1. Mineral Reserves have been classified using the CIM Standards (refer to the Company's AIF, dated March 20, 2019 – click here for additional information regarding these Mineral Reserves). 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.
2. 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, 2018. The Qualified Person for the estimate is Peter D. Montano, P.E.,who is B2Gold's Project Director. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,250/oz, metallurgical recovery of 94%, selling costs of $112.29/oz (including royalties), average mining cost of $2.49 per tonne ("/t") mined, average processing cost of $17.17/t processed, and site general costs of $4.39/t processed. Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.8g/t cutoff there is a 1.4% increase in tonnes, a 2.1% reduction in grade, and a 0.7% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves are reported above a cutoff grade of 0.8g/t Au.
3. Masbate Gold Project: Mineral Reserves are reported on a 100% project 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. B2Gold has a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements. Please see heading "Material Properties – Masbate Gold Project" in pages 31-41 in the Company's AIF, dated March 20, 2019 (click here) for a further discussion of the foregoing. The Mineral Reserves have an effective date of December 31, 2018. The Qualified Person for the estimate is Kevin Pemberton, P.E., who is B2Gold's Chief Mine Planning Engineer. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,250/ounce, modeled metallurgical recovery (resulting in average LoM metallurgical recoveries by pit that range from 63% to 86%), selling costs of $54.11/oz and average base operating cost estimates of US$1.50–$1.80/t mined (mining), US$9.57/t processed (processing) and US$1.84–3.45/t processed (general and administrative). Dilution and ore loss were applied through block averaging such that at a cutoff of 0.49 g/t Au, there is a 7.7% increase in tonnes, a 6.6% reduction in grade and a 0.7% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves are reported at cutoffs that range from 0.41–0.54 g/t Au.
4. Otjikoto Mine: Mineral Reserves for Otjikoto and Wolfshag are reported on a 100% project and a 90% attributable basis; the remaining 10% interest is held by EVI Mining (Proprietary) Ltd., a Namibian empowerment company ("EVI"). The Mineral Reserves have an effective date of December 31, 2018. The Qualified Person for the estimate is Peter D. Montano, P.E., who is B2Gold's Project Director. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,250/oz, metallurgical recovery of 98%, selling costs of $51.44/oz including royalties and levies, average mining cost of $2.29/t mined, average processing cost of $12.99/t processed, and site general costs of $3.25/t processed. Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.45 g/t cutoff there is a 2.3% decrease in tonnes, a 2.2% reduction in grade, and 4.4% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves are reported above a cutoff grade of 0.45 g/t Au.
5. La Libertad Mine*: Mineral Reserves are reported on a 100% basis, and have an effective date of December 31, 2018. The Qualified Person for the estimate is Kevin Pemberton, P.E., who is B2Gold's Chief Mine Planning Engineer. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,250/ounce, metallurgical recoveries that range from 90% to 94%, and operating cost estimates of US$2.64/t mined (mining), US$14.80/t processed (processing) and US$3.50/t processed (general and administrative). Dilution and ore loss was applied to the Jabali material through block averaging such that at a cutoff of 0.75–0.76 g/t Au, there is a 15% increase in tonnes, a 26% reduction in grade and 14% reduction in ounces when compared to the Mineral Resource model. No dilution is applied to spent-ore. Mineral Reserves are reported at cutoffs that range from 0.64–0.74 g/t Au.
6. El Limon Mine*: Mineral Reserves are reported on a 100% basis. The Mineral Reserves have an effective date of December 31, 2018. The Qualified Person for the estimate is Kevin Pemberton, P.E., who is B2Gold's Chief Mine Planning Engineer. Mineral Reserves are based on underground long-hole stoping mining methods, gold price of US$1,250/ounce, metallurgical recovery of 93.5%, and operating cost estimates of US$53.90–US$82.39/t of ore (mining), US$29.45/t of ore processed (processing) and US$12.11/t processed (general and administrative). Dilution of 29–44% is applied to most zones in addition to 90% mine recovery for all zones. Mineral Reserves are reported at cutoffs that range from 2.80–3.27 g/t Au.
7. Stockpiles: Mineral Reserves in stockpiled material are reported in the totals for the Otjikoto and Fekola Mines and the Masbate Gold Project, 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 methods. Stockpile cutoffs vary by deposit, from 0.4–0.7 g/t Au.

*Note: On October 15, 2019, B2Gold completed the sale of its El Limon and La Libertad mines in Nicaragua to Calibre Mining Corp. B2Gold now holds an indirect interest in these assets through its approximately 30.08% shareholding of Calibre (as at October 15, 2019). Click here for the news release

1. Mineral Reserves have been classified using the CIM Standards (refer to the Company's AIF, dated March 20, 2019 – click here for additional information regarding these Mineral Reserves). 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.
2. 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. The Mineral Resources have an effective date of December 31, 2018. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., who is B2Gold's Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., who is B2Gold's Project Director. Mineral Resource estimates assume an open pit mining method, gold price of US$1,400/oz, metallurgical recovery of 94.5%, and average operating cost estimates of US$2.00/t mined (mining), US$14.50/t processed (processing) and US$4.50/t processed (general and administrative). Mineral Resources are reported at a cutoff of 0.6 g/t Au.
3. Anaconda: Mineral Resources are reported on a 100% project and an 85% attributable basis; under the 2012 Mining Code, the State of Mali has a 10% free carried interest with an option to acquire an additional 10% participating interest, and 5% is held by a third party. The Mineral Resources have an effective date of March 22, 2017 and are considered current as of December 31, 2018. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., who is B2Gold's Senior Vice President, Exploration. Mineral Resource estimates assume an open pit mining method, gold price of US$1,400/oz, metallurgical recovery of 95%, and average operating cost estimates of US$1.75/t mined (mining), US$8.10/t processed (processing) and US$2.75/t processed (general and administrative). Mineral Resources are reported at a cutoff of 0.35g/t Au.
4. Masbate Gold Project: Mineral Resources are reported on a 100% project basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, B2Gold's wholly-owned subsidiary, PGPRC, has the right to purchase all ore from the Masbate Gold Project. B2Gold has a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements. Please see heading "Material Properties – Masbate Gold Project" in pages 31-41 in the Company's AIF, dated March 20, 2019 (click here) for a further discussion of the foregoing. The Mineral Resources have an effective date of December 31, 2018. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., who is B2Gold's Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Kevin Pemberton, P.E., who is B2Gold's Chief Mine Planning Engineer. Mineral Resource estimates assume an open pit mining method, gold price of US$1,400/oz, modeled metallurgical recovery (resulting in average LoM metallurgical recoveries by pit that range from 63% to 86%), and operating cost estimates of US$1.50–$1.80/t mined (mining), US$9.57/t processed (processing) and US$1.84–3.45/t processed (general and administrative). Mineral Resources are reported at an average cutoff of 0.4g/t Au.
5. Otjikoto Mine: Mineral Resources are reported on a 100% project and a 90% attributable basis; the remaining 10% interest is held by EVI. The Mineral Resources have an effective date of December 31, 2018. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., who is B2Gold's Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., who is B2Gold's Project Director. Mineral Resource estimates that are amenable to open pit mining methods assume a gold price of US$1,400/oz, metallurgical recovery of 98%, and operating cost estimates of US$2.23/t mined (mining), US$12.85/t processed (processing) and US$3.24/t processed (general and administrative). Mineral Resources that are amenable to open pit mining are reported at a cutoff of 0.40 g/t Au. Mineral Resources that are amenable to underground mining are reported at cutoff of 2.60 g/t Au.
6. La Libertad Mine*: Mineral Resources are reported on a 100% basis, and have an effective date of December 31, 2018. The Qualified Person for the estimates is Brian Scott, P.Geo., who is B2Gold's Vice President, Geology and Technical Services. The Mineral Resource estimates amenable to open pit mining assume a gold price of US$1,400/oz, metallurgical recoveries that range from 90% to 94%, and operating cost estimates of US$1.37-2.50/t mined (mining), US$14.80/t processed (processing) and US$3.50/t processed (general and administrative). Mineral Resources amenable to open pit mining are reported at cutoffs that range from 0.55–0.65 g/t Au. Mineral Resources amenable to underground mining are reported at cutoffs that range from 2.1–2.2 g/t Au.
7. El Limon Mine*: Mineral Resources are reported on a 100% basis. The Mineral Resources have an effective date of December 31, 2018. The Qualified Person for El Limon Central estimates is Tom Garagan, P.Geo., B2Gold's Senior Vice President, Exploration. The Qualified Person for the other estimates is Brian Scott, P.Geo., B2Gold's Vice President, Geology and Technical Services. Mineral Resource estimates assume a gold price of US$1,400/oz, metallurgical recovery of 88.1-93.5%, and operating cost estimates of US$53.90–82.39/t of ore mined from underground (mining), US$2.50/t of ore mined from open pit (mining), US$29.45/t processed (processing) and US$12.11/t processed (general and administrative). Mineral Resources amenable to underground mining are reported at cutoffs that range from 2.5 –2.9 g/t Au. Mineral Resources amenable to open pit mining are reported at a cutoff of 1.25 g/t Au.
8. Kiaka Project: Mineral Resources are reported on a 100% project and an 81% attributable basis; the remaining interest is held by GAMS-Mining F&I Ltd (9%) a Cypriot company, and the Government of Burkina Faso (10%) (representing the 10% interest that is held by the Burkina Faso government). The Mineral Resource estimate has an effective date of January 8, 2013. The Qualified Person for the estimate is Ben Parsons, MSc, MAusIMM (CP), Principal Consultant for SRK Consulting. Mineral Resources assume an open pit mining method, gold price of US$1,400/oz, metallurgical recovery of 89.8%, and operating cost estimates of US$1.58/t mined (mining), US$11.89/t processed (processing, and general and administrative). Mineral Resources are reported at a cutoff of 0.4 g/t Au.
9. Toega Project: Mineral Resources are reported on a 100% project and an 81% attributable basis; the remaining interest is held by GAMS-Mining F&I Ltd (9%) a Cypriot company, and the Government of Burkina Faso (10%) (representing the 10% interest that will be transferred to the Burkina Faso government if the project advances). The Mineral Resource estimate has an effective date of January 8, 2018 and is considered current as of December 31, 2018. The Qualified Person for the estimate is Tom Garagan, P.Geo., who is B2Gold's Senior Vice President, Exploration. Mineral Resources assume an open pit mining method, gold price of US$1,400/oz, metallurgical recovery of 86.2%, and operating cost estimates of US$2.50/t mined (mining), US$10.00/t processed (processing) and US$2.10/t processed (general and administrative). Mineral Resources are reported at a cutoff of 0.6 g/t Au.
10. Gramalote Project: Mineral Resources are reported on a 100% project and a 49% attributable basis; the remaining 51% interest is held by AngloGold Ashanti Limited. Mineral Resources have an effective date of August 31, 2016 and are considered current as of December 31, 2017. The Qualified Person for the estimate is Vaughan Chamberlain, FAusIMM, Senior Vice President, Geology and Metallurgy for AngloGold. Mineral Resources assume an open pit mining method, gold price of US$1,400, metallurgical recovery of 85% for oxide and 95% for sulphide, and operating cost estimates of US$2.30/t mined (mining), US$3.32 for oxide and US$5.71/t for sulphide processed (processing) and US$1.37/t processed (general and administrative). Mineral Resources are reported at cutoffs of 0.13 g/t Au for oxide and 0.17g/t Au for sulphide.
11. Stockpiles: Mineral Resources in stockpiled material are reported in the totals for the Otjikoto and Fekola Mines and the Masbate Gold Project, 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 methods.