B2Gold Competitive Advantage

Profitability and Growth

Extensive Management Experience

Strong Financial Position

World-class exploration, construction and operations teams

Dramatic Projected Growth

Fekola
Mali

Masbate
Philippines

Otjikoto
Namibia

Gramalote
Colombia

Share Capital⁽¹⁾

Total Shares Issued and Outstanding	1,056,785,544
Directors and Management	14,770,535
Stock Options	32,083,188
Restricted Share Units	3,679,121
Performance Share Units	3,206,485
Total Shares Diluted	1,095,754,338
Market Capitalization (Basic)⁽²⁾	$5,410,741,985
Market Capitalization (Diluted)⁽³⁾	$5,610,262,211

⁽¹⁾Approximate figures are as of February 28, 2022.

⁽²⁾Based on the shares currently issued x the closing price of B2Gold shares of Cdn$5.12 per share on February 28, 2022.

⁽³⁾Based on the diluted shares x the closing price of B2Gold shares of Cdn$5.12 per share on February 28, 2022.

The following firms are covering B2Gold and have issued reports:

Company	Analyst
BofA SECURITIES	lawson winder
BMO Capital Markets	Brian Quast
Canaccord Genuity Corp. (CANADA)	Carey MacRury
CIBC CAPITAL Markets	Anita Soni
Cormark Securities INC.	Richard Gray
Eight Capital	Ralph Profiti
Haywood Securities Inc.	Geordie Mark
Stifel GMP	Ingrid Rico
JP MORGAN	TYLER LANGTON
M Partners	BEN PIRIE
National Bank OF CANADA Financial MARKETS	Don DeMarco
PI Financial Corp.	Justin Stevens
Raymond james LTD	Farooq Hamed
RBC DOMINION SECURITIES INC.	Josh Wolfson
Scotia GLOBAL BANKING & MARKETS	Ovais Habib
TD Securities INC.	Steven Green

Management

Clive T. Johnson - President, Chief Executive Officer & Director Clive Johnson has served as a Director and the President of B2Gold since December 2006 and Chief Executive Officer since March 2007. Click here for full bio	Roger Richer - Executive Vice President, General Counsel & Secretary Roger Richer has served as our Executive Vice President, General Counsel since March 2007 and our Secretary since December 2006. Click here for full bio	Mike Cinnamond - Senior Vice President, Finance & Chief Financial Officer Mike Cinnamond has served as our Senior Vice President of Finance and Chief Financial Officer since April 1, 2014. Click here for full bio
William Lytle - Senior Vice President & Chief Operating Officer As the Senior Vice President & Chief Operating Officer, Bill manages all mining and engineering operational activities from acquisitions through closure, and coordinates engineering teams for due diligence, acquisitions, engineering, construction, operations and closure. Bill has been a valued member of the senior executive team, ensuring B2Gold delivers on its business strategy with regards to operations as well as the Company's Sustainability, HSE, Supply Chain and IT functions that will continue to resort under his care together with Mine Engineering, Metallurgy, Maintenance and Projects. Click here for full bio	Tom Garagan - Senior Vice President, Exploration Tom Garagan has served as our Senior Vice President of Exploration since March 2007. Click here for full bio	Dennis Stansbury - Senior Vice President, Engineering & Project Evaluations Dennis Stansbury has served as our Senior Vice President of Engineering and Project Evaluations (and prior to that our Senior Vice President of Development and Production) since March 2007. Click here for full bio
Randall Chatwin - Senior Vice President, Legal & Corporate Communications Mr. Chatwin has more than 15 years’ experience in the mining industry and joins B2Gold from Goldcorp Inc.Click here for full bio	Ian MacLean - Vice President, Investor Relations Ian MacLean began his Investor Relations career in 1996 with Nevsun Resources. Click here for full bio	Dale Craig - Vice President, 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
Eduard Bartz - Vice President, 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, Geology & Technical Services Mr. Scott was appointed in 2015 and is a registered Professional Geologist with more than 30 years of experience within the exploration/mining industry. Click here for full bio	John Rajala - Vice President, Metallurgy ohn 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, Government Relations Neil Reeder joins B2Gold following a distinguished government career of over 35 years with Global Affairs Canada. Click here for full bio	Dana Rogers - Vice President, Finance Dana Rogers was appointed Vice President of Finance in October 2018. Ms. Rogers joined B2Gold in January 2014 as Corporate Controller and was promoted to Director of Finance in 2017. Click here for full bio	Victor King - Vice President, Exploration Mr. King has more than 30 years of senior management experience in exploration, development and production in the gold mining industry. He joined B2Gold Corp at the end of 2013 following the acquisition of TSE-listed Volta Resources, where he was Chief Operating Officer from 2006 to 2013.Click here for full bio
Peter D. Montano - Vice President, Projects Mr. Montano started his career as a civil and geotechnical engineer, specialising in civil infrastructure and mining projects throughout the Americas, before adding mining engineering to his portfolio. Collectively, he has over 15 years of global experience in the mining industry that encompasses geotechnical engineering, mine construction and operation, open-pit design and planning, financial modelling and project optimization. Click here for full bio

Directors

Clive T. Johnson - President & Chief Executive Officer & Director Clive Johnson has served as a Director and the President of B2Gold since December 2006 and Chief Executive Officer since March 2007. Click here for full bio	Robert Cross - Chairman Robert Cross has more than 25 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 has a Bachelor of Arts from the University of Alberta and a graduate degree from the University of Portland. Click here for full bio	Bongani Mtshisi Bongani Mtshisi is a mining engineer by training with more than 17 years of experience working in key commodity sectors such as gold,Platinum, Diamonds and base metals ( Anglo Platinum, Sub Nigel, Gold One, Debeers/ HUF JV). Mr Mtshisi was co-founder and Chairman of Pan African oil(TSXv - PAO), Auryx Gold (TSX- AYX) and BSC Resources LTD. 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	Robin Weisman Robin Weisman joins B2Gold as a continuation of her respected career deeply-rooted in resource sector finance, where she was most recently the principal investment officer at the International Finance Corporation (“IFC”) in Washington, D.C. Click here for full bio	Liane Kelly Liane Kelly is a CSR professional who has been working with B2Gold since 2011. She is currently the company’s corporate CSR Advisor and is responsible for B2Gold’s sustainability reporting. Click here for full bio

Mine & Project Locations

Click the map below to view our projects

Summary of Mineral Reserve & Mineral Resource Estimates

Mineral Reserves are reported from pit designs and underground stope designs based on Indicated Mineral Resources. Mineral Resources are reported inclusive of those Mineral Resources that have been converted to Mineral Reserves.

Economic parameters such as mining costs, processing costs, metallurgical recoveries and geotechnical considerations have been applied to determine economic viability of the Mineral Reserves based on a gold price of US$1,500 per ounce (“/oz”) (unless otherwise stated). Mineral Reserves contained in stockpiles that meet the project-specific Mineral Reserve cut-off grades are also included for the Fekola Mine, the Masbate Gold Project and the Otjikoto Mine.

Mineral Resources amenable to open pit mining are constrained with conceptual pit shells defined by economic parameters and using a gold price of US$1,800/oz. Mineral Resources amenable to underground mining methods are reported above cut-off grades defined by site operating costs and using a gold price of US$1,800/oz. Mineral Resources contained in stockpiles that meet the project-specific cut-off grades are also included for the Fekola Mine, the Masbate Gold Project and the Otjikoto Mine. Gold grades are expressed in grams per tonne of gold (“g/t Au”).

Mineral Reserve and Mineral Resource estimates for our operating mines have been updated to account for mining depletion, using topographic surfaces as of December 31, 2021. These Mineral Reserve and Mineral Resource estimates are reported by project/mine on both a 100% project basis reflecting the total Mineral Resources and Mineral Reserves and the applicable project/mine specific attributable basis reflecting our ownership interest (details in table footnotes below).

Probable Mineral Reserves Statement

Country	Mine or Project	100% Project Basis			Attributable Ownership Basis
Country	Mine or Project	Tonnes (x 1,000)	Gold Grade (g/t Au)	Contained Gold Ounces (x 1,000)	Ownership Percentage (%)	Tonnes (x 1,000)	Gold Grade (g/t Au)	Contained Gold Ounces (x 1,000)
Mali	Fekola	62,00	1.86	3,710	80	49,600	1.86	2,960
Philippines	Masbate	73,500	0.80	1,890	100³	73,500	0.80	1,890
Namibia	Otjikoto	11,600	1.66	620	90	10,400	1.66	560
Total Probable Mineral Reserves (includes stockpiles)				6,210				5,410

Notes: (Click to expand)

Mineral Reserves have been classified using the CIM Standards. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
Fekola Mine: Mineral Reserves are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali. The Mineral Reserves have an effective date of December 31, 2021 and have been prepared by Peter Montano, P.E., our Vice President, Projects, and a Qualified Person under NI 43-101. Mineral Reserves of the Fekola Mine are based on a conventional open pit mining method, gold price of US$1,500/oz, metallurgical recovery of 94%, selling costs of US$126.38/oz including royalties, average mining cost of US$2.42/t mined, average processing cost of US$15.24/t processed, and site general costs of US$6.93/t processed. Reserve model dilution and ore loss for Fekola was applied through whole block averaging such that at a 0.65 g/t cut-off grade there is a 0.3% increase in tonnes, a 1.3% reduction in grade, and 1.0% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves are reported above a cut-off grade of 0.65 g/t Au. Mineral Reserves of the Cardinal Zone (defined below) are based on a conventional open pit mining method, gold price of US$1,500/oz, metallurgical recovery of 94%, selling costs of US$126.38/oz including royalties, mining costs ranging from US$1.90/t mined for saprolite to US$2.40 for fresh rock, processing costs ranging from US$8.87/t processed for saprolite to US$13.61/t processed for fresh rock, and site general costs of US$0.44/t processed. Reserve model dilution and ore loss for the Cardinal Zone was applied through whole block averaging such that at a 0.40g/t cut-off grade there is a 26% increase in tonnes, a -24% reduction in grade, and 5.0% reduction in ounces when compared to the subcell model. Mineral Reserves are reported above a cut-off grade of 0.65 g/t Au.
Masbate Gold Project: Mineral Reserves are reported on a 100% project and attributable basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. We have a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements, and the remaining 60% is owned by Zoom Mineral Holdings Inc. (“Zoom”), a Philippine shareholder company. Please see “Material Properties – Masbate Gold Project” in B2Gold’s 2022 AIF for a further discussion of the foregoing. The Mineral Reserves have an effective date of December 31, 2021. The Qualified Person for the estimate is Peter Montano, P.E., our Vice President, Projects, and a Qualified Person under NI 43-101. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,500/oz, modeled metallurgical recovery (resulting in average LOM metallurgical recoveries by pit that range from 64% to 89%), and average base operating cost estimates of US$1.60-$1.90/t mined (mining), US$12.95/t processed (processing) and US$4.22/t processed (general and administrative). Dilution and ore loss were applied through whole block averaging such that at a cut-off grade of 0.45 g/t Au, there is a 5.8% increase in tonnes, a 5.5% reduction in grade and 0.1% increase in ounces when compared to the Mineral Resource model. Mineral Reserves are reported at cut-off grades that range from 0.36–0.38 g/t Au.
Otjikoto Mine: Otjikoto Mineral Reserves are reported on a 100% project and a 90% attributable basis, the remaining 10% interest is held by EVI Mining (Proprietary) Ltd. (“EVI”), a Namibian empowerment company. The Otjikoto Mine Mineral Reserves within the open pits and stockpiles have an effective date of December 31, 2021 and have been prepared by Peter Montano, P.E., our Vice President, Projects, and a Qualified Person under NI 43-101. Mineral Reserves to be mined using open pit methods or in stockpiles are based on a conventional open pit mining method, gold price of US$1,500/oz, metallurgical recovery of 98%, selling costs of US$63.61/oz Au including royalties and levies, average mining cost of US$2.55/t mined, average processing cost of US$12.60/t processed, and site general costs of US$3.36/t processed. Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.45 g/t Au cut-off grade there is a 2.3% decrease in tonnes, a 2.2% reduction in grade, and a 4.4% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves to be mined using open pit methods or in stockpiles are reported above a cut-off grade of 0.45 g/t Au. Mineral Reserves to be mined using underground methods at Wolfshag have an effective date of December 31, 2021, and have been prepared Randy Reichert, P. Eng, our Vice President, Operations, and a Qualified Person under NI 43-101. Mineral Reserves to be mined using underground methods are based on a modified transverse longhole stoping mining method, gold price of US$1,350/oz, metallurgical recovery of 98%, selling costs of US$63.49/oz including royalties and levies, average mining cost of US$84.83/t mined, average processing cost of US$12.06/t processed, general costs of US$3.07/t processed, 10% dilution, and 90% mining recovery. Mineral Reserves to be mined using underground methods are reported above a cut-off grade of 2.68 g/t Au.US$3.07/t processed, 10% dilution, and 90% mining recovery. Mineral Reserves to be mined using underground methods are reported above a cut-off grade of 2.68 g/t Au.
Stockpiles: Mineral Reserves in stockpiled material are reported in the totals for the Fekola Mine, the Masbate Gold Project and the Otjikoto Mine, and were prepared by mine site personnel at each operation. Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine grade control (“GC”) methods. Stockpile cut-off grades vary by deposit, from 0.40 – 0.65 g/t Au.

Indicated Mineral Resource Statement

Country	Mine or Project	100% Project Basis			Attributable Ownership Basis
Country	Mine or Project	Tonnes (x 1,000)	Gold Grade (g/t Au)	Contained Gold Ounces (x 1,000)	Ownership Percentage (%)	Tonnes (x 1,000)	Gold Grade (g/t Au)	Contained Gold Ounces (x 1,000)
Mali	Fekola	102,800	1.51	4,980	80	82,200	1.51	3,980
	Anaconda Area	32,400	1.08	1,130	80 and 85	27,100	1.08	940
	Cardinal	8,000	1.67	430	80	6,400	1.67	340
Philippines	Masbate	126,500	0.78	3,180	100⁵	126,500	0.78	3,180
Namibia	Otjikoto	48,200	0.88	1,370	90	43,400	0.88	1,230
Colombia	Gramalote	173,400	0.73	4,060	50	86,700	0.73	2,030
Total Indicated Mineral Resources (includes Stockpiles)				15,140				11,700

Inferred Mineral Resource Statement

Country	Mine or Project	100% Project Basis				Attributable Ownership Basis
Country	Mine or Project	Tonnes (x 1,000)	Gold Grade (g/t Au)	Contained Gold Ounces (x 1,000)	Ownership Percentage (%)	Tonnes (x 1,000)	Gold Grade (g/t Au)	Contained Gold Ounces (x 1,000)
Mali	Fekola	10,100	1.23	400	80	8,100	1.23	320
	Anaconda Area	63,700	1.12	2,280	80 and 85	53,100	1.12	1,890
	Cardinal	19,000	1.21	740	80	15,200	1.21	590
Philippines	Masbate	27,800	0.77	690	100⁵	27,800	0.77	690
Namibia	Otjikoto	6,600	1.80	380	90	6,000	1.80	340
Colombia	Gramalote	58,200	0.59	1,100	50	29,100	0.59	550
Total Inferred Mineral Resources				5,590				4,390

Notes: (Click to expand)

Mineral Resources have been classified using the CIM Standards. Mineral Resources are reported inclusive of those Mineral Resources that have been modified to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
Fekola Mine: Mineral Resources are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali. Mineral Resources have an effective date of December 31, 2021. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., Vice President, Projects. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,800/oz, metallurgical recovery of 94%, selling costs of US$151.13/oz including royalties, average mining cost of US$2.42/t mined, average processing cost of US$15.24/t processed, and site general costs of US$6.93/t processed. Mineral Resources are reported at a cut-off grade of 0.40 g/t Au.
Cardinal Zone: Mineral Resources are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali (as part of the Médinandi Exploitation Licence). Mineral Resources have an effective date of December 31, 2021. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,800/oz, metallurgical recovery of 94%, selling costs of US$151.00/oz including royalties, and operating cost estimates of US$1.90–US$2.40/t mined (mining), US$8.37–US$13.11/t processed (processing), US$0.50/t processed (haulage), and US$0.44/t processed (general and administrative). Mineral Resources are reported at a cut-off grade of 0.25 g/t Au for oxide and 0.40 g/t Au for sulphide.
Anaconda Area (as defined in B2Gold's 2022 AIF): Mineral Resources are reported on a 100% project and an 85% attributable basis for the Menankoto Permit. Under the applicable Malian mining legislation, the State of Mali has a 10% free-carried interest with an option to acquire an additional 10% participating interest (which option has not been exercised to date), and 5% is held by a Malian third party. Mineral Resources are reported on an 80% attributable basis for the Bantako Nord Permit (as defined below)]. Under the applicable Malian mining legislation, the State of Mali has a 10% free-carried interest with an option to acquire an additional 10% participating interest (which option has not been exercised to date), and 10% is held by a Malian third party. Mineral Resources have an effective date of January 11, 2022. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,800/oz, metallurgical recovery of 94%, selling costs of US$151.00/oz including royalties, and operating costs of US$0.97–US$2.00/t mined (mining at surface) plus a sinking rate of US$0.035 per 10 metres (“m”) depth, US$8.37–US$13.11/t processed (processing), US$3.50/t processed (haulage), and US$2.33/t processed (general and administrative). Mineral Resources are reported at a cut-off grade of 0.30 g/t Au for oxide and a cut-off grade of 0.40 g/t Au for sulphide.
Masbate Gold Project: Masbate Gold Project: Mineral Resources are reported on a 100% project and attributable basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. We have a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements, and the remaining 60% is owned by Zoom, a Philippine shareholder company. Please see “Material Properties - Masbate Gold Project” in B2Gold’s 2022 AIF for a further discussion of the foregoing. Mineral Resources have an effective date of December 31, 2021. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Vice President, Projects. Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,800/oz, modeled metallurgical recovery (resulting in average metallurgical recoveries by resource area that range from 59% to 89%), and operating cost estimates of US$1.60–US$1.92/t mined (mining), US$11.87/t processed (processing) and US$2.53–US$4.22/t processed (general and administrative). Mineral Resources are reported at an average cut-off grade of 0.34 g/t Au.
Otjikoto Mine: Mineral Resources are reported on a 100% project and a 90% attributable basis, the remaining 10% interest is held by EVI, a Namibian empowerment company. Mineral Resources have an effective date of December 31, 2021. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Vice President, Projects. Mineral Resource estimates that are amenable to open pit mining methods are reported within a conceptual open pit based on a gold price of US$1,800/oz, metallurgical recovery of 98%, selling costs of US$75.49/oz including royalties and levies, and operating cost estimates of US$2.55/t mined (mining), US$12.60/t processed (processing) and US$3.36/t processed (general and administrative). Mineral Resources that are amenable to open pit mining are reported at a cut-off grade of 0.27 g/t Au. Mineral Resources that are amenable to underground mining are reported at cut-off grades of 1.5, 2.25 or 3.25 g/t Au and a minimum thickness of 1.5 m.
Gramalote Project: Mineral Resources are reported on a 100% project and a 50% attributable basis, the remaining 50% interest is held by a subsidiary of AngloGold. The Mineral Resource estimate has an effective date of December 31, 2020. The Qualified Person for the estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. Mineral Resources assume an open pit mining method and are reported within a conceptual pit based on a gold price of US$1,800/oz., metallurgical recovery of 81.7% to 84% for oxide and 90.9% to 97.6% for sulphide, and operating cost estimates of US$1.99–US$2.36/t mined (average mining cost), US$4.79–US$4.89 for oxide, US$7.45–US$7.55/t for sulphide processed (processing) and US$2.10/t processed (general and administrative). Mineral Resources are reported at cut-off grades of 0.15 g/t Au for oxide and 0.18 g/t Au for sulphide.
Stockpiles: Mineral Resources in stockpiled material are reported in the totals for the Fekola Mine, the Masbate Gold Project and the Otjikoto Mine and were prepared by mine site personnel at each operation. Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine GC methods.

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B2Gold Competitive Advantage

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Summary of Mineral Reserve & Mineral Resource Estimates

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B2Gold Competitive Advantage

Dramatic Projected Growth

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Mine & Project Locations

Summary of Mineral Reserve & Mineral Resource Estimates

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