September 2015 denver gold show

A PROFITABLE, GROWTH-ORIENTED,
INTERMEDIATE GOLD PRODUCER
SEPTEMBER 2015
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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 forward-looking 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 43-101, 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).

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About B2Gold
 Growing, Profitable Gold Producer
 Four producing gold mines
 New Otjikoto Mine in Namibia commenced production in December 2014 ahead of schedule and on
budget, achieved commercial production in Q1 2015
 Completed Fekola Feasibility Study June 2015

 Strong Record of Operational Execution
 Strong Financial Position
 Recent $350 million corporate facility

 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

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World Map

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Share Capital

Ownership Breakdown

Million Shares (1)

Total Shares Issued and Outstanding

926,662,317
30,722,840

Directors and Management
Stock Options

61,036,743

Restricted Shares Units

1,785,691

Total Shares Fully Diluted
Market Capitalization (Basic)

989,487,751
$1,510,459,577

(2)

Market Capitalization (Fully Diluted)(3)

$1,612,865,034

(1) Approximate figures are as of Sept. 2, 2015
(2) Based on the shares currently issued x the closing price of B2Gold shares of $1.63 per share on Sept. 2, 2015.
(3) Based on the fully diluted shares x the closing price of B2Gold shares of $1.63 per share on Sept. 2, 2015.

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2015 First Half Highlights
 Record half-year consolidated gold production of 237,425 ounces (including 18,815
ounces of pre-commercial production from Otjikoto), an increase of 30% over the same
period in 2014
 Consolidated gold revenue of $275.4 million (or record half-year consolidated gold
revenue of $298.5 million including $23.1 million of pre-commercial sales from Otjikoto)
 Record half-year gold sales of 229,222 ounces (or 247,688 ounces including 18,466
ounces of pre-commercial sales from Otjikoto)
 Consolidated cash operating costs of $688 per ounce, $62 per ounce or 8% below
budget
 All in Sustaining Costs of $1,072 per ounce, $148 per ounce or 12% below budget
2015 Production Guidance
 Projected consolidated gold production of 500,000-540,000 ounces at an average
operating cash cost of $630-$660 per ounce
 Projected All in Sustaining Costs of approx. $950-$1,025 per ounce
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Gold Production

Masbate, Philippines – Open pit mine
2014 gold production was 186,195 ounces of gold, at an average cash operating
cost of $724 per ounce gold
Q-2 gold production was 41,236 ounces of gold at cash operating cost of $782
per ounce
First half gold production was 87,477 ounces of gold at a cash operating cost of
$725 per ounce
First half All in Sustaining Costs of $1,029 per ounce gold
In 2015 Masbate is projected to produce 170,000-180,000 ounces of gold at
operating cash costs of $740-$775 per ounce

Otjikoto, Namibia - Open pit mine
Q-2 gold production was 36,963 ounces of gold at cash operating costs of $485
per ounce
First half gold production was 68,097 ounces at cash operating costs of $483 per
ounce (1)
First half All in Sustaining Costs of $615 per ounce gold
In 2015 Otjikoto is projected to produce 140,000-150,000 ounces of gold at
operating cash costs of $500-$525 per ounce
Includes 18,815 ounces of pre commercial production, cash operating costs
are calculated from March 1st to June 30th as commercial production was
achieved on February728th
(1)

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Gold Production (Con’t)
La Libertad Mine, Nicaragua - Open pit mine
Total gold production for 2014 was a record 149,763 ounces at cash operating

costs of $572 per ounce gold
Q2 2015 production was 27,681 ounces of gold at cash operating costs of $813
per ounce
First half gold production was 53,007 ounces of gold at cash operating costs of
$826 per ounce
First half All in Sustaining Costs of $1,164 per ounce gold
 In 2015 La Libertad is projected to produce 135,000-145,000 ounces of gold at
cash operating costs of $605-$635 per ounce

El Limon Mine, Nicaragua - Open pit and underground mine
Total gold production for 2014 was 48,045 at cash operating costs of $844 per
ounce gold
Q2 2015 gold production was 15,686 ounces at an average operating cash cost
of $615 per ounce
First half gold production was 28,844 ounces of gold at cash operating costs of
$671 per ounce
First half All in Sustaining Costs of $1,259 per ounce gold
 In 2015 El Limon is projected to produce 55,000-65,000 ounces of gold at cash
operating costs of $680-$710 per ounce
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Mining in Namibia
ANGOLA
 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

WALVIS BAY

 Good water supply on site

BOTSWAN
A

 Self generating power supply
 Deep water port access (Walvis Bay)

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Otjikoto Mine (1)
Commenced production on December 11, 2014, on budget and ahead of schedule
Otjikoto Preliminary Mine Plan


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)



5 year average production of 180,000 ounces of gold per year at an average operating cash cost of $445 - $470 (3)



LOM average is 175,000 over 9 years at $550 - $575 per ounce gold (excludes last two years of processing
stockpiled ore)



Commercial production achieved in Q1 2015



Continued excellent safety record

Updated Production Schedule Including Wolfshag Zone (3)


Plant and supporting infrastructure has been 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 (on schedule).



This will increase annual gold production to approximately 200,000 ounces in 2016 and 200,000 ounces in 2017,
including open pit mining from Wolfshag beginning in late 2016



Wolfshag zone has an inferred resource of 2.6 million tonnes at 8.14g/t gold containing 675,000 ounces gold which

could facilitate a further increase in annual gold production (2) (infill and exploration drilling ongoing)



The measured and indicated resource is 1.035 million tonnes at 2.81 g/t containing 93,000 ounces of gold

•
•
(3)

All figures based on a 100% basis, B2Gold 90% ownership
Calculated using $1,350 gold
Includes a portion of the Wolfshag Zone inferred resource which requires further drilling to move to reserve category

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Otjikoto Gold Mine

Batch Plant

Office

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Otjikoto Project Map
Wolfshag Zone

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Mining In Mali
40+ Moz District

 Africa’s 3rd largest gold producer
– 8 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-14

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AngloGold

Anglogold

Randgold
Endeavour

Randgold
Teranga
Sabodala

B2Gold
Papillon


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
 B2Gold Final Feasibility Study filed
June 11, 2015
 Significant, ongoing, resource
growth and exploration potential;
 Mineralization open down plunge on the
main Fekola deposit
 Additional targets on the property
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Fekola Feasibility Highlights(1)

 Open pit gold mine with an initial production life of mine (“LOM”) of 12.5 years
based on probable mineral reserves
 Average annual gold production for years one through seven of 350,000 ounces
per year at a $418 operating cash cost per ounce
 Average annual LOM gold production of 276,000 ounces per year at an
operating cash cost of $552 per ounce
 New open pit probable mineral reserves of 49.2 million tonnes at a grade of
2.35 grams per tonne (“g/t”) gold containing 3.72 million ounces of gold (2) at a
stripping ratio of 4.5:1
 Average LOM gold recovery of 92.8% resulting in a total of 3.45 million ounces
produced over the 12.5 year life of mine
(1) 100% basis
(2) Using $1,300 gold and an elevated cut off grade of 0.8 grams per tonne
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Fekola Feasibility Highlights(1)
(Cont.)

 Estimated pre-production capital cost of $395 million plus $67 million for fleet and
generator costs which are expected to be lease financed. This does not include
approximately $30 million of early works which were completed June 30th 2015
 Cumulative LOM net cash flow pre-tax of $1.67 billion at an assumed gold price of
$1,300 per ounce
 Net present value (“NPV”) pre-tax of $1.01 billion at a 5% discount rate generating
a pre-tax internal rate of return (“IRR”) of 34%
 Plant and supporting infrastructure will be built to a design throughput of 4.0

million tonnes per annum with a 25% design factor which allows for future
throughput expansion with minimal additional capital outlay
 Pre-construction activities have commenced at the Fekola Project and, based on
current assumptions, commencement of production is expected in the fourth
quarter of 2017
(1) 100% basis
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Fekola Project, Mali
Construction Update

 Improving the existing access road between
Kenieba and the site (complete)
 Construction of a new site access road
(materially complete)
 Construction of an on-site airstrip designed to
allow personnel to fly directly in and out of the
site (90% complete)
 Construction of the camp pad and
commencement of excavations within the mill
footprint well underway
 Excavation and stockpiling of sand and gravel
from the local river for construction purposes
continues
 All critical tasks have been completed to allow
B2Gold to continue with the development of the
project through the rainy season (June through
September)
 On schedule for gold production at the end of

the fourth quarter 2017
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Projected Production
Projected Annualized Production Rate (koz)

~350

(4)

Based on current assumptions
(2)
Actual
(3)
Does not include 7,159 ounces of pre-commercial production from Otjikoto Mine 18
(4)
Fekola commencing production late 2017 or early 2018, production based on average annual production over first 7 years
(1)

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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 of gold
per year for 10.3 years at an average operating cash cost $671 per ounce 124.1 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, potential 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 Study is expected to be completed in the first half of 2016, all permits expected by year end
 Multiple additional targets in similar structural settings located on the 183.8 km 2 property
Based on Volta Resources disclosure

(1)

On a 100% basis, B2gold ownership 81%

(2)

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 43-101. 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.
(3)

Based on 1.0 gram per tonne cut off, 100% basis

(4)

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Gramalote Project, Colombia

(1)

B2Gold (49%) / AngloGold (51%)

 B2Gold completed a Preliminary Economic Assessment in March 2014
 Measured and Indicated Resource of 132.7 million tonnes grading 0.63 g/t for 2.6 million ounces of gold
 Inferred Resource of 239.7 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

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CSR Activities
Strong devotion to Corporate Social Responsibility
•Recipient of National CSR Award under the category of "Economic
Empowerment and Community Impact“ in Nicaragua

Namibia

Namibia

Nicaragua

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Growth Strategy

 Focus on core assets
 Optimize production at existing mines
 Cost control
 Brownfields exploration
 Potential expansion
 Continue Fekloa Mine construction
 Scheduled for production late 2017
 Advance development projects
 Kiaka Project- Feasibility stage
 Gramalote Project- Permitting
 Maintain strong cash position
 Exploration initiatives
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Appendix

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Revolving Credit Facility
On May 20, 2015, the Company signed a credit agreement for a new $350 million Revolving Credit
Facility (the “new RCF”) which, subsequently, closed June 11, 2015
4 year term maturing May 20, 2019
Allows for an accordion feature whereby the Facility may be increased to $450 million at any time
prior to maturity
HSBC, as Sole Lead Arranger and Sole Bookrunner, will act as the Administrative Agent
Syndicate includes The Bank of Nova Scotia, Société Générale and ING Bank N.V, as Mandated Lead
Arrangers
Interest on a sliding scale of between LIBOR plus 2.25% to 3.25% based on Company’s consolidated
net leverage ratio
Commitment fees for undrawn portion will also be on a similar sliding scale basis of between 0.5%
and 0.925%
Initial drawdown of $150 million used to repay the $150 million drawn down on existing $200 million
facility

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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 1990. 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
 Strong commitment to social programs

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MINING AND EXPLORATION
EXPLORATION
CALIBRE JV