B2gold Corp. · TSX:BTO

B2gold — Investor Presentation (March 2015)

39 slides from B2gold's investor presentation, March 2015

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

    A PROFITABLE, GROWTH-ORIENTED, INTERMEDIATE GOLD PRODUCER MARCH 2015 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  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  F

  4. Slide 4: World Map

    ’ t § v ies =. " ' ‘ Mag wi \ , S er“ 7 gnu’ th en $33" * ee f NICARAGUA y El Limon Mine 4 La Libertad Mine COLOMBIA Gramalote Project MALI BURKINA FASO Fekola Project Kiaka Project P = Fe ee ne SS PHILIPPINES a i / Masbate Mine SI aM Oe. r¥ f a Ne u - XS NAMIBIA Otjikoto Mine

  5. Slide 5: Annual Production (koz Gold)

    Projected Production Projected Annualized Production Rate(koz) 1,000 ~ 900 800 (1) ~300 (4) Annual Production (koz Gold) 600 600 540 200 200 150 366 (2) 384 (2)(3) 400 186 180 190 190 169 200 158 (2) 58 48 65 70 70 49 139 150 145 140 140 109 0 2012 2013 2014 2015E 2016E 2017E La Libertad Limon Masba

  6. Slide 6: Share Capital

    Share Capital Ownership Breakdown Million Shares (1) Total Shares Issued and Outstanding 917,612,046 Stock Options held by Executive founders and Chairman 0 Stock Options and Restricted Share Units 44,073,854 Total Shares Fully Diluted 961,685,900 Shares Held by Directors and Officers 31,159,592 Cur

  7. Slide 7: 2014 Gold Production

    2014 Gold Production La Libertad Mine, Nicaragua (100%) - Open pit mine Total gold production for 2014 was a record 149,763 ounces at an average operating cash cost of $572 per ounce Fourth quarter production of 36,862 ounces of gold at an average operating cash cost of $634 per ounce El Limon Min

  8. Slide 8: 2014 Fourth Quarter and Full Year Highlights

    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 pre-commercial production from Otjikoto in December) • Record quarterly gold production at the Masbate Mine of 62

  9. Slide 9: 2015 Guidance

    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 $

  10. Slide 10: 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

  11. Slide 11: Otjikoto Mine

    Otjikoto Mine (1)  Commenced production on December 11, 2014, on budget and ahead of schedule, commercial achieved February 28, 2015 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 ou

  12. Slide 12: Otjikoto Gold Mine

    Otjikoto Gold Mine Batch Plant Office 12 12

  13. Slide 13: Otjikoto Project Map

    Otjikoto Project Map Wolfshag Zone 13 13

  14. Slide 14: Otjikoto Project Map

    Otjikoto Project Map Wolfshag Zone 14 14 14

  15. Slide 15: Mining in Mali

    Mining In Mali 40+ Moz District AngloGold  Africa’s 3rd largest gold producer – over 1.3 Moz produced 2013 Anglogold – 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 Ran

  16. Slide 16: Fekola Project, Mali

    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

  17. Slide 17: 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 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

  18. Slide 18: 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

  19. Slide 19: CSR Activities

    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

  20. Slide 20: Growth Strategy

    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

  21. Slide 21: Annual Production (koz Gold)

    Projected Production Projected Annualized Production Rate(koz) 1,000 ~ 900 800 (1) ~300 (4) Annual Production (koz Gold) 600 600 540 200 200 150 366 (2) 384 (2)(3) 400 186 180 190 190 169 200 158 (2) 58 48 65 70 70 49 139 150 145 140 140 109 0 2012 2013 2014 2015E 2016E 2017E La Libertad Limon Masba

  22. Slide 22: Appendix

    Appendix 22

  23. Slide 23: 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

  24. Slide 24: Nicaraguan Gold Production

    Nicaraguan Gold Production La Libertad Mine (100%) - Open pit mine  Total gold production for 2014 was a record 149,763 ounces at an average operating cash cost of $572 per ounce  Fourth quarter production of 36,862 ounces of gold at an average operating cash cost of $634 per ounce  2015 budgeted

  25. Slide 25: La Libertad 2015 Current Exploration Targets

    LA LIBERTAD 2015 Current Exploration Targets LA LIBERTAD Mt Gold (g/t) Gold Oz P&P 9.41 1.65 498,000 M&I 3.77 2.93 355,000 INF 5.90 2.59 491,000 Reserves EXCLUSIVE of Resources Jabali Antenna Cerro Quiroz - UG Drilling N-S vein target Chamarro - Socorro - Pending EIA permit pending Jabali West Waste

  26. Slide 26: Limon Exploration Current 2015 Drilling

    LIMON Exploration Current 2015 Drilling Chaparral Tecomapa Drill Target Cebadilla Veta Larga Veta Larga Surface Target Atravesada (OP) Mercedes Veta Nueva SP2 Loma Sola Pozo #4/5 EL LIMON Mt Gold (g/t) Gold Oz P&P 1.79 5.03 289,000 SP1 M&I 1.21 4.08 158,000 Pozo #1/2/8 INF 1.29 5.13 213,000 SP1 (UG)

  27. Slide 27: Mining in The Philippines

    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 mer

  28. Slide 28: Masbate Gold Mine

    Masbate Gold Mine  Flagship gold mine in the Philippines, produced approximately 927,000 ounces by the end of 2014  Open pit gold mine, excellent infrastructure  Projected initial 15 year mine life, expansion studies underway  2014 gold production of 186,195 ounces at cash operating costs of $72

  29. Slide 29: Masbate Overview

    Masbate Pajo Mid Pajo East Trench values to: PHRC114 Overview 0.99 g/t Au / 6.7m 1.29 g/t Au / 38 m PHRC112 MASBATE Mt Gold (g/t) Gold Oz Pajo West Pajo 5.82 g/t Au / 3.8m P&P 114.44 0.97 3,580,000 PHRC079 PHRC113 M&I 31.98 0.77 788,000 1.71 g/t Au / 11 m 1.61 g/t Au / 12.2m INF 8.93 0.88 253,000 PH

  30. Slide 30: Kiaka Project

    Kiaka Project Burkina Faso Properties 30 30

  31. Slide 31: Kiaka Deposit

    Kiaka Deposit NW ' 200m SE <> MEASURED im Limit _ 250 Eley ——} {J ___\_\_\ Sx Na NGA See Sa | os. = 250 Elev B2Gold Base Case $1400 Au Pit Limit $1350 Au - Pit #43 Limit Volta Resources Ms+Ind+Inf OElev OElev Kaa Block Model al 03-06 INDICATED Limit -250 Elev -250 Elev INFERRED / Limit oO 100 200 30

  32. Slide 32: Exploration Budgets 2015

    Exploration Budgets 2015 B2GOLD COUNTRY PROJECT BUDGET Brownfields | Greenfields | DRILLING (m) B2GOLD - LATIN AMERICA NICARAGUA LA LIBERTAD 5,037,880 5,037,880 13,100 EL LIMON 4,180,027 4,180,027 9,400 PAVON 843,266 843,266 COLOMBIA EVALUATIONS 481,900 481,900 SUB-TOTAL 10,543,073 10,543,073 0 22,5

  33. Slide 33: 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

  34. Slide 34: 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

  35. Slide 35: 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

  36. Slide 36: Fekola Resource Estimate

    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 Inferred Mineral Resource (1) Tonnes Gold Grade (g/t

  37. Slide 37: Fekola Resource Estimate Notes

    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 em

  38. Slide 38: 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

  39. Slide 39: 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 39

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