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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
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 Q1 2018 13,529 oz Q2 2018 11,109 oz Q3 2018 13,098 oz YTD 2018 37,736 oz Ownership 1 100% Probable gold reserves 2 0.11 Moz Indicated gold resources 2 0.38 Moz Inferred gold resources 2 0.92 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 Q3 2018 YTD 2018 $928 $850 $900 $941 40% ABOVE BUDGET $1,315 22% ABOVE BUDGET $1,229 $1,500 Q3 2018 YTD 2018 $1,385 $1,435 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 14-17 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, 2018 4. Guidance revised: Refer to Q3 & YTD 2018 Earnings news release, dated November 6, 2018
EL LIMON PRODUCTION: Q1 2018 - Q4 2018 135 Q1 2018 Q2 2018 Q3 2018 Q4 2018 est 2018 est MINE Ore tonnes 108,880 90,587 121,120 122,000-126,000 445,000 Grade (g/t) 3.91 4.11 3.56 3.33-4.48 3.60-4.00 Waste tonnes 1,842,498 1,129,984 699,011 Total tonnes 1,951,378 1,220,571 820,131 MILL Processed tonnes 116,310 89,590 121,208 122,000-126,000 449,000-453,000 Grade (g/t) 3.81 4.07 3.56 3.33-4.48 3.66-3.98 Recovery (%) 95.2 94.7 94.4 94.0-95.0 94.6-94.8 Gold production (oz) 13,529 11,109 13,098 12,000-17,000 50,000-55,000
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 Q1 2019 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 Q2 2019 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
EL LIMON MINE SOCIO-POLITICAL SITUATION IN 2018 137 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
EL LIMON MINE SOCIO-POLITICAL SITUATION IN 2018 138 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
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 6,000,000 4.30 829,000 750,000 10 Historic Tailings Indicated Mineral Resource 7,300,000 1.12 263,000 198,000 11
EL LIMON CENTRAL PROJECT LOCATION 140
EL LIMON GRINDING CIRCUIT UPGRADE 141 600 Ktpa plant expansion overall plant area NE view The new pebble crushing circuit, vertimill, cyclones and thickener are highlighted