B2Gold Corp. announced positive results from the Updated Preliminary Economic Assessment ("PEA") for the Gramalote Ridge deposit at the Gramalote gold project in Colombia, a joint venture between B2Gold and AngloGold Ashanti Ltd. ("AGA"). B2Gold assumed the role of manager of the Gramalote joint venture on January 1, 2020. All dollar figures are in United States dollars unless otherwise stated. Highlights: Assuming an effective date of January 1, 2020, and a gold price of $1,350 per ounce, Gramalote Ridge project economic highlights from the PEA (100% basis) include: Open-pit gold mine with an initial life of mine (LoM) of 13.6 years based on current Indicated and Inferred Mineral Resources; LoM gold production of 3.85 million ounces; Average annual gold production of 416,600 ounces per year for the first five full years of production; Average annual gold production LoM of 283,990 ounces per year at cash operating costs of $544 per ounce of gold; Average LoM all-in sustaining costs of $648 per ounce of gold, and average LoM all-in costs (including pre-production capital costs) of $882 per ounce of gold; Annual processing rate of 11.0 million tonnes per annum; Average LoM gold recovery of 94.3% from conventional milling, flotation and cyanide leach of the flotation concentrate; Estimated pre-production capital cost of $901 million; LoM pre-tax net cash flow of $1,827 million, and after-tax net cash flow of $1,283 million; Assuming a discount rate of 5%, net present value (NPV) pre-tax of $1,027 million and NPV after-tax of $671 million, generating an after-tax internal rate of return ("IRR") of 18.1% at the project construction decision date (estimated to be January 1, 2021), with a project payback (including construction capital) of 3.6 years; Assuming a gold price of $1,500 per ounce and a discount rate of 5%, NPV pre-tax increases to $1,394 million and NPV after-tax increases to $928 million, generating an after-tax IRR of 21.9% at the project construction decision date (and reducing the project payback (including construction capital) to 3.2 years; Continue ongoing feasibility work to optimize the PEA results and a final feasibility study expected to be completed by December 31, 2020; Amended and restated shareholders agreement signed by B2Gold and AGA on December 23, 2019, under which B2Gold agreed to sole fund the next $13.9 million of expenditures on the Gramalote Project, following which B2Gold and AGA will each hold a 50% ownership interest in the joint venture (currently 48.3% B2Gold and 51.7% AGA); Exploration drilling is ongoing at the Trinidad deposit, with additional drilling at the Monjas zone to commence later in 2020. The PEA is based solely on production from the Gramalote Ridge deposit and does not include potential production from the nearby Trinidad deposit, which has a current Inferred Mineral Resource estimate, and the Monjas West zone. The Mineral Resource estimate for Gramalote Ridge that forms the basis for the PEA includes Indicated Mineral Resources of 70,110,000 tonnes grading 0.92 g/t gold for a total of 2,070,000 ounces of gold and Inferred Mineral Resources of 79,030,000 tonnes grading 0.79 g/t gold for a total of 2,010,000 ounces of gold. The PEA updates and enhances the previous studies on the Gramalote Project in several areas, including: For Gramalote Ridge, additional drilling has been completed and a new Mineral Resource model has been developed:The PEA is based solely on Gramalote Ridge Mineral Resources, where previous studies included mining and processing ore from the Trinidad deposit and the Monjas West zone; Recent metallurgical test work has resulted in slightly lower processing costs and improved economics; The new Mineral Resource model for Gramalote Ridge includes new interpretations of higher grade ore zones and has allowed more efficient mine optimization, which has resulted in higher grade ore being fed to the plant during the first years of production, significantly improving project economics; and Due to better defined high-grade zones in Gramalote Ridge in the block model, the overall gold grade for the PEA is 0.85 g/t, which is significantly higher than previous studies. Accelerated mining is planned in the early years of production to provide higher grade feed to the plant while stockpiling lower grade material. The final four years of plant feed are from low-grade stockpiles and oxide ore. Oxide ore, which only makes up about 3% of the plant feed, will be stockpiled and processed at the very end of the project life as blending this material with the fresh ore does not yield optimal gold recoveries. Based on the positive results from the PEA, B2Gold believes that the Gramalote Project has the potential to become a large, low-cost open-pit gold mine, subject to completion of ongoing infill drilling and the results of a final feasibility study expected by the end of 2020. The Gramalote Project has several key infrastructure advantages, including: Reliable water supply – high rainfall region and located next to the Nus River; Adjacent to a national highway, which connects directly to Medellin and to a major river with port facilities, capable of bringing supplies by barge to within 70 km of the site; Proximity to the national electricity grid with ample low-cost power and a stable record of hydroelectric power; Skilled labour workforce within Colombia. The PEA is subject to a number of assumptions and risks, including among others, that a Modified Environment Impact Study and a Modified Project Implementation plan will be approved within the required timeline, all required permits and other rights will be obtained in a timely manner, the Gramalote Project will have the support of the local government and community, the regulatory environment will remain consistent and no material increase will have occurred to the estimated costs. B2Gold and AGA have agreed on a budget for the feasibility study on the Gramalote Project of approximately $37 million through the end of 2020. This budget will fund 42,500 metres of infill drilling to convert existing Inferred Mineral Resources to the Indicated category, and 7,645 metres of geotechnical drilling for site infrastructure. The Company currently expects to complete all drilling by the end of May 2020. In addition, the budget will fund feasibility work including an updated Mineral Resource estimate, detailed mine planning, ongoing environmental studies, additional metallurgical test work, engineering and detailed economic analysis Bill Lytle, Senior Vice President, Operations at B2Gold, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release. Mr. Lytle has visited the Gramalote Project several times since 2009 and has reviewed the mining operations and has reviewed the technical aspects of the PEA that form the basis for this news release.