Ovais Habib

Anita Soni

Don DeMarco

Francesco Costanzo

Carey MacRury

Ralph Profiti

Wayne Lam

- The Gramalote Project in Colombia is projected to have an **11-year mine life** and **13-year mill life**, with an average annual gold production of **177 koz/yr** and total life of mine gold production of **2.26 Moz**.  **[1429937_0001062993-25-014969_exhibit99-1.htm:31]** **[1429937_0001062993-25-014969_exhibit99-1.htm:93]** 
- Based on a **US$2,500/oz** gold price and a **5%** discount rate, the project's after-tax Net Present Value (NPV) is **US$941 M** and its Internal Rate of Return (IRR) is **22.4%**, with a payback period of **3.4 years** after production start.  **[1429937_0001062993-25-014969_exhibit99-1.htm:30]** **[1429937_0001062993-25-014969_exhibit99-1.htm:31]** **[1429937_0001062993-25-014969_exhibit99-1.htm:115]** **[1429937_0001062993-25-014969_exhibit99-1.htm:123]** 
- Life of Mine (LOM) All-in Sustaining Costs (AISC) are estimated at **US$985/oz Au**, with total LOM operating costs of **US$1,583 M** and total LOM capital costs of **US$1,236 M**.  **[1429937_0001062993-25-014969_exhibit99-1.htm:31]** **[1429937_0001062993-25-014969_exhibit99-1.htm:114]** **[1429937_0001062993-25-014969_exhibit99-1.htm:115]** **[1429937_0001062993-25-014969_exhibit99-1.htm:123]** 
- The project's economics are most sensitive to changes in **gold price and grade**, with potential risks including delays in permitting and resettlement processes.  **[1429937_0001062993-25-014969_exhibit99-1.htm:30]** **[1429937_0001062993-25-014969_exhibit99-1.htm:31]** **[1429937_0001062993-25-014969_exhibit99-1.htm:115]** **[1429937_0001062993-25-014969_exhibit99-1.htm:123]**

B2GOLD (BTG)