2018

B2Gold Announces an Increased Exploration Budget at the Fekola North Extension Zone, Mali; and Updates on El Limon and La Libertad Mines, Nicaragua

Vancouver, British Columbia--(Newsfile Corp. - June 28, 2018) - B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) ("B2Gold" or the "Company") is pleased to announce that the Company has increased the Fekola North Extension zone exploration budget based on very positive exploration drill results to date. The Company also announces that El Limon and La Libertad mines in Nicaragua continue to operate, albeit at somewhat reduced levels of production, in the current environment of political instability in Nicaragua.

Fekola North Extension Zone, Mali: Exploration Update

The 2018 Mali exploration budget will increase by $3.9 million (from $15.1 million to $19 million) to accelerate the current Fekola North Extension zone drill program, which is extending and infilling mineral resources to the north of the main Fekola deposit. The Company is increasing the number of diamond drills from the current five rigs to eight rigs, as well as one reverse circulation ("RC") rig and one aircore rig. A total of 39,000 metres have been drilled this year on the Fekola North Extension, and an additional 16,000 metres are now planned for the remainder of 2018.

Exploration drilling of the Fekola North Extension has now extended mineralization over one kilometre north of the Fekola reserve pit boundary.

The drilling to date has indicated that the high-grade mineralized shoot in the Fekola reserve deposit not only continues to be well mineralized over one kilometre to the north, but the shoot has now been intersected higher up, closer to surface than originally projected in the Fekola North Extension zone. These results and previous drill results indicate that the potential exists, subject to further drilling, to significantly increase open-pit resources and reserves, north of the current Fekola open-pit reserve. The Fekola North Extension remains open to the north.

Due to the increasing size of the mineralized area, B2Gold now intends to release a new mineral resource for the Fekola deposit including a portion of the Fekola North Extension early in the fourth quarter of 2018.

In addition, based on the positive exploration results to date, the Company's in-house technical team is conducting engineering and other technical studies to ascertain the potential to expand the current Fekola Mine and mill facilities, and increase tonnage throughput, thereby increasing annual gold production, if, as expected, a larger open-pit resource is confirmed by the current exploration and in-fill drilling. Results of these studies are projected to be available by year-end 2018.

Fekola Mine, Mali

On September 25, 2017, B2Gold announced that its in-house construction team had completed construction of the Fekola mill on budget and commenced ore processing at the Fekola Mine, more than three months ahead of the original schedule. The first gold pour at the Fekola Mine was achieved on October 7, 2017. On November 30, 2017, the Fekola Mine achieved commercial production, one month ahead of the revised schedule and four months ahead of the original schedule. Fekola is projected to produce between 400,000 and 410,000 ounces of gold in 2018 at cash operating costs of between $345 and $390 per ounce and all-in sustaining costs ("AISC") of between $575 and $625 per ounce (see non-IFRS Measures). Gold production at Fekola in the first quarter of 2018 was well above budget, producing 114,142 ounces of gold. Cash operating costs and AISC were well below budget at $268 per ounce and $486 per ounce, respectively.

Anaconda Zones, Mali: Update

To date, the 2018 drill program at the Anaconda zones, located approximately 25 kilometres from Fekola, has returned additional positive results from the near-surface saprolite zones and the recently-discovered good grade bedrock zones beneath the saprolite (indicating the potential for large, Fekola-style mineralized zones). The planned 2018 drill program at Anaconda has been reduced to allow exploration drilling, for the balance of 2018, to focus on the Fekola North Extension program. However, some exploration continues at Anaconda, with one RC drill and one aircore drill, to continue to test the targets below the saprolite resource and expand the saprolite resource. Further exploration results will be released later in the year.

El Limon and La Libertad Mines, Nicaragua: Update

The Company's El Limon and La Libertad mines continued operations with some work interruptions and delays in consumable deliveries, due in part to the current political upheaval in Nicaragua.

El Limon Mine is located 120 kilometres to the northeast of the capital city of Managua, Nicaragua. In June 2018, the Company's operations at El Limon Mine were interrupted by illegal road blockades. The blockades were related to local employment issues for the community and have now been resolved.

Based on the Company's original guidance, El Limon Mine was projected to produce between 55,000 and 60,000 ounces of gold, representing 6% of B2Gold's projected consolidated gold production in 2018, at cash operating costs of between $700 and $750 per ounce and AISC of between $1,135 and $1,185 per ounce. In April and May 2018, prior to the recent disruption, production from El Limon had continued to improve, as expected, tracking at or better than budget. The budgeted improvements in April and May 2018 were as a result of measures put in place to improve maintenance and water management, as well as the mining of the Mercedes open pit for the quarter. However, the blockades experienced in June 2018 have affected June production and costs. It is now anticipated that the reduction in production will represent approximately 10% of El Limon's annual production, and, therefore, El Limon is now forecasting 2018 annual production of between 50,000 and 55,000 ounces.

La Libertad Mine is located 170 kilometres east of Managua. La Libertad maintained continuous production during the current political unrest, however, in June 2018, restrictions to the supply of key consumables (fuel and lime) impacted the budgeted production of gold for the month. This was the result of temporarily replacing higher grade open-pit material with lower-grade spent ore to reduce lime and fuel consumption.

Based on the Company's original guidance, La Libertad Mine was projected to produce between 115,000 and 120,000 ounces in 2018, representing 13% of B2Gold's projected 2018 consolidated gold production, at cash operating costs of between $745 and $790 per ounce and AISC of between $1,050 and $1,100 per ounce. Through the end of May 2018, La Libertad was on track for annual gold production (and cost) guidance for the year. However, based on the restricted production for the month of June, La Libertad is now projecting to produce between 110,000 and 115,000 ounces in 2018.

Despite the reduction in projected production at El Limon and La Libertad mines, B2Gold is not reforecasting its overall 2018 consolidated gold production range of 910,000 to 950,000 ounces. This is largely due to the outperformance of the Masbate Mine in the Philippines, the Fekola Mine in Mali and the continued, strong operational performance of the Otjikoto Mine in Namibia. These operations are currently projected to be at, or above, the Company's projected 2018 guidance.

As a Canadian company, B2Gold believes in, and promotes, constructive dialogue for a peaceful resolution of the current political situation in Nicaragua. The Company's focus is to support its 3,000 direct and indirect employees, and their families, who have confirmed their desire to continue to work and maintain stability within their communities as much as possible.

B2Gold has been operating in Nicaragua since 2009 and, as a responsible mining company, continues to add value to the local communities and environment by generating sustainable socio-economic and environmental benefits.

El Limon Expansion Study: Update

On February 23, 2018, the Company announced a positive initial open-pit Inferred Mineral Resource at the newly-discovered Central zone of 5,130,000 tonnes at a grade of 4.92 g/t of gold, containing 812,000 ounces of gold (100% basis) (see news release dated 2/23/2018). The Central zone, at its closest point, is approximately 150 metres from El Limon mill facility, extending southeast and northwest, adjacent to existing plant and administrative infrastructure. Mining this large, good grade resource has the potential to decrease El Limon's cash operating costs per ounce and AISC per ounce, and significantly extend the mine life. The Company is currently conducting engineering and metallurgical studies on the Central zone to evaluate the potential to expand the mill throughput, thereby increasing annual gold production. Initial in-house results indicate a robust case for economic expansion. The results from these studies are expected by the third quarter of 2018.

Qualified Person

Tom Garagan, Senior Vice President of Exploration, a Qualified Person as defined by National Instrument 43-101, has approved the scientific and technical information concerning B2Gold discussed herein.

About B2Gold Corp.

Headquartered in Vancouver, Canada, B2Gold Corp. is the world's new senior gold producer. Founded in 2007, today, B2Gold has five operating gold mines and numerous exploration and development projects in various countries including Nicaragua, the Philippines, Namibia, Mali, Burkina Faso, Colombia and Finland.

With the first full year of production from the large, low-cost Fekola Mine, B2Gold is achieving transformational growth in 2018. Consolidated gold production is forecast to be between 910,000 and 950,000 ounces, representing an increase in annual consolidated gold production of approximately 300,000 ounces in 2018 versus 2017. Based on current assumptions, in 2018, consolidated cash operating costs are projected to be between $505 and $550 per ounce, and consolidated AISC are projected to be between $780 and $830 per ounce.

ON BEHALF OF B2GOLD CORP.

"CLIVE JOHNSON"
President & CEO