B2gold Corp. · TSX:BTO

B2gold — Non-Deal Roadshow (June 2014)

46 slides from B2gold's roadshow presentation, June 2014

  1. Slide 1: A Profitable Growth-Oriented Intermediate Gold Producer

    A PROFITABLE GROWTH-ORIENTED INTERMEDIATE GOLD PRODUCER JUNE 2014 1

  2. Slide 2: Cautionary Statement

    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 financia

  3. Slide 3: About B2Gold

    About B2Gold  Growing Profitable Gold Producer  Three producing gold mines  Fully funded growth from existing assets  Strong Record of Operational Execution  Strong Financial Position  Good Access to Capital  Proven Management Team  Former management and technical teams of Bema Gold  Strong

  4. Slide 4: Projected Production

    Projected Production New B2Gold Projected Production (koz) (3) 1,000 ~925 800 (1) ~320 Annual Production (koz Gold) 585 600 555 170 170 140 410 (2) 400 366 200 200 200 220 169 200 158(2) 65 65 65 58 65 49 109 139 145 150 150 150 0 2012 2013 2014E 2015E 2016E 2017E La Libertad Limon Masbate Otjikoto

  5. Slide 5: Share Capital

    Share Capital Ownership Breakdown Million Shares (1) (% Basic) Total Shares Issued and Outstanding 678.6 Stock Options held by Executive founders and Chairman 0 Stock Options and Restricted Share Units 45.4 6% Total Shares Fully Diluted 724.2 Shares Held by Directors and Officers 28.2 5% Current Mar

  6. Slide 6: 2014 First Quarter and 2013 Full Year Highlights

    2014 First Quarter and 2013 Full Year Highlights 2013 Full Year Highlights •Record attributable gold production of 366,313 ounces at cash operating costs of $681 per ounce (within guidance), a production increase of 132% over 2012 •All in sustaining costs of $1,064 per ounce for 2013 (within guidanc

  7. Slide 7: 2014 Guidance

    2014 Guidance  Projected consolidated gold production of 395,000 – 420,000 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

  8. Slide 8: Papillon Transaction Summary

    Papillon Transaction Summary  B2Gold will acquire all of the issued and outstanding shares of Papillon by way of a scheme of Proposed Transaction: arrangement under the Australian Corporations Act 2011. Consideration:  0.661 B2Gold Common Shares per Papillon Common Share  Purchase price of A$1.72

  9. Slide 9: Overview of Papillon

    Overview of Papillon  ASX-listed gold development company focused on Mali, West Africa  Fekola Project advancing rapidly towards production  Pre-Feasibility Study confirms technical viability and robust economics of the Project  Production over 306,000 ounces p.a., initial 9 year mine life  Low

  10. Slide 10: Mining In Mali

    Mining In Mali 40+ Moz District AngloGold  Africa’s 3rd largest gold producer – over 1.3 Moz produced 2013(1) Anglogold  8 mines operating in a 40+ Moz District includes Fekola  Northern Mali conflict – no meaningful impact on SW Mali operations  2013 elections concluded very smoothly  Widely p

  11. Slide 11: Papillon Pre-Feasibility Study

    Papillon Pre-Feasibility Study Results from PFS –June 2013  306,000/ozpa (Ave. LOM, 9yrs) Production:  320,000/ozpa (Ave. steady state, 8yrs) Cash Operating Cost:  US$580/oz(Ave. LOM) All-in Sustaining Cash Costs:  US$725/oz (Avg. LOM) (1)  US$292m (including 15% contingency) Capital Cost:  (P

  12. Slide 12: Benefits to B2Gold Shareholders

    Benefits to B2Gold Shareholders  Addition of a high-grade, low-cost conventional open pit gold High Grade project Accretive to Key  Accretive on All Key ‘Per Share’ Metrics Metrics  Adds Significant Gold Resources at strong grades Increased Resources  Further Builds on West African Presence in a

  13. Slide 13: Benefits to Papillon Shareholders

    Benefits to Papillon Shareholders Substantial Premium  Significant and immediate premium: 21% to spot, 42% to 20-day VWAP at June 2, 2014  Exposure to B2Gold’s enhanced liquidity over two exchanges (TSX Liquidity & NYSE-MKT)  Opportunity to gain immediate exposure to B2Gold’s cash flow and Gold P

  14. Slide 14: Mining in Nicaragua

    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

  15. Slide 15: Nicaraguan Gold Production

    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 first quarter gold production of 38,596 ounces at an operating cash cost of $541  2014 budgeted gold production of 143,000 – 150,000 ou

  16. Slide 16: Masbate Mine, The Philippines

    Masbate Mine, 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

  17. Slide 17: Masbate Gold Mine

    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

  18. Slide 18: Mining in Namibia

    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% WALVIS BAY  Favourable tax treatment on capital

  19. Slide 19: Otjikoto Mine

    Otjikoto Mine(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

  20. Slide 20: Otjikoto Construction

    Otjikoto Construction Batch Plant Office 20 20 20

  21. Slide 21: Otjikoto Construction

    Otjikoto Construction Erected Tanks Prefabricated Leach Tank 21 21

  22. Slide 22: Otjikoto Project Map

    Otjikoto Project Map Wolfshag Zone 22 22

  23. Slide 23: Otjikoto Project Map

    Otjikoto Project Map Wolfshag Zone 23 18 23

  24. Slide 24: Volta Resources

    Volta Resources Kiaka Project Burkina Faso Properties 2014 Budget $ 3.6 million 20,000 m 24 24

  25. Slide 25: Kiaka Project

    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 • 124.1 million tonnes at 0.99 g/t gold for 3.9 million ounces in Measured and Indicated Categ

  26. Slide 26: Gramalote Project, Colombia

    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

  27. Slide 27: CSR Activities

    CSR Activities Global CSR budget of $15 million for 2014 Namibia Namibia Nicaragua 27

  28. Slide 28: BTO v Gold Price v Index

    BTO v Gold Price v Index 28 28 28

  29. Slide 29: Growth Strategy

    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* • Gramalote project • Kiaka Project • Greenfields explorati

  30. Slide 30: Appendix

    Appendix 30

  31. Slide 31: Mine Statistics – La Libertad

    Mine Statistics – La Libertad 2013 Actual 2013 Guidance 2014 Guidance Processed (Tonnes) 2,015,000 2,096,000 2,226,000 Grade Au (g/t) 2.29 2.19 2.17 Recovery (%) 93.8 92.0 94 Ounces Au Produced 138,726 131,000 – 137,000 143,000 – 150,000 Cash Operating Cost 563 560 - 590 545 - 565 ($/oz Produced) 31

  32. Slide 32: Mine Statistics – El Limon

    Mine Statistics – El Limon 2013 Actual 2013 Guidance 2014 Guidance Processed (Tonnes) 445,000 433,400 502,000 Grade Au (g/t) 4.46 4.30 4.36 Recovery (%) 91.42 91.81 92.64 Ounces Au Produced 58,191 54,000 - 58,000 62,000 - 70,000 Cash Operating Cost 652 715 - 745 650 - 675 ($/oz Produced) 32

  33. Slide 33: Mine Statistics – Masbate

    Mine Statistics – Masbate 2013 Actual 2013 Guidance 2014 Guidance Processed (Tonnes) 5,889,273 6,233,000 6,441,000 Grade Au (g/t) 1.07 1.08 1.15 Recovery (%) 83.2 79.5 82.45 Ounces Au Produced 169,396 175,000 – 185,000 190,000 – 200,000 Cash Operating Cost 788 825 - 875 765 - 800 ($/oz Produced) 33

  34. Slide 34: Strong Record of Operational Execution

    Strong Record of Operational Execution Gold production (koz) 500 400 395-420 300 200 150-160 158 360-380 374 100 130-140 145 120-130 109 0 2013 2013 2014 2010 2010 2011 2011 2012 2012 1H2013 2013 Guidance 1H 2013 Actual 2013E Guidance Guidance Actual Guidance Actual Guidance Actual Guidance Gui danc

  35. Slide 35: Financing Details

    Financing Details • Convertible Senior Subordinated Notes closed on August 23, 2013 • Proceeds: US$258.75 million • Terms: 3.25% for a five year term, due in 2018 • Conversion price of US$3.93 per share • B2Gold will have an option, upon conversion, to repay the notes in cash • Potential total share

  36. Slide 36: Investing in Nicaragua

    Investing in Nicaragua(1)  Nicaragua started in 2007 with the lowest percentage of growth in the region - by 2011 and 2012 it had the highest percentage  Foreign Direct Investment saw a 222% growth rate from 2006 to the end of Q3 2012  According to the Latin Business Chronicle, in 2011 the index

  37. Slide 37: La Libertad 2014 Exploration Overview

    LA LIBERTAD 2014 Exploration Overview 2014 Budget $ 4.25 million 10,500 m SOCHTR 13-001 19.9 g/t Au / 1.5m Cerro Quiroz N-S vein target Socorro / Chamarro EIA permit still pending San Juan Trend Jabali Antenna Deep Mojon Deep - Two good results from 9 DDH - Deep DDH program - UG potential JB13-409 9

  38. Slide 38: Limon Exploration

    Limon Exploration 2014 Targets 38 38

  39. Slide 39: Masbate Exploration

    PAJO NORTH Pajo North Rock chip values to: 13.4 g/t Au Pajo Zone PAJO SOUTH Pajo South Trench values to: PAJO 1.85 g/t Au / 15.4 m PHRC057 1.42 g/t Au / 26.5 m Masbate PHRC063 1.32 g/t Au / 35.0 m Pinanaan Overview Pinanaan Au in Soil anomalies, Montana New mapped vein occurrences MONTANA MONRC092 7

  40. Slide 40: Volta Resources – Kiaka Deposit

    Volta Resources – Kiaka Deposit Typical Cross Section 200m 40

  41. Slide 41: Exploration Budgets 2014

    OLD COUNTRY PROJECT BUDGET Brownfields | Greenfields | DRILLING (m) B2GOLD - LATIN AMERICA NICARAGUA LA LIBERTAD 4,254,410 | 3,446,072 808,338 10,500 EL LIMON 4,318,460 | 4,016,168 302,292 10,700 TREBOL 251,547 251,547 PAVON 749,447 749,447 2,000 PROSPERIDAD 195,979 195,979 C. AMERICA RECON | _ 300,

  42. Slide 42: Reserves Estimates

    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 Pro

  43. Slide 43: Resource Estimates

    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

  44. Slide 44: Notes to Resource Estimates

    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

  45. Slide 45: Technical Reports

    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

  46. Slide 46: Contact Details

    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 investor@b2gold.com www.b2gold.com Clive Johnson President, CEO +604 681 8371 Ian MacLean Vice President, Investor Relations +604 681 8371 46

B2Gold — Non-Deal Roadshow (June 2014) on 6ix