B2GOLD CORP

Ticker: BTG CUSIP: 11777Q209 Class: COM

Arbiter Partners Capital Management LLC's Holding History (CIK: 0001513193)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 25,000 Value ($000) $113 Avg Close $4.66 Range $3.71 - $5.94

Q3 2025

Shares 25,000 Value ($000) $124 Avg Close $3.93 Range $3.31 - $5.07

Q2 2025

Shares 25,000 Value ($000) $90 Avg Close $3.27 Range $2.52 - $3.83

Q1 2025

Shares 25,000 Value ($000) $71 Avg Close $2.66 Range $2.17 - $3.33

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	25,000	$113	$4.66	$3.71 - $5.94
Q3 2025	25,000	$124	$3.93	$3.31 - $5.07
Q2 2025	25,000	$90	$3.27	$2.52 - $3.83
Q1 2025	25,000	$71	$2.66	$2.17 - $3.33