EL LIMON MINE: EMPLOYEES & CONTRACTORS 133

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2 EL LIMON MINE: EMPLOYEES & CONTRACTORS 133 B2Gold Employees Direct 552 Nicaraguans 548 Expats 4 Unionized 494 Men 499 Women 53 Contractors Employees 570 Men 529 Women 41

3 EL LIMON MINE: NICARAGUA OPEN PIT & UNDERGROUND 134 GOLD PRODUCTION YTD 2018: 37,736 oz 14% BELOW BUDGET 2018 ANNUAL GUIDANCE 50 Koz - 55 Koz 3 Q ,529 oz Q ,109 oz Q ,098 oz YTD ,736 oz Ownership 1 100% Probable gold reserves Moz Indicated gold resources Moz Inferred gold resources Moz 2019 E gold production 60 Koz 70 Koz 2018 exploration budget $7 M 2018 capex $18 M CASH OPERATING COSTS (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 4 AISC (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 4 $613 43% ABOVE BUDGET $875 $751 24% ABOVE BUDGET Q YTD 2018 $928 $850 $900 $941 40% ABOVE BUDGET $1,315 22% ABOVE BUDGET $1,229 $1,500 Q YTD 2018 $1,385 $1, In May 2018, B2Gold purchased the remaining 5% interest in El Limon Mine for $2.5 M, thereby increasing its ownership interest in El Limon to 100% from 95% 2. Refer to pages in B2Gold s Annual Information Form, dated March 23, 2018, for Mineral Reserves & Resources summary, and respective footnotes 3. Guidance revised: Refer to Q2 & FH 2018 Production & Revenue news release, dated July 11, Guidance revised: Refer to Q3 & YTD 2018 Earnings news release, dated November 6, 2018

4 EL LIMON PRODUCTION: Q Q Q Q Q Q est 2018 est MINE Ore tonnes 108,880 90, , , , ,000 Grade (g/t) Waste tonnes 1,842,498 1,129, ,011 Total tonnes 1,951,378 1,220, ,131 MILL Processed tonnes 116,310 89, , , , , ,000 Grade (g/t) Recovery (%) Gold production (oz) 13,529 11,109 13,098 12,000-17,000 50,000-55,000

5 EL LIMON OPERATIONS 2019: SUMMARY 136 Annual production guidance is 1 60 Koz to 70 Koz Milling will average 500 Ktpa: Will continue the study to optimize plant production capacity during Q Open-pit mining from El Limon Central and Mercedes Underground mining from Santa Pancha and Veta Nueva: All mining areas permitted All except El Limon Central in operation El Limon Central 2019 mining totals 10.5 Mt waste and ore. There is a significant tonnage and is largely capitalized stripping: o o Ore production commences in Q Early works including roads, dumps and clearing in progress No tailings expansions are scheduled for 2019, but the addition of El Limon Central ore tonnage will require that a new tailings pond be constructed (2020 budget) Capital expenditures will include: mill circuit upgrades to handle El Limon Central ore 1. To be updated when the fiscal 2019 budget is completed

6 EL LIMON MINE SOCIO-POLITICAL SITUATION IN Impact on production: Local roadblocks, coinciding with the national situation, prevented mining and processing for 33 days Due to national-level roadblocks and unrest, police authorizations for the transport of explosives were suspended from late May to early August. The lack of explosives affected development work in the Santa Pancha underground mine Downstream effect on underground ore production: with limited explosives available, production blasts were prioritized over development sequences, which resulted in limitations on production in subsequent months The suspension of processing for 33 days alone resulted in 5,200 fewer ounces, in addition to the losses resulting from mining stoppages and lack of explosives El Limon Central mine permit was delayed for several months while the government ministries maintained a focus on social-political issues, to the detriment of normal activities such as permitting. B2Gold could not hold a public consultation during a period of social unrest Permit was issued in early October 2018

7 EL LIMON MINE SOCIO-POLITICAL SITUATION IN Resolution: Roadblocks were peacefully resolved by working with a newly-developed Community Stakeholders Committee, which facilitates coordination and communication with our communities One of the significant local concerns, local employment, was considerably eased with the announcement of El Limon Central discovery which ensured future job opportunities. The permitting and development of El Limon Central was well supported by our communities During the disturbances, B2Gold continued to support its workforce and, in an atmosphere of positive labour relations, has responded positively by recently signing a new 2-year collective agreement The removal of national roadblocks has resulted in normalized supply chain management Substantially on track with underground mine development and mine production levels as planned remain on track to meet revised guidance of 50 Koz 55 Koz in 2018 Fast-tracked infrastructure development for El Limon Central and will modify development sequence in 2019 to mitigate the effect of permit delays

8 EL LIMON MINE RESOURCES 139 Project Ore (t) Grade (g/t) Gold Contained (oz) Gold Recovered (oz) Years Limon Central Zone Inferred Mineral Resource Open Pit and Underground 6,000, , , Historic Tailings Indicated Mineral Resource 7,300, , ,000 11

9 EL LIMON CENTRAL PROJECT LOCATION 140

10 EL LIMON GRINDING CIRCUIT UPGRADE Ktpa plant expansion overall plant area NE view The new pebble crushing circuit, vertimill, cyclones and thickener are highlighted