Investment Highlights

B2Gold Competitive Advantage

Profitability and Growth
Extensive Management Experience
Strong Financial Position
Hybrid Company
Combining Production and Exploration

Dramatic Projection Growth

Four Producing Mines


Masbate
Philippines

Otjikoto
Namibia

La Libertad
Nicaragua

El Limon
Nicaragua
 
 

Projected Annualized Production Rate (koz)

Currently being updated

Summary of Attributable Mineral Reserves and Mineral Resources Estimates

Set out below are the updated consolidated Mineral Reserves and Mineral Resources statements for our mines and development projects as of December 31, 2015, except where otherwise indicated. Our consolidated Mineral Reserves and Mineral Resources statements have been compiled based on estimates prepared by Qualified Persons.

For more details, please click here. for B2Gold´s AIF 2016. Also available on SEDAR

For further details on each project please visit the Projects Page.

Mineral Reserve Estimates(1)
  Tonnes Grade
(g/t)
Gold
(Ounces)
Gold
(Kilograms)
Fekola(2) 44,260,000 2.35 3,347,000 104,100
Masbate(3,5) 93,990,000 0.88 2,660,000 82,700
Otjikoto(4,5) 25,880,000 1.28 1,065,000 33,100
La Libertad(3) 2,970,000 2.23 213,000 6,600
El Limon(3) 1,250,000 4.31 173,000 5,400
Total Probable Mineral Reserves (includes Stockpiles)     7,458,000 232,000
Footnotes (Click to expand)

Notes:
(1)    The Mineral Reserves reported herein are based on the CIM standards. Mineral Reserves are 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 the Fekola Project were prepared as of May 31, 2015 by Peter Montano, P.E. (Colorado, USA), our Senior Project Engineer, and a Qualified Person. Mineral Reserves reflect the attributable Mineral Reserves on a 90% ownership basis to reflect the State of Mali’s right to acquire an initial 10% interest in the Fekola Project. For further details of our interest in the Fekola Project, see the heading “Material Properties – Fekola Project – Property Description, Location and Access”. It is anticipated that the State of Mali will also exercise its right to acquire an additional 10% interest in the Fekola Project (resulting in the State of Mali holding a 20% interest), the terms of which are currently under negotiation.
(3)    The Mineral Reserve estimates for Masbate, La Libertad and El Limon projects were compiled and verified as of December 31, 2015 under the supervision of Kevin Pemberton, P.E. (Florida, USA), our Chief Mine Planning Engineer, and a Qualified Person. The El Limon Mineral Reserve estimates reflect the attributable Mineral Reserves based on our 95% interest in the El Limon Mine. Pursuant to the ore sales and purchase agreement between FRC and PGPRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project and as such, the Mineral Reserve estimates above reflect 100% of the estimated Mineral Reserves for the Masbate Gold Project. The La Libertad Mineral Reserve estimate reflects our 100% interest in the La Libertad Mine.
(4)    The Mineral Reserve estimates for the Otjikoto Mine were prepared as of December 31, 2015 by Peter Montano, P.E. (Colorado, USA), our Senior Project Engineer, and a Qualified Person. The estimates reflect the attributable Mineral Reserves based on our 90% interest in the Otjikoto Mine.
(5)    Stockpile estimates were tabulated by personnel at the respective mine site. Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine grade control methods.

Measured and Indicated Mineral Resource Estimates(1)
  Tonnes Grade
(g/t)
Gold
(Ounces)
Gold
(Kilograms)
Kiaka(7) 27,310,000 1.09 953,000 29,600
Gramalote(8) 15,980,000 0.79 406,000 12,600
Total Measured Mineral Resources     1,359,000 42,300
  Tonnes Grade
(g/t)
Gold
(Ounces)
Gold
(Kilograms)
Fekola(2) 55,420,000 2.16 3,853,000 119,900
Masbate(3,9) 133,190,000 0.9 3,833,000 119,200
Otjikoto(4,9) 33,000,000 1.37 1,455,000 45,300
La Libertad(5) 4,940,000 2.61 415,000 12,900
El Limon(6) 2,690,000 4.91 424,000 13,200
Kiaka(7) 96,830,000 0.96 2,986,000 92,900
Gramalote(8) 70,230,000 0.48 1,092,000 34,000
Total Indicated Mineral Resources     14,059,000 437,300
  Tonnes Grade
(g/t)
Gold
(Ounces)
Gold
(Kilograms)
Fekola(2) 55,420,000 2.16 3,853,000 119,900
Masbate(3,9) 133,190,000 0.9 3,833,000 119,200
Otjikoto(4,9) 33,000,000 1.37 1,455,000 45,300
La Libertad(5) 4,940,000 2.61 415,000 12,900
El Limon(6) 2,690,000 4.91 424,000 13,200
Kiaka(7) 124,140,000 0.99 3,938,000 122,500
Gramalote(8) 86,220,000 0.54 1,498,000 46,600
Total Measured and Indicated Mineral Resources     15,418,000 479,500
Inferred Mineral Resource Estimates(1)
  Tonnes Grade
(g/t)
Gold
(Ounces)
Gold
(Kilograms)
Fekola(2) 8,150,000 1.68 441,000 13,700
Masbate(3) 10,830,000 0.84 292,000 9,100
Otjikoto(4) 1,580,000 4.45 227,000 7,100
La Libertad(5) 2,510,000 4.53 366,000 11,400
El Limon(6) 1,510,000 4.15 202,000 6,300
Kiaka(7) 27,330,000 0.93 815,000 25,300
Gramalote(8) 143,060,000 0.4 1,841,000 57,200
Total Inferred Mineral Resources     4,183,000 130,100
Footnotes (Click to expand)

Notes:
(1) Mineral Resources reported herein are based on the CIM standards and reporting of Mineral Resources is 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, hence stockpile balances as of December 31, 2015 are included in the Indicated Mineral Resource category. Mineral Resource numbers are rounded to reflect the accuracy of the estimate and numbers may not add due to rounding.
(2) Mineral Resource estimates for the Fekola Project were prepared as of January 24, 2015 by our staff under the supervision of Tom Garagan, P.Geo., our Senior Vice President of Exploration, and a Qualified Person. Mineral Resources reflect the attributable Mineral Resources on a 90% ownership basis to reflect the State of Mali's right to acquire an initial 10% interest in the Fekola Project. For further details of our interest in the Fekola Project, see the heading "Material Properties – Fekola Project – Property Description, Location and Access". It is anticipated that the State of Mali will also exercise its right to acquire an additional 10% interest in the Fekola Project (resulting in the State of Mali holding a 20% interest), the terms of which are currently under negotiation.
(3) Mineral Resource estimates for the Masbate Gold Project have an effective date of December 31, 2015 and were prepared under the supervision of Tom Garagan, P.Geo., our Senior Vice President of Exploration, and a Qualified Person. Pursuant to the ore sales and purchase agreement between FRC and PGPRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project and as such, the Mineral Resources are reported at 100% interest.
(4) Mineral Resource estimates for the Otjikoto Mine were prepared as of December 31, 2015 under the supervision of Tom Garagan, P.Geo., our Senior Vice President of Exploration, and a Qualified Person. The estimates reflect the attributable Mineral Resources based on our 90% interest in the Otjikoto Mine.
(5) Mineral Resource estimates for La Libertad Mine were compiled and verified as of December 31, 2015 under the supervision of Brian Scott, P.Geo., our Vice President Geology and Technical Services, and a Qualified Person. The estimates reflect a 100% interest in La Libertad Mine. (6) Mineral Resource estimates for the El Limon Mine were compiled and verified as of December 31, 2015 under the supervision of Brian Scott, P.Geo. our Vice President Geology and Technical Services, and a Qualified Person. The estimates reflect the attributable Mineral Resources based on our 95% interest in the El Limon Mine.
(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. The estimate reflects the attributable Mineral Resources based on our 81% interest in the Kiaka Project.
(8) The Mineral Resource estimate for the Gramalote Project was prepared by Gramalote Colombia Limited personnel as of October 6th, 2015 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.
(9) Stockpile estimates were tabulated by personnel at the respective mine site. Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine grade control methods.

Share Capital(1)

Total Shares Issued and Outstanding 969,863,598
Directors and Management 22,696,557
Stock Options 45,089,007
Restricted Shares Units 1,211,209
Total Shares Diluted 1,013,816,312
Market Capitalization (Basic)(2) $4,296,495,739
Market Capitalization (Diluted)(3)(4)

$4,491,206,262

(1)Approximate figures are as of February 14, 2017

(2)Based on the shares currently issued x the closing price of B2Gold shares of C$4.43 per share on February 14, 2017

(3)Based on the diluted shares  x the closing price of B2Gold shares of C$4.43 per share on February 14, 2017

(4)Does not include any assumed conversion of the Company's convertible senior subordinated note

(Stock options includes B2Gold Corp, Auryx Gold and Volta Resources options))

 

Analyst Coverage

The following firms are covering B2Gold and have issued reports:

Company Analyst
BMO Capital Markets Brian Quast
Canaccord Genuity Rahul Paul
CIBC World Markets Jeff Killeen
Clarus Securities Jamie Spratt
Cormark Securities Richard Gray
Eight Capital Craig Stanley
GMP Securities Steve Butler
Haywood Securities Inc. Dr Geordie Mark
JP Morgan John Bridges
Macquarie Securities Michael Gray
National Bank Financial Stephen Parsons
PI Financial Corp. Brian Szeto
Raymond James Chris Thompson
RBC Capital Markets Sam Crittenden
Scotia Capital Ovais Habib
TD Securities Steven J Green

Management

Clive T. Johnson - President, Chief Executive Officer & Director
Clive Johnson was involved with Bema and its predecessor companies since 1977. Click here for full bio
Roger Richer - Secretary, Executive Vice President & General Counsel
Roger Richer has 25 years experience in mining law, corporate finance and international business transactions and practices. Click here for full bio
Tom Garagan - Senior Vice President of Exploration
Tom Garagan is a geologist with over 32 years of experience. Mr. Garagan was with Bema since 1991 and was appointed Vice President of Exploration in 1996. Click here for full bio
Dennis Stansbury - Senior Vice President of Engineering & Project Evaluations
Dennis Stansbury is a mining engineer with over 35 years of engineering, construction, production and management experience at surface and underground mines in eight different countries. Click here for full bio
Mike Cinnamond - Senior Vice President of Finance & Chief Financial Officer
Mike joined B2 in July 2013 as Senior Vice President, Administration, based at the Company's head office in Vancouver where he is responsible for the Company's internal controls documentation and mapping, tax restructuring and due diligence on acquisition targets. Click here for full bio
Dale Craig - Vice President of Operations
Dale Craig has been involved in the mining industry for more than thirty years, and has worked in a variety of mine operations including lead/zinc/copper, coal and gold. Click here for full bio
Ian MacLean - Vice President of Investor Relations
Ian MacLean began his Investor Relations career in 1996 with Nevsun Resources. Click here for full bio
Bill Lytle - Senior Vice President of Operations
Bill Lytle has had more than 15 years experience specializing in providing operational health, safety, environmental, and social assistance during all phases of the mining cycle as well as extensive experience working with international lending institutes such as the IFC. Click here for full bio
Eduard Bartz - Vice President of Taxation & External Reporting
Eduard Bartz has approximately 20 years of direct experience in the mining industry, joining Bema in April 1997. Click here for full bio
Brian Scott - Vice President of Geology & Technical Services
Brian Scott is a registered Professional Geologist who joined Bema Gold in 1993 and was Chief Geologist with Bema Gold from 1996-2007 and B2Gold Corp from 2007-2014. Click here for full bio
Hugh MacKinnon - Vice President of Geology
Hugh MacKinnon is a geologist with over 30 years experience in mineral exploration. Click here for full bio
John Rajala - Vice President of Metallurgy
John Rajala has more than 30 years of experience in precious metals plant operations, management, engineering and process development. Click here for full bio
Neil Reeder - Vice President of Government Relations
Neil joins B2Gold following a distinguished government career of over 35 years with Global Affairs Canada where he helped advance Canada’s trade, foreign policy and development agenda during seven different diplomatic postings overseas and in increasingly senior positions in Ottawa. Click here for full bio
   

Directors

Clive T. Johnson - President & Chief Executive Officer
Clive Johnson was involved with Bema and its predecessor companies since 1977. Click here for full bio
Robert Cross - Chairman
Robert Cross has more than 20 years of experience as a financier in the mining and oil & gas sectors. Click here for full bio
Robert Gayton
Robert Gayton is a Chartered Accountant and has acted as a consultant to various public companies since 1987. Click here for full bio
Jerry Korpan
Jerry Korpan is based in London, England. He was Managing Director of Yorkton Securities UK until 1999 Click here for full bio
Barry Rayment
Dr. Barry Rayment is a mining geologist with 35 years experience in base and precious metal exploration and development. Click here for full bio
Bongani Mtshisi
Bongani Mtshisi is a Mining Engineer by training with more than 12 years of experience working in key commodity sectors such as platinum, gold, diamond, nickel and copper. Click here for full bio
Kevin Bullock
Kevin Bullock is a registered Professional Mining Engineer in the province of Ontario. Click here for full bio
George Johnson
George Johnson served as B2Gold’s Senior Vice President of Operations from August 2009 until April 2015 when he retired. Click here for full bio
 

Project Profile

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