September_2015_Denver_Gold Production_Show.ppt

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. 
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 manageme

1. 1
A PROFITABLE, GROWTH -ORIENTED,
INTERMEDIATE GOLD PRODUCER
SEPTEMBER 2015

2. 2
Cautionary Statement
Thispresentationincludescertain“forward-lookingstatements”withinthemeaningofapplicablesecuritieslaws.Allstatements,otherthan
statementsofhistoricalfact,includedhereinincluding,withoutlimitation,statementsrelatingtoB2Gold’sfutureoperatingorfinancial
performance,areforward-lookingstatements.Forward-lookingstatementsarefrequently,butnotalways,identifiedbywordssuchas
“plans”,“expects”,“anticipates”,“budgets”,“believes”,“intends”,“estimates”,“potential”,“possible”andsimilarexpressions,orstatements
thatevents,conditionsorresults“will”,“may”,“could”,or“should”occurorbeachieved.Theseforward-lookingstatementsmayinclude
statementsregardingperceivedmeritofproperties;anticipatedproduction;explorationresultsandbudgets;mineralreservesandresource
estimates;workprograms;capitalexpenditures;timelines;strategicplans;completionoftransactions;marketpriceofpreciousbasemetals;
orotherstatementsthatarenotstatementsoffact.Forward-lookingstatementsinvolvevariousrisksanduncertainties.Therecanbeno
assurancethatsuchstatementswillprovetobeaccurate,andactualresultsandfutureeventscoulddiffermateriallyfromthoseanticipated
insuchstatements.Importantfactorsthatcouldcauseactualresultstodiffermateriallyfromourexpectationsincludetheuncertainties
involving[risksofconstructionandminingprojectssuchasaccidents,equipmentbreakdowns,badweather,non-compliancewith
environmentalandpermitrequirements,unanticipatedvariationingeologicalstructures,oregradesorrecoveryrates;unexpectedcost
increases;fluctuationsinmetalpricesandcurrencyexchangerates;theneedforadditionalfinancingtoexploreanddeveloppropertiesand
availabilityoffinancinginthedebtandcapitalmarkets;uncertaintiesinvolvedintheinterpretationofdrillingresultsandgeologicaltestsand
theestimationofreservesandresources;theneedforcooperationofgovernmentagenciesinthedevelopmentandoperationofproperties;
theneedtoobtainpermitsandgovernmentalapprovals;]andotherriskanduncertaintiesdisclosedinreportsanddocumentsfiledby
B2Goldwithapplicablesecuritiesregulatoryauthoritiesfromtimetotime.Theforward-lookingstatementsmadehereinreflectourbeliefs,
opinionsandprojectionsonthedatethestatementsaremade.Exceptasrequiredbylaw,weassumenoobligationtoupdatetheforward-
lookingstatementsofbeliefs,opinions,projections,orotherfactors,shouldtheychange.
TomGaragan,SeniorVicePresidentofExploration,aQualifiedPersonasdefinedbyNationalInstrument43-101,hasapprovedthe
scientificandtechnicalinformationconcerningB2GoldCorp.discussedherein.
(AllamountsinthispresentationareexpressedinUnitedStatesdollars,unlessotherwisestated).

3. 3
Growing, Profitable Gold Producer
Four producing gold mines
New OtjikotoMine in Namibia commenced production in December 2014 ahead of schedule and
on budget, achieved commercial production in Q1 2015
Completed FekolaFeasibility Study June 2015
StrongRecordofOperationalExecution
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, Maliand Burkina Faso
Ability to discover, finance, build and operate profitable gold mines around the world
Demonstrated History of Accretive Acquisitions and Exploration Success
About B2Gold
3

4. 4
World Map
4

5. 5
Share Capital
5
Ownership Breakdown Million Shares
(1)
Total Shares Issued and Outstanding 926,662,317
Directors and Management
30,722,840
Stock Options 61,036,743
Restricted Shares Units 1,785,691
Total Shares Fully Diluted 989,487,751
Market Capitalization (Basic)
(2)
$1,510,459,577
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 sharesxthe closing price of B2Gold shares of $1.63 per share on Sept. 2, 2015.

6. 6
2015 First Half Highlights
Recordhalf-yearconsolidatedgoldproductionof237,425ounces(including18,815
ouncesofpre-commercialproductionfromOtjikoto),anincreaseof30%overthesame
periodin2014
Consolidatedgoldrevenueof$275.4million(orrecordhalf-yearconsolidatedgold
revenueof$298.5millionincluding$23.1millionofpre-commercialsalesfromOtjikoto)
Recordhalf-yeargoldsalesof229,222ounces(or247,688ouncesincluding18,466
ouncesofpre-commercialsalesfromOtjikoto)
Consolidatedcashoperatingcostsof$688perounce,$62perounceor8%below
budget
AllinSustainingCostsof$1,072perounce,$148perounceor12%belowbudget
2015ProductionGuidance
Projectedconsolidatedgoldproductionof500,000-540,000ouncesatanaverage
operatingcashcostof$630-$660perounce
ProjectedAllinSustainingCostsofapprox.$950-$1,025perounce
6

7. 7
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 Otjikotois projected to produce 140,000-150,000 ounces of gold at
operating cash costs of $500-$525 per ounce
7
(1)
Includes 18,815 ounces of pre commercial production, cash operating costs
are calculated from March 1
st
to June 30
th
as commercial production was
achieved on February 28
th

8. 8
Gold Production (Con’t)
La Libertad Mine, Nicaragua -Open pit mine
Totalgoldproductionfor2014wasarecord149,763ouncesatcash
operatingcostsof$572perouncegold
Q22015productionwas27,681ouncesofgoldatcashoperatingcostsof
$813perounce
Firsthalfgoldproductionwas53,007ouncesofgoldatcashoperatingcosts
of$826perounce
FirsthalfAllinSustainingCostsof$1,164perouncegold
In2015LaLibertadisprojectedtoproduce135,000-145,000ouncesofgold
atcashoperatingcostsof$605-$635perounce
ElLimonMine,Nicaragua-Openpitandundergroundmine
Totalgoldproductionfor2014was48,045atcashoperatingcostsof$844
perouncegold
Q22015goldproductionwas15,686ouncesatanaverageoperatingcash
costof$615perounce
Firsthalfgoldproductionwas28,844ouncesofgoldatcashoperatingcosts
of$671perounce
FirsthalfAllinSustainingCostsof$1,259perouncegold
In2015ElLimonisprojectedtoproduce55,000-65,000ouncesofgoldat
cashoperatingcostsof$680-$710perounce
8

9. 9
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
OtjikotoProject infrastructure
3km from paved National Highway B1
Good water supply on site
Self generating power supply
Deep water port access (Walvis Bay)
9
WALVIS BAY
ANGOLA
BOTSWANA

10. 10
Otjikoto Mine
(1)
Commenced production on December 11, 2014, on budget and ahead of schedule
OtjikotoPreliminaryMinePlan
ProbableopenpitmineralreservesforthemainOtjikotoorebodyare26.5milliontonnesat1.42g/tgold
containing1.21millionouncesofgold
(2)
5yearaverageproductionof180,000ouncesofgoldperyearatanaverageoperatingcashcostof$445-$470
(3)
LOMaverageis175,000over9yearsat$550-$575perouncegold(excludeslasttwoyearsofprocessing
stockpiledore)
CommercialproductionachievedinQ12015
Continuedexcellentsafetyrecord
UpdatedProductionScheduleIncludingWolfshagZone
(3)
Plantandsupportinginfrastructurehasbeenbuilttoprovideforaplantexpansionfrominitialdesigncapacityof
2.5milliontonnesperannumto3.0milliontonnesperannumbythethirdquarterof2015(onschedule).
Thiswillincreaseannualgoldproductiontoapproximately200,000ouncesin2016and200,000ouncesin2017,
includingopenpitminingfromWolfshagbeginninginlate2016
Wolfshagzonehasaninferredresourceof2.6milliontonnesat8.14g/tgoldcontaining675,000ouncesgold
whichcouldfacilitateafurtherincreaseinannualgoldproduction
(2)
(infillandexplorationdrillingongoing)
Themeasuredandindicatedresourceis1.035milliontonnesat2.81g/tcontaining93,000ouncesofgold
(1)Allfiguresbasedona100%basis,B2Gold90%ownership
(2)Calculatedusing$1,350gold
(3)IncludesaportionoftheWolfshagZoneinferredresourcewhichrequiresfurtherdrillingtomovetoreservecategory 10

11. 11
Otjikoto Gold Mine
11
Batch Plant
Office

12. 12
Otjikoto Project Map
Wolfshag Zone
12

13. 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
Teranga
AngloGold
Anglogold
Randgold
Endeavour
Sabodala
Randgold
Papillon
40+ MozDistrict
Mining In Mali
B2Gold
13

14. 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
14

15. 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
15

16. 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 30
th
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 FekolaProject and, based on
current assumptions, commencement of production is expected in the fourth
quarter of 2017
(1) 100% basis
16

17. Fekola Project, Mali
Construction Update
Improvingtheexistingaccessroadbetween
Keniebaandthesite(complete)
Constructionofanewsiteaccessroad
(materiallycomplete)
Constructionofanon-siteairstripdesignedto
allowpersonneltoflydirectlyinandoutofthe
site(90%complete)
Constructionofthecamppadand
commencementofexcavationswithinthemill
footprintwellunderway
Excavationandstockpilingofsandandgravel
fromthelocalriverforconstructionpurposes
continues
Allcriticaltaskshavebeencompletedtoallow
B2Goldtocontinuewiththedevelopmentof
theprojectthroughtherainyseason(June
throughSeptember)
Onscheduleforgoldproductionattheendof
thefourthquarter2017
17

18. 18
(1)
Based on current assumptions
(2)
Actual
(3)
Does not include 7,159 ounces of pre-commercial production from Otjikoto Mine
(4)
Fekola commencing production late 2017 or early 2018, production based on average annual production over first 7 years
Projected Annualized Production Rate (koz)
18
Projected Production
(4)
109
139 150 145 140 140 130
49
58 48 65 70 70
70
169 186 180 190 190
190
150
200 210
200
158
366
384
(2)(3)
540
600
610
~940
0
200
400
600
800
1,000
2012 2013 2014 2015E 2016E 2017E 2018E
Annual Production (koz Gold)
La Libertad
Nicaragua
Limon
Nicaragua
Masbate
Philippines
Otjikoto
Namibia
Fekola
Mali
(2)
(2)
(1)
~350

19. 19
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
(1)
Based on Volta Resources disclosure
(2)
On a 100% basis, B2gold ownership 81%
(3)
ThemineralresourceestimatefortheKiakaProjectwaspreparedasofJanuary8,2013byBenParsons,MSc,MAusIMM(CP),PrincipalConsultantforSRKConsulting(UK)Limited,a
QualifiedPersonsdefinedunderNI43-101.Attributablemineralresourcesarereportedat81%ofthetotalmineralresource.Notwithstandingourcurrentownershippercentageofthe
KiakaProjectis90%,theattributableportionofthemineralresourcehasbeenreducedto81%toreflecttheexpectedreductioninourownershippercentageintheKiakaProjectupon
commencementofconstructionanddevelopmentandthe10%overallownershippercentagethatwillbeattributabletotheBurkinaFasogovernmentinaccordancewithapplicablelaws.
(4)
Basedon1.0grampertonnecutoff,100%basis
19

20. 20
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
20

21. CSR Activities
Strong devotion to Corporate Social Responsibility
•Recipient of National CSR Award under the category of
"Economic Empowerment and Community Impact“ in Nicaragua
21
Namibia
Nicaragua
Namibia

22. 22
Growth Strategy
22
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

23. 23
Appendix

24. 24
Revolving Credit Facility
On May 20, 2015, the Company signed a credit agreement for a new $350 millionRevolving 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, SociétéGénéraleand 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
24

25. 25
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
MINING AND EXPLORATION
CALIBRE JV
EXPLORATION
25

26. Cerro Quiroz
N-S vein target
EIA permit pending
Surface
Exploration
JabaliAntenna E.
-UG Drilling
-Commenced
High grade UG
drill program
Drill programs
Chamarro-Socorro
LA LIBERTAD 2015
Current Exploration Targets
JabaliWest
Waste pit
Completed
2015 Budget
$ 5.04 million
13,100 m
Los Angeles extensions
Phase 1 Complete
26

27. Drill Target
EL LIMON 2015
Current Exploration Targets
Loma Sola
VetaNueva
Generative
Target
BoneteConcession
Bonete-Limon Concession
SP1
Pozo#2 / #8
Tecomapa
VetaLarga/ Portal
2015 Budget
$ 4.18 million
9,400 m
Talavera Atravezada
Planned/Executed Drill Targets
Aparejo-Mercedes
27

28. 28
Long Mining History
Good Mining Investment Climate and Strong
Mineral Potential
FavourableInvestment/Tax regime, 30%
corporate tax , 2% excise tax; income tax holiday
for B2Gold until June 2016, 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
Mining in The Philippines
28

29. Masbate
Overview
Montana
Colorado
South Zone
Main Vein
PajoWest
PHRC101
2.0 g/t Au / 7.1 m
Pajo
PajoMid
PHRC112
5.82 g/t Au / 3.8m
DabuVeins
PHRC119
1.82 g/t Au / 5.9 m
PHRC114
0.99 g/t Au / 6.7m
PHRC113
1.61 g/t Au / 12.2m
PHRC079
1.71 g/t Au / 11 m
PajoEast
Trench values to:
1.29 g/t Au / 38 m
29

30. Fekola7 Stage Open Pit
•9.5 year mine life at 32Mtpa
mining rate including
prestripping
•Initial 4 stages
•75% of reserves
•Economic to $700/oz
30

31. 31
Kiaka Project
31
Burkina Faso
Properties

32. 32
KiakaDeposit
200m

33. 33
Exploration Budgets 2015

34. 34
Notes:
(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 reported herein are fully diluted.
(2) The Mineral Reserve estimates for Limon and Masbate projects were compiled and verified as of December 31, 2014 under thesupervision 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 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 Mine were prepared as of December 31, 2014 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 Mine.
(4) The Mineral Reserve estimates for La Libertad Mine were compiled and verified as of December 31, 2014 by Mr. Donald Hulse, VP of Mining for Gustavson Associates, LLC and a
Professional Engineer in the State of Colorado and a Qualified Person as defined under NI 43-101. The estimates reflect a 100% interest in La Libertad Mine.
Reserves Estimates
(1)
As of December 31, 2014
MineralReserves Estimates
(1)
Mine Tonnes Gold Grade (g/t)Contained Gold Ounces
La Libertad
(4)
7,940,000 1.66 424,000
Masbate
(2)
101,910,000 0.92 3,004,000
Otjikoto
(3)
26,300,000 1.41 1,196,000
El Limon
(2)
1,370,000 4.89 216,000
TotalProbable Mineral Reserves 4,840,000
34

35. 35
Measured and Indicated Mineral Resource Estimates
(1)
As of December 31, 2014
Measured Mineral Resources
(1)
Tonnes Grade (g/t)Contained Gold Ounces
Fekola
(6)
53,060,000 1.89 3,224,000
Kiaka
(7)
27,310,000 1.09 953,000
Gramalote
(8)
14,210,000 0.79 359,000
TotalMeasuredMineralResources 4,536,000
Indicated Mineral Resources
(1)
Mine Tonnes Gold Grade (g/t)Contained Gold Ounces
Masbate
(4)
131,240,000 0.92 3,893,000
LaLibertad
(2)
9,770,000 2.07 650,000
Otjikoto
(5)
30,460,000 1.47 1,435,000
Fekola
(6)
22,230,000 1.94 1,387,000
Kiaka
(7)
96,830,000 0.96 2,986,000
Limon
(3)
2,630,000 5.36 453,000
Gramalote
(8)
50,830,000 0.59 960,000
Pavon
(9)
290,000 5.82 55,000
TotalIndicatedMineralResources 11,817,000

36. 36
Measured and Indicated Mineral Resource Estimates
(1)
As of December 31, 2014
Measuredand Indicated Mineral Resources
(1)
Mine Tonnes Gold Grade (g/t)Contained Gold Ounces
Masbate
(4)
131,240,000 0.92 3,893,000
LaLibertad
(2)
9,770,000 2.07 650,000
Otjikoto
(5)
30,460,000 1.47 1,435,000
Fekola
(6)
75,290,000 1.9 4,611,000
Kiaka
(7)
124,140,000 0.99 3,938,000
Limon
(3)
2,630,000 5.36 453,000
Gramalote
(8)
65,040,000 0.63 1,319,000
Pavon
(9)
290,000 5.82 55,000
TotalMeasuredandIndicatedMineral
Resources
16,353,000

37. 37
Inferred Mineral Resource Estimates
(1)
As of December 31, 2014
Inferred Mineral Resources
(1)
Mine Tonnes Gold Grade (g/t)Contained Gold Ounces
Masbate
(4)
9,780,000 1.16 366,000
LaLibertad
(2)
6,120,000 2.59 510,000
Otjikoto
(5)
4,520,000 4.65 676,000
Fekola
(6)
6,180,000 1.69 336,000
Kiaka
(7)
27,330,000 0.93 815,000
Limon
(3)
1,580,000 4.73 241,000
Gramalote
(8)
117,450,000 0.44 1,648,000
Pavon
(9)
130,000 5.5 23,000
TotalInferredMineralResources 4,615,000

38. 38
Notes to Resource Estimates
Notes:
(1)Mineral Resources are estimated using best practices as defined by the CIM and reporting of Mineral Resources is compliantand 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 Mineral Resource will be upgraded to an indicated or measured Mineral Resource as
a result of continued exploration. Mineral Resources are reported inclusive 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)The Mineral Resources estimates for La Libertad Mine were compiled and verified as of December 31, 2014 by Mr. Donald Hulse, VP of Mining for Gustavson
Associates, LLC and a Professional Engineer in the State of Colorado and a Qualified Person as defined under NI 43-101. The estimates reflect a 100% interest in La
Libertad Mine.
(3)Mineral Resource estimates for the Limon Mine were compiled and verified as of December 31, 2014 under the supervision of Brian Scott, P.Geo., our Vice President
Geology and Technical Services, and a Qualified Person as defined under NI 43-101. The estimates reflect the attributable Mineral Resources based on our 95% interest
in the Limon Mine.
(4)Mineral Resource estimates for the Masbate Mine have an effective date of December 31, 2014 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. 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.
(5)Mineral Resource estimates for the Otjikoto Mine and the Wolfshag Zone were prepared 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
Mine. The Mineral Resource estimates for Otjikoto and Wolfshag are effective as of December 31, 2014.
(6)Mineral Resource estimates for the Fekola Project were prepared as of August 5, 2013 by Nic Johnson, MAIG, and a QualifiedPerson as defined under NI 43-101.
Notwithstanding our current 100% ownership of the Fekola Project, the attributable portion of the mineral resource has been reduced to 90% to reflect the expected
reduction in our ownership percentage in the Fekola Project upon the creation of an exploitation company and the 10% overall ownership percentage that will be
attributed to the Mali Government in accordance to applicable laws.
(7)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 the10% overall ownership percentage
that will be attributable to the Burkina Faso government in accordance with applicable laws.
(8)The Mineral Resource estimate for the Gramalote Project (Gramalote Central, 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 Metallurgyfor 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.
(9) Mineral Resource estimates for the Pavon project were prepared as of November 14, 2014 under the supervision of Brian Scott,P.Geo., our Vice President Geology
and Technical Services, and a Qualified Person as defined under NI 43-101. The estimate reflects the attributable Mineral Resources based on our 100% interest in the
project.

39. 39
B2Gold Corp.
3100 -595 Burrard Street
P.O. Box 49143
Vancouver BC V7X 1J1, Canada
Tel: [phone]
Fax: [phone]
[email protected]
www.b2gold.com
Clive Johnson
President, CEO
[phone]
Ian MacLean
Vice President, Investor Relations
[phone]
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