FEBRUARY/ MARCH 2019 ACQUIRE DISCOVER FINANCE BUILD OPERATE THE WORLD S NEW SENIOR GOLD PRODUCER TSX: BTO NYSE AMERICAN: BTG NSX: B2G

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1 FEBRUARY/ MARCH 2019 ACQUIRE DISCOVER FINANCE BUILD OPERATE THE WORLD S NEW SENIOR GOLD PRODUCER av TSX: BTO NYSE AMERICAN: BTG NSX: B2G

2 CAUTIONARY STATEMENT 2 Tom Garagan, Senior Vice President of Exploration, a Qualified Person as defined by National Instrument , has approved the scientific and technical information concerning B2Gold Corp. ("B2Gold") discussed in this presentation. All amounts in this presentation are expressed in U.S. dollars, unless otherwise stated. Production results and production guidance presented in this presentation reflect the total production at the mines B2Gold operates on a 100% basis. Please see in conjunction our Annual Information Form, dated March 23, 2018 and our Management Discussion and Analysis dated November 6, 2018 for a discussion of our ownership interest in the mines B2Gold operates. This presentation includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance events, gold production and sales, revenues and cash flows, capital and operating costs, including projected cash operating costs and all-in sustaining costs ("AISC"), and budgets; statements regarding future or estimated mine life, metal price assumptions, ore grades or sources, stripping ratios, throughput, ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: B2Gold expecting to be at the lower end of its cost guidance range for consolidated cash operating costs and consolidated AISC for the full year 2018; gold production for 2019 being expected to be weighted towards the second half of 2019; results of the Optimizing Fekola Expansion Study being expected by the end of Q1 2019, such study including mine equipment configuration, mine scheduling and evaluation of dynamic cut off grades, ore stockpiling, blending and processing, and such study examining various throughput scenarios to maximize NPV including fleet sizing, mill expansion capital and operating cost budgets and project economics and schedule; additional process upgrades being required at the Fekola Mine; the Fekola mill expansion having an estimated capital costs of approximately $50 million; the Masbate mill expansion being underway, the expected timing of such expansion being in operation, and the effects thereof; and the El Limon optimizing studies being completed and such being expected to be complete in Q Estimates of mineral resources and reserves are also forward-looking statements because they constitute projections regarding the amount of minerals that may be encountered in the future and/or the anticipated economics of production, should a production decision be made. All statements in this presentation that address events or developments that we expect 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" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common shares; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold's feasibility studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; the current ongoing instability in Nicaragua and the ramifications thereof; environmental regulations or hazards and compliance with complex regulations associated with mining activities; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations asa result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines, Nicaragua and Burkina Faso and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; changes in tax laws; community support for B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the final outcome of the audit by the Philippines Department of Environment and Natural Resources in relation to the Masbate Project; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws; 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, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission, which may be viewed at and respectively (the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements. B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry. B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. 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. There can be no assurance that forward-looking 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. For the reasons set forth above, undue reliance should not be placed on forward-looking statements. Non-IFRS Measures This presentation includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including "cash operating costs" and "all-in sustaining costs" (or "AISC"),. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with B2Gold's consolidated financial statements. Readers should refer to B2Gold's Management Discussion and Analysis, available on the Websites, under the heading "Non-IFRS Measures" for a more detailed discussion of how B2Gold calculates such measures and a reconciliation of certain of such measures to IFRS terms. Cautionary Note to United States Investors The disclosure in this presentation was prepared in accordance with Canadian National Instrument ("NI "), which differs significantly from the current requirements of the SEC set out in Industry Guide 7. Accordingly, such disclosure may not be comparable to similar information made public by companies that report in accordance with Industry Guide 7. In particular, this news presentation may refer to "mineral resources," "measured mineral resources," "indicated mineral resources" or "inferred mineral resources". While these categories of mineralization are recognized and required by Canadian securities laws, they are not recognized by Industry Guide 7 and are not normally permitted to be disclosed in SEC filings by U.S. companies. U.S. investors are cautioned not to assume that any part of a "mineral resource," "measured mineral resource," "indicated mineral resource" or "inferred mineral resource" will ever be converted into a "reserve." In addition, this presentation uses the terms "reserves" and "probable mineral reserves" which are reported by B2Gold under Canadian standards and may not qualify as reserves under Industry Guide 7. Under Industry Guide 7, mineralization may not be classified as a "reserve" unless the mineralization can be economically and legally extracted or produced at the time the "reserve" determination is made. Accordingly, information contained or referenced in this presentation containing descriptions of B2Gold's mineral deposits may not be compatible to similar information made public by U.S. companies subject to the reporting and disclosure requirements of Industry Guide 7. "Inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian reporting standards; however, Industry Guide 7 normally only permits issuers to report mineralization that does not constitute "reserves" by Industry Guide 7 standards as in-place tonnage and grade without reference to unit measures. Historical results or feasibility models presented herein are not guarantees or expectations of future performance.

3 MINE & PROJECT LOCATIONS 3

4 MAINTAINING A STRONG & PROFITABLE PRODUCTION PROFILE Annual Gold Production Growth (oz) 4 Fekola Mine, Mali Otjikoto Mine, Namibia Masbate Mine, The Philippines La Libertad Mine, Nicaragua El Limon Mine, Nicaragua Consolidated all-in sustaining costs ( AISC )/oz 1 1. Refer to Non-IFRS Measures on slide 2 2. Includes the Fekola Mine s pre-commercial production results 3. Includes 79,243 oz of gold produced during the Fekola Mine s pre-commercial production period Note: Production results/forecasts are based on a 100% basis A Actual E Estimated: Based on current assumptions

5 CORPORATE OVERVIEW The World s New Senior Gold Producer 5 COMBINED EXECUTIVE EXPERIENCE +250 YEARS of working together for Bema Gold and B2Gold DELIVERING ON PROMISES Founded by former management and technical teams of Bema Gold Corporation B2Gold went from zero gold production in 2007 to 953,504 oz of gold in 2018 Dramatic increase in positive cash flow Successful history of exploration success, accretive acquisitions, production growth and political risk management Exceptional record of mine construction success and operational execution: 5 mines completed on schedule and on budget by the same key technical teams (Bema Gold/B2Gold) Organic growth from exploration success: High-quality pipeline of exploration and development projects A strong financial position, and successful history of accessing debt and capital markets Committed to Health, Safety & Environment ( HSE ), Corporate Social Responsibility ( CSR ) and Environmental, Social & Governance at all of B2Gold s sites and nearby communities

6 UNSURPASSED EXECUTIVE TEAM EXPERIENCE +250 Years of Combined Experience Working Together for Bema Gold & B2Gold 6 CLIVE JOHNSON ROGER RICHER MIKE CINNAMOND TOM GARAGAN DENNIS STANSBURY BILL LYTLE IAN MACLEAN President, CEO & Director 31 years EVP, General Counsel & Secretary 31 years SVP Finance & CFO 5 years SVP Exploration 27 years SVP Engineering & Project Evaluations 24 years SVP Operations 20 years VP Investor Relations 17 years DALE CRAIG EDUARD BARTZ BRIAN SCOTT HUGH MACKINNON JOHN RAJALA NEIL REEDER DANA ROGERS VP Operations 9 years VP Taxation & External Reporting 21 years VP Geology & Technical Services 25 years VP Geology 20 years VP Metallurgy 7 years VP Government Relations 2 years VP Finance 5 years

7 MANAGING POLITICAL RISK B2Gold s Competitive Advantage/Keys to Success 7 PROVEN TRACK RECORD OF BEMA AND B2GOLD MANAGING POLITICAL RISK AND SUCCEEDING IN COUNTRIES AROUND THE WORLD B2GOLD S GUIDING BUSINESS PRINCIPLES: FAIRNESS RESPECT TRANSPARENCY ACCOUNTABILITY Always delivering on our promises Dedicated senior executive relationships with government officials and strong in-country management Building positive relationships at all levels of government and in the communities in which we operate Adopting a win-win approach Ongoing commitment to local employment and training at all levels 1. Bema Gold 2. B2Gold

8 2018 CONSOLIDATED GOLD PRODUCTION OVERVIEW Fourth Quarter ( Q4 ) 2018 & Full Year ( FY ) Q ,687oz (24%) FY ,504 oz First quarter ( Q1 ) ,684 oz (25%) Q vs Budget Budget Actual Q4 gold production of 231,687 oz Slightly exceeding reforecast production and approx. in line with original budget Third quarter ( Q3 ) ,040 oz (26%) 2018 ANNUAL GUIDANCE 920 Koz 960 Koz (original guidance was 910 Koz 950 Koz) Second quarter ( Q2 ) ,093 oz (25%) FY 2017 vs FY % INCREASE Record FY gold production of 953,504 oz

9 2018 CONSOLIDATED CASH OPERATING COSTS & AISC OVERVIEW First Nine Months & FY FIRST NINE MONTHS 2018 $537 $486 FIRST NINE MONTHS BUDGET FIRST NINE MONTHS ACTUAL 9 % $51/oz BELOW BUDGET FY 2018 GUIDANCE z $505 - $550 ANNUAL GUIDANCE B2Gold expects to be at the LOWER END of its cost guidance range for consolidated cash operating costs FIRST NINE MONTHS 2018 FY 2018 GUIDANCE $837 FIRST NINE MONTHS BUDGET 740 FIRST NINE MONTHS ACTUAL 12 % $97/oz BELOW BUDGET $780 - $830 ANNUAL GUIDANCE B2Gold expects to be at the LOWER END of its cost guidance range for consolidated AISC 1. Refer to Non-IFRS Measures on slide 2

10 2018 CONSOLIDATED GOLD REVENUES & CASH FLOWS OVERVIEW Q & FY Q FY 2018 Consolidated gold revenue: $272 M a significant increase of 56% vs Q CONSOLIDATED GOLD SALES: 221,307 oz average gold price $1,230/oz FY 2018 Projected record annual consolidated cash flows from operating activities 1,2 : APPROX. $450 M a significant increase of APPROX.190% Record FY consolidated gold revenue: $1.2 B a significant increase of 92% vs FY 2017 RECORD FY CONSOLIDATED GOLD SALES: 970,409 oz average gold price $1,262/oz $155 M APPROX. $450 M Subject to finalization of year-end 2018 financial reporting 2. Previously, projected cash flow from operations for 2018 was approx. $0.5 B at a $1,300/oz gold price

11 STRONG FINANCIAL, LIQUIDITY & CASH FLOW POSITION 11 Strong Current Financial and Cash Position: Cash at end of Q3 2018: $355 M Revolving Credit Facility ( RCF ) for an aggregate of $500 M (can be increased to $600 M 3 ) Subsequent to September 30, 2018: Repaid in full $259 M aggregate principal amount of Notes (plus accrued interest) which matured on October 1, Utilized Operating Cash Flow and Innovative, Non-equity Financings to Fund the Construction of the Fekola Mine, including: Current Undrawn Capacity on RCF: $100 M Long-term debt reduction in 2018: was $700 M 2 at December 31, 2017 Reduced to $480 M at December 31, The repayment of all outstanding principal and accrued interest under the Notes amounted to approx. $263 M 2. Includes convertible debt, drawn portion of RCF and equipment loans/leases 3. Based on exercise of accordion feature 4. As at December 31, 2018 Gold Prepayment Arrangements: $120 M Cash proceeds received up front in return for obligation to deliver ounces later ($30 M 4 outstanding) Fekola Mine Fleet and Equipment Loan Facility: Euro 71 M Equipment Facility with Caterpillar Financial SARL

12 2019 CONSOLIDATED GOLD PRODUCTION & COST GUIDANCE 12 Cash Operating Costs: $520 $560/oz Gold Production Guidance: 935 Koz 975 Koz Expected to be weighted towards the second half ( SH ) of 2019 approx. 14% higher than the first half ( FH ) of 2019 Expected to be approx. 9% lower in SH 2019 vs FH 2019 AISC: $835 $875/oz Expected to be approx. 21% lower in SH 2019 vs FH 2019

13 2019 MINE-BY-MINE PRODUCTION GUIDANCE 13 Consolidated: Gold Production: 935 Koz Koz Cash Operating Costs: $520 - $560/oz AISC: $835 - $875/oz 18% Namibia, Otjikoto Mine OPEN PIT Gold Production: 165 Koz Koz Cash Operating Costs: $520 - $560/oz AISC: $905 - $945/oz Mali, Fekola Mine OPEN PIT Gold Production: 420 Koz Koz 44% 10% Nicaragua, La Libertad Mine OPEN PIT AND UNDERGROUND Gold Production: 95 Koz Koz Cash Operating Costs: $370 - $410/oz AISC: $625 - $665/oz 6% Cash Operating Costs: $840 - $880/oz AISC: $1,150 - $1,190/oz The Philippines, Masbate Mine OPEN PIT Gold Production: 200 Koz Koz Cash Operating Costs: $625 - $665/oz AISC: $860 - $900/oz 22% Nicaragua, El Limon Mine OPEN PIT AND UNDERGROUND Gold Production: 55 Koz - 60 Koz Cash Operating Costs: $720 - $760/oz AISC: $1,005 - $1,045/oz

14 2019 CORPORATE STRATEGY 14 Continue to optimize gold production Maintain high standards of government relationships, HSE stewardship and CSR Maintain strong financial position: Balance debt reduction with expansion opportunities Focus on organic growth Development projects: Exploration opportunities: Fekola north/west/anaconda zones Toega Project, Burkina Faso Masbate/El Limon/La Libertad Grassroots: Worldwide exposure Junior exploration joint ventures Fekola expansion potential Masbate mill expansion El Limon expansion study Gramalote joint venture project, Colombia

15 2019 KEY DATES & DEVELOPMENTS 15 Q4 & FY 2018 financials: March 12, 2019 Optimized Fekola expansion study: end of Q Update on Gramalote Project resources and economics: end of Q Aggressive exploration programs around the mines and on grassroots prospects: budget of $43 M results expected in SH 2019 Continue to pursue exploration and development opportunities

16 2019 EXPLORATION SUMMARY Programs & Budgets 16 Mali Fekola Regional Further drilling to expand the saprolite Mineral Resource and test mineralized sulphide targets below the shallow oxidized saprolite zones Mali Fekola Mine Continue successful drilling to convert Inferred Mineral Resources to Indicated Further explore the potential to the north and west of the Fekola open pit The Philippines Masbate Drill program will include brownfields drilling to upgrade resources within the mine licence and drilling on identified exploration targets within the mine area Nicaragua El Limon Drilling will continue to focus on the northern extension of the Central zone (which indicates the potential to expand Mineral Resources) and other targets identified on the property 40.4% (15 M) 8.2% (4 M) (3 M) 7.2% (3 M) 17.5% (8 M) TOTAL: $43,384, % (3 M) 7.9% (3 M) 11.1% (5 M) International Greenfields and Other Projects Continue to pursue grassroots exploration discoveries through property acquisitions and joint ventures with junior exploration companies Burkina Faso Kiaka Regional District/Toega Prospect Drilling will be focused on expanding the Toega resource and testing regional targets around the Toega and Kiaka deposits Namibia Otjikoto Exploration will be split between the Otjikoto Project and Ondundu joint venture (located approx. 200 km southwest of the Otjikoto Mine) Majority of drilling will be testing down plunge of the Otjikoto Mine and Wolfshag open pits Nicaragua La Libertad Continue drilling to test several identified regional surface targets Refer to slides 20 and 21 for more details

17 FEKOLA NORTH EXTENSION ZONE Fekola & Fekola North Extension: Schematic Long Section Refer to news release dated October 25, 2018

18 FEKOLA EXPANSION Original feasibility study throughput Fekola Optimized Feasibility Study 1 Estimated pre-production capex: $462 M 2 Commenced construction Mill construction and expansion completed. Additional capex approx. $18 M Commenced ore processing September 25, months ahead of schedule Completed preliminary study to expand Fekola mill from 6 million tonnes per annum ( Mtpa ) to 7.5 Mtpa Estimated additional capex for mill expansion: $50 M Optimizing Fekola expansion study Results expected by the end of Q Mtpa 5.6 Mtpa 6 Mtpa Up to 7.5 Mtpa 3 4 Mtpa Refer to news release dated June 11, Includes $395 M plus $67 M for fleet and generator costs. Does not include approx. $41 M of early works 3. Subject to completion of study and implementation 2019 and Beyond

19 FEKOLA EXPANSION STUDY & OPTIMIZATION Organic Growth 19 Preliminary expansion study completed 1 The study evaluated the potential to expand the Fekola Mine and mill from the base case of 6 Mtpa of ore throughput to 7.5 Mtpa Results indicate robust economics for the 7.5 Mtpa expansion case with estimated process capital costs of $50 M Given the additional capacity of the Fekola primary crusher, SAG mill and other process systems, the study demonstrated that the 7.5 Mtpa upside can be achieved with an upgrade of the ball milli circuit as well as other equipment upgrades Based on the positive results of the preliminary Fekola expansion study, B2Gold has contracted Whittle Consulting to work together with B2Gold s technical teams to conduct a study to optimize the Fekola expansion The study will evaluate: Mining production rates Pit and phase scheduling Dynamic cut-off grades Ore stockpiling, blending, dynamic processing and throughput recovery The study will also examine various processing throughput scenarios to maximize project NPV, and the results will guide: Mining equipment Mill expansion Project schedule decisions Results of the optimized Fekola expansion study are expected to be released by the end of Q Refer to news release dated October 25, 2018

20 ADDITIONAL ORGANIC GROWTH 1 Pipeline of Exploration & Development Projects (i) 20 FEKOLA ADVANCED EXPLORATION PROJECTS: MALI Fekola North Extension: Ongoing drilling at the Fekola North Extension beyond the current resource pit boundary Fekola Regional Exploration (Anaconda Zones): Previously-released saprolite Mineral Resource remains open 2 Further drilling to expand the saprolite Mineral Resource and test mineralized sulphide targets below the shallow oxidized saprolite zones where previous drilling intersected good-grade mineralization New Cardinal target (located <1 km west of the Fekola pit) will be further drill tested GRAMALOTE JOINT VENTURE 3 PROJECT: COLOMBIA Mineral Resource models for Gramalote have recently been redone by AngloGold Ashanti and B2Gold New models indicate the potential for a better grade resource that could result in improved project economics AngloGold Ashanti and B2Gold are reviewing the new models and updating the project economics EL LIMON EXPLORATION & DEVELOPMENT: NICARAGUA Initial open-pit Inferred Mineral Resource identified in the new Central zone 4 Drilling will continue to focus on the northern extension of the Central zone (which indicates the potential to expand Mineral Resources) and other targets identified on the property Positive results from El Limon expansion study were released on October 22, Currently completing optimization studies expected to be completed in Q Refer to slides 17, 33, 34 and 39 for more details 2. Refer to news release dated June 15, AngloGold Ashanti (operator): B2Gold joint venture 4. Refer to news release dated February 23, Refer to slide 39

21 ADDITIONAL ORGANIC GROWTH Pipeline of Exploration & Development Projects (ii) 21 MASBATE EXPANSION & EXPLORATION: THE PHILIPPINES Mill expansion to increase throughput from 6.8 Mtpa to 8 Mtpa is currently being commissioned expected to be on line in early 2019 Mill expansion is projected to maintain average annual gold production at approx. 200 Koz/y during the mining phase and, on average, a further 100 Koz/y when the low-grade stockpiles are processed at the end of the open-pit mine life Drill program will include brownfields drilling to upgrade resources within the mine license and drilling on identified exploration targets within the mine area OTJIKOTO EXPLORATION & ONDUNDU JOINT VENTURE PROJECT: NAMIBIA 2019 exploration drilling split between Otjikoto and Ondundu (located approx. 200 km southwest of the Otjikoto Mine) Majority of drilling will be testing down plunge of the Otjikoto Mine and Wolfshag open pits KIAKA REGIONAL DISTRICT/ TOEGA PROSPECT: BURKINA FASO Kiaka Regional District: Drilling will be focused on testing regional targets around the Kiaka deposit Toega Prospect: Initial Inferred Mineral Resource estimate identified at Toega 1 Drilling will be focused on expanding the Toega resource and testing regional targets around the Toega deposit OTHER GRASSROOTS EXPLORATION: INTERNATIONAL Continue to pursue grassroots exploration discoveries through property acquisitions and joint ventures with junior exploration companies 1. Refer to news release dated February 22, 2018

22 RELATIVE PERFORMANCE BTO vs. TSX Global Gold Index & Gold Price: Past 5 Years 22 BTO Gold Price TSX Global Gold Index B2Gold has outperformed the TSX Global Gold Index over the past 5 YEARS Credit: Canaccord Genuity (February 20, 2019) Source: Bloomberg (February 21, 2014 February 20, 2019)

23 HSE PERFORMANCE 23 Commitment to Execution Initiated implementation in 2013 of internal HSE Standards and Management Systems: In accordance with international best practice Externally audited Focused on continuous improvement Initiated external reporting of HSE performance 2017 Responsible Mining Report, Raising the Bar, was published in June 2018 (available on B2Gold s website)

24 HSE PERFORMANCE 24 Key Performance Indicators LTI frequency rate (per 200 K man hours worked) 0.82 B2Gold Consolidated Lost-Time-Injury ( LTI ) Frequency Rates ( ) Led by Masbate Mine: 1,081 days without an LTI Q (12MMA) Consolidated Notes: 1. LTI Frequency Rates ( LTIFR ) are based on 200 K man hours. New information or a reclassification of injuries may cause a change in historical data 2. Peer benchmarks: - Randgold 2017 LTIFR = 0.10 (note: includes LTI+RWI) - Agnico Eagle 2017 LTIFR = 0.91 (note: includes LTI+RWI) - IAMGOLD 2017 LTIFR = 0.52 (note: includes LTI+RWI)

25 KEY CSR INITIATIVES Responsible Mining: Raising the Bar 25 NICARAGUA: THE PHILIPPINES: Reforestation Mangrove reforestation Water treatment Health: TB focus Anti-epidemic prevention Education La Libertad & Santo Domingo Dairy Chilling Centre Capsay Egg Producers Association ( CEPA ) Alfa & Omega Sewing Shop Dairy Chilling Centre, Nicaragua CEPA, the Philippines NAMIBIA: MALI: Otjikoto Nature Reserve, Namibia SMEs compete LifeLine/ChildLine Little Shop of Physics Otjikoto Nature Reserve and the Namibian Chamber of Environment Skills for employment initiative, Mali Resettlement of the village of Fadougou AFECK 1 Project Skills for Employment initiative (vocational and small business training to improve technical and professional skills of Kéniéba residents), cofunded by Global Affairs Canada 1. Adéquation Formation-Emploi dans le Cèrcle de Kéniéba

26 CSR AWARDS Strong Commitment to CSR Saringaya Award in the Philippines for the Masbate operations contribution to environmental protection, conservation and management of the regions surrounding the Masbate Mine DENR 1 Mangrove reforestation program, the Philippines 2017 Exporter of the Year (CSR) in Nicaragua for B2Gold s work re: El Limon s social investment programs APEN 2016 Friend of the Environment Award in Nicaragua for B2Gold's commitment to source water protection and environmental management APEN B2Gold nursery, Nicaragua Jabalí Antenna resettlement project, Nicaragua 2015 Social Responsibility Award in Nicaragua for B2Gold s work on the Jabalí Antenna resettlement project APEN National CSR Award in Nicaragua for B2Gold s Economic Empowerment and Impact in the Community unirse 3 Otjikoto Nature Reserve, Namibia 2014 SNIEDA 4 Awards in Namibia: Enterprise of the Year Environment Awareness 1. The Department of Environment and Natural Resources 2. Nicaraguan Association of Producers and Exporters 3. Nicaraguan Union for Corporate Social Responsibility 4. Sam Nujoma Innovative Enterprise Development Awards

27 APPENDIX 27

28 B2GOLD BOARD OF DIRECTORS 28 CLIVE JOHNSON ROBERT CROSS ROBERT GAYTON JERRRY KORPAN President, CEO & Director Chairman Director Director BONGANI MTSHISI KEVIN BULLOCK GEORGE JOHNSON ROBIN WEISMAN Director Director Director Director

29 B2GOLD vs. PEERS 29 Projected Production Growth Profile 73% B2Gold outperforms its peers with production growth of 73% from 2016 through % 16% 16% 19% 22% (8%) (2%) (28%) (22%) (20%) (18%) (37%) Acacia Eldorado Yamana Goldcorp Barrick Kinross Agnico Eagle IAMGOLD Detour Endeavour New Gold Centerra B2Gold Credit: Canaccord Genuity (February 20, 2019) Source: 2016 and 2018 per public disclosure Peers defined as 2016 production of >500 Koz and selected senior producers

30 RELATIVE PERFORMANCE BTO vs. TSX Global Gold Index & Gold Price: Past 12 Months 30 BTO Gold Price TSX Global Gold Index B2Gold has outperformed the TSX Global Gold Index over the past 12 MONTHS Credit: Canaccord Genuity (February 20, 2019) Source: Bloomberg (February 21, 2018 February 20, 2019)

31 TOTAL SHAREHOLDERS RETURN SINCE 2009 B2Gold vs. Peers % Total shareholder returns since % 77% 79% 35% 14% 37% 49% (11%) Gold (97%) GDX (90%) Eldorado (80%) Kinross (66%) Yamana (63%) New Gold (59%) Goldcorp (59%) Barrick (56%) IAMGOLD Agnico Eagle Detour Credit: Canaccord Genuity (February 20, 2019) Source: Bloomberg (February 20, 2009 February 20, 2019) Randgold end date is December 28, 2018, due to acquisition by Barrick Note: Total shareholder return per Bloomberg s TRA function is in US dollars (total return includes price appreciation and dividends reinvested in the security) Endeavour Centerra SEMAFO Randgold B2Gold

32 FEKOLA MINE: MALI Open Pit 32 GOLD PRODUCTION FY 2018: Fekola EXCEEDED THE UPPER LIMIT of its already increased production guidance range Q ,280 oz 2018 ANNUAL GUIDANCE Koz Koz Q ,002 oz Q ,142 oz FY ,068 oz Q ,644 oz Ownership 1 80% Probable gold reserves 2 Indicated gold resources 2 Inferred gold resources 2 (Fekola) Inferred gold resources 2 (Anaconda) 2.92 Moz 3.95 Moz 0.23 Moz 0.65 Moz 2019 E gold production 420 Koz 430 Koz 2019 exploration budget $18 M (all Mali) 2019 capex $58 M CASH OPERATING COSTS (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 11% BELOW BUDGET $359 $321 $345 $390 Fekola s FY 2018 cash operating costs are forecast to be AT OR BELOW THE LOW END of its guidance range AISC (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 13% BELOW BUDGET $590 $511 FIRST 9 MONTHS 2018 FIRST 9 MONTHS 2018 $575 $625 Fekola s FY 2018 AISC are forecast to be AT OR BELOW THE LOW END of its guidance range 1. Refer to news release dated August 14, Refer to pages in B2Gold s Annual Information Form, dated March 23, 2018, for Mineral Reserves & Resources summary, and respective footnotes 3. Guidance revised: Refer to Q2 & FH 2018 Production & Revenue news release, dated July 11, 2018

33 FEKOLA REGIONAL EXPLORATION Anaconda Zones exploration budget is approx. $3 M Located approx. 20 km from the Fekola Mine In 2017, B2Gold released an Inferred Mineral Resource estimate 1,2 of million tonnes ( Mt ) at 1.11 grams per tonne ( g/t ), containing 767 Koz of gold at Anaconda in the saprolite mineralization Additional metallurgical testwork/engineering studies are being carried out on Anaconda towards evaluating the potential for a standalone oxide mine In 2019, further drilling to expand the saprolite Mineral Resource and test mineralized sulphide targets below the shallow oxidized saprolite zones, where previous drilling intersected good-grade mineralization Map showing priority exploration targets at the Anaconda zones 1. Refer to news release dated June 15, Estimate is reported within a series of pit shells and above a 0.35 g/t gold cutoff grade

34 UPDATED FEKOLA MINERAL RESOURCE 1 Organic Growth 34 Mineral Resources reported within a pit shell using a $1,400/oz gold price: Indicated Mineral Resource estimate of Mt at 1.92 g/t, containing 5.73 Moz of gold 2 Inferred Mineral Resource estimate of 26.5 Mt at 1.61 g/t, containing 1.37 Moz of gold 2 Mineral Resources reported within a pit shell using a $1,250/oz gold price: Indicated Mineral Resource estimate of Mt at 1.94 g/t, containing 5.67 Moz of gold 2 Inferred Mineral Resource estimate of Mt at 1.58 g/t, containing 844 Koz of gold 2 Based on approx. 192,000 m of exploration drilling in 928 drill holes (including 70,877 m in 294 holes drilled by B2Gold since June 2014) Infill drilling in 2019 targeted to convert Inferred Mineral Resources to Indicated Mineral Resources Mineral Resource is contiguous to the north of the current Fekola reserve pit boundary (Fekola North Extension) and extends the resource pit boundary 1.2 km to the north Exploration drill results demonstrate that gold mineralization continues to the north, and remains open, indicating the potential to further expand Mineral Resources with additional drilling Fekola North Extension remains open to the north and down plunge 1. Refer to news release dated October 25, Using an above cutoff of 0.6 g/t gold

35 MASBATE MINE: THE PHILIPPINES Open Pit 35 GOLD PRODUCTION FY 2018: Masbate EXCEEDED THE UPPER LIMIT of its already increased production guidance range Q ,555 oz 2018 ANNUAL GUIDANCE Koz Koz Q ,542 oz Q ,147 oz FY ,498 oz Q ,254 oz Probable gold reserves Moz Indicated gold resources Moz Inferred gold resources Moz 2019 E gold production 200 Koz 210 Koz 2019 exploration budget $4 M 2019 capex $38 M CASH OPERATING COSTS (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 3 AISC (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 3 25% BELOW BUDGET $710 $534 FIRST 9 MONTHS 2018 $545 $595 Masbate s FY 2018 cash operating costs are expected to be AT THE LOWER END of its revised guidance range 23% BELOW BUDGET $930 FIRST 9 MONTHS 2018 $780 $ Refer to pages in B2Gold s Annual Information Form, dated March 23, 2018, for Mineral Reserves & Resources summary, and respective footnotes 2. Guidance revised: Refer to Q3 & Year-to-Date ( YTD ) 2018 Production & Revenue news release, dated October 11, Guidance revised: Refer to Q3 & YTD 2018 Earnings news release, dated November 6, 2018 $717 Masbate s FY 2018 AISC are expected to be AT THE LOWER END of its revised guidance range

36 OTJIKOTO MINE: NAMIBIA Open Pit 36 GOLD PRODUCTION FY 2018: Otjikoto was ABOVE THE MID-POINT of its production guidance range Q ,766 oz 2018 ANNUAL GUIDANCE 160 Koz Koz Q ,403 oz Q ,499 oz FY ,346 oz Q ,678 oz Ownership 90% Probable gold reserves Moz Indicated gold resources Moz Inferred gold resources Moz 2019 E gold production 165 Koz 175 Koz 2019 exploration budget $5 M 2019 capex $51 M CASH OPERATING COSTS (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 4% BELOW BUDGET $533 $514 $480 $525 Otjikoto s FY 2018 cash operating costs are forecast to be WITHIN its guidance range AISC (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 2% BELOW BUDGET $762 $747 FIRST 9 MONTHS 2018 FIRST 9 MONTHS 2018 $700 $750 Otjikoto s FY 2018 AISC are forecast to be AT THE UPPER END of its guidance range 1. Refer to pages in B2Gold s Annual Information Form, dated March 23, 2018, for Mineral Reserves & Resources summary, and respective footnotes

37 LA LIBERTAD MINE: NICARAGUA Open Pit & Underground 37 GOLD PRODUCTION FY 2018: La Libertad was BELOW THE LOW END of its revised production guidance range Q ,193 oz 2018 ANNUAL GUIDANCE 2 90 Koz - 95 Koz Q ,995 oz Q ,367 oz FY ,963 oz Q ,408 oz Ownership 100% Probable gold reserves Moz Indicated gold resources Moz Inferred gold resources Moz 2019 E gold production 95 Koz 100 Koz 2019 exploration budget $3 M 2019 capex $24 M CASH OPERATING COSTS (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 3 AISC (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 3 $824 12% ABOVE BUDGET $919 $855 $905 La Libertad s FY 2018 cash operating costs are forecast to be AT OR SLIGHTLY ABOVE THE UPPER END of its guidance range 2% BELOW BUDGET $1,213 $1,183 FIRST 9 MONTHS 2018 FIRST 9 MONTHS 2018 $1,160 $1,210 La Libertad s FY 2018 AISC are forecast to be AT OR SLIGHTLY ABOVE THE UPPER END of its guidance range 1. Refer to pages in B2Gold s Annual Information Form, dated March 23, 2018, for Mineral Reserves & Resources summary, and respective footnotes 2. Guidance revised: Refer to Q3 & YTD 2018 Production & Revenue news release, dated October 11, Guidance revised: Refer to Q3 & YTD 2018 Earnings news release, dated November 6, 2018

38 EL LIMON MINE: NICARAGUA Open Pit & Underground 38 GOLD PRODUCTION FY 2018: El Limon was NEAR THE LOW END of its revised production guidance range Q ,893 oz 2018 ANNUAL GUIDANCE 3 50 Koz - 55 Koz Q ,098 oz Q ,529 oz FY ,629 oz Q ,109 oz Ownership 1 100% Probable gold reserves Moz Indicated gold resources Moz Inferred gold resources Moz 2019 E gold production 55 Koz 60 Koz 2019 exploration budget $3 M 2019 capex $30 M CASH OPERATING COSTS (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 4 AISC (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 4 $751 24% ABOVE BUDGET $928 $850 $900 El Limon s FY 2018 cash operating costs are forecast to be AT OR SLIGHTLY ABOVE THE UPPER END of its guidance range 22% ABOVE BUDGET $1,229 $1,500 FIRST 9 MONTHS 2018 FIRST 9 MONTHS 2018 $1,385 $1,435 El Limon s FY 2018 AISC are forecast to be AT THE UPPER END of its guidance range 1. In May 2018, B2Gold purchased the remaining 5% interest in El Limon Mine for $2.5 M, thereby increasing its ownership interest in El Limon to 100% from 95% 2. Refer to pages in B2Gold s Annual Information Form, dated March 23, 2018, for Mineral Reserves & Resources summary, and respective footnotes 3. Guidance revised: Refer to Q2 & FH 2018 Production & Revenue news release, dated July 11, Guidance revised: Refer to Q3 & YTD 2018 Earnings news release, dated November 6, 2018

39 EL LIMON MINE EXPANSION STUDY Highlights 39 Basis of study: In February 2018, B2Gold announced a positive initial open-pit Inferred Mineral Resource at the newly-discovered El Limon Central zone at El Limon property in Nicaragua of 5.1 Mt at 4.92 g/t containing 812 Koz of gold 1 On October 22, 2018, B2Gold announced positive results for El Limon expansion study Projected annual processing rate increase to 600 thousand tonnes per annum ( Ktpa ) from current rate of 485 Ktpa Life of mine ( LoM ) is estimated at 10 years based on Inferred Mineral Resources from open pit and underground sources with an additional +11 years by processing historic mine tailings Estimated significant increase in average annual gold production to approx. 75 Koz/y of mining an average of over 18 Koz of gold per year when subsequently processing tailings from historic high-grade mining Lower estimated average cash operating costs below $600/oz and lower estimated AISC of approx. $900/oz of gold (excluding expansion capital costs) Estimated expansion capital cost of approx. $35 M over approx. 16 months for plant upgrades and expansion Forecast LoM after-tax net cash flow of over $235 M at a gold price of $1,300/oz Forecast after-tax net present value of over $135 M at a 5.0% discount rate and a gold price of $1,300/oz, generating an after-tax internal rate of return of approx. 28% Ongoing drilling continues to extend El Limon Central zone to the north. Mineralization remains open to the north and at depth 1. Refer to news release dated February 23, 2018

40 2019 EXPLORATION BUDGET SUMMARY 40 Country Project Budget ($) Budget (%) Mali Fekola/Regional $17,539, % Burkina Faso Kiaka/Regional $3,405, % Nicaragua El Limon $3,138, % The Philippines Masbate $3,562, % Namibia Otjikoto $4,805, % Nicaragua La Libertad $3,324, % Greenfields and other projects Various $7,607, % Total $43,384,171

41 PROBABLE MINERAL RESERVE ESTIMATES 1 41 As of December 31, 2017 Country Mine Tonnes (t) Gold Grade (g/t Au) Contained Gold Ounces (oz) Contained Gold Kilograms (kg) Mali Fekola 38,660, ,917,000 90,700 The Philippines Masbate 88,520, ,420,000 75,300 Namibia Otjikoto 19,530, ,000 30,600 Nicaragua La Libertad 1,490, ,000 2,500 Nicaragua El Limon 820, ,000 3,400 Total Probable Mineral Reserves (includes Stockpiles) 6,514, , Refer to following slide for footnotes

42 NOTES TO MINERAL RESERVE ESTIMATES Mineral Reserves have been classified using the CIM Standards. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content. 2. Fekola Mine: Mineral Reserves are reported on an 80% attributable basis; B2Gold expects that the State of Mali will hold a 20% interest in the Fekola Mine. For further details of B2Gold s interest in the Fekola Mine, see the heading Material Properties Fekola Mine Property Description, Location and Access in B2Gold s Annual Information Form The Mineral Reserves have an effective date of December 31, The Qualified Person for the reserve estimate is Peter D. Montano, P.E., who is B2Gold s Project Director. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,250/oz, metallurgical recovery of 93%, and average operating cost estimates of US$2.65/t mined (mining), US$15.81/t processed (processing) and US$3.13/t processed (general and administrative). Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.8 g/t Au cutoff there is a 2.8% increase in tonnes, a 3.1% reduction in grade and 0.5% reduction in ounces when compared to the Mineral Resource model. An additional 5% dilution and 2% ore loss was applied during pit optimization and scheduling. Mineral Reserves are reported above a cutoff grade of 0.8 g/t Au. 3. Masbate Gold Project: Mineral Reserves are reported on a 100% attributable basis. Pursuant to the ore sales and purchase agreement between Filminera Resources Corporation ( Filminera ) and Philippine Gold Processing & Refining Corporation ( PGPRC ), B2Gold s wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. The Mineral Reserves have an effective date of December 31, The Qualified Person for the reserve estimate is Kevin Pemberton, P.E., who is B2Gold s Chief Mine Planning Engineer. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,250/oz, modeled metallurgical recovery (resulting in average LoM metallurgical recoveries by pit that range from 65% to 82%), and operating cost estimates of US$1.50/t-$1.60/t mined (mining), a variable ore differential cost by pit (average cost is US$0.17), US$8.45/t processed (processing) and US$ /t processed (general and administrative). Dilution and ore loss were applied through block averaging such that at a cutoff of 0.49 g/t Au, there is a 7% increase in tonnes, a 6% reduction in grade and no change in ounces when compared to the Mineral Resource model. Mineral Reserves are reported at cutoffs that range from g/t Au. 4. Otjikoto Mine: Mineral Reserves for Otjikoto and Wolfshag are reported on a 90% attributable basis; the remaining 10% interest is held by EVI Mining (Proprietary) Ltd., a Namibian empowerment company ( EVI ). The Mineral Reserves have an effective date of December 31, The Qualified Person for the reserve estimate is Peter Montano, P.E., who is B2Gold s Project Director. Mineral Reserves that will be mined by open pit methods assume a gold price of US$1,250/oz, metallurgical recovery of 98%, and operating cost estimates of US$1.79/t mined (mining), US$12.27/t processed (processing) and US$3.67/t processed (general and administrative). Dilution and ore loss was applied through block averaging such that at a cutoff of 0.45 g/t Au, there is a 1% decrease in tonnes, a 4% reduction in grade and 5% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves are reported at a cutoff of 0.45 g/t Au. 5. La Libertad Mine: Mineral Reserves are reported on a 100% attributable basis, and have an effective date of December 31, The Qualified Person for the estimate is Kevin Pemberton, P.E., who is B2Gold s Chief Mine Planning Engineer. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,250/oz, metallurgical recoveries that range from 90% to 94%, and operating cost estimates of US$2.55/t mined (mining), US$13.93/t processed (processing) and US$4.31/t processed (general and administrative). Dilution and ore loss was applied to the Jabali material through block averaging such that at a cutoff of 0.73 g/t Au, there is a 10% increase in tonnes, a 27% reduction in grade and 20% reduction in ounces when compared to the Mineral Resource model. No dilution is applied to spent-ore. Mineral Reserves are reported at cutoffs that range from g/t Au. 6. El Limon Mine: Mineral Reserves are reported on a 95% attributable basis; the remaining 5% interest is held by Inversiones Mineras S.A. ( IMISA ). The Mineral Reserves have an effective date of December 31, The Qualified Person for the estimate is Kevin Pemberton, P.E., who is B2Gold s Chief Mine Planning Engineer. Mineral Reserves are based on underground long-hole stoping mining methods, gold price of US$1,250/oz, metallurgical recovery of 93.5%, and operating cost estimates of US$ /t of ore mined (mining), US$24.61/t processed (processing) and US$11.57/t processed (general and administrative). Dilution of 24-37% is applied to most zones in addition to 90% mine recovery for all zones. Mineral Reserves are reported at cutoffs that range from g/t Au. 7. Stockpiles: Mineral Reserves in stockpiled material are reported in the totals for the Masbate, Otjikoto and Fekola mines, and were prepared by mine site personnel at each operation. Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine grade control methods. Stockpile cutoffs vary by deposit, from g/t Au.

43 MEASURED & INDICATED MINERAL RESOURCE ESTIMATES 1 As of December 31, Country Mine or Project Tonnes (t) Gold Grade (g/t Au) Contained Gold Ounces (oz) Contained Gold Kilograms (kg) Measured Burkina Faso Kiaka 27,310, ,000 29,600 Total Measured Mineral Resources 953,000 29,600 Indicated Mali Fekola 59,170, ,948, ,800 The Philippines Masbate 120,430, ,411, ,100 Namibia Otjikoto 35,390, ,513,000 47,100 Nicaragua La Libertad 2,660, ,000 6,500 Nicaragua El Limon 2,310, ,000 11,700 Burkina Faso Kiaka 96,830, ,986,000 92,900 Colombia Gramalote 79,660, ,926,000 59,900 Total Indicated Mineral Resources (includes Stockpiles) 14,368, ,900 Measured and Indicated Mali Fekola 59,170, ,948, ,800 The Philippines Masbate 120,430, ,411, ,100 Namibia Otjikoto 35,390, ,513,000 47,100 Nicaragua La Libertad 2,660, ,000 6,500 Nicaragua El Limon 2,310, ,000 11,700 Burkina Faso Kiaka 124,140, ,938, ,500 Colombia Gramalote 79,660, ,926,000 59,900 Total Measured and Indicated Mineral Resources (includes Stockpiles) 15,321, , Refer to slide 45 for footnotes

44 INFERRED MINERAL RESOURCE ESTIMATES 1 As of December 31, Country Mine or Project Tonnes (t) Gold Grade (g/t Au) Contained Gold Ounces (oz) Contained Gold Kilograms (kg) Mali Fekola 4,190, ,000 7,100 Mali Anaconda 18,350, ,000 20,300 The Philippines Masbate 7,200, ,000 6,000 Namibia Otjikoto 4,600, ,000 7,800 Nicaragua La Libertad 3,170, ,000 14,000 Nicaragua El Limon 5,920, ,000 28,700 Burkina Faso Kiaka 27,330, ,000 25,300 Burkina Faso Toega 14,200, ,000 28,500 Colombia Gramalote 61,330, ,025,000 31,900 Total Inferred Mineral Resources 5,455, , Refer to following slide for footnotes

45 NOTES TO MINERAL RESOURCE ESTIMATES Mineral Resources have been classified using the CIM Standards. Mineral Resources are reported inclusive of those Mineral Resources that have been modified to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content. 2. Fekola Mine: Mineral Resources are reported on an 80% attributable basis; B2Gold expects that the State of Mali will hold a 20% interest in the Fekola Mine. For further details of B2Gold s interest in the Fekola Mine, see the heading Material Properties Fekola Mine Property Description, Location and Access in B2Gold s Annual Information Form The Mineral Resources have an effective date of December 31, The Qualified Person for the resource estimate is Tom Garagan, P.Geo., who is B2Gold s Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., who is B2Gold s Project Director. Mineral Resource estimates assume an open pit mining method, gold price of US$1,400/oz, metallurgical recovery of 93%, and average operating cost estimates of US$2.65/t mined (mining), US$15.81/t processed (processing) and US$3.13/t processed (general and administrative). Mineral Resources are reported at a cutoff of 0.6g/t Au. 3. Anaconda: Mineral Resources are reported on an 85% attributable basis; under the Mali Mining Code (2012), the State of Mali has the right to a 10% free carried interest and has an option to acquire an additional 10% participating interest, and 5% is held by a third party. The Mineral Resources have an effective date of March 22, 2017 and are considered current as of December 31, The Qualified Person for the resource estimate is Tom Garagan, P.Geo., who is B2Gold s Senior Vice President, Exploration. Mineral Resource estimates assume an open pit mining method, gold price of US$1,400/oz, metallurgical recovery of 95%, and average operating cost estimates of US$1.75/t mined (mining), US$8.10/t processed (processing) and US$2.75/t processed (general and administrative). Mineral Resources are reported at a cutoff of 0.35g/t Au. 4. Masbate Gold Project: Mineral Resources are reported on a 100% attributable basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, B2Gold s wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. The Mineral Resources have an effective date of December 31, The Qualified Person for the resource estimate is Tom Garagan, P.Geo., who is B2Gold s Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Kevin Pemberton, P.E., who is B2Gold s Chief Mine Planning Engineer. Mineral Resource estimates assume an open pit mining method, gold price of US$1,400/oz, modeled metallurgical recovery (resulting in average LoM metallurgical recoveries by pit that range from 65% to 82%), and operating cost estimates of US$1.50-$1.60/t mined (mining), a variable ore differential cost by pit (average cost is US$0.17), US$8.45/t processed (processing) and US$ /t processed (general and administrative). Mineral Resources are reported at an average cutoff of 0.43 g/t Au. 5. Otjikoto Mine: Mineral Resources are reported on a 90% attributable basis; the remaining 10% interest is held by EVI. The Mineral Resources have an effective date of December 31, The Qualified Person for the resource estimate is Tom Garagan, P.Geo., who is B2Gold s Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., who is B2Gold s Project Director. Mineral Resource estimates that are amenable to open pit mining methods assume a gold price of US$1,400/oz, metallurgical recovery of 98%, and operating cost estimates of US$1.79/t mined (mining), US$12.27/t processed (processing) and US$3.67/t processed (general and administrative). Mineral Resources that are amenable to open pit mining are reported at a cutoff of 0.40 g/t Au. Mineral Resources that are amenable to underground mining are reported at cutoff of 2.60 g/t Au. 6. La Libertad Mine: Mineral Resources are reported on a 100% attributable basis, and have an effective date of December 31, The Qualified Person for the estimate is Brian Scott, P.Geo., who is B2Gold s Vice President, Geology and Technical Services. The Mineral Resource estimates amenable to open pit mining assume a gold price of US$1,400/oz, metallurgical recoveries that range from 90% to 94%, and operating cost estimates of US$2.55/t mined (mining), US$13.93/t processed (processing) and US$4.31/t processed (general and administrative). Mineral Resources amenable to open pit mining are reported at cutoffs that range from g/t Au. Mineral Resources amenable to underground mining are reported at cutoffs that range from g/t Au. 7. El Limon Mine: Mineral Resources are reported on a 95% attributable basis; the remaining 5% interest is held by IMISA. Mineral Resources for El Limon Central have an effective date of January 31, All other Mineral Resources have an effective date of December 31, The Qualified Person for El Limon Central estimates is Tom Garagan, P.Geo., B2Gold s Senior Vice President, Exploration. The Qualified Person for the other estimates is Brian Scott, P.Geo., B2Gold s Vice President, Geology and Technical Services. Mineral Resource estimates assume a gold price of US$1,400/oz, metallurgical recovery of 93.5%, and operating cost estimates of US$ /t of ore mined from underground (mining), US$2.22/t of ore mined from open pit (mining), US$24.61/t processed (processing) and US$11.57/t processed (general and administrative). Mineral Resources amenable to underground mining are reported at cutoffs that range from g/t Au. Mineral Resources amenable to open pit mining are reported at cutoffs that range from g/t Au. 8. Kiaka Project: Mineral Resources are reported on an 81% attributable basis; the remaining interest is held by GAMS-Mining F&I Ltd (9%) a Cypriot company, and the Government of Burkina Faso (10%) (including the 10% interest that will be transferred to the Burkina Faso government if the project advances). The Mineral Resource estimate has an effective date of January 8, The Qualified Person for the estimate is Ben Parsons, MSc, MAusIMM (CP), Principal Consultant for SRK Consulting. Mineral Resources assume an open pit mining method, gold price of US$1,400/oz, metallurgical recovery of 89.8%, and operating cost estimates of US$1.58/t mined (mining), US$11.89/t processed (processing, and general and administrative). Mineral Resources are reported at a cutoff of 0.4 g/t Au. 9. Toega Project: Mineral Resources are reported on an 81% attributable basis; the remaining interest is held by GAMS-Mining F&I Ltd (9%) a Cypriot company, and the Government of Burkina Faso (10%) (including the 10% interest that will be transferred to the Burkina Faso government if the project advances). The Mineral Resource estimate has an effective date of January 8, The Qualified Person for the estimate is Tom Garagan, P.Geo., who is B2Gold s Senior Vice President, Exploration. Mineral Resources assume an open pit mining method, gold price of US$1,400/oz, metallurgical recovery of 86.2%, and operating cost estimates of US$2.50/t mined (mining), US$10.00/t processed (processing) and US$2.10/t processed (general and administrative). Mineral Resources are reported at a cutoff of 0.6 g/t Au. 10. Gramalote Project: Mineral Resources are reported on a 49% attributable basis; the remaining 51% interest is held by AngloGold Ashanti Limited. Mineral Resources have an effective date of August 31, The Qualified Person for the estimate is Vaughan Chamberlain, FAusIMM, Senior Vice President, Geology and Metallurgy for AngloGold. Mineral Resources assume an open pit mining method, gold price of US$1,400, metallurgical recovery of 84% for oxide and 95% for sulphide, and operating cost estimates of US$2.30/t mined (mining), US$3.32 for oxide and US$5.71/t for sulphide processed (processing) and US$1.37/t processed (general and administrative). Mineral Resources are reported at cutoffs of 0.13 g/t Au for oxide and 0.17g/t Au for sulphide. 11. Stockpiles: Mineral Resources in stockpiled material are reported in the totals for the Masbate, Otjikoto, and Fekola mines, and were prepared by mine site personnel at each operation. Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine grade control methods. Stockpile cut-offs vary by deposit, from g/t Au.

46 46 CONTACT DETAILS B2Gold Corp. Suite 3100, 595 Burrard Street P.O. Box Vancouver, BC Canada, V7X 1J1 Tel: Toll Free: Fax: Website: Clive Johnson President, CEO & Director Ian MacLean Vice President, Investor Relations Katie Bromley Manager, Investor Relations & Public Relations To download a copy of this Corporate Presentation, please visit B2Gold s website:

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