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A PROFITABLE, GROWTH-ORIENTED,
INTERMEDIATE GOLD PRODUCER
JANUARY 2015
1
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 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).
2
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
 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
3
World Map
4
4
Projected Production
Projected Annualized Production Rate(koz)
1,000
~ 900
Annual Production (koz Gold)
(1)
800
~300 (4)
600
600
540
150
200
366 (2)
384 (2)(3)
169
186
180
190
190
58
48
65
70
70
109
139
150
145
140
140
2012
2013
2014
2015E
2016E
2017E
400
200
200
158 (2)
49
0
(1) Based
(2) Actual
(3) Does
on current assumptions
La Libertad
Nicaragua
Limon
Nicaragua
Masbate
Philippines
Otjikoto
Namibia
5
not include 7,159 ounces of pre-commercial production from Otjikoto Mine
commencing production late 2017 or early 2018, subject to feasibility study and production decision
(4) Fekola
Fekola
Mali
5
Share Capital
Million Shares (1)
Ownership Breakdown
Total Shares Issued and Outstanding
917,612,046
Stock Options held by Executive founders and Chairman
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)
2)
0
Cdn$2.6 billion
Approximate figures are as of October 9, 2014; excludes Convertible Debenture
Based on closing price of B2Gold shares of $2.77 per share on January 20, 2015, on a fully diluted basis
6
6
2014 Gold Production
La Libertad Mine, Nicaragua (100%) - Open pit mine
Total gold production for 2014 was a record 149,763 ounces
Fourth quarter production of 36,862 ounces of gold
2014 guidance range for operating cash costs of $545-$565 per ounce(1)
El Limon Mine, Nicaragua (95%) - Open pit and underground mine
Total gold production for 2014 was 48,045
Fourth quarter production of 11,970 ounces of gold
2014 guidance for operating cash costs of approximately $650 - $695per
ounce(1)
Masbate, Philippines –Open pit mine
Actual 2014 gold production was 186,195 ounces of gold
Q4 2014 was a record quarter producing 62,972 ounces of gold
2014 guidance for operating cash costs of $765-$800 per ounce(1)
Otjikoto, Namibia- Open pit mine
 Pre-commercial production of 7,159 ounces of gold in 2014 after
commencing production in December
(1) Operating cash costs for 2015 gold production will be released with the financials in March 2015
7
7
2014 Fourth Quarter
and Full Year Highlights
2014 Fourth Quarter Highlights
 Record quarterly consolidated gold production of 111,804 ounces (or 118,963 ounces including 7,159 ounces of precommercial production from Otjikoto in December)
 Record quarterly gold production at the Masbate Mine of 62,972 ounces
 Gold revenue of $122.4 million on sales of 102,612 ounces at an average price of $1,193 per ounce
 Strong start-up performance at Otjikoto with first gold pour in December 2014 and ramp-up to commercial
production expected in the first quarter of 2015
 Otjikoto Mine construction completed in December on budget and ahead of schedule
 Strong cash position of approximately $137 million at year-end.
2014 Full Year Highlights
 Record annual consolidated gold production of 384,003 ounces (or 391,162 ounces including 7,159 ounces of precommercial production from Otjikoto in December)
 Record annual gold production at La Libertad Mine of 149,763 ounces
 Gold revenue of $486.6 million on record sales of 386,219 ounces at an average price of $1,260 per ounce
 2015 outlook provides for strong production growth of approximately 35% to between 500,000 to 540,000 ounces of
gold with cash operating costs per ounce decreasing
 Acquisition of Papillon Resources Limited completed on October 3, 2014, resulting in the acquisition of the highquality Fekola Gold Project in Mali
8
8
2015 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

Masbate is projected to produce 170,000-180,000 ounces
of gold at operating cash costs of $740-$775 per ounce

Otjikoto is projected to produce 140,000-150,000 ounces
of gold at operating cash costs of $500-$525 per ounce

La Libertad is projected to produce 135,000-145,000
ounces of gold at operating cash costs of $605-$635 per
ounce

El Limon is projected to produce 55,000-65,000 ounces of
gold at operating cash costs of $680-$710 per ounce

Pre-construction earthworks commencing Q1’15 at Fekola

Continued strong financial position
 Revolving Credit Facility of $200 million : $125 million
drawn at Q4 2014
 Strong operating cash flow profile and good access to
debt markets as required
9
9
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
WALVIS BAY
BOTSWANA
 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)
10
10
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)

(3)
5 year average production of 180,000 ounces of gold per year at an average operating cash cost of $445 - $470
 LOM average is 175,000 over 9 years at $550 - $575 per ounce gold (excludes last two years of processing
stockpiled ore)

Commercial production is expected to be acheived 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 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 beginning in late 2016
 Wolfshag zone has new 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)

(1)
(2)
(3)
The new measured and indicated resource is 1.035 million tonnes at 2.81 g/t containing 93,000 ounces of gold
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
11
11
Otjikoto Gold Mine
Batch Plant
Office
12
12
Otjikoto Project Map
Wolfshag Zone
13
13
Otjikoto Project Map
Wolfshag Zone
14
14
14
Mining In Mali
40+ Moz District
 Africa’s 3rd largest gold producer – over 1.3
Moz produced 2013
– 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
15
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

Fekola has as current measured and indicated
mineral resource estimate of 63.7 Mt for 3.91Moz
@ 1.91g/t (1)

Projected average annual gold production of
approx. 300,000 ounces over an 8.6 year mine life
(1)

Jan 2013 PEA
MRE
Significant, ongoing, resource growth and
exploration potential; mineralization open down
plunge and along strike

Preconstruction earthworks commencing in
February 2015

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
63.7 Mt for 3.91Moz
@ 1.91 g/t
16
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, potantial 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 2015, all permits expected by year end
 Multiple additional targets in similar structural settings located on the 183.8 km 2 property
(1)Based
(2)On
on Volta Resources disclosure
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 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.
(4)Based
on 1.0 gram per tonne cut off, 100% basis
1717
Gramalote Project, Colombia (1)
B2Gold (49%) / AngloGold (51%)
 B2Gold recently announced a Preliminary Economic Assessment
 New Measured and Indicated Resource of 132.7 million tonnes grading 0.63 g/t for 2.6 million ounces of
gold
 New 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
18
18
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
Namibia
Nicaragua
19
Growth Strategy
• Optimize production at existing mines
• Cost Control
• Brownfields exploration
• Potential expansion
• Advance development projects
• Fekola project- 2015 construction
• Kiaka Project- Feasibility stage
• Gramalote project- Permitting
• Maintain strong cash position
20
20
Projected Production
Projected Annualized Production Rate(koz)
1,000
~ 900
Annual Production (koz Gold)
(1)
800
~300 (4)
600
600
540
150
200
366 (2)
384 (2)(3)
169
186
180
190
190
58
48
65
70
70
109
139
150
145
140
140
2012
2013
2014
2015E
2016E
2017E
400
200
200
158 (2)
49
0
(1) Based
(2) Actual
(3) Does
on current assumptions
La Libertad
Nicaragua
Limon
Nicaragua
Masbate
Philippines
Otjikoto
Namibia
not include 7,159 ounces of pre-commercial production from Otjikoto Mine 21
commencing production late 2017 or early 2018, subject to feasibility study and production decision
(4) Fekola
Fekola
Mali
21
Appendix
22
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
23
MINING AND EXPLORATION
EXPLORATION
CALIBRE JV
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 $560

2014 budgeted gold production of 143,000 – 150,000 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
24
continuing to discover higher grade ore at both mines 24
LA LIBERTAD 2015
Current Exploration Targets
LA LIBERTAD
P&P
M&I
Mt
9.41
3.77
Gold (g/t)
1.65
2.93
Gold Oz
498,000
355,000
INF
5.90
2.59
491,000
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
25Surface
Exploration
High grade UG
drill program
25
LIMON Exploration
Current 2015 Drilling
Chaparral
Cebadilla
Drill Target
Tecomapa
Veta
Larga
Veta Larga
Surface Target
Atravesada (OP)
Mercedes
Veta Nueva
Loma Sola
EL LIMON
P&P
M&I
INF
Mt
1.79
1.21
1.29
Gold (g/t)
5.03
4.08
5.13
Gold Oz
289,000
158,000
213,000
SP2
Pozo #4/5
SP1
Pozo #1/2/8
SP1 (UG)
LIM-14-3882
6.35 g/t Au / 1.67m
LIM-14-3883
17.75 g/t Au / 2.88m
LIM-14-3884
58.43 g/t Au / 2.54m
Reserves EXCLUSIVE of Resources
95% Ownership
Bonete Concession
Bonete - Limon Concession
26
Limon Exploration
2015 Targets
27
27
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
28
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 – 200,000
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
29
29
MASBATE
P&P
M&I
INF
Masbate
Pajo Mid
Overview
PHRC114
0.99 g/t Au / 6.7m
Mt
114.44
31.98
8.93
Gold (g/t)
0.97
0.77
0.88
Gold Oz
3,580,000
788,000
253,000
Pajo West
Pajo East
Trench values to:
1.29 g/t Au / 38 m
Pajo
PHRC079
1.71 g/t Au / 11 m
PHRC112
5.82 g/t Au / 3.8m
PHRC113
1.61 g/t Au / 12.2m
PHRC101
2.0 g/t Au / 7.1 m
Reserves EXCLUSIVE of Resources
PHRC119
1.82 g/t Au / 5.9 m
Montana
Colorado
Main Vein
2014 Budget
$ 6.25 million
19,300 m
Dabu Veins
30
South Zone
Kiaka Project
Burkina Faso
Properties
31
31
Kiaka Deposit
200m
32
Exploration Budgets 2015
33
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
1.65
498,000
Limon (2)
1,787,000
5.03
289,000
Masbate (2)
114,440,000
0.97
3,582,000
Otjikoto (3)
26,465,000
1.42
1,207,000
Total Proven and Probable Mineral Reserves
5,575,000
(excluding Fekola)
(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 43-101. 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 43-101. The estimates reflect the attributable mineral reserves based on our 90% interest in the Otjikoto Project.
3434
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
2.93
355,000
Limon (2)
1,207,000
4.08
158,000
Masbate (3)
31,983,000
0.77
788,000
Otjikoto (4)
4,037,000
0.97
126,000
Kiaka (5)
124,140,000
0.99
3,938,000
Gramalote (6)
65,041,000
0.63
1,319,000
Total Proven and Probable Mineral Resources
6,685,000
(excluding Fekola)
Inferred Mineral Resources (1)
Mine
Tonnes
Gold Grade (g/t)
Contained Gold Ounces
La Libertad(2)
5,900,000
2.59
491,000
El Limon(2)
1,292,000
5.13
213,000
Masbate (3)
8,927,000
0.88
253,000
Otjikoto (4)
11,999,000
2.08
801,000
Kiaka (5)
27,327,000
0.93
815,000
Gramalote (6)
117,450,000
0.44
1,648,000
Total Inferred Resources (excluding Fekola)
35
4,221,000
35
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 43 101. 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 43-101. 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 43-101. 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 43-101. 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 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..
(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 43-101. The estimate reflects the attributable mineral resources based on our 49% interest in the Gramalote Project.
36
Fekola Resource Estimate
B2Gold Preliminary Economic Assessment
Measured and Indicated Mineral Resource(1)
Tonnes
Gold Grade (g/t)
Contained Gold Ounces
January 2013 Model(2)
63,700,000
1.91
3,910,000
August 2013 Model(3)
83,700,000
1.90
5,120,000
Tonnes
Gold Grade (g/t)
Contained Gold Ounces
January 2013 Model(2)
7,100,000
1.84
410,000
August 2013 Model(3)
6,900,000
1.69
370,000
Inferred Mineral Resource (1)
3737
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 2013 0.6 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 2013 0.6 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.
3838
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 43-101 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 43-101 Technical Report,
Preliminary Economic Assessment”, October 25, 2011, Andrew McDonald, C.Eng.

Gramalote : “NI 43-101 Technical Report on Resources Gramalote Project Providencia,
Colombia”, June 8, 2012, Donald E. Hulse, P.Eng. Et al

Masbate : “NI 43-101 Technical Report Masbate Gold Project Republic Of The Philippines
October 2011”, June 20, 2012, Mark B. Turner, B.Eng. Et al

Kiaka : “NI 43-101 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
39
Contact Details
B2Gold Corp.
3100 - 595 Burrard Street
P.O. Box 49143
Vancouver BC V7X 1J1, Canada
Tel: +604 681 8371
Fax: +604 681 6209
[email protected]
www.b2gold.com
Clive Johnson
President, CEO
+604 681 8371
Ian MacLean
Vice President, Investor Relations
+604 681 8371
40