A PROFITABLE, GROWTH-ORIENTED, INTERMEDIATE GOLD PRODUCER DECEMBER 2014

Transcription

1 A PROFITABLE, GROWTH-ORIENTED, INTERMEDIATE GOLD PRODUCER DECEMBER

2 Cautionary Statement This presentation includes certain forward-looking statements within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein including, without limitation, statements relating to B2Gold s future operating or financial performance, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as plans, expects, anticipates, budgets, believes, intends, estimates, potential, possible and similar expressions, or statements that events, conditions or results will, may, could, or should occur or be achieved. These forward-looking statements may include statements regarding perceived merit of properties; anticipated production; exploration results and budgets; mineral reserves and resource estimates; work programs; capital expenditures; timelines; strategic plans; completion of transactions; market price of precious base metals; or other statements that are not statements of fact. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations include the uncertainties involving [risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases; fluctuations in metal prices and currency exchange rates; the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for cooperation of government agencies in the development and operation of properties; the need to obtain permits and governmental approvals;] and other risk and uncertainties disclosed in reports and documents filed by B2Gold with applicable securities regulatory authorities from time to time. The forward-looking statements made herein reflect our beliefs, opinions and projections on the date the statements are made. Except as required by law, we assume no obligation to update the forwardlooking statements of beliefs, opinions, projections, or other factors, should they change. 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. discussed herein. (All amounts in this presentation are expressed in United States dollars, unless otherwise stated). 2

3 About B2Gold Growing, Profitable Gold Producer Three producing gold mines Otjikoto Mine scheduled to commence production in Q Strong Record of Operational Execution Strong Financial Position Good Access to Capital Proven Management Team Former management and technical teams of Bema Gold Strong teams in Nicaragua, the Philippines, Namibia, Mali and Burkina Faso Ability to discover, finance, build and operate profitable gold mines around the world Demonstrated History of Accretive Acquisitions and Exploration Success 3

4 World Map 4

5 Annual Production (koz Gold) (1) Projected Production New B2Gold Projected Production (koz) 1,000 ~ ~ (2) (1) Based on current assumptions (2) Actual (2) E 2015E 2016E 2017E La Libertad Nicaragua Limon Nicaragua Masbate Philippines 5 Otjikoto Namibia Fekola Mali 5

6 Share Capital Ownership Breakdown Million Shares (1) Total Shares Issued and Outstanding 917,612,046 Stock Options held by Executive founders and Chairman 0 Stock Options and Restricted Share Units 44,073,854 Total Shares Fully Diluted 961,685,900 Shares Held by Directors and Officers 31,159,592 Current Market Capitalization (2) $1.9 billion 1) Approximate figures are as of October 9, 2014; excludes Convertible Debenture 2) Based on closing price of B2Gold shares of $2.05 per share on November 24, 2014, on a fully diluted basis 6 6

7 Production La Libertad Mine, Nicaragua (100%) - Open pit mine 2013 record gold production of 138,726 ounces at cash operating costs of $563 per ounce 2014 budgeted gold production of approximately 143, ,000 ounces at a budgeted cash operating costs of $545 - $565 per ounce El Limon Mine, Nicaragua (95%) - Open pit and underground mine 2013 record gold production of 58,191 ounces at cash operating costs of $652 per ounce 2014 budgeted gold production of approximately 50,000 ounces at an operating cash cost of approximately $835 per ounce Masbate, Philippines 2013 attributable gold production of 169,396 ounces at cash operating costs of $788 per ounce- 176,483 total gold production 2014 budgeted gold production of 180,000 ounces at a budgeted cash operating costs of $765-$800 per ounce 7

8 2014 Third Quarter and First Nine Months Highlights 2014 Third Quarter Highlights Gold production of 90,192 ounces at a cash operating cost of $732 per ounce Gold revenue of $114.9 million on sales of 91,282 ounces at an average price of $1,259 per ounce Cash flow from operating activities before changes in non-cash working capital of $27 million ($0.04 per share) Strong cash position of $179 million at quarter end Masbate Mine expected to complete the year with a strong fourth quarter; achieves record monthly gold production of 20,423 ounces in October 2014 Mine construction at Otjikoto remains on budget and schedule with first gold pour scheduled for mid-december 2014 Acquisition of Papillon Resources Limited completed on October 3, First Nine Month Highlights Gold production of 272,199 ounces, an increase of 4% over the same period in 2013 Gold revenue of $364.2 million on sales of 283,607 ounces at an average price of $1,284 per ounce Consolidated cash operating costs of $694 per ounce of gold produced, in-line with year-to-date budget and tracking within the Company s full-year 2014 guidance range Cash flow from operating activities before changes in non-cash working capital of $100.2 million ($0.15 per share) 8 8

9 2014 Guidance Projected consolidated gold production of 380, ,000 ounces at an average operating cash cost of $667 - $695 per ounce Projected all-in sustaining costs of approx. $1,025- $1,125 per ounce Scheduled to complete construction of the Otjikoto mine in Namibia in Q4 2014, first full year of production scheduled for 2015 Continued strong financial position Revolving Credit Facility of $200 million : $125 million drawn at Q Strong operating cash flow profile and good access to debt markets as required 9 9

10 Mining in Namibia Population of 2.3 million (2011 World Bank estimate) Strong history of mining Mining plays vital role in the Namibian economy Stable Government Encourages foreign investment Mining corporate tax rate 37.5%, NSR 3% Favourable tax treatment on capital expenditures Good national infrastructure Otjikoto Project infrastructure 3km from paved National Highway B1 Good water supply on site Self generating power supply Deep water port access (Walvis Bay) WALVIS BAY ANGOLA BOTSWANA

11 Otjikoto Mine Based on Original Feasibility Study (1) Open pit gold mine with an initial life of mine ( LOM ) of 12 years based on the probable mineral reserves Probable open pit mineral reserves for the main Otjikoto ore body are 26.5 million tonnes at 1.42 g/t gold containing 1.21 million ounces of gold (2), strip ratio of 5.6:1 Average annual gold production for years one to five of 141,000 ounces per year at a $524 operating cash cost per ounce of gold Updated Production Schedule Plant and supporting infrastructure is being built to provide for a plant expansion from initial design capacity of 2.5 million tonnes per annum to 3.0 million tonnes per annum by the third quarter of 2015 at a cost of approximately $15 million which will increase annual gold production to approximately 200,000 ounces in 2016 and 200,000 ounces in 2017, including open pit mining from Wolfshag Wolfshag zone has new resource of 6.8 million tonnes at 3.2g/t gold containing 703,000 ounces gold which could facilitate a further increase in annual gold production (3) (infill and exploration drilling ongoing) Construction on schedule and on budget; commencement of production scheduled for mid Dec. 2014, 92% complete (1) All figures based on a 100% basis, B2Gold 90% ownership (2) Calculated using $1,350 gold (3) Calculated using $1,550 gold

12 Otjikoto Construction October 2014 Batch Plant Office 12 12

13 Otjikoto Construction November 2014 Batch Plant Office 13 13

14 Otjikoto Project Map Wolfshag Zone 14 14

15 Otjikoto Project Map Wolfshag Zone

16 Mining In Mali Africa s 3rd largest gold producer over 1.3 Moz produced mines operating in a 40+ Moz District includes Fekola Northern Mali conflict no meaningful impact on SW Mali operations 2013 democratic elections successfully concluded Widely praised for transparency new government formed Favourable fiscal regime Government very supportive of mining recent mining conventions No restrictions on foreign investment or capital flows in and out of Mali New Mining Act 2012 being implemented Fekola Environmental permit granted May-13 Fekola Mining permit granted Feb Teranga Sabodala 40+ Moz District AngloGold Anglogold Randgold Endeavour Randgold Papillon B2Gold

17 Fekola Project, Mali Merger with Papillon Resources completed on October 3, 2014 to acquire the Fekola Project and various exploration projects in Mali B2Gold Preliminary Economic Assessment filed August 13, 2014 Fekola has as current measured and indicated mineral resource estimate of 63.7 Mt for 1.91g/t (1) Projected average annual gold production of approx. 300,000 ounces over an 8.6 year mine life (1) Significant, ongoing, resource growth and exploration potential; mineralization open at depth and along strike Jan 2013 PEA MRE 63.7 Mt for 1.91 g/t B2Gold is currently completing Feasibility Study at Fekola (1) based on January 2013 B2GOLD PEA Mineral Resource Estimate at a 0.6 g/t cutoff 17

18 Kiaka Project (1)(2) One of the largest undeveloped gold resources in West Africa Volta Prefeasibility Study based on 12 million tonnes per annum plant, producing 340,000 ounces per year for 10.3 years million tonnes at 0.99 g/t gold for 3.9 million ounces in Measured and Indicated Category and 27.3 million tonnes at 0.93 g/t for 815,000 ounces in the Inferred Category (3) Included in the Measured and Indicated resources are 54.0 million tonnes at 1.49 g/t for 2.58 million ounces in the Measured and Indicated Category (4) Mostly contained in a single, large open pit containing a wide orebody leading to a low stripping ratio of 2.95:1 Projected gold recoveries of approximately 90% For Feasibility Study, smaller throughput cases with higher grade and lower capital costs will be reviewed Feasibility expected to be completed by the late 2015, all permits expected by year end Multiple additional targets in similar structural settings located on the km2 property (1) Based on Volta Resources disclosure (2) On a 100% basis, B2gold ownership 81% (3) The mineral resource estimate for the Kiaka Project was prepared as of January 8, 2013 by Ben Parsons, MSc, MAusIMM (CP), Principal Consultant for SRK Consulting (UK) Limited, a Qualified Persons defined under NI Attributable mineral resources are reported at 81% of the total mineral resource. Notwithstanding our current ownership percentage of the Kiaka Project is 90%, the attributable portion of the mineral resource has been reduced to 81% to reflect the expected reduction in our ownership percentage in the Kiaka Project upon commencement of construction and development and the 10% overall ownership percentage that will be attributable to the Burkina Faso government in accordance with applicable laws. (4) Based on 1.0 gram per tonne cut off, 100% basis 18 18

19 Gramalote Project, Colombia (1) B2Gold (49%) / AngloGold (51%) B2Gold recently announced a Preliminary Economic Assessment New Measured and Indicated Resource of million tonnes grading 0.63 g/t for 2.6 million ounces of gold New Inferred Resource of million tonnes grading 0.44 g/t for 3.4 million ounces 16 million tonnes per year, 95% recoveries, 14 year mine life Estimated average LOM gold production of 317,500 ounces per year at $664 direct cash cost per ounce Estimated preproduction capital costs; $1.176 billion Net present value ( NPV ) pre-tax of $714 million and after-tax of $398 million at a 5.06% discount rate and gold price of $1,351 per ounce generating an after-tax internal rate of return ( IRR ) of 11.5% Positive economics at today s gold prices, however not on B2Gold s priority list to develop a Feasibility study at this time Will continue, with partners, to advance the Environmental Impact Study (1) All figure on a 100% basis 19 19

20 CSR Activities Global CSR budget of $15 million for 2014 Recent recipient of National CSR Award under the category of "Economic Empowerment and Community Impact in Nicaragua Namibia Nicaragua 20

21 Growth Strategy Optimize production at existing mines Cost Control Brownfields exploration Potential expansion Complete Otjikoto mine construction Infill drilling of Wolfshag Zone Advance development projects Fekola project Kiaka Project Gramalote project Maintain strong cash position 21 21

22 Annual Production (koz Gold) (1) Projected Production New B2Gold Projected Production (koz) 1,000 ~ ~ (2) (1) Based on current assumptions (2) Actual (2) E 2015E 2016E 2017E La Libertad Nicaragua Limon Nicaragua Masbate Philippines 22 Otjikoto Namibia Fekola Mali 22

23 Appendix 23

24 Mining in Nicaragua Long mining history with a strong Mining Law Rated the safest country in Central America Modern infrastructure and easily accessible Democratic Republic since Government supportive of foreign investment Tax regime 3% NSR and 30% Net Profits Tax Currency pegged to USD, no foreign currency risk B2Gold is one of the major employers in Nicaragua with more than 2,000 employees and contractors B2Gold is the largest exporter of gold in the country and the largest individual exporting company in the country Major contributor to local and national economy, one of the largest tax payers MINING AND EXPLORATION EXPLORATION CALIBRE JV Strong commitment to social programs 24

25 Nicaraguan Gold Production La Libertad Mine (100%) - Open pit mine 2013 record gold production of 138,726 ounces at cash operating costs of $563 per ounce 2014 third quarter gold production of 36,624 ounces at an operating cash cost of $ budgeted gold production of 143, ,000 ounces 2014 budgeted cash operating costs of $545 - $565 per ounce 2014 capex budget of $36.3 million 2014 exploration budget of $4.3 million El Limon Mine (95%) - Open pit and underground mine 2013 record gold production of 58,191 ounces at cash operating costs of $652 per ounce 2014 third quarter gold production of 9,822 ounces at an operating cash cost of $1,099 per ounce 2014 budgeted gold production of 50,000 ounces at an operating cash cost of approximately $835 per ounce 2014 capex budget of $19.7 million 2014 exploration budget of $4.3 million Potential to increase gold production and reduce operating costs by continuing to discover higher grade ore at both mines 25 25

26 LA LIBERTAD 2014 Current Exploration Targets LA LIBERTAD Mt Gold (g/t) Gold Oz P & P ,000 M & I ,000 INF ,000 Reserves EXCLUSIVE of Resources Chamarro - Socorro Jabali West Waste pit test Jabali Antenna - UG Drilling - Pending Cerro Quiroz N-S vein target EIA permit pending Los Angeles 5 holes 340m Mojon - UG Drilling - Central shoot - Pending Drill programs 26 Surface Exploration High grade UG drill program 26

27 LIMON Exploration Current 2014 Drilling 27 Drill Target Surface Target Veta Larga Veta Larga Chaparral Cebadilla Atravesada (OP) Tecomapa Mercedes Loma Sola Veta Nueva SP2 Pozo #4/5 EL LIMON Mt Gold (g/t) Gold Oz P & P ,000 M & I ,000 INF ,000 Reserves EXCLUSIVE of Resources 95% Ownership Bonete Concession SP1 (UG) LIM g/t Au / 1.67m LIM g/t Au / 2.88m LIM g/t Au / 2.54m SP1 Pozo #1/2/8 Bonete - Limon Concession

28 Limon Exploration 2014 Targets 28 28

29 Mining in The Philippines Long Mining History Good Mining Investment Climate and Strong Mineral Potential Favourable Investment/Tax regime, 30% corporate tax, 2% excise tax; income tax holiday for B2Gold until June 2015, could be extended to 2017 Government has endorsed the B2Gold / CGA merger as A vote of confidence in the Philippines. Masbate Mine is Largest Source of Masbate Island GDP 29

30 Masbate Gold Mine Flagship gold mine in the Philippines, produced approximately 741,000 ounces by the end of 2013 Open pit gold mine, excellent infrastructure Projected initial 15 year mine life, expansion studies underway 2013 attributable gold production of 169,396 ounces at cash operating costs of $788 per ounce- 176,483 total gold production 2014 third quarter gold production of 43,7460 ounces at an operating cash cost of $793 per ounce 2014 budgeted gold production of 190, ,000 ounces 2014 budgeted cash operating costs of $765-$800 per ounce 2014 capex budget of $37 million 2014 exploration budget of $6.2 million Excellent exploration potential Reviewing expansion potential 30

31 Masbate Overview MASBATE Mt Gold (g/t) Gold Oz P & P ,580,000 M & I ,000 INF ,000 Reserves EXCLUSIVE of Resources Pajo Mid PHRC g/t Au / 6.7m Pajo West PHRC g/t Au / 11 m Montana Pajo Pajo East Trench values to: 1.29 g/t Au / 38 m PHRC g/t Au / 3.8m PHRC g/t Au / 12.2m PHRC g/t Au / 7.1 m PHRC g/t Au / 5.9 m Colorado Main Vein 2014 Budget $ 6.25 million 19,300 m 31 Dabu Veins South Zone

32 Kiaka Project Burkina Faso Properties 32 32

33 Kiaka Deposit 200m 33

34 Exploration Budgets

35 Reserves Estimates (1) As of December 31st, 2013 Mineral Reserves Estimates (1) Mine Tonnes Gold Grade (g/t) Contained Gold Ounces La Libertad (2) 9,407, ,000 Limon (2) 1,787, ,000 Masbate (2) 114,440, ,582,000 Otjikoto (3) 26,465, ,207,000 Total Proven and Probable Mineral Reserves (excluding Fekola) 5,575,000 (1) The mineral reserves reported herein are based on the CIM standards. Mineral reserves have been rounded to reflect the accuracy of the estimate and numbers may not add due to rounding. Mineral reserves are reported exclusive of mineral resources. Mineral reserves reported herein are fully diluted. (2) The mineral reserve estimates for La Libertad, Limon and Masbate projects were compiled and verified as of December 31, 2013 under the supervision of Kevin Pemberton, P.E. (Florida, USA), Chief Mine Planning Engineer, and a Qualified Person as defined under NI The estimates reflect the attributable mineral reserves based on our 100% interest in La Libertad Mine and 95% interest in the Limon Mine. Pursuant to the ore sales and purchase agreement between PGPRC and FRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Mine and as such, the mineral reserve estimates above reflect 100% of the estimated mineral reserves for the Masbate Mine. (3) The mineral reserve estimates for the Otjikoto Project were prepared as of June 6, 2013 by Peter Montano, P.E. (Colorado, USA), Senior Project Engineer, and a Qualified Person as defined under NI The estimates reflect the attributable mineral reserves based on our 90% interest in the Otjikoto Project

36 Resource Estimates As of December 31, 2013 Measured and Indicated Mineral Resources (1) Property Tonnes Gold Grade (g/t) Contained Gold Ounces La Libertad (2) 3,770, ,000 Limon (2) 1,207, ,000 Masbate (3) 31,983, ,000 Otjikoto (4) 4,037, ,000 Kiaka (5) 124,140, ,938,000 Gramalote (6) 65,041, ,319,000 Total Proven and Probable Mineral Resources (excluding Fekola) 6,685,000 Inferred Mineral Resources (1) Mine Tonnes Gold Grade (g/t) Contained Gold Ounces La Libertad (2) 5,900, ,000 El Limon (2) 1,292, ,000 Masbate (3) 8,927, ,000 Otjikoto (4) 11,999, ,000 Kiaka (5) 27,327, ,000 Gramalote (6) 117,450, ,648,000 Total Inferred Resources (excluding Fekola) 36 4,221,000 36

37 Notes to Resource Estimates Notes: (1) Mineral resources are estimated using best practices as defined by the CIM and reporting of mineral resources is compliant and in accordance with the disclosure requirements of NI Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Mineral resources are reported exclusive of mineral reserves. Mineral resource numbers have been rounded to reflect the accuracy of the estimate and numbers may not add due to rounding. (2) Mineral resource estimates for La Libertad Mine and Limon Mine were compiled and verified as of December 31, 2013 under the supervision of Brian Scott, P.Geo., Chief Geologist, and a Qualified Person as defined under NI The estimates reflect the attributable mineral resources based on our 100% interest in La Libertad Mine and 95% interest in the Limon Mine. (3) Mineral resource estimates for the Masbate Mine have an effective date of December 31, 2013 and were prepared under the supervision of Tom Garagan, P.Geo., our Senior Vice President of Exploration, and a Qualified Person as defined under NI Mineral resources are reported within Whittle pit shells. Pursuant to the ore sales and purchase agreement between PGPRC and FRC, our wholly-owned subsidiary, PGPRC, has the right to purchase all ore from the Masbate Mine and as such, the mineral resources are reported at 100% interest. (4) Mineral resource estimates for the Otjikoto Project were prepared as of January 10, 2013 under the supervision of Mr. Tom Garagan, P.Geo., Senior Vice President of Exploration, and a Qualified Person as defined under NI The estimates reflect the attributable mineral resources based on our 90% interest in the Otjikoto Project. (5) The mineral resource estimate for the Kiaka Project was prepared as of January 8, 2013 by Ben Parsons, MSc, MAusIMM (CP), Principal Consultant for SRK Consulting (UK) Limited, a Qualified Person as defined under NI Attributable mineral resources are reported at 81% of the total mineral resource. Notwithstanding our current ownership percentage of the Kiaka Project is 90%, the attributable portion of the mineral resource has been reduced to 81% to reflect the expected reduction in our ownership percentage in the Kiaka Project upon commencement of construction and development and the 10% overall ownership percentage that will be attributable to the Burkina Faso government in accordance with applicable laws.. (6) The mineral resource estimate for the Gramalote Project (Gramalote, Trinidad and Monjas West) was prepared by Gramalote Colombia Limited personnel as of December 31, 2013 under the supervision of Mr. Vaughan Chamberlain, FAusIMM, Senior Vice President: Geology and Metallurgy for AngloGold and a Qualified Person as defined under NI The estimate reflects the attributable mineral resources based on our 49% interest in the Gramalote Project. 37

38 Fekola Resource Estimate B2Gold Preliminary Economic Assessment Inferred Mineral Resource (1) Tonnes Gold Grade (g/t) Contained Gold Ounces Measured and Indicated Mineral Resource (1) Tonnes Gold Grade (g/t) Contained Gold Ounces January 2013 Model (2) 63,700, ,910,000 August 2013 Model (3) 83,700, ,120,000 January 2013 Model (2) 7,100, ,000 August 2013 Model (3) 6,900, ,

39 Fekola Resource Estimate Notes (1) All figures reported at cutoff grade of 0.6 g/t (2) Notes to Accompany PEA Mineral Resource Table: Mineral Resources have an effective date of 15 January, 2013 and are reported on a 100% basis. The Qualified Person for the estimate is Mr Nic Johnson, M.AIG, an employee of MPR Geological Consultants Pty Ltd. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be converted to Indicated or Measured Mineral Resources as a result of continued exploration. Estimates are reported for both weathered and fresh rock. Mineral Resources are reported within a conceptual Lerchs-Grossmann pit shell that assumed the following parameters: gold price of $1,550/oz, 4 Mt/a throughput rate, a mining cost of 4.07 $/t, process costs of $19.40/t mill feed, metallurgical recovery of 92%, general and administrative costs of $2.50/t mill feed, average pit slope angles of 46º in weathered material and 48.5º in fresh rock, mining dilution of 0%, assumption of 100% mining recovery, 6% royalty, and a discount factor of 10%. The LG pit was run on MPR s January g/t Au MIK grade model. All resource categories were considered in the pit run. Figures have been rounded and totals may not sum. Tonnes are reported as metric tonnes, gold grades as grams per metric tonne; ounces are troy ounces. (3) Notes to Accompany August 2013 Mineral Resource Estimate Update Resource Table: Mineral Resources have an effective date of 5 August, 2013 and are reported on a 100% basis. The Qualified Person for the estimate is Mr Nic Johnson, M.AIG, an employee of MPR Geological Consultants Pty Ltd. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be converted to Indicated or Measured Mineral Resources as a result of continued exploration. Estimates are reported for both weathered and fresh rock. Mineral Resources are reported within a conceptual Lerchs-Grossmann pit shell that assumed the following parameters: gold price of $1,550/oz, 4 Mt/a throughput rate, a mining cost of 4.07 $/t, process costs of $19.40/t mill feed, metallurgical recovery of 92%, general and administrative costs of $2.50/t mill feed, average pit slope angles of 46º in weathered material and 48.5º in fresh rock, mining dilution of 0%, assumption of 100% mining recovery, 6% royalty, and a discount factor of 10%. The LG pit was run on MPR s August g/t Au MIK grade model. All resource categories were considered in the pit run. Figures have been rounded and totals may not sum. Tonnes are reported as metric tonnes, gold grades as grams per metric tonne; ounces are troy ounces

40 Technical Reports Libertad: Technical Report on the Orosi Mine, Nicaragua: 2008 Exploration Program and Mineral Resource Estimate, San Juan Zone, March 14, 2009, William N. Pearson, Ph.D., P.Geo., Graham Speirs, P.Eng. Jabali Zone : NI Technical Report - Jabali Project Mineral Resource Estimate, May 12, 2011, Brian Michael Scott P.Geo. Limon : Technical Report on Mineral Resources and Mineral Reserves, Limón Mine and Mestiza-La India Areas, Nicaragua, March 14, 2009, William N. Pearson, Ph.D., P.Geo., Graham Speirs, P.Eng. Otjikoto : Otjikoto Gold Project, North-Central Namibia, NI Technical Report, Preliminary Economic Assessment, October 25, 2011, Andrew McDonald, C.Eng. Gramalote : NI Technical Report on Resources Gramalote Project Providencia, Colombia, June 8, 2012, Donald E. Hulse, P.Eng. Et al Masbate : NI Technical Report Masbate Gold Project Republic Of The Philippines October 2011, June 20, 2012, Mark B. Turner, B.Eng. Et al Kiaka : NI Technical Report Kiaka Gold Project Prefeasibility Study, May 23, 2012,Tetra Tech, Jonathan Priest, SCPM, C. Eng., MIMMM, PMP, M.Eng., B.Eng. Et al 40

41 Contact Details B2Gold Corp Burrard Street P.O. Box Vancouver BC V7X 1J1, Canada Tel: Fax: Clive Johnson President, CEO Ian MacLean Vice President, Investor Relations