Managing Director & Country Manager Namibia. SVP, Exploration

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2 97 Managing Director & Country Manager Namibia SVP, Exploration

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4 Deep-water port access (Walvis Bay) MINING IN NAMIBIA 99 Population of 2.3 million (2011 World Bank estimate) Strong history of mining Mining plays a vital role in the Namibian economy Stable government Encourages foreign investment Mining corporate tax rate: 37.5%, NSR 4% Favourable tax treatment on capital expenditures Good national infrastructure 3 km from paved national highway (B1) Otjikoto Mine infrastructure: Good water supply on site Self-generating power supply

5 HISTORY OF OTJIKOTO DEVELOPMENT 100 Acquired 90% from Auryx Gold Corp. Partnered with local Namibian mining company (EVI Mining) Feasibility completed for 2.5 Mtpa plant Ground-breaking ceremony Civil engineering commences Structural, mechanical and piping started Commissioning First gold pour Achieved commercial production Expansion to 3.0 Mtpa Currently operating at 3.4 Mtpa

6 NAMIBIA ATTRACTIVE DESTINATION TO MINE 101 In 2014, Namibia ranked 1 st in Africa for investment attractiveness Stable government, with mining playing a key role in the economy Strong Chamber of Mines working hand-in-hand with the government to align industry and government needs Government has worked closely with the mining industry to resolve legacy issues related to empowerment and transformation

7 B2GOLD NAMIBIA: HUMAN CAPITAL A KEY B2GOLD DELIVERABLE: DEVELOPING LOCAL TALENT 102 B2Gold s in-house construction team (~130 expatriates) was brought in to build the Otjikoto Mine, with the objective of transferring skills to local Namibians Currently employing 842 persons at the Otjikoto Mine almost all either Namibians or permanent residents Post construction, the number of expatriates employed at the Otjikoto Mine was reduced to only 1 in 2018 (permanent residents and domiciles not included) Only 16, or 1.7% of employees, are now non-namibian, but only 9, or 1%, are on work permits

8 LOCAL SKILLS TRAINING & DEVELOPMENT 103 Namibian Institute of Mining and Technology (NIMT) provides training for all artisans highly skilled and disciplined B2Gold construction team chose to use more than 120 Namibian artisans as expatriates to build the Fekola Mine in Mali Otjikoto Mine employs more than 60 artisans in training and on job attachment, as part of its commitment to skills development the highest number of any business in Namibia Otjikoto Mine supports 7 full-time bursary students at universities in South Africa and Namibia

9 THE NAMIBIAN CHAMBER OF ENVIRONMENT: A B2GOLD INITIATIVE THE NCE HAS 8 STRATEGIC PROGRAMME AREAS TO SUPPORT ITS MEMBERS 104 Membership support National facilities Advocacy Environmental policy research Environmental information Young Namibian training and mentorship Fund raising Grants making

10 OTJIKOTO MILL DESIGN PARAMETERS 105 Design grade: 1.42 g/t Gold recovery: 95.6% Gravity circuit: 39.2% Leach/CIP: 56.4% Actual recovery 98.6% Design throughput: 2.51 Mtpa Upgraded to 3.5 Mtpa Mill availability: 94% Comminution circuit design parameters: Crusher work index: 12.3 kwh/t Ball mill work index: 9.3 kwh/t A x b: 42.3 Abrasion index: 0.47

11 Tonnes mined (t/quarter) OTJIKOTO MINE PRODUCTION: Q Q SUMMARY OF QUARTERLY KEY PERFORMANCE AREAS 106 Millions Tonnes Mined (Quarterly) Actual Period Average 276 ktpq 299 ktpq Thousands ktpq ktpq

12 Gold produced (oz) OTJIKOTO MINE PRODUCTION: Q Q SUMMARY OF QUARTERLY KEY PERFORMANCE AREAS ,000 Gold Production Actual Budget 50,000 40,000 30,000 20,000 10,000 0

13 OTJIKOTO MINE: NAMIBIA OPEN PIT 108 GOLD PRODUCTION YTD 2018: 122,580 oz 3% ABOVE BUDGET 2018 ANNUAL GUIDANCE 160 Koz Koz Q ,499 oz Q ,678 oz Q ,403 oz YTD ,580 oz Ownership 90% Probable gold reserves Moz Indicated gold resources Moz Inferred gold resources Moz 2019 E gold production 160 Koz 170 Koz 2018 exploration budget $5 M CASH OPERATING COSTS (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 3% BELOW BUDGET $484 $470 4% BELOW BUDGET $533 $514 Q YTD 2018 $480 $525 AISC (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 7% 2% BELOW BELOW BUDGET BUDGET $715 $662 $762 $747 Q YTD 2018 $700 $ capex $45 M 1. Refer to pages in B2Gold s Annual Information Form, dated March 23, 2018, for Mineral Reserves & Resources summary, and respective footnotes

14 OTJIKOTO PRODUCTION: Q Q Q Q Q Q est 2018 est MINE Ore tonnes 1,481,775 2,116,338 2,010,375 2,300,000 7,900,000 Grade (g/t) Waste tonnes 6,539,526 7,679,566 7,426,152 7,500,000 29,000,000 Total tonnes 8,021,301 9,795,904 9,436,527 9,800,000 36,900,000 MILL Processed tonnes 827, , , , ,000 3,400,000-3,450,000 Grade (g/t) Recovery (%) Gold production (oz) 39,499 40,678 42,403 42,500-47, , ,000

15 OTJIKOTO OPERATIONS 2019: SUMMARY 110 Annual production guidance is Koz to 170 Koz Milling will average: 3.4 Mtpa: Minor increase due to continued production rates 98.0% recovery Mining from Otjikoto Phase 2 (primary ore source) Wolfshag Phase 2 (ore in late 2019), and Wolfshag Phase 3 (pre-stripping): Added contractor fleet to assist with Wolfshag Phase 3: Less than 7 Mt dedicated to bulk waste Mining unit costs not impacted due to labour and fixed costs (management, tech services) Capital expenditures will include: capitalized rebuilds of mining fleet and power plant, added haul and water trucks and a fleet management system 39.5 Mt of waste (including low grade) 3.4 Mt of high and medium grade ore 1. To be updated when the fiscal 2019 budget is completed

16 SOLAR PROJECT UPDATE 111 Otjikoto Solar Power Plant grand opening was on May 29, 2018 Plant consists of approx. 62,400 maintenance-free panels each producing 115 W 260 inverters each 25 kva 6½ tracking blocks, each block being 1 MVA AC power Solar plant voltage 400 V and transmission voltage 6.5 kv Solar output to the mine grid went live on March 8, 2018, with the first 1 MVA block Approximately 10% savings on fuel to date (including Q when plant was not operating)