NI 43-101 Preliminary Economic Assessment Gramalote Project Northwest Colombia Prepared for: B2Gold Corp 595 Burrard St Suite 3100 Vancouver, BC Project Number: GU-000480-0001-01TTO Effective Date: February 11, 2014 Report Date: March 31, 2014 Prepared by: 274 Union Boulevard, Suite 450. Lakewood, CO 80228 Endorsed by: Donald E. Hulse, P.E.SME-RM Gordon Sobering, SME-RM, Q.P. M. Claiborne Newton, III, PhD, SME-RM Deepak Malhotra, PhD, SME-RM Frank Daviess, Q.P. B2Gold Corp i Gramalote Project NI 43-101 Preliminary Economic Assessment Summary This Preliminary Economic Assessment (PEA) of the Gramalote Project in Colombia has been completed by Gustavson Associates, LLC. (Gustavson) at the request of B2Gold Corp. (B2Gold), which has a 49% interest in the Project. The PEA is subject to a number of assumptions, including among others, that an environmental impact assessment will be completed within the required timeline, all permits required will be obtained in a timely manner, the Project will have support of the local government and community, the regulatory environment will remain consistent and no material increase will have occurred to the estimated project costs. It is important to note that Gustavson’s work on this PEA is based on an internal report completed by AngloGold Ashanti Ltd. (AGA), entitled “Gramalote Project, Prefeasibility Study”. Although such study is stated to be compliant with the Australasian Joint Ore Reserves Committee Code (JORC Code) and the South African Code for the Reporting of Mineral Resources and Mineral Reserves (SAMREC), and constitutes a prefeasibility study under such codes, the study does not constitute a prefeasibility study under Canadian Institute of Mining (CIM) Guidelines or Canadian National Instrument 43-101 standards since under such standards a prefeasibility study cannot include Inferred resources nor a mineral resource category termed by AGA as “tangible endowment”. Consequently, Gustavson has determined that such study is most closely equated to a preliminary economic assessment under Canadian National Instrument 43-101 and has prepared this PEA report for B2Gold on such a basis. However, AGA’s mineral resource estimate is compliant to Canadian NI 43-101 standards and Gustavson has based this PEA report on measured, indicated and inferred resources and transferred any material termed “tangible endowment” into the waste category. Property Description and Location The Gramalote Project is a 51/49 percent joint-venture between AGA and B2Gold, with Gramalote (Colombia) Limited (GCL) being the current operator. The Gramalote Project area consists of 17 contiguous claim blocks totalling 35,321.74 hectares. The claims presently include 16 registered concession contracts totalling 25,908.84 hectares and one integrated and registered mining concession contract totalling 9,412.90 hectares in a traditionally agricultural and artisanal mining area approximately 80 km northeast of Medellin, Colombia and about one km southwest of the village of Providencia, Department of Antioquia. Gustavson Associates, LLC March 31, 2014 Gramalote_PEA_20140331_FINAL2.docx B2Gold Corp ii Gramalote Project NI 43-101 Preliminary Economic Assessment Geology and Mineralization The Gramalote gold deposit is hosted in the late Cretaceous Antioquia Batholith. This intrusive covers an area of 7,221 km2 and composes the core of the Central Cordillera at the Antioquia Department. Gold and silver mineralization in the Gramalote Project area occurs within an intrusive hosted, structurally controlled quartz stockwork system within the Cretaceous Antioquia Batholith. The sinistral shear zones trending east-northeast and dipping sub vertically are believed to be an important control on mineralization at Gramalote Central. Gold mineralization is associated with stockwork veining and in particular quartz with fine- pyrite veins, quartz-carbonate veins, and quartz with coarse pyrite veins. Exploration Status From 2006 to 2009, a total of 136 diamond drillholes (plus the underground tunnel) were drilled at Gramalote Central and nearby exploration targets. Geologic mapping and rock sampling, soil geochemical surveys and ground geophysical surveys have been conducted. In 2010, under the operation of GCL, exploration activities were resumed with the design of an extensive drilling program oriented to explore new targets (Trinidad, Topacio, Monjas West and East, and El Limon), improve the resource confidence through infill drilling, conduct metallurgical testing, sterilize suitable infrastructure areas and develop engineering and environmental data. Over 2012 and 2013, the exploration work focused mainly on resource growth at the Gramalote Central deposit and the satellite targets (Trinidad and Monjas West) using direct targeting techniques, with regional exploration in the early stages of work to identify prospects for diamond drilling. Development and Operations Though the Gramalote Project has not progressed to the development or operations stage, GCL has on site facilities sufficient for geology, safety, community relations and environmental staff. This includes a camp, mess, security, and a network of access roads. Mineral Resource Estimate AGA, B2Gold and their joint venture, GCL have conducted their exploration and development programs at or above industry standards. There have been periodic audits of the data collection, handling and storage throughout the Project life, with no material issues identified. Resource modeling was performed using a geological model based on alteration, vein abundance and gold grade. Block grades were estimated Gustavson Associates, LLC March 31, 2014 Gramalote_PEA_20140331_FINAL2.docx B2Gold Corp iii Gramalote Project NI 43-101 Preliminary Economic Assessment using geostatistical techniques that include Ordinary Kriging (OK) with a subsequent change of support (COS) through Uniform Conditioning (UC). Gustavson considers the mineral resource estimation efforts to have been carried out to industry standards and that the resulting mineral resource estimates are adequate for this PEA. The GCL resource statement is presented in their reporting with totals for all confidence classifications (measured, indicated and inferred); Gustavson has modified this so that the inferred resource is tabulated and totaled separately as required by the Canadian Securities Administrators (CSA) National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). The resource models were investigated with a Whittle™ pit optimization to ensure a reasonable stripping ratio was applied and a reasonable assumption of potential economic extraction could be made. The following table outlines the updated GCL Gramalote Project mineral resource calculation using a 0.15 g/t gold cut-off grade and within a $US1,600 per ounce gold optimized Whittle™ pit: Gustavson Associates, LLC March 31, 2014 Gramalote_PEA_20140331_FINAL2.docx B2Gold Corp iv Gramalote Project NI 43-101 Preliminary Economic Assessment Table 1 Gramalote Project Resource Statement (100% Basis) Gramalote Project 2013 Uniform Conditioning Model In Pit Resource US $1,600/Oz Au CUTOFF = 0.15 g/t Au DEPOSIT CATEGORY K TONNES AU (g/t) K Oz Gramalote Measured 29,010 0.79 733 Gramalote Indicated 99,062 0.59 1,876 Monjas West Indicated 4,665 0.55 83 Total Measured and Indicated 132,737 0.63 2,691 Gramalote Inferred 126,946 0.43 1,739 Trinidad Inferred 89,220 0.41 1,180 Monjas West Inferred 23,527 0.59 446 Total Inferred 239,694 0.44 3,364 1. All resources in the revised mineral resource statement are In-Pit resources reported within an optimized pit shell above an economic cut-off grade of 0.15 g/t Au. The economic cut-off grade was determined using a gold price of $US1,600/oz Au, an average metallurgical recovery of 95% for gold, processing + G&A costs of $US7.02/t and selling-refining-royalties cost of $US/Oz 54.45; 2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves; 3. This PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA based on these Mineral Resources will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 4. Mineral Resources are reported in accordance with NI 43-101 and have been estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines (CIM Guidelines); 5. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding; 6. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if, and cannot be assumed that, continued exploration will result in upgrading the Inferred resources to an Indicated or Measured mineral resource category; 7. The mineral resource estimate for the Gramalote Project was audited by Frank Daviess, MAusIMM, R.M. SME, Contracting Resource Geologist of Gustavson, and found to be in accordance with NI 43-101 and CIM Guidelines; and 8. B2Gold has a 49% ownership