Exhibit 99.1

CERTIFICATE OF QUALIFIED PERSON

(“B2Gold”), which has its head offices at 666 Burrard St #3400, Vancouver, BC V6C 2X8, Canada.

This certificate applies to the technical report titled “Masbate Gold Project, Philippines, NI 43-101 Technical Report”, that has an effective date of September 30, 2025 (the “Technical Report”).

I am a Professional Geoscientist in good standing with Engineers and Geoscientists British Columbia, Canada (#34923). I graduated from Queen's University with a B.Sc. in geology in 1996.

I have practiced my profession continuously for 29 years. In this time, I have been directly involved in mineral exploration, mine geology, mine reconciliation, and mineral resource estimates for a variety of commodities and mineral deposit types.

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 Masbate Gold Project most recently from September 26–October 10, 2024, a duration of 15 days.

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, 1.25; 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, 25.17; 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 continuously involved with the Masbate Gold Project since 2013.

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: November 7, 2025

(Signed) “Michael Johnson”

Michael Johnson, 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 “Masbate Gold Project, Philippines, NI 43-101 Technical Report”, that has an effective date of September 30, 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 Canada, Venezuela, El Salvador, Colombia, 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 Masbate Gold Project most recently from October 21–24, 2022, a duration of four days.

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, 1.23, 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, 21.2.4, 21.2.5, 21.2.6, 21.3.1, 21.3.2, 21.3.4, 21.3.5; 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, 25.17, 25.18; 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 Masbate Gold Project since 2013.

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:  November 7, 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 “Masbate Gold Project, Philippines, NI 43-101 Technical Report”, that has an effective date of September 30, 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 Masbate Gold Project most recently from July 10–13, 2023, a duration of four 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 21.2.3, 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 Masbate Gold Project since 2013. I previously co-authored a technical report on the Masbate Gold Project as follows:

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:  November 7, 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 “Masbate Gold Project, Philippines, NI 43-101 Technical Report”, that has an effective date of September 30, 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 Masbate Gold Project most recently from August 21–28, 2025, a duration of eight 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 4.8, 4.9, 4.10; 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 Masbate Gold Project since 2013. I previously co-authored a technical report on the Masbate Gold Project as follows:

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:  November 7, 2025.

(Signed) “Ken Jones”

Ken Jones, P.E.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This NI 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; schedules; plans; designs; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, capital (sustaining and non-sustaining) and operating costs, and budgets; assumptions as to closure costs and closure requirements; estimated ore grades, throughput and processing; statements regarding anticipated exploration, drilling, development, construction and permitting; statements regarding indications from, and potential impacts of, drilling results; and including, but not limited to: the objectives, strategies, intentions, expectations, production, cost, capital and exploration expenditure guidance, anticipated timelines, potential mineralization and recovery estimates, mine life and the estimated economics of the Masbate Gold Project (Project); events that may affect the Project’s operations, including systems, equipment and materials requirements; anticipated cash flows from the Project and related liquidity requirements; the Project’s ability and timeline to secure all relevant rights, licences, permits and authorizations; the anticipated effect of external factors on revenue, mining and/or development activities, such as commodity prices, exchange rates and metal price assumptions, estimation of Mineral Reserves and Mineral Resources, mine life projections, environmental liabilities, 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, potential effects of extreme weather events, including disruption of mining and transport operations, property damage, increased risk of food insecurity, water scarcity, civil unrest and the prevalence of disease; potential environmental, physical, social and economic impacts and plans, measures, and requirements to address such impacts, including the socio-economic impact of the Project, environmental considerations and closing and reclamation planning; stakeholder engagement; and other expectations regarding community relations and social licence to operate and artisanal and small miners working in the Project area; the lack of sole decision-making authority related to Filminera Resources Corporation; and outcomes of any government agency audits. All statements in this Report that address events or developments that are expected 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”, “might” or will “likely” occur. All such forward-looking statements are based on the opinions and estimates of 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 of qualified persons, as defined in NI 43-101, 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 are identified and applied 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 1.9, 1.10, 1.11, 14 and 25 (and the tables identified thereunder) of this Report, which may affect the Mineral Resource estimate; the forward-looking statements and factors identified in Sections 1.12, 1.13, 1.19, 1.20, 15, 20 and 25 (and the tables identified thereunder) of this Report, which may affect the Mineral Reserve estimate; the metallurgical recovery estimates identified in Sections 1.9 and 13 of this Report; the assumptions identified in Table 14-6 and Sections 1.11, 1.12, and 14.11 of this Report as being used in evaluating prospects for eventual economic extraction; the factors and assumptions identified in Sections 15.4 to 15.8 of this Report as forming the basis for converting Mineral Resources to Mineral Reserves, as well as the assumptions identified in Section 16; the design parameters set forth in Table 16-1; the assumptions relating to waste rock storage facilities identified in Section 16.6, including Table 16-2; the assumptions relating to the production schedule in Section 16.8 (and the tables identified thereunder); the design and equipment assumptions identified in Sections 16, 17 and 18, including Table 17-1 and Figure 17-1 of this Report; the general assumptions identified in Sections 1.13, 1.14, 1.15, 1.16, 1.17, 1.18, 1.19, 1.20, 1.21, 16, 17, 18, 19, 20, 21, 22 and 25 of this Report, as well as the tables included therein; 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; the financial models used; the supply and demand for, and the anticipated metals 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; maintaining good relations with the communities surrounding the Project; no significant unanticipated events or changes relating to regulatory, environmental, 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; market competition; no contests over title to B2Gold’s properties; no significant unanticipated 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 mining operations, including problems related to resource shortages and severe weather and climate in the Project area; economic factors, including fluctuations in commodity prices, currency, 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, cost and other estimates; changes to national and local government legislation, taxation laws, policies and practices in the jurisdictions in which we operate, and risks and uncertainties associated with political and economic instability in those jurisdictions; changes in the administration of laws, policies and practices, including political or economic developments in the United States; fluctuations in the price and availability of infrastructure, energy and other commodities; the impact of inflation; the market price of our common shares; compliance with government regulations, including anti-bribery and corruption laws, environmental, health and safety regulations and internal control over financial reporting; risks associated with infectious diseases; damage to B2Gold’s reputation due to actual or perceived occurrence of any number of events, including negative publicity with respect to the handling of environmental matters or dealings with community groups, whether true or not; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; challenges to mineral or surface rights to our properties; the failure to obtain required licences, permits, approvals or clearances from governmental authorities, including environmental permits, on a timely basis or at all; contests over title to properties or over access to water, power and other required infrastructure; climate change; risks related to community relations and opposition, including claims by local communities; the ability to service our debt; uncertainties relating to Mineral Reserve and Mineral Resource estimates, including in relation to the geology, continuity, grade and estimates of Mineral Reserves and Mineral Resources and the potential for variations in grade and recovery rates; the potential for conflict with small scale miners; volatile financial markets and the ability to obtain additional financing; hedging transactions; the inability to insure against all risks; litigation risks; dependence on key personnel and employee relations; operational risks and hazards, industrial accidents, unusual or unexpected formations, unanticipated environmental, industrial and geological events and developments, ground conditions, pressures, slope instability, cave-ins, fire, flooding and gold ore losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks), failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated; depletion of Mineral Reserves; uncertain costs of reclamation activities, and the final outcome thereof; 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.ca and www.sec.gov, respectively.

The list is not exhaustive of the factors that may affect B2Gold’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. 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

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TOC i

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TOC ii

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TOC iii

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TOC iv

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TOC v

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TOC vi

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TOC vii

Tables

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TOC viii

Figures

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TOC ix

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TOC x

Mr. Michael Johnson, P.Geo., Mr. Peter Montano, P.E., Mr. John Rajala, P.E., and Mr. Ken Jones, P.E., prepared an NI 43-101 Technical Report (the Report) on the Masbate Gold Project (the Project) for B2Gold Corp. (B2Gold). The Masbate Gold Project is in the municipality of Aroroy, Masbate Island, Region V, Republic of the Philippines.

B2Gold holds the Project interest through its indirect 40% interest in Filminera Resources Corporation (Filminera) and its indirect 100% interest in the Phil. Gold Processing & Refining Corp. (PGPRC). The remaining 60% interest in Filminera is held by a Philippines-registered company, Zoom Mineral Holdings Inc. (Zoom).

Filminera owns almost all of the mineral tenements and is responsible for the mining, environmental, social and community relations on the Project site. PGPRC developed and owns the process plant on the island of Masbate and is responsible for the sale of all gold. PGPRC and Filminera are parties to an ore purchase agreement pursuant to which PGPRC purchases all of the ore production from Filminera at a price equal to the cost for the ore plus a predetermined percentage, while maintaining joint financial and legal liability for the social and environmental obligations under Filipino laws.

This Report provides updated information on the operation of the Masbate Gold Project, including an updated Mineral Resource and Mineral Reserve estimate.

Units used in the Report are metric units unless otherwise noted. Monetary units are in United States dollars (US$) unless otherwise stated. Mineral Resources and Mineral Reserves are classified using the 2014 edition of the Canadian Institute of Mining and Metallurgy (CIM) Definition Standards for Mineral Resources and Mineral Reserves (the 2014 CIM Definition Standards).

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, Region V.

The operations are accessed by commercial airline service from Clark City or Cebu City on alternate days to Masbate City. From there, it is a 70 km drive on a partially sealed road to the mine site. Alternate access to the site is via a one-hour boat ride from Masbate City. A registered Civil Aviation Authority of the Philippines light air strip and helipad are located close to the Masbate Gold Project. Charter flights to Manila take approximately one hour. The mine site is equipped with a barge loading jetty where heavy equipment and consumables are delivered.

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The Philippines has a tropical climate, including a monsoon season. Mining operations are conducted year-round. Rainfall may curtail access to exploration areas for short periods.

The mining operation is within the Aroroy municipality, and about 5 km from the main municipality township of Aroroy. The Project area falls within approximately 22 barangays (villages), eight of which are host to, or directly impacted by, mining operations. Coconut farming and artisanal gold mining are the primary livelihood of the residents in the mine area. Coastal residents primarily engage in fishing and small-scale vegetable farming.

Mining permits in the Project area are held in the name of Filminera, and consist 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 ha. Renewal applications have been lodged where required. At the Report effective date there were three exploration permit applications, covering about 4,392.60 ha. The property boundaries are marked by legal description and surface markers where practicable. Filminera has carried out numerous surveys on the property to properly ascertain the lease boundaries and the Philippines Mines and Geosciences Bureau have reviewed these boundaries.

Filminera holds the surface rights to all current open pits, waste rock storage facilities (WRSFs) and stockpiles, the process plant, tailings storage facility (TSF) and associated infrastructure facilities, such as the causeway, port, airstrip, and housing areas. Additional surface rights will need to be acquired to support mining operations for some of the planned satellite pits.

Filminera holds the appropriate permits that allow for extraction of water from various sources, including groundwater, rivers, and seawater.

Filminera holds an interest in the Pajo property, which is situated to the north of mineral production sharing agreement (MPSA) 95-97-V and the area of patented claims. The property is covered by MPSA 219-2005-V which was later consolidated into MPSA 255. Although the Pajo area was assigned to Filminera, Vicar Mining Corporation holds a royalty share equivalent to 2% of the gross receipts (less certain expenses) of the mineral products realized from the Pajo portion of the mineral production sharing agreement.

An excise tax of 1–5% on the gross output of minerals or mineral products extracted or produced is payable annually to the Philippine government. Under Filipino laws, mining companies are required to spend an amount equal to 1.5% of their annual operating cost from the previous year on expenditures for social development of host communities.

The Masbate deposits are considered to be examples of low-sulphidation epithermal systems.

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Mineralization is developed in an Early Pliocene volcano–plutonic arc and is controlled by the central segment of the Philippine Fault Zone.

Mineralization is primarily hosted within monomictic to polymictic andesitic volcaniclastic units, interbedded with coherent andesites interpreted as lava flows, domes, and plugs. Additionally, diorite and quartz diorite bodies serve as mineralization hosts, particularly where epithermal structures intersect the mid- to late-Eocene Aroroy Diorite. The width and structural style of mineralization, whether vein, breccia, or veinlet, are influenced by the host lithology. All formations have demonstrated mineralization potential, however augite-hornblende porphyritic plugs and dikes are typically barren and interpreted as post- to syn-mineralization intrusions.

Gold bearing veins are located along regional and local scale faults. Reactivation of secondary northeast-trending cross-faults/fracture systems structurally offset the host stratigraphic sequence and mineralization in an apparent sinistral movement.

Hydrothermal alteration shows distinct zonation, progressing from a core of intense silicification to an outward argillic (sericite-illite-smectite) zone, and finally to a surrounding propylitic (chlorite–calcite ± epidote) zone. The alteration envelope is more widespread where tectonic fracturing has affected the host rocks.

Approximately 31 gold vein deposits and prospects have been identified to date in the wider district, over an area of about 24 x 4 km. Gold is typically hosted in grey to white crystalline to chalcedonic quartz, and is frequently associated with pyrite, marcasite, and minor amounts of chalcopyrite and sphalerite. Veins typically show epithermal textures, mostly massive and comb, but also colloform–crustiform banding and hydrothermal vein–breccia textures. The carbonate species are mainly calcite and manganite.

High-grade veins are generally narrow, but some may reach 20 m in width, while sheeted veinlets and stockworks can reach as much as 75 m in width. Individual veins may be traced for long distances, as much as 2 km. Veins are commonly faulted, and high gold grades can be associated with cataclastic or gouge-rich, quartz bearing structures. Carbonate-dominated veins are generally lower in gold grades.

The vein systems typically remain open at depth, and Main Vein, Colorado and Montana veins retain some potential along strike. Filminera has identified several advanced prospects that may warrant additional exploration.

A number of companies have completed exploration activities in the general Project area, including Atlas Consolidated Mining & Development Corporation (Atlas), London Fiduciary Trust PLC/Philippine Gold PLC (Philippine Gold), Thistle Mining Inc. (Thistle Mining), and CGA Mining Limited (CGA). Filminera became the in-country operating entity for the Masbate Gold Project in 1997. B2Gold obtained its Project interest in 2013.

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Work programs completed have included geological mapping, mapping of artisanal workings, geochemical sampling (stream sediment, rock chip, grab, channel and trench, and soil auger), helicopter geophysical surveys (magnetics and radiometrics), an orientation induced polarization (IP) survey, core, and reverse circulation (RC) drilling, metallurgical testwork, environmental studies, and mining and technical studies.

Artisanal miners are currently active in the Project area.

The Project exploration drill hole database as of September 30, 2025 contains a total of 4,282 drill holes (546,510 m), of which there are 1,996 core holes (299,261 m), 2,057 RC holes (205,022 m), 229 holes pre-collared with RC and completed with core tails (42,227 m) and three core holes from grade control (293 m). Additionally, there are 1,129 units of surface sampling including 1,087 trench/channel (27,817 m) and 42 pits (157 m).

The Mineral Resource estimate for the Masbate Gold Project was updated in late 2023. The exploration drill hole cut-off date was August 15, 2023, and the grade control database cut-off was May 31, 2023. Data used for the 2023 update include a total of 1,782 core (293,059 m), 1,928 RC drill holes (195,891 m) and 1,015 trenches (24,684 m) from the exploration database and 124,001 drill holes (2,516,709 m) from the grade control RC drilling database.

Drilling used for Mineral Resource estimation had a cut-off date of August 15, 2023 for exploration drill holes. Drilling that has been completed since the Mineral Resource estimate database close-out date include 46 core holes totalling 9,503 m. Additional core drilling is generally outside of Mineral Resource areas. Where new drilling affects existing resources, the drill holes generally support modeled interpretations and grades with only minor variations.

RC drill holes were typically 11.4 cm (4½ inch), 13.3 cm (5 ¼ inch), or 14 cm (5.5 inch) in diameter. Core diameters completed included PQ core (83.1 mm core diameter), HQ (61.1 mm), and NQ (47.6 mm). BQ (36.5 mm) and AQ (27 mm) core were primarily drilled underground.

For RC drill holes, samples are split at the rig using a riffle splitter. The RC cuttings were logged following mineralogical examination of a small, washed sample. Chip trays were retained for each drill hole. Core is photographed, logged, and sampled. Meter intervals are marked up and the core cut in half using a diamond saw. Hand sampling could be used when the core is soft or very broken. Geological information collected during logging includes lithologies, alteration types, vein percentages, sulphide type and quantity, and structures. Geotechnical information collected includes weathering condition, type of structures, joint spacing, joint condition, and type of joint filling (e.g. gouge, mylonite, breccia, vein). Magnetic susceptibility is also measured by Filminera.

Core recovery can vary depending on the degree of mineralization and the era drilled. Filminera programs during the B2Gold era have averaged 92.2% core recovery.

Methods used to survey drill hole collar locations have included theodolite, total station, and global positioning system (GPS) instruments. Down-hole surveys have been performed at regular downhole intervals using a number of different instrument types, including Tropari, Ausmine, Eastman, Proshot and Reflex instrumentation.

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Depending on the drill program and drill type, sample lengths have varied from 1–3 m. Current sampling is typically conducted on 1 m intervals for RC, core, and grade control drilling.

The database currently contains approximately 15,276 bulk density measurements. Measurements were taken on oxide, transitional and fresh rocks.

Sample preparation and analytical laboratories varied over time. Where known, the following independent laboratories were used: McPhar Laboratories, SGS Philippines, SGS Tianjin, SGS Masbate, Intertek, Manila, and ACME/Bureau Veritas Vancouver. Laboratory accreditations included ISO 9001 and ISO/IEC 17025. Non-independent laboratories included the Atlas laboratory in Cebu, and the onsite mine laboratory, neither of which were/are accredited.

Sample preparation has used crush and pulverization criteria that were in line with industry norms at the time. Crush sizes include <6 mm, <2 mm, 75% passing -2 mm, and pulverization sizes included <200 mesh (75 µm), 90% passing -200 mesh, and 85% passing 75 µm mesh. Analytical methods for core and RC samples included fire assay for gold, a multi-element suite from inductively coupled plasma with either an optical emission spectroscopy or mass spectrometry finish, and carbon and sulphur assays using a carbon and sulphur analyser or carbon assays using infrared combustion.

Modern quality assurance and quality control (QA/QC) programs have been in place since at least 2000, and include submission of blank, standard reference materials (standards) and duplicates. QA/QC results are reviewed on a regular basis upon receipt of analytical results from the laboratory. Any discrepancies or outliers identified during these reviews are reported to the laboratory for investigation, and are documented in a monthly QA/QC report. When a warning or failure is identified, additional investigation is conducted.

Data are verified by the project geologists and database manager prior to upload into the database.

Sample security practices were in line with industry norms prevailing at the time the sample was collected. Samples are currently stored in a secure facility prior to being shipped to the preparation and analytical laboratories.

Site visits were completed. The QPs individually reviewed the information in their areas of expertise, and concluded that the information supported Mineral Resource and Mineral Reserve estimation, and could be used in mine planning and in the economic analysis that supports the Mineral Reserve estimates.

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Metallurgical testwork was performed by Atlas prior to commencing operations, and by Filminera in support of feasibility studies that were undertaken in 1998 and 2006. These supported that the Masbate ores were amenable to conventional whole ore cyanidation processes. Experimental testwork investigated recovery variation due to grind size, leach time, and cyanide concentration, as well as documenting leach kinetics, cyanide and lime consumption, silver recovery, slurry rheology, carbon adsorption, and cyanide detoxification. Ores ranged in hardness, depending on oxidation state, but were typically classified as “medium hard”. From the recovery response obtained for the cyanidation testwork, the material can be categorized as either free-milling or mildly refractory. Gold recoveries were also established by oxidation type and gold head grade, ranging from 74% in fresh ore (<1 g/t Au) to 93% in oxide ore (>1 g/t Au). Gold recovery was found to increase with finer grind size. As a result, the plant design grind was established at P80 grind size of 106 µm, and design leach residence time was 24 hours for a 4 Mt/a plant.

The process plant was expanded to 6.5 Mt/a in 2016 primarily with additional leach capacity and again in 2019 with crushing circuit upgrades and the addition of a third ball mill. Current plant throughput is 8 Mt/a, grind size P80 is 130–150 µm and leach residence time is 26 hours.

PGPRC completed a major testwork campaign at SGS Minerals from 2013–2014 to optimize the existing mill process and to examine the response of samples from a number of mineralized zones to cyanide leaching using an optimized carbon-in-leach (CIL) process. CIL modelling results indicated that the current circuit was operating well and the performance was very good for a CIL plant that has significant leaching occurring in the adsorption tanks.

Samples from the Old Lady and Blue Quartz deposits were tested in 2018 and 2021, and included detailed chemical analysis, Bond work index, and standard bottle roll tests, to determine the effect on the process plant if the material from these deposits was blended into the mill feed. The mineralization was considered amenable to the current process circuit.

Current metallurgical recoveries vary by deposit and zone. The life-of-mine (LOM) average recovery is estimated at approximately 75.6% from all sources to be treated in the LOM plan.

There are no known deleterious elements that incur penalties in the doré or cause metallurgical processing issues.

Mineral Resources were estimated for Pajo, Colorado, Montana, Blue Quartz, Old Lady, and several sub-deposits collectively referred to as Main Vein including Libra, Main Vein, and Panique. The Mineral Resources for all deposits were captured in a single block model. Software used in the estimation included Leapfrog Geo (modelling), Surpac (estimation), Supervisor (geostatistics), and Whittle (open pit optimization).

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Both exploration and grade control drill data were used in the Mineral Resource estimate. Geological logging, structural logging and assay results from exploration core and RC drill holes were used as the basis of the three-dimensional (3D) models of overburden, lithology, structure, mineralization zones, and gold grade estimates. The model was created in late 2023. Drill hole data cut-offs for this model are August 15, 2023 for exploration drilling data and May 31, 2023 for all grade control drilling data. The resource model accounts for depletion to September 30, 2025.

Geological models were created for higher-grade quartz vein and breccia structures and lower-grade stockwork halo zones. In many areas, fault and lithology models were created and are used to guide mineralization models where needed. Models of historic and current mined-out areas were also created. Metallurgical sample data were used to estimate metallurgical recovery into the block model mineralization domains using ordinary kriging (OK) over a variety of scales. This resulted in local estimates of metallurgical recovery and the ability to calculate a recoverable gold grade for each block.

Gold assay values were capped before compositing and estimation. Regularized composites for grade estimation were created using 3 m “best fit” lengths with hard boundaries on each mineralization domain boundary (i.e. vein and halo), except when similar domains were grouped. Estimations of metallurgical recovery used 6 m composites, approximately the most common length of the sample data.

Variograms were created for domains with sufficient composites to determine the directions and distances of gold grade continuity. The modeled variograms were used as input for ordinary kriging interpolation and other estimation parameters. In domains where insufficient composites were available for variography, a typical variogram was used. A global variogram was modeled for all metallurgical recovery data and used as input for recovery estimation parameters.

Mineralization and oxidation domains were coded to 10 x 10 x 6.67 m blocks using sub-cells of 2.5 x 2.5 x 1.67 m. Gold grades were interpolated into five types of domains: vein/breccia, halo, surficial (eluvial/alluvial), dump, and mined-out/void/backfilled stopes.

For each domain type, grades were estimated using ordinary kriging (OK), inverse distance squared (ID2), and nearest-neighbour (NN) interpolation methods. In the halo domains, estimation is also completed using indicator kriging (IK). ID2 and NN models are used for comparison and validation of estimates. The final grade model for halo domains uses the IK estimate while OK is used for all other domain types. Estimation search ellipses were aligned along domain structure trends. In all cases, estimations were completed in three passes. Grade control composites were used (unrestricted) in conjunction with exploration data for Pass 1. In Pass 2, grade control composites were treated as a single drill hole and constrained by the maximum number of composites permitted per drill hole for each domain. Grade control composites were not used in Pass 3 at all. Metallurgical recovery was estimated into all vein and halo mineralization domains as a single grouped domain. Estimation was completed by OK with NN and ID2 used for validation and comparison. Estimation was completed in one pass, aligned along the individual mineralization domains using dynamic anisotropy.

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Resource models were classified using an assessment of geological and mineralization complexity, data quality, and data density. Classification was implemented using drill hole spacing as the primary criterion.

No Measured Mineral Resources were classified.

Mineral Resources considered potentially amenable to open pit mining methods were constrained within Whittle optimized pit shells.

Because the mineralization has variable metallurgical recoveries, the Mineral Resource estimates are stated at variable cut-off grades that average 0.29 g/t Au.

Mineral Resources are reported in situ or in stockpiles using the CIM Definition Standards and have an effective date of September 30, 2025.

The Qualified Person for the estimate is Michael Johnson, P.Geo., Manager of Technical Services for B2Gold.

The Mineral Resource estimates account for depletion to September 30, 2025.

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

Factors that may affect the Mineral Resource estimates include: metal price and exchange rate assumptions; changes to the assumptions used to generate the gold grade cut-off grade; changes to geological and mineralization shapes, and geological and grade continuity assumptions; accuracy of historical drilling and mining records; density and domain assignments; geometallurgical and oxidation assumptions; changes to geotechnical, mining, and metallurgical recovery assumptions; accuracy of historical drilling and mining records 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 operate.

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Notes:

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Mineral Reserves were estimated from four deposits based on open pit mining methods: Main Vein, Old Lady, Blue Quartz, and Pajo.

Mineral Reserves were converted from Indicated Mineral Resources. Inferred Mineral Resources are treated as waste in all pit optimization and production scheduling. The mine plan is based on open-cut mining using conventional mining methods and equipment. The economic parameters used for open pit optimization were used to create cut-off grades for reporting of Mineral Reserves. Final pit designs were completed by personnel at the mine site. Mineral Reserves include stockpiled ore which is reported from operational survey data for volume calculation of individual stockpiles, with grade estimated from grade control. Mined Mineral Reserves in the LOM plan presented in this Report are contained within four main open pits, with the Main Vein pit being the largest and the only pit that is mined in phases.

Mineral Reserves are reported at an assay cut-off grade of 0.42 g/t Au. Mining dilution and mining losses are applied to the Mineral Resource block model to create a Mineral Reserve model for pit optimization analysis.

The Mineral Reserve estimates, reported within the ultimate open pits and stockpiles, are presented in Table ‎1-3. The Qualified Person for the estimate of Mineral Reserves in the open pits and stockpiles is Mr. Peter Montano, P.E., Vice President, Projects, an employee of B2Gold. The estimate has an effective date of September 30, 2025.

Factors that may affect the Mineral Reserve estimates apply to both open pit and underground reserves, and include: changes to the gold price assumptions; changes to the input assumptions used to optimize the pit shell and the mine plan that is based on the resulting open pit designs; changes to geotechnical, hydrogeological, and dewatering assumptions; changes to inputs to capital and operating cost estimates; changes in mining or milling productivity assumptions; changes to modifying factor assumptions, including environmental, permitting, and social licence to operate; accuracy of historical drilling and mining records; ability to obtain mining permits and/or surface rights for the satellite pit areas; ability to maintain social and environmental licence to operate.

Mining operations use conventional open pit mining method and equipment. Under the current mine plan, mining operations will end in 2028 and stockpile processing will be completed in 2034. The mine plan assumes that all necessary permits will be granted in support of the mining operations and that the necessary surface rights can be obtained.

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Notes:

Pit wall designs were developed based on guidelines provided by a third-party geotechnical consultant. Design considerations included considerations of voids and backfill from historical mining activities, and the presence of fault zones, and rock and clay types within the pit walls. Pit wall depressurisation programs are typically carried out using 30 m long sub horizontal depressurisation holes. No hydrological information is currently available for the Old Lady, Blue Quartz, and Pajo pits. The mine plan allows for wall depressurisation drilling.

The open pit mining sequence involves grade control drilling; drill and blast operations; and excavation and hauling of materials to run-of-mine (ROM) pad of the process plant, or to temporary low-grade ore stockpiles or to the waste rock storage facility. Mining operations are conducted under an owner operator model and activities scheduled on 24 hours, seven days per week basis.

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Open pit operations stockpile materials of various grade and oxidation types. High-grade ore is stockpiled on the ROM pad for short-term mill feed, while low-grade ore is stored in one of four long-term low-grade stockpiles.

WRSF locations were selected based on several criteria which include proximity to source of waste material, water catchment and water management criteria, and foundation. Mined out pits are used for WRSF where appropriate. Waste rock is also used for construction purposes such as TSF embankments.

An average of 33 Mt/a of ore and waste will be mined from four different pits. The projected mill throughput is 8.0 Mt/a over the LOM.

The forecast production schedule involves surface mining operations at the following locations:

Open pit equipment will be shared between the four open pits. Equipment requirements are well understood for the remaining mine life.

The process plant uses a conventional semi-autogenous-ball milling-crushing (SABC) grinding circuit, cyanidation leach, and adsorption (CIP), Anglo American Research Laboratories (AARL) elution, electrowinning, and smelting gold recovery stages; and a cyanide detoxification stage treating process plant tailings 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.

The process plant was expanded to 6.5 Mt/a in 2016, primarily with additional leach capacity, and again in 2019 with crushing circuit upgrades and the addition of a third ball mill. Current plant throughput is 8 Mt/a, with a maximum permitted annual throughput of 9.0 Mt/a.

Materials handling within the plant consists of 13 conveyor belts that are used to transport ore from the crushing plant to the grinding and classification area. A 2.1 km long, 630 mm operative diameter high-density polyethylene tailings line runs from the process plant to the TSF.

Reagents are conventional to CIP processing. Power is generated from the mine site powerhouse and solar field. The primary source of process water (94%) is from the tailings dam. The remaining 6% of requirements is provided by water sourced from a weir constructed on the Guinobatan River. Potable water for the process area is sourced from two ground water wells.

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The key infrastructure required for the LOM plan includes:

Over the LOM up to 47 Mt of low-grade material, with an average grade 0.63 g/t Au is expected to be stockpiled. These stockpiles will be treated through the process plant at the end of the active mining operation. There are currently four low-grade stockpiles in use.

The remaining LOM waste rock storage requirement is about 50 Mt of waste rock. Where practical, mined-out pits are used for waste rock storage. WRSF design and construction follow guidelines and principles developed in conjunction with acid rock drainage management consultants, Environmental Geochemistry International, and incorporates placement of potentially acid generating (PAG) and non acid generating (NAG) material within specific locations within waste rocks such that all PAG material is encapsulated from the atmosphere by NAG material to eliminate potential acid generation.

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The TSF was established in 2009 with the Stage 1 construction of a cross-valley dam, a saddle dam, and a water diversion dam. As the facility expanded, additional saddle dams were constructed to impound the growing tailings footprint. The current configuration includes the Main Dam and Saddle Dams 1, 2, 4, 8, and 7. The TSF is currently at 67 mRL crest elevation, after the completion of Stage 14 of the dam raise in 2024. The Engineer of Record is advancing the design for the LOM ultimate dam height of 77 mRL, which will provide sufficient tailings storage capacity to support operations through to the end of 2034. The design will accommodate an estimated 8 Mt/a of tailings deposition. Classified as an Extreme Consequence facility under the Australian National Committee on Large Dams (ANCOLD) guidelines, the TSF is subject to daily inspections by the site tailings team, with quarterly and annual inspections conducted by the Engineer of Record.

Water storage and water management is currently performed through construction and progressive improvement of sediment ponds, silt traps, silt fence, drainage systems, rehabilitation works and appropriate bund walls along haul/access roads, and operations of several water storage weirs. The TSF, Guinobatan weir, and boreholes are the major water source for operations and potable water supply.

Supervisory and management level employees are accommodated within a camp facility. Non-supervisory level employees live within local communities.

A heavy fuel oil and diesel power plant consisting of seven generator sets provides power to the operations. About 1.3 MW of rooftop solar has been installed, and a solar farm project is being constructed as part of the commitment to generate clean energy and help reduce B2Gold’s global carbon footprint. These solar panels are expected to generate 8.2 MW of electricity. A second phase solar farm similar in size to the first is in the final planning, design, and cost estimation stages.

The Masbate Gold Project’s environmental protection and management programs have been implemented since the commencement of operations. These programs are guided by the conditions stipulated in the issued environmental compliance certificate and described in the approved environmental protection and enhancement program, including the environmental impact assessment documents of the Project, to meet necessary regulatory requirements.

PGPRC operates a water treatment plant to ensure the stability and safety of the TSF, with treated water discharged to the marine environment in compliance with effluent standards. After evaluating several treatment options, a technical assessment supported the inclusion of a 300 m mixing zone at Port Barrera, incorporated into the water treatment plant discharge permit issued in 2023 and renewed in 2025. Ongoing sampling, monitoring, and risk assessments are conducted to maintain sustained regulatory compliance.

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For biodiversity, the Masbate Gold Project has mapped and continues to monitor biodiversity corridors, exceeding regulatory requirements, and conducts regular ecosystem assessments in surrounding areas. The Project also continues with mangrove reforestation initiatives in partnership with local stakeholders and supports the management of nationally designated protected areas.

Aligned with the Department of Environment and Natural Resources (DENR) Administrative Order (AO) No. 2025-10, the Masbate Gold Project social development and management program integrates key sustainable development goals in collaboration with local communities, focusing on poverty reduction, health, education, gender equality, clean water, and climate action. Progress is tracked and reported annually to ensure transparency, accountability, and compliance.

Closure planning is described in the final mine rehabilitation and decommissioning plans for both Filminera and PGPRC. Filminera has implemented a progressive rehabilitation schedule, with rehabilitation costs incorporated into operational phases wherever practicable.

Closure costs, including a 10-year post-closure monitoring program, are estimated at approximately US$39.9 M. These costs are revised annually as part of the asset retirement obligation estimate.

The Masbate Gold Project maintains a database of comprehensive listing of permitting requirements and key operational documents. The key permits are the MPSAs. Additional significant permits and documents for the operation include the following:

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Renewal of these documents is an ongoing process for the Masbate Gold Project depending on the circumstances of the operation and individual permit requirements.

PGPRC also holds a mineral processing permit. Filminera holds other permits and applications. Special land use permits were also granted for infrastructure construction and operation outside the MPSA areas, including TSF, WRSFs, and airstrip. Additional permits will be required in support of mining operations at the planned satellite open pits.

The Community Relations Department is responsible for establishing and maintaining strong relationships with stakeholders to obtain and sustain social acceptability of operations by implementing the Social Development and Management Program (SDMP). Stakeholders include residents of host and neighboring communities; local government units (provincial, municipal, and barangay levels); national and regional government agencies; media; religious organizations; non-governmental organizations (NGOs); educational institutions; and the Philippine National Police and Military.

Emphasizing sustainability and post-mining preparedness, PRPRC and Filminera incorporate strategies that promote long-term environmental stewardship and socio-economic resilience. These strategies include responsible resource management, progressive land rehabilitation, and minimization of ecological impacts. Community participation in mine closure planning is prioritized, focusing on economic diversification, education and training, and infrastructure development to support continued growth beyond mining.

No market studies are currently relevant as the Masbate Gold Project is an operating mine producing a readily-saleable commodity in the form of doré. Doré produced by the operations typically contains 60% Au and 40% Ag. The doré produced is exported to Metalor Technologies S.A. in Switzerland for refining.

Commodity prices used in Mineral Resource and Mineral Reserve estimates are provided as recommendations by B2Gold to PGPRC and Filminera, and were adopted by PGPRC and Filminera. The current gold price used in the Mineral Reserve estimation is US$1,750/oz, and US$2,550/oz for Mineral Resource estimation.

As noted in Section 1.1, PGPRC and Filminera have a contractual relationship, which includes PGPRC purchasing all of the ore production from Filminera at a price equal to the cost for the ore plus a predetermined percentage, while maintaining joint financial and legal liability for the social and environmental obligations under Filipino laws.

Major contracts include blasting operations and support, power house operations and maintenance, fuel supply, explosives and accessories, camp and transportation services, support for construction projects, site security, support for major maintenance events, and grade control drilling. Contracts are negotiated and renewed as needed. Contract terms are within industry norms, and typical of similar contracts in the Philippines that the Masbate Gold Project is familiar with.

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All capital costs are considered sustaining capital apart from reclamation and closure costs. All costs are at a minimum at a pre-feasibility confidence level as the Masbate Gold Project is in operation.

The capital cost estimates are based on a combination of the 2025 mine plan, estimated Mineral Reserves, and operating experience with the Masbate Gold Project.

Capital cost estimates were prepared for expenditures required to maintain production and include expansion and replacement of mobile equipment, land acquisition, TSF raises, and mill sustaining capital.

The estimated LOM capital cost is US$105.4 M (Table ‎1-4).

Operating costs were developed based on a combination of fixed and variable cost standards applied to mine, mill, general and administrative aspects to forecast total mine site operating costs.

The estimated LOM plan average operating cost forecasts, on a per gold ounce basis, include:

B2Gold is using the provision for producing issuers, whereby producing issuers may exclude the information required under Item 22 for technical reports on properties currently in production. Mineral Reserve declaration is supported by a positive cashflow.

The Masbate Gold Project is in a seismically active area, and there is potential for significant seismic events.

Additional permits are required to support the LOM plan as outlined in this Report. Delays in obtaining the permits, or non-grant of permits would result in changes to the LOM plan and to the economic assumptions in the Report.

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Note: 2025 production numbers exclude the first three quarters. Mining capital cost estimates exclude capitalized waste. Numbers have been rounded.

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

Filminera is actively reviewing areas of known mineralization, including strike extensions to known deposits and prospects for potential to support additional Mineral Resource estimates.

Reviews of the open pits are also being undertaken to assess the potential for pit expansions.

An economic analysis was performed in support of estimation of the Mineral Reserves; this indicated a positive cash flow using the assumptions detailed in this Report.

As the Masbate Gold Project is in operation, the QPs have no meaningful recommendations to make.

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Mr. Michael Johnson, P.Geo., Mr. Peter Montano, P.E., Mr. John Rajala, P.E., and Mr. Ken Jones, P.E., prepared an NI 43-101 Technical Report (the Report) on the Masbate Gold Project (the Project) for B2Gold Corp. (B2Gold). The Masbate Gold Project is in the municipality of Aroroy, Masbate Island, Region V, Republic of the Philippines (Figure ‎2-1).

B2Gold holds the Project interest through its indirect 40% interest in Filminera Resources Corporation (Filminera) and its indirect 100% interest in the Phil. Gold Processing & Refining Corp. (PGPRC). The remaining 60% interest in Filminera is held by a Philippines-registered company, Zoom Mineral Holdings Inc. (Zoom).

Filminera owns almost all of the mineral tenements and is responsible for the mining, environmental, social and community relations on the Project site. PGPRC developed and owns the process plant on the island of Masbate and is responsible for the sale of all gold. PGPRC and Filminera are parties to an ore purchase agreement pursuant to which PGPRC purchases all of the ore production from Filminera at a price equal to the cost for the ore plus a predetermined percentage, while maintaining joint financial and legal liability for the social and environmental obligations under Filipino laws.

This Report provides updated information on the operation of the Masbate Gold Project, including an updated Mineral Resource and Mineral Reserve estimate.

Units used in the Report are metric units unless otherwise noted. Monetary units are in United States dollars (US$) unless otherwise stated.

Mineral Resources and Mineral Reserves are classified using the 2014 edition of the Canadian Institute of Mining and Metallurgy (CIM) Definition Standards for Mineral Resources and Mineral Reserves (the 2014 CIM Definition Standards).

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

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Note: Figure prepared by the Masbate Gold Project, 2025.

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Mr. Johnson most recently visited the Masbate Gold Project from September 26–October 10, 2024. He has also visited the Masbate Gold Project every year, sometimes multiple times, over the periods 2014–2019 and 2022–2023.

During the visits Mr. Johnson inspected examples of drill core, the open pit mining operations, toured the site infrastructure, and discussed aspects of geology, exploration methodology, sampling, and mining practices with site staff.

Mr. Peter Montano has visited the Masbate Gold Project on a number of occasions, most recently from October 21–24, 2022. During the most recent site visit Mr. Montano visited the Main Vein and Montana open pits, the Colorado waste rock storage facility (WRSF), other rehabilitated waste dumps, the tailings storage facility (TSF), the processing plant area, mobile equipment workshop, ore stockpiles, and site offices.

Mr. Rajala most recently visited the Masbate Gold Project from July 10–13, 2023. The purpose of the site visit was to review the process plant operations, assist with a grinding survey designed to optimize the circuit performance and provide technical support for plant improvement projects and initiatives.

He has also visited the Masbate Gold Project every year, sometimes multiple times, over the period 2012–2019, prior to Covid-19. These trips were to review the process plant and powerhouse operations, assist with commissioning plant expansions in 2016 and 2019, and to provide general technical support.

Mr. Ken Jones has visited the Masbate Gold Project on a number of occasions, most recently from August 21–28, 2025. During the most recent site visit, Mr. Jones viewed the mine open pits including Main Vein and Blue Quartz and potential future open pits including Old Lady and Pajo, tailings storage facilities (TSFs), and WRSFs. Mr. Jones discussed with staff the status of, and improvements to, the implementation and performance of the environmental and social management systems, environmental permitting, environmental and social management plans and work plans, including progressive reclamation and closure and reclamation planning, water management, resettlement and livelihood development and restoration.

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

The overall Report effective date is taken to be the date of the Mineral Reserve estimate and is September 30, 2025.

Reports and documents listed in Section 27 of this Report were used to support preparation of the Report. Additional information was provided by PGPRC and Filminera personnel as requested. Supplemental information was also provided to the QPs by third-party consultants retained by PGPRC and Filminera in their areas of expertise.

B2Gold previously filed the following technical report on the Project:

Prior to acquisition by B2Gold, CGA Mining Limited (CGA) had filed the following technical reports on the Project:

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Thistle Mining Inc. (Thistle), a predecessor company to B2Gold and CGA, filed the following technical reports on the Project:

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This section is not relevant to this Report.

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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, Region V.

The Project location is latitude 12º 28’ N and longitude 123º 24’ E. Centroids of the deposits with Mineral Resource and Mineral Reserve estimates are provided in Table ‎4-1.

For operational purposes, the mining operation is divided into two regions:

Information in this subsection has been summarized from public sources.

Mining in the Philippines is currently governed by the 1995 Philippines Mining Act, and its implementing Rules and Regulations, which is administered by the Department of Environment and Natural Resources (DENR).

Mineral titles that can be granted include exploration permits (EPs), mineral production sharing agreements (MPSAs), and financial or technical assistance agreements. Small-scale mining permits and quarry permits can also be granted.

Patented Claims

Patented claims granted under the Philippines Organic Act of 1902 are grandfathered into the 1995 Philippines Mining Act and remain current.

Exploration Permits

An exploration permit is granted for an initial two-year period and can be renewed for additional two-year periods. An exploration permit cannot exceed a total term of four years for non-metallic mineral exploration, or a six-year term for metallic mineral exploration. Exploration permits have maximum sizes, which for corporations, cannot exceed 16,200 ha in any one province, and 32,400 ha in the entire Philippines. Annual ground relinquishments are required for permittees with areas bigger than 5,000 ha. Grant of a permit requires submission of an exploration work program and environmental work program.

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If the holder of an exploration permit determines that mining operations are feasible within the permit area, then a Declaration of Mining Project Feasibility must be lodged with the DENR. The DENR then determines whether a mineral production sharing agreement or a financial or technical assistance agreement should be granted.

Mineral Production Sharing Agreements

A mineral production sharing agreement typically grants the holder an exclusive right to conduct mining operations within a specified area, and the Philippines Government is paid mining taxes currently on gross output, and, starting in 2026, on net income (see Section 4.2.3). The holder must provide the financing, technology, management, and personnel necessary for the implementation of the mineral production sharing agreement. The most common mineral production sharing agreement is called an integrated mineral production sharing agreement.

Financial or Technical Assistance Agreements

This agreement type has a 25-year term and can be renewed for a second 25-year term, where mutually agreed by the holder and the Philippines Government. The initial term assumes a number of work periods, including exploration, pre-feasibility, feasibility, development and construction, and operations.

Mineral Processing Permit

A mineral processing permit (MPP) is required to process, mill, beneficiate, leach, smelt, cyanidation, calcination or upgrading of “ores, minerals, rocks, mill tailings, mine waste and/or other metallurgical by-products”. A MPP is granted for a five-year term and is renewable. Based on Section 55 of Republic Act No. 7942 of the Philippines, a MPP cannot exceed a maximum term of 25 years.

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Grant of an integrated mineral production sharing agreement provides the holder with easement rights, and the use of timber, water, and other natural resources for mining operations. Appropriate compensation payments may be required.

On September 4, 2025, a new tax framework for the mining sector was signed into law providing for:

This new tax framework is in addition to the existing excise tax on gross output of 4%.

An Environmental Compliance Certificate (ECC) is required before mining operations can commence. It contains specific measures and conditions that the holder must undertake before and during the operation of a project and encompasses closure and reclamation. Holders are expected to contribute payments to the Contingent Liability and Rehabilitation Fund to cover aspects of monitoring, closure, and reclamation/rehabilitation.

B2Gold indirectly owns 100% of the Phil. Gold Processing & Refining Corp. and indirectly owns 40% of Filminera Resources Corporation with the remaining 60% being owned by Zoom Mineral Holdings Inc., a 100% Filipino-owned company.

Filminera owns almost all of the mineral tenements and is responsible for the mining, environmental, social and community relations on the Project site.

PGPRC developed and owns the process plant on the island of Masbate and is responsible for the sale of all gold.

PGPRC and Filminera have a contractual relationship, which includes PGPRC purchasing all of the ore production from Filminera at a price equal to the cost for the ore plus a predetermined percentage, while maintaining joint financial and legal liability for the social and environmental obligations under Filipino laws.

Mineral concessions in the Project area are held in the name of Filminera, and consist 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 ha.

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Mineral production sharing agreement applications have reverted to exploration permit applications (EXPA) following the issuance of Department Administrative Order 2021-25 or the Implementing Rules and Regulations (IRR) of Executive Order (EO) No. 130 which amends the provision of Section 4 of EO No. 79 S. 2012, Institutionalizing and Implementing Reforms in the Philippine Mining Sector, Providing Policies and Guidelines to Ensure Environmental Protection and Responsible Mining in the Utilization of Mineral Resources, effectively lifting the nine-year moratorium on new mining projects. At the Report effective date there were three exploration permit applications, covering about 4,392.60 ha.

The majority of the Mineral Resources and Mineral Reserves are located on the patented mineral claims that have perpetual rights with no expiry date.

Table ‎4-2 to Table ‎4-4 summarize the mineral concessions held. Table ‎4-5 summarizes the concession applications.

Figure ‎4-1 shows the locations of the granted concessions, and Figure ‎4-2 indicates the locations of the main deposits and prospects within the concessions.

The property boundaries are marked by legal description and surface markers where practicable. Filminera has carried out numerous surveys on the property to properly ascertain the lease boundaries and the Philippines Mines and Geosciences Bureau have reviewed these boundaries.

The MPP 10 permit can be renewed up to four times. The third renewal for MPP 10 was granted on September 13, 2022 and is valid until September 12, 2027. PGPRC may still renew MPP 10 for a fourth and final time, giving it the right to process ores until September 2032,

ECC 9804 was granted on June 29, 1998 and has an area of 443 ha. On January 22, 2019, ECC-CO-1808-0022 was granted to Filminera for the Masbate Gold Pit Expansion Project Phase I, superseding ECC 9804.

In 2022, Filminera applied for another ECC Amendment for the Masbate Gold Pit Expansion Project Phase II, which was granted on January 15, 2024 as ECC-CO-2302-0004, superseding the previous ECCs.

Filminera holds the surface rights to all current open pits, WRSFs and stockpiles, the process plant, tailings storage facility (TSF) and associated infrastructure facilities, such as the causeway, port, airstrip, and housing areas.

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Note: The areas for the patented claims have been rounded. Totals may not sum due to rounding. Fr = fraction.

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Note: the areas for the MPSAs have been rounded. Totals may not sum due to rounding.

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Note: Renewal application of EP 022-2023-V and EP 023-2023-V were lodged on June 10, 2025 and August 6, 2025, respectively.

Note: the areas for the EP applications have been rounded. Totals may not sum due to rounding.

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Note: Figure prepared by the Masbate Gold Project, 2025.

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Note: Figured prepared by the Masbate Gold Project, 2025.

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Additional surface rights will need to be acquired to support mining operations for some of the planned satellite pits.

Filminera holds the appropriate permits that allow for extraction of water from various sources, including:

An excise tax of 1–5% on the gross output of minerals or mineral products extracted or produced is payable annually to the Philippine government. Under Filipino laws, mining companies are required to spend an amount equal to 1.5% of their annual operating cost from the previous year on expenditures for social development of host communities.

Filminera holds an interest in the Pajo property, which is situated to the north of MPSA 95-97-V and the area of patented claims. The property is covered by MPSA 219-2005-V which was later consolidated into MPSA 255. Although the Pajo area was assigned to Filminera, Vicar Mining Corporation holds a royalty share equivalent to 2% of the gross receipts (less certain expenses) of the mineral products realized from the Pajo portion of the mineral production sharing agreement.

Permitting considerations for operations are discussed in Section 20.

Environmental and closure considerations for operations are discussed in Section 20.

Social licence considerations for operations are discussed in Section 20.

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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The Masbate Gold Project accessed by commercial airline service from Clark City or Cebu City on alternate days to Masbate City. From there, it is a 70 km drive on a partially sealed road to the mine site.

Alternate access to the site is via a one-hour boat ride from Masbate City.

A registered Civil Aviation Authority of the Philippines light air strip and helipad are located close to the Masbate Gold Project. Charter flights to Manila take approximately one hour.

The Masbate Gold Project site is equipped with a barge loading jetty where heavy equipment and consumables are delivered.

The Philippines has a tropical climate, including a monsoon season. At the Masbate Gold Project, there is a short dry season from February to April, and higher rainfalls in the remaining months. Average rainfall is approximately 2,000 mm. The average monthly rainfall is approximately 170 mm, ranging from around 40 mm in April to about 250 mm in December. The area can be affected by tropical depressions (typhoons).

Average annual temperatures range from 28–33ºC during the wet season and 30–35ºC during the dry season.

Mining operations are conducted year-round. Rainfall may curtail access to exploration areas for short periods.

Masbate province covers three major islands, Masbate, Ticao and Burias. Masbate Island is subdivided into 20 municipalities and one city: Masbate City which serves as the provincial capital. The mining operation is within the Aroroy municipality, and about 5 km from the main municipality township of Aroroy. The Project area falls within approximately 22 barangays (villages), eight of which are host to, or directly impacted by, mining operations.

Coconut farming and artisanal gold mining are the primary livelihood of the residents in the mine area. Coastal residents primarily engage in fishing and small-scale vegetable farming.

A discussion on the infrastructure for the mining operation is included in Section 18.

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The maximum elevation in the Project area is 705 m RL. The physiography consists of a series of hills with moderate to steep slopes, and steeply incised river and stream beds. Toward the ocean is a narrow coastal plain.

The Project area is drained by two main river systems, the Guinobatan and the Lanang Rivers, both of which drain into Port Barrera Cove, which forms a large embayment to the west of the Project area. A small portion of the northern Project area is drained by small waterways along Tinago and Pajo creeks towards the Aroroy coastline, or by the Panique River to the west towards Balawing Cove. The drainage pattern is generally dendritic.

The predominant vegetation types are modified forests and secondary regrowth. Lower elevations are host to coconut plantations. Near the coastal plain, areas of grassland can be present, and some mangroves remain along the shoreline.

The province of Masbate is part of the mobile belt that extends longitudinally through Luzon, Visayas and Mindanao. This belt is characterized by abundant earthquakes, volcanism and deposits related to active or pre-existing subduction zones. Earthquakes in the area are dominantly along the active Philippine Fault.

Knight Piésold Pty Ltd noted that a maximum credible earthquake would be expected to produce a horizontal ground acceleration of about 0.45g in the Masbate Gold Project area (cited in George, Orr, and Associates Pty Ltd., 2007). The province of Masbate is seismically active, and earthquakes are not uncommon.

There is sufficient surface area for the open pit, WRSFs, plant, TSF, associated infrastructure, and other operational requirements for the life-of-mine (LOM) plan discussed in this Report.

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A summary of the exploration and development history is provided in Table 6-1.

Filminera has been the in-country operating entity since 1997. Several different companies have held the controlling ownership interest in Filminera since that date.

Atlas Consolidated Mining & Development Corporation (Atlas) started commercial operations in April 1980 and halted mining in 1994. Open pit mining provided most of the ore until 1986, thereafter, underground operations also provided mill feed. The total recorded Atlas mine production was 1.078 Moz gold and 0.994 Moz silver from open pit and 0.318 Moz of gold from underground sources for a total of 1.351 Moz gold (Lewis and Vigar, 2006).

Open-pit mining and commercial production recommenced in 2009 under CGA.

Formal production from April 2009 to September 2025 from the Project is summarized in Table ‎6-2.

Artisanal miners are currently active in the Project area. Current and historic production totals from artisanal sources is unknown.

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Note: * Recovered, actual ounces produced from the mill

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The Philippine Archipelago is the product of a complex tectonic history in the southern segment of the Circum-Pacific Belt, and includes magmatic island arc formation and terrane accretion (oceanic, continental and ophiolitic lithosphere). Island arcs were formed by eastward subduction of the South China Sea, Sulu Sea, and Celebes Basin Plates under the west side of the Philippines along the Manila-Negros-Sulu-Cotabato Trenches. A similar array of volcanic arcs was formed to the east of the archipelago, as the Philippine Sea Plate subducts along the west-dipping Philippine Trench (Yumul et al., 2009). This interaction resulted in protracted deformation, crustal thickening, and uplift. Oblique plate collision is accommodated by movement along the Philippine Fault Zone, a major left lateral strike slip fault that transects the whole archipelago with a known strike length of approximately 1,200 km (Aurelio, 2000).

The Masbate Gold Project is located in a central segment of the Philippine Fault Zone, characterized by trans-tensional deformation with dominant northwest-trending faults and antithetic, northeast-striking subordinate fault structures.

A regional geology map is included as Figure ‎7-1.

The Project is situated within a volcano-sedimentary sequence ranging from Eocene to Pliocene age, comprising the Kaal Formation, Aroroy Diorite, Lanang Formation, and Nabongsuran Formation. The stratigraphy of the Aroroy mineral district, which hosts the Masbate Gold Project, was documented by Ruelo (2012) and is illustrated in Figure ‎7-2.

Mineralization at the Masbate Gold Project is primarily hosted within monomictic to polymictic andesitic volcaniclastic units, interbedded with coherent andesites interpreted as lava flows, domes, and plugs. Pillow textures, hyaloclastite breccia and peperitic breccia have been observed and are indicative of a deep marine depositional setting. Additionally, diorite and quartz diorite bodies serve as mineralization hosts, particularly where epithermal structures intersect the mid- to late-Eocene Aroroy Diorite.

The width and structural style of mineralization, whether vein, breccia, or veinlet, are influenced by the host lithology. All formations have demonstrated mineralization potential, however augite-hornblende porphyritic plugs and dikes are typically barren and interpreted as post- to syn-mineralization intrusions. The Project area geology is shown in Figure ‎7-3.

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Note: Figure prepared by the Masbate Gold Project, 2025.

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Note: Figure prepared by Geological and Technical Services, 2012.

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Note: Figure prepared by the Masbate Gold Project, 2025.

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The Aroroy Mineral District is situated in an arc-basin pair terrane, proximal to the central segment of the Philippine Fault Zone, and is interpreted to control an Early Pliocene volcano-plutonic arc responsible for the formation of the large epithermal vein system currently known in the Project and adjacent areas.

The Project area has a complex structural history of regional faulting, dominated by the latest movement along the northwest–southeast-trending Philippine Fault Zone. The Philippine Fault Zone has a known spatial association with other large porphyry and epithermal districts in the Philippines. On a district scale, the Project is bounded by the northwest-trending Pinanaan and Malubi-Lanang Faults, which may have played a significant role on the emplacement and orientation of the mineralized veins within the Project area. The structural configuration of the Project is shown in Figure ‎7-4.

Gold bearing veins are located along regional and local scale faults. Reactivation of secondary northeast-trending cross-faults/fracture systems structurally offset the host stratigraphic sequence and mineralization in an apparent sinistral movement.

Hydrothermal alteration shows distinct zonation, progressing from a core of intense silicification to an outward argillic (sericite–illite–smectite) zone, and finally to a surrounding propylitic (chlorite–calcite ± epidote) zone. The alteration envelope is more widespread where tectonic fracturing has affected the host rocks.

Approximately 31 gold vein deposits and prospects have been identified to date in the wider district, over an area of about 24 x 4 km.

Gold is typically hosted in grey to white crystalline to chalcedonic quartz, and is frequently associated with pyrite, marcasite, and minor amounts of chalcopyrite and sphalerite. Veins typically show epithermal textures, mostly massive and comb, but also colloform–crustiform banding and hydrothermal vein–breccia textures. The carbonate species are mainly calcite and manganite.

High-grade veins are generally narrow, but some may reach 20 m in width, while sheeted veinlets and stockworks can reach as much as 75 m in width. Individual veins may be traced for long distances, as much as 2 km. Veins are commonly faulted, and high gold grades can be associated with cataclastic or gouge-rich, quartz bearing structures. Carbonate-dominated veins are generally lower in gold grades.

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Note: Figure prepared by the Masbate Gold Project, 2025.

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Deposit descriptions are provided for the main zones that host Mineral Resource estimates.

Deposit Dimensions

The term “Main Vein” refers to a complex fault system that includes multiple vein arrays and veinlet halos following two principal orientations:

The Main Vein area has been drilled to about 750 m depth below the pre-mining surface. The vein system remains open along strike and at depth.

Lithologies

Main Vein mineralization is hosted by andesitic volcaniclastic and coherent units interbedded with conglomerates and minor fine-grained sediments. Toward the west, the veins are hosted by pyroclastic units, while toward the southeast, the veins are predominantly hosted by the conglomerates. Localized late augite–hornblende andesite porphyry dikes are also present but are not mineralized.

A geological map of the Main Vein area is provided in Figure ‎7-5, and a geological cross-section showing the mineralization is included in Figure ‎7-6.

Structure

The Main Vein is located along a steeply dipping northwest-trending fault corridor parallel to the Philippines Fault Zone. Movement along the corridor is complex and includes episodic dextral, sinistral, and normal movement senses. Individual fault zones can be 30–40 m wide and comprise tectonic breccia and gouge surrounded by broad cataclastic deformation zones.

Veining is associated with en-echelon structures following the dominant northwesterly trend, as well as deflected into a northeast-trending cross-structure in the central part of the deposit. Within the Main Vein, several northwest–southeast Riedel shear zones have been mapped in addition to antithetic northeast trending structures. The highest volumes of veining and gold mineralization are spatially associated with stockworks at the intersection of the two structural trends.

Post mineralization, east–west-trending fracturing with dextral displacement invariably truncates and offsets most of the vein systems by a few metres.

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Note: Figure prepared by the Masbate Gold Project, 2025.

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Note: Figure prepared by the Masbate Gold Project, 2025. B2Gold/FRC = Filminera (B2Gold era).

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Alteration

The alteration proximal to and within the multiple vein arrays is predominantly moderate to strong silicic ± argillic alteration, with localized adularia. Propylitic alteration is observed beyond the identified hanging wall and footwall halo zones, while hematite alteration is locally observed. Smectite–gypsum alteration mineralogy is also prominent in the Main Vein area.

Mineralization

Veining is characterized by quartz ± calcite vein breccias and stockworks, typically exhibiting massive textures with limited evidence of boiling or open-space textures. Quartz occurs in both chalcedonic and crystalline forms.

Gold-associated sulphides are generally fresh and consist predominantly of disseminated pyrite within both the vein material and adjacent wall rock. While gold grades are typically low, concentrations can exceed 2 g/t Au in zones containing sooty pyrite and dark sulphides or sulphosalts, which may locally display visible gold.

Base metal mineralization is rare, but becomes more prominent at greater depths within the Main Vein Pit.

Deposit Dimensions

The Blue Quartz deposit extends approximately 950 m along strike, with a width ranging from 2–40 m. Drilling has tested the mineralization to a vertical depth of 250 m. The deposit remains open down plunge to the southeast, where it appears to follow the conglomerate unit, interpreted as a preferred host rock.

Lithologies

The Blue Quartz vein system is located at a faulted contact between younger fine grained sedimentary units (siltstones and mudstones) and older conglomerates, interpreted as part of the Kaal Formation. A late augite–hornblende andesite porphyry intrudes through the same fault structure and into the conglomerate. The porphyry was later brecciated, indicating post-mineralization movement along the fault.

A geology map is provided in Figure ‎7-7, and a geological cross-section showing the mineralization in Figure ‎7-8.

Structure

The Blue Quartz vein system formed along a northwest-striking (295–305°) fault zone. The same system continues along strike to the Panique Vein system and Holy Cross prospects, and ultimately links with the central part of the Main Vein area.

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Note: Figure prepared by the Masbate Gold Project, 2025.

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Note: Figure prepared by the Masbate Gold Project, 2025. B2Gold/FRC = Filminera (B2Gold era).

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The Blue Quartz fault system is a typical left-lateral strike-slip with veining occurring along dilational jogs associated with left-lateral displacement. Subordinate veining also occurs along east–west-oriented fault splays, resulting in minor vein sets to the north.

Alteration

Higher permeability along structural weaknesses resulted in confined up-flow along the structural feature and a narrow alteration halo. Alteration is dominantly propylitic with local narrow silicic and argillic alteration zones along the veins.

Mineralization

Blue Quartz veins consist of white massive–crystalline calcite and clear to light grey and white massive-comb quartz stockworks and vein breccia.

The vein hanging wall is on average 7 m wide and characterized by calcite-quartz veinlet/stockwork zones in the sedimentary unit. Along the main fault contact there is an approximately 2 m wide central zone of calcite–quartz stockworks and vein breccia.

The footwall zone is about 6 m wide and dominated by calcite–quartz veinlets, hosted in a weakly bleached conglomerate. Faulting is more prevalent in the hanging wall.

Deposit Dimensions

The Old Lady deposit extends approximately 750 m along strike, with a width ranging from 2–45 m. Mineralization has been tested to a vertical depth of 230 m.

The widest portion of Old Lady extends about 450 m, but the mineralization appears to extend towards Blue Quartz to the northwest by narrow, discrete high-grade shoots and towards the southeast to the Young Lady or Water West vein systems. Mineralization is open at depth towards the northwest and southeast.

Lithologies

Old Lady deposit is hosted by diorite intrusive rocks from the Aroroy Diorite batholith, intruding siltstones and andesites, interpreted as upper Kaal Formation. Veins are localized in the diorite intrusive which plunges shallowly to the north–northeast, and is traceable to about 800 m elevation.

A geological map is included as Figure ‎7-9, and a geological cross-section showing the mineralization in Figure ‎7-10.

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Note: Figure prepared by the Masbate Gold Project, 2025.

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Note: Figure prepared by the Masbate Gold Project, 2025. B2Gold/FRC = Filminera (B2Gold era).

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Structure

The Old Lady vein system formed along the same northwest-striking (295–305°) fault system that controls the Blue Quartz deposit. Veins at Old Lady occur within a positive flower structure that formed in a restraining bend along the main fault strand.

Alteration

Silicification and argillic alteration are extensive and affect the major lithological units, due to high fracture density. Hematite alteration is present and is restricted to the fine-sedimentary units.

Mineralization

The Old Lady vein system is characterized by quartz vein/vein breccia zones, and narrow veinlets. Laterally from the southeast, the main zone breaks into several minor splays towards the northwest. The system has a general northeasterly (55°) plunge. Gold occurs mainly within limonite forming within the quartz veins, or is associated with pyrite and minor sooty pyrite beyond the extent of the oxidation front.

Deposit Dimensions

The Pajo deposit is about 1,800 m long and consists of multiple vein structures within a 380 m-wide alteration corridor. The three principal veins in the corridor are Pajo Main, Mid, and West. Mineralization has been tested down to 200 m at Pajo West, and remains open at depth and to the northwest, principally toward Pajo Mid and West. Individual mineralized structures vary in width from 1.5–50 m.

Lithologies

The Pajo deposit is hosted in a predominantly coherent andesite sequence, with interbedded flows and autobreccias, and minor polymictic and poorly-sorted volcaniclastic units. Later augite–hornblende andesite porphyritic plugs intrude the sequence following a major northwest-trending fault system that is coincidental with the vein system.

A fine-grained sediment overlies these units on the southern and northern flanks of Pajo hill.

A geological map and vertical cross section are shown in Figure ‎7-11 and Figure ‎7-12 respectively.

Structure

The main Pajo fault zone strikes northwest and is contiguous with the Grandview and Colorado Vein systems. Fault planes are northeast-dipping and display slight normal offsets.

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Note: Figure prepared by the Masbate Gold Project, 2025.

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Note: Figure prepared by the Masbate Gold Project, 2025. B2Gold/FRC = Filminera (B2Gold era).

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The Pajo West system forms a narrow series of sub-parallel veins that merge at depth. Individual veins are locally offset where intersected by secondary east–west- or west–northwest-oriented structures. Textural evidence supports vein emplacement in a dominantly extensional stress regime.

Veins are confined to the Pajo Fault zone and exhibit evidence of reactivation by post-mineralization deformation.

Alteration

Argillic alteration dominates the host rock with intensity increasing towards the surface. Illite is present locally as a light green clay hosted in grey quartz veins. Andesite flows are chlorite and hematite altered at depth.

Mineralization

The Pajo deposit is characterized by a wide zone of quartz ± adularia vein, vein breccia and stockworks that ranges between 5–50 m in width. Quartz varies from grey chalcedonic to white crystalline quartz and is commonly brecciated. Vein textures vary from massive, to vuggy, and minor lattice-bladed textures. Fine comb stringers are also present. Pyrite is the main sulphide associated with mineralization and is predominantly oxidized within the Pajo Main structure. Pajo West is characterized by an elevated fresh pyrite content. Carbonate-bearing veins are also present in the system, with occasionally coarse calcite crystals.

Deposit Dimensions

The Colorado deposit includes the Syndicate and Grandview zones. The strike length is approximately 2,200 m, and the overall system width is about 300–350 m.

Colorado and Grand View veins have variable widths, from 1–20 m. The Syndicate vein widths range from 1–4 m.

The Colorado area has been drill tested to approximately 500 m depth below the pre-mining surface. The vein system remains open at depth, trends into Pajo West to the north, and is terminated to the south by a large-scale fault under the Guinobatan River.

Lithologies

The Colorado vein system is hosted in a predominantly coherent andesitic sequence, similar to Pajo vein system. Minor volcaniclastics and later augite–hornblende andesite porphyries are observed.

A geological map is included as Figure ‎7-13, and a geological cross-section is provided in Figure ‎7-14.

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Note: Figure prepared by the Masbate Gold Project, 2025.

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Note: Figure prepared by the Masbate Gold Project, 2025. B2Gold/FRC = Filminera (B2Gold era).

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Structure

The Colorado vein system is northwest trending, with Grandview forming a kink near the north end of the system, resulting in east–west-trending veins. The Syndicate vein strikes northwest, and dips steeply to the northeast at 70–80°.

Alteration

Pervasive argillic alteration and strong silicification is typical on peripheries of quartz vein/vein breccia and is widespread, comparable to Pajo and Old Lady. Adularia is common within the veins and host rock, while sericite is observed along vein selvages.

Mineralization

Gold is hosted within quartz vein/vein breccia and stockworks. Pyrite is the main sulphide, but deep oxidation has resulted in abundant iron oxides/hydroxides associated with mineralization. Colorado is adularia-rich, occurring as pink to creamy white bands with chalcedonic quartz veins and breccia. Lattice and colloform textures are common, with lesser cockade textures. Syndicate vein textures are described as comb and massive.

Deposit Dimensions

The Montana vein system has a strike length of 1,300 m. The system is about 20 m wide with vein widths ranging from 1–20 m. It has been drilled to a depth of 250 m below the pre-mining surface. The vein is terminated to the south by the Guinobatan River fault, and at depth by a vein-parallel fault system. It remains open to the north and plunges to the northwest.

Lithologies

The Montana vein system is hosted in a predominantly coherent andesitic units, similar to Pajo and Colorado vein systems. Minor volcaniclastics and intrusive plugs have been identified with drilling.

Figure ‎7-15 is a geological map of the Montana vein system. Figure ‎7-16 is a geological cross-section.

Structure

The Montana vein sits along a major northwest fault. Secondary structures in the area are primarily local normal faults (possible oblique-slip faults) that act as conduits for, and structural controls on, mineralization.

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Note: Figure prepared by the Masbate Gold Project, 2025.

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Note: Figure prepared by the Masbate Gold Project, 2025. B2Gold/FRC = Filminera (B2Gold era).

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Alteration

The argillic and silicification halo is narrow and confined proximally to the veins. Widespread chloritic alteration dominates distal to the main vein. The vein matrix is composed of quartz, fine secondary K-feldspar and calcite.

Mineralization

Several instances of visible gold were recorded in grey chalcedonic and amorphous quartz vein/breccia and veinlets. Sooty pyrite is very common as selvages in banded grey to white quartz.

Prospects and exploration potential are discussed in Section 9.

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Low sulphidation epithermal deposits form in shallow crustal environments where hydrothermal fluids interact with host rocks under relatively low temperatures and near-neutral pH conditions. These systems are typically associated with volcanic arcs and extensional tectonic settings. Mineralization occurs primarily through quartz vein networks, stockworks, and breccia zones, often localized along faults and fractures that served as fluid conduits. Alteration is generally zoned, with adularia-sericite and argillic assemblages near veins, grading outward to propylitic halos. Gold is commonly hosted in fine-grained quartz veins with minor base metals and low concentrations of sulphide minerals.

In the case of the Masbate Gold Project, mineralization is structurally controlled and hosted within volcanic and volcaniclastic rocks, with gold occurring in quartz vein systems and veinlet halos. The deposit exhibits classic low sulphidation features, including limited wall-rock alteration, low sulphide content, and gold deposition linked to boiling and pressure drop mechanisms within structurally prepared zones.

Key features of the low sulphidation epithermal deposit type are summarized in Table ‎8-1, based on information summarized from Sillitoe (1993; 2015) and Hedenquist et al, (1996). A schematic section showing the typical setting of low sulphidation epithermal deposits is provided in Figure ‎8-1.

In the QP’s opinion, exploration programs that use a low-sulphidation epithermal deposit type model are considered appropriate for the Project area.

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Note: Figure prepared by CSA Global, 2002.

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The current Project-wide topography is from an aerial LIDAR survey conducted by third-party consultants AB Surveying in October 2017. The survey has an accuracy of ±3 cm.

Filminera completed an additional drone LIDAR survey over the Balete prospect area in 2024.

A local coordinate reference grid is used for all topographic and digital terrain models. Elevations are raised by +1000RL to remove negative elevations in mine operations.

Mapping has been conducted from regional to prospect scales. The mapping delineated and confirmed the location of mineralized veins, structures, lithologies and their relationship to each other. Mapping programs were used to assist drill program planning.

From 2015 onward, the mine geology department has undertaken daily mapping within all active pits. These data are compiled into vein models that are used as guidance during Mineral Resource estimation.

Geochemical sampling completed to date in the Project area include stream sediments, soils, rock chip, grab, channel, and trench samples detailed in Table ‎9-1. Sample results are shown for the regional programs (rocks and stream sediments) in Figure ‎9-1 and Figure ‎9-2, and for the prospect-scale soil sampling in Figure ‎9-3 and Figure ‎9-4. The figures show the locations of the main gold anomalies outlined by the surveys.

Pits and trenches were used to determine the width and strike length potential of each geochemical anomaly identified during regional mapping and soil sampling programs. A total of 1,129 trenches and channels were excavated (27,974 m). The locations are shown on Figure ‎9-5 and Figure ‎9-6. Pits and trenching were used to identify and prioritize drill targets.

Airborne geophysical surveys including magnetics and radiometrics were conducted over the Project area, and are summarized in Table ‎9-2. Survey data initially generated in 2009 were subject to a number of re-processing campaigns. The resulting data were used to identify magnetic signature indicative of lithology, alteration, and structure. An example of a resulting magnetics map is provided in Figure ‎9-7.

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Note: Figure prepared by the Masbate Gold Project, 2025.

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Note: Figure prepared by the Masbate Gold Project, 2025.

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Note: Figure prepared by the Masbate Gold Project, 2025.

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Note: Figure prepared by the Masbate Gold Project, 2025.

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Ground geophysical surveys conducted at Masbate are summarized in Table ‎9-3.

Artisanal and small-scale mining (ASM) is prevalent across the Project and exploration areas. An ASM Management Plan was developed by Filminera, which maintains a centralized database that records the landowner/operator, location/coordinates, ASM category and status (active/inactive/dismantled). ASM-related activities can include underground excavations on gold-bearing quartz veins, panning and sluicing for placer gold, small-scale processing plants, or sampling of exposed vein outcrops/floats outside the mine operations area.

ASM information is compared to known gold-bearing veins and faults to identify mineralization projections and provide support for risk assessments. Planned exploration or mining-related activities to be conducted by Filminera are communicated to potentially-affected ASM workers.

Historic exploration data were compiled and digitized to aid geological interpretations and drill targeting. This dataset included trenches, drill holes, underground workings, face sampling, and level plans.

Filminera has identified several advanced prospects, namely Luy A, Bart-Ag and Balete. These have been systematically explored with geophysical surveys (magnetics and radiometric), geological mapping, geochemical sampling (e.g. soil, channels, rocks), trenches and wide-spaced drilling.

The regional exploration potential of the advanced prospects is summarized in Table ‎9-4. Figure ‎9-2 showed the prospect locations.

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Note: Figure prepared by the Masbate Gold Project, 2025.

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Note: Figure prepared by the Masbate Gold Project, 2025.

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