MASBATE PRODUCTION OVERVIEW (i)

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2 MASBATE PRODUCTION OVERVIEW (i) Q Q Workforce and contractors account for almost 1,900 people at site (non-union worksite) Safety achievement: to date the site is 3 years (17.8 M manhours) LTI 1 -free as of October 14, 2018 The site holds an Environmental Compliance certificate for ISO Two principle ore sources to the end of Q (Colorado and Main Vein pits) Colorado Pit was completed mid-q (ahead of schedule to avoid wet season impacts) Pre-development of Montana Pit for 2019 ore production Total movement of mined material improved on budget (+9%): In-pit dumping opportunities (Colorado Pit), therefore shorter hauls Improved excavator productivity due to softer digging conditions/blast fragmentation, large floor areas (Main Vein stage 3 and Man Vein stage 4) Overall improvement on unit rates, as costs have been maintained at budget for increased movement of mined material 1. Lost-time-injury

3 MASBATE PRODUCTION OVERVIEW (ii) Q Q Process plant performance exceeding budget Recovery is approx. 7% higher than budget predictions Higher oxide ore component (62% oxide vs 35% budgeted) Colorado Pit accelerated mining, resource block model predictions from wide-spaced drilling, backfill material has higher recovery than in-situ material Feed grade to the mill is 6% higher than budget predictions (low-grade ore replaced in mill schedule by high-grade ore due to more high grade coming from pits) Throughput better than budget by 4% (softer ore conditions from higher oxide component and fragmentation achieved in the pit) Overall ounces produced 22% ahead of budget Positive impact on cost/oz as unit costs have been improved

4 MASBATE MINE: THE PHILIPPINES OPEN PIT 81 GOLD PRODUCTION YTD 2018: 164,943 oz 22% ABOVE BUDGET 2018 ANNUAL GUIDANCE Koz Koz Q ,147 oz Q ,254 oz Q ,542 oz YTD ,943 oz Probable gold reserves 1 Indicated gold resources 1 Inferred gold resources Moz 3.41 Moz 0.19 Moz CASH OPERATING COSTS (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 3 AISC (/oz) BUDGET ACTUAL 2018 ANNUAL GUIDANCE 3 25% BELOW BUDGET $707 $528 25% BELOW BUDGET $710 $534 $545 $595 26% BELOW BUDGET $907 $675 23% BELOW BUDGET $930 $717 $780 $ E gold production 190 Koz 200 Koz 2018 exploration budget $5 M 2018 capex $49 M Q YTD 2018 Q YTD Refer to pages in B2Gold s Annual Information Form, dated March 23, 2018, for Mineral Reserves & Resources summary, and respective footnotes 2. Guidance revised: Refer to Q3 & YTD 2018 Production & Revenue news release, dated October 11, Guidance revised: Refer to Q3 & YTD 2018 Earnings news release, dated November 6, 2018

5 MASBATE PRODUCTION: Q Q Q Q Q Q est 2018 est MINE Ore tonnes 2,552,282 2,090,409 1,954,821 1,900,000 8,500,000 Grade (g/t) Waste tonnes 6,794,331 7,192,928 7,483,699 7,500,000 29,00,000 Total tonnes 9,346,613 9,283,336 9,438,520 9,500,000 37,500,000 MILL Processed tonnes 1,792,579 1,686,716 1,762,124 1,650,000-1,750,000 6,900,000-7,000,000 Grade (g/t) Recovery (%) Gold production (oz) 53,147 54,254 57,542 45,000-55, , ,000

6 MASBATE OPERATIONS 2019: SUMMARY 83 Annual production guidance is Koz to 200 Koz Milling will average 8.0 Mtpa: Expansion to be in operation at end of 2018 Non-production components to be completed in Q and Q Mining from Main Vein Phase 3 (fresh), Main Vein Phase 4 (fresh and oxide), Main Vein HMBE (fresh and oxide) and Montana (oxide and transition): 27 Mt of waste 6 Mt of ore including 650 thousand tonnes ( Kt ) of oxide Tailings stage 11 to be completed in Q1 2018: Stage 12 delayed until 2022 due to successful water treatment Design, permitting, and early works to continue (road and pipeline relocations) Capital expenditures will include: land acquisition, tailings storage facility ( TSF ) construction and engineering, capitalized rebuilds of mining fleet, and completion of the 8.0 Mtpa expansion project New mining areas: Montana South is in production now, with Montana North production forecast in Q Blue Quartz early works to commence in late 2019, dependent upon permit progress 1. To be updated when the fiscal 2019 budget is completed

7 EXPANSION UPDATE 8 MTPA PLANT UPGRADE 84 Consists of: 6 MW ball mill Upgraded pebble crusher Additional tails pump stage Transfer pumps Additional cyclone nest Increased return water capacity Mill feed conveyor drive upgrade Elution circuit upgrade Current schedule: Expected to commission in Q On schedule and on budget

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