gold Corp.

[email protected]

+1 604 681 8371

Director, Corporate Communications

B2Gold Corp.

[email protected]

+1 604 681 8371

The B2Gold Corp. ("B2Gold" or the "Company") Climate Strategy Update has been finalized as of March 17, 2025, and contains certain "forward looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance events, gold production and sales, revenues and cash flows, capital and operating costs, including projected cash operating costs and all-in sustaining costs, and budgets; future or estimated mine life, metal price assumptions, ore grades or sources, and ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: the steps B2Gold is taking to address climate change risks to maintain the resilience of our business and across our operations, the set of actions as part of B2Gold's climate strategy to move the Company towards achieving a 30% reduction in greenhouse gas (GHG) emissions by 2030 (from a 2021 baseline), representing an absolute reduction across the three mines of approximately 217 thousand tonnes of CO2e, the estimated emissions of the heavy fuel oil (HFO) generators, the projected reduction in fuel consumption and GHGs as a result of the solar plants (63 thousand tonnes of CO2e per year and approximately 20 million litres of HFO per year); the expanded facility supplying approximately 30% of the site's total electricity demand and enabling the site to turn off the HFO plant for a portion of the day during sufficient solar radiation; the installation of an 8.2-MW solar plant at the Masbate Gold Project in 2025, which is expected to reduce GHG emissions by approximately 8,800 tonnes of CO2e per year and reduce HFO consumption by 3.4 million litres per year; the potential of the Back River Energy Centre to provide over 55 MW of clean energy per year, the sourcing of approximately 35% of Otjikoto Mine's energy from renewable sources, statements regarding our plans, programs and anticipated future achievements relating to audits, sustainable development (including the United Nations Sustainable Development Goals), climate change, the environment, the ecosystem, conservation and biodiversity strategies and measures, reclamation, mine rehabilitation and closure planning, water and water management, waste and tailings management, reporting practices and systems and internal systems and practices. All statements in this presentation that address events or developments that we expect 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. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold's feasibility studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia and the Philippines and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Gold Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small-scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as

required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold's reputation; 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, the Company's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), which may be viewed at https://www.sedar.com and https://www.sec.gov, respectively (the "Websites"). The list is not exhaustive of the factors that may affect the Company's forward-looking statements.

There can be no assurance that such statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these 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. The Company's forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof, and the Company 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. The Company's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company's ability to carry on current and future operations, including development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

In 2024, B2Gold published its third Climate Strategy Report (2023 Climate Strategy Report), aligned with the Task Force on Climate-related Financial Disclosures (TCFD)1 recommendations, providing stakeholders with an understanding of how we take action to manage our climate impacts and climate-related risks to the Company. Climate change risk management and disclosure practices are now well integrated across the Company, with no significant changes to our governance or risk management strategy. This Climate Strategy Update (Update) provides an overview of key climate initiatives and performance in 2024, highlighting our progress against our climate commitments.

This Update follows the reporting scope of our annual Responsible Mining Report, focusing on our three operating mines (Fekola Complex2 in Mali, Masbate Gold Project in the Philippines, and Otjikoto Mine in Namibia). Data presented covers 1 January to 31 December 2024, unless otherwise stated. This Update has not been externally assured.

RESTATEMENTS OF INFORMATION

Ongoing improvements to our data collection systems, processes, and quality control measures can result in restatements of previously reported data. Restatements to our 2023 Climate Strategy Report are noted as follows:

It was stated that the Otjikoto solar plant prevented the emission of approximately 3.8 tonnes of carbon dioxide equivalent (CO2e). The correct value is approximately 3,700 tonnes of CO2e.

It was stated that by sourcing electricity from the national grid, an additional 67 tonnes of CO2e emissions were avoided at our Otjikoto site. The correct value is approximately 39 thousand tonnes of CO2e.

1 B2Gold continues to use the TCFD framework with the expectation that the ISSB may become the standard for climate reporting. We are actively monitoring developments of climate disclosure requirements across our jurisdictions.

2 The Fekola Complex is comprised of the Fekola Mine (the Medinandi permit hosts the Fekola pit, Cardinal zone and Fekola underground) and Fekola Regional (which includes the Anaconda Area [Bantako, Menankoto and Bakolobi permits] and the Dandoko permit).

OUR CLIMATE RISK

B2Gold's strategy for contributing to global climate change action contains the following objectives:

Evaluate and implement changes to our energy and fuel sources to increase the proportion of renewable energy used in our operations.

B2Gold is dedicated to reducing GHG emissions through a structured approach to decarbonization. Our efforts focus on expanding renewable energy integration, electrification, energy efficiency improvements, and emerging carbon reduction

Identify and understand our climate risks (physical and transition) and incorporate mitigation measures to make the Company more resilient as society transitions to a low-carbon society.

For further details on our risk identification and scenario analysis methodology, refer to our 2023 Climate Strategy Report.

Establish and report progress against science-informed emissions reductions targets, including maintaining an updated greenhouse gas (GHG) emissions inventory (Scope 1, 2 and 3 emissions).

In early 2023, B2Gold announced a target to reduce Scope 1 and 2 GHG emissions by 30% by 2030 against our 2021 baseline. This target applies to our Fekola, Masbate and Otjikoto mines, representing an absolute reduction across the three mines of approximately 217 thousand tonnes of CO2e. The target is based on foundational work from 2021 to 2022 to evaluate baseline data and energy consumption trends and to identify GHG emission reduction opportunities at our sites.

technologies. The majority of our Scope 1 and 2 GHG emissions originate from electrical power generation and mining fleet operations. Therefore, the transition to renewable energy sources in our electricity supply and heavy fuel oil (HFO)/ diesel alternatives is critical to our decarbonization approach. Our initial focus is to decarbonize our electricity supply, which facilitates building the foundation for further electrification and diesel displacement in our mining operations. The proposed phases of our decarbonization pathway are on page 6.

Continuously improve our disclosure on our climate risk management performance to align with the TCFD recommendations.

B2Gold communicates our climate performance through presentations, news releases, and sustainability reporting disclosures, including this Update. More information can be found on our website (https://www.b2gold.com).

Disclaimer

B2Gold Corp. published this content on May 13, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2025 at 16:44 UTC.