B2Gold Corp Initation Raymend James

Canada Research
Published by Raymond James Ltd.
B2Gold Corp.
BTO-TSX
Chris Thompson M.Sc. (Eng), P.Geo | 604.659.8439 | chris.thompson@raymondjames.ca Brian Martin (Associate) | brian.martin@raymondjames.ca
Rating & Target
October 3, 2012 Company Report - Initiation of Coverage

Outperform 2 Target Price (6-12 mos): Old: UR New: C$5.50 Current Price ( Sep-28-12 ) C$3.94 Total Return to Target 39% 52-Week Range C$4.55 - C$2.64 Market Data Market Capitalization (mln) C$1,577 Current Net Debt (mln) -C$77 Enterprise Value (mln) C$1,500 Shares Outstanding (mln, f.d.) 397.2 10 Day Avg Daily Volume (000s) 8,207 Dividend/Yield C$0.00/0.0% Key Financial Metrics 2011A 2012E 2013E P/CFPS 12.2x 14.7x 7.9x P/NAV 1.0x Au Price (US$/oz) US$1,571 US$1,660 US$1,760 Attributable Au Production (oz's) 144,604 153,380 402,799 Au Total Cash Cost (US$/oz) US$528 US$596 US$588 EPS US$0.16 US$0.13 US$0.38 Company Description B2Gold is an emerging mid-tier gold producer with a robust growth profile from existing operations, a development stage project pipeline and an attractive portfolio of exploration joint ventures.
Mining | Precious Metals - Gold
B2Gold - A Go2 Growth-Focused Golden Opportunity Event

We are re-initiating coverage on B2Gold Corp. (BTO-TSX) with an Outperform rating and a C$5.50 target price.
Recommendation
We recommend buying B2Gold on the production growth potential offered by a two-mine production base, complemented by the proposed merger with CGA Mining Ltd; development potential offered by two gold development stage projects; and a portfolio of attractive exploration projects.
Analysis
Managements Track Record. A track record of past and current success in development, operating, and exploration sets B2Gold apart from its goldproducing peers as an aggressive growth-orientated emerging mid-tier gold producer that continues to build on a track record of delivering on guidance. Near-term (2012 2014) Growth Driven by M&A + Development. A nearterm focus of B2Gold is concluding the merger with Philippine miner CGA Mining, and turning discovery into near-term production and cash flow growth through the delivery of higher grade ore to the La Libertad mill. Medium-term (2015 2016) Development Potential. The acquisition of the Otjikoto Project (92%) in Namibia further attests to B2Golds prowess in M&A, and provides for production growth potential beyond Nicaragua and the Philippines. The development of the Gramalote Project (49%) in Colombia offers longer-term (undetermined) production growth potential. Compelling Exploration Upside. In addition to B2Golds mine-site exploration successes, joint venture (JV) partnerships continue to deliver positive exploration news from a portfolio of projects in Nicaragua and Uruguay, supported by $18 million in funding, to B2Golds account this year. Strong and Flexible Balance Sheet. We estimate exit-2012 cash reserve (~$177 mln; on a consolidated B2 Gold/CGA basis) enhanced by a credit facility isnt expected to deplete significantly, despite B2Golds aggressive exploration and development funding.
Valuation
Our C$5.50 target price is derived by applying a 10.0x target multiple to our 2013E CFPS estimates plus a C$0.49/share attributable value given for B2Golds development and exploration assets. We also anticipate and factor a successful merger with CGA Mining (to be concluded late this year), into our valuation. Please refer to our Valuation and Recommendation section for further details.
CFPS 2011A 2012E 2013E 1Q Mar US$0.07 0.07A 0.12 2Q Jun US$0.08 0.07A 0.12 3Q Sep US$0.06 0.06 0.13 4Q Dec US$0.10 0.07 0.13 Full Year US$0.32 0.26 0.49 Revenue (mln) US$225 258 660 3.83 NAVPS
Source: Raymond James Ltd., Thomson One
Please read domestic and foreign disclosure/risk information beginning on page 28 and Analyst Certification on page 29.
Raymond James Ltd. | 2100 925 West Georgia Street | Vancouver BC Canada V6C 3L2
Canada Research | Page 2 of 35
B2Gold Corp.
Table of Contents
Investment Overview.......................................................................................................... 2 Company Snapshot ............................................................................................................. 6 Valuation & Recommendation ........................................................................................... 17 Corporate Structure ............................................................................................................ 19 Appendix A Management Team ...................................................................................... 21 Appendix B Financial Statements .................................................................................... 22 Appendix C Corporate Tearsheet ..................................................................................... 24 Appendix D Industry Comparables .................................................................................. 25 Appendix E Company History and Share Price................................................................. 26
B2Gold Corp.
Investment Overview
Led by an experienced management and development/exploration team, we believe B2Gold offers an aggressive production growth profile and leverage to the gold price, supported by a Nicaraguan production base and a strong and flexible balance sheet. The companys near-term production growth profile is complemented by assets derived from two M&A events, the Masbate mine in the Philippines (recently announced merger with CGA Mining Ltd. which we anticipate will be completed by year-end) and the Otjikoto development stage project in Namibia (acquisition of Auryx Gold completed late last year). The companys comprehensive property portfolio also includes the Gramalote project in Colombia (49% B2Gold 51% AngloGold Ashanti), a prospective portfolio of exploration projects governed by JVs in Nicaragua, the Cebollati project in Uruguay, and the Bellavista mine (currently on care and maintenance) in Costa Rica. Key reasons to own B2Gold include: (1) A track record of delivering value from production, development, exploration, and M&A; (2) near-term production growth; (3) medium- / longer-term term development potential; (4) compelling exploration upside; (5) strong and flexible balance sheet; (6) leverage to the gold price. Managements Track Record Past Success: B2Golds management includes the former executive and management team of Bema Gold Corp, a company that grew from junior explorer to an international gold producer before being acquired by Kinross Gold Corp. in February 2007 for $3.5 billion. Current Success Operations: Managements recent accomplishments are underpinned by development and mine-site exploration success in Nicaragua, more specifically the conversion of the La Libertad mine from a heap leach mine to a conventional milling operation, reserve/resource expansion at La Libertad and El Limn, and the high grade Jabali exploration discovery. Production Growth Cost Control: The application of operating / development / and exploration expertise has enabled B2Gold to quickly capitalize on operational and exploration successes and deliver consistent production growth from its Nicaraguan production base while maintaining a steady-state cost profile, a peculiarity in todays high cost operating environment. M&A: B2Golds development, operational and exploration successes are complemented by an active corporate merger and acquisition strategy, which has provided the company with an attractive production base, and an aggressive nearterm production growth plan (Auryx Gold: Otjikoto; CGA Mining: Masbate).
Near-term (2012 2014) Production Growth (2012E: 153 Koz @ $596 / oz 2014E: 435 Koz @ $529 / oz) A key near-term focus of B2Gold is the turning of discovery into near-term production and cash flow growth through the exploitation of ore from the Jabali high grade deposits. The inclusion of Jabali ore in La Libertad mill feed, beginning by year-end, drives lower cash operating costs and near-term production growth from the companys Nicaraguan production base. Also, the inclusion of CGAs Masbate project in the Philippines adds significantly to B2Golds near-term production growth profile (Raymond James Ltd.s production estimates for Masbate 2013E: 213 Koz; 2014E: 221 Koz), with additional potential offered through the inclusion of higher grade ore in the Masbate mill feed.
Canada Research | Page 4 of 35 Medium-term (2015 2016) Development Potential (Otjikoto, Masbate and Gramalote) The acquisition of the Otjikoto Project (92%) in Namibia, and the recent proposed merger with CGA Mining attest to B2Golds prowess in M&A, and provides the company with production growth potential beyond that delivered from Nicaragua and the Philippines (Otjikoto feasibility study anticipated 4Q12). The further development of the Masbate project (being considered by CGA prior to the announcement of the B2Gold / CGA merger) offers additional undetermined (and un-modeled) production growth potential. Also, the development of the Gramalote Project (49%) in Colombia offers longer-term additional undetermined production growth potential (prefeasibility study anticipated 2H12).
B2Gold Corp.
Compelling Exploration Upside (Radius Gold JV: Trebol; Calibre Mining JV: Primavera; Cebollati) In addition to B2Golds mine-site exploration successes, the company and its joint venture partners continue to deliver positive exploration news from a prospective portfolio of projects in Nicaragua and in Uruguay, supported by $18 million in funding, to B2Golds account this year.
Strong and Flexible Balance Sheet B2Golds development plans for the Masbate mine are currently unknown (guidance is anticipated by year-end once the B2Gold / CGA transaction closes). Raymond James Ltd. assumes a steady-state operating scenario at Masbate. Assuming no near-term expansion plans at Masbate, cash reserves at June 30, 2012 (~$77 million from B2Gold and ~$80 million from CGA) supported by an undrawn $25 million B2Gold credit facility arent expected to deplete significantly in the near-term, despite the companys aggressive near-term funding of exploration and development in Nicaragua and Namibia.
Leverage to the Gold Price B2Golds stock price correlates well with the Spot Gold price (3-Year Correlation Coefficient: 0.97), which offers investors with a proxy for investing in gold.
Risks to our 12 month outlook on B2Gold Development Risk. 2013 and 2014 are critical years for B2Gold as it prepares to double existing production by developing its Jabali (La Libertad) and Otjikoto projects; two initiatives that investors currently pay for via crediting the company with a premium valuation (on a P/CFPS and P/NAV basis), compared with its goldproducer peer group. Also key is B2Golds ability to successfully execute on its operational / development plan for Masbate (currently unknown). Key potential catalysts are the commencement of ore haulage from Jabali and the tabling of a positive feasibility for Otjikoto, both anticipated by year-end. Raymond James Ltd. assumes a steady-state operating scenario at Masbate. Political Risk. B2Golds asset base is located in Nicaragua, Namibia, and Colombia. With the successful merger of B2Gold and CGA, this asset base will also include CGAs Masbate operation in the Philippines. Nicaragua is the largest country in the Central American isthmus, bordered by Honduras to the north and Costa Rica to the south. Despite Nicaraguas rank as the second poorest country in the Western Hemisphere, next to Haiti, the country remains a stable democracy with Daniel Ortega as president reelected in November 2011 (63% of the democratic vote) for a 5-year team, his third term. B2Golds presence in Nicaragua is significant, being the countrys biggest single overseas
B2Gold Corp. investor and taxpayer, the largest exporter and, with more than 2,000 local workers, the third-biggest private employer. Whilst mining ranks as the biggest contributor to Namibia's economy in terms of revenue, and infrastructure is rated as one of the best in Africa, changes in tax and royalty rates are being considered. An export levy on raw materials, increases in the corporate income tax rate, and a windfall tax on profits are being considered. Also, whilst the risk of nationalization of mining projects in Namibia is low, uncertainty prompted by last years declaration of uranium, copper, gold, zinc and coal as strategic minerals for exploitation by state-owned Epangelo Mining should be noted. A major mining reform was undertaken last year in the Philippines including a moratorium on new projects. A new executive order detailing the government's policy on mining was signed in July, and is waiting to be implemented. The moratorium on new projects remains and is expected to be lifted when a new law passes by the Philippines congress giving the government a larger share in resource contracts. Whilst Masbates rank as the largest operating gold project in the Philippines and a model for gold mining development in the country, risk of an increase in royalties (currently 2%) and a level of revenue-sharing should be noted. Security and geopolitical risks remain a concern in Colombia; however, with AngloGold Ashantis position of majority owner and project operator at Gramalote, these risks are mitigated. Certain parts of the Philippines are associated with a high security risk, namely central and western Mindanao. However, Masbates economic importance to the island of Masbate offers a high degree of security. Gold Price Risk. A drop in the gold price could cause deterioration in B2Golds ability to fund its development project pipeline, part of which Raymond James Ltd. estimates will be financed via cash flow. Cost Inflation Risk. Our outlook assumes certain future capital and operating costs for development projects. Although we apply conservative estimates to these assumptions there is a risk that we have understated these costs or that these costs may increase in the future. Operational and Labour Risk. There is a risk that the El Limon, La Libertad and Masbate operations suffer accidents or disruptions to production or development which could impair the value of the assets. Risks of labour disruptions due to strike action may also impact production and profitability. We also note that Nicaragua and the Philippines are located in active earthquake regions. A 6.3-magnitude earthquake that destroyed Nicaraguas capital in 1972 leveled all but five of the citys major buildings, claiming some 10,000 lives and displacing half the citys population.
B2Gold Corp.
Company Snapshot
The companys focus is threefold: to expand production from its Nicaraguan gold mines, namely the currently producing, and flagship operation, the La Libertad open-pit gold mine, and the currently producing El Limn open-pit / underground gold mine; to develop the Otjikoto project in Namibia to production and co-develop the Gramalote project in Colombia (a 49%/51% B2Gold/AngloGold Ashanti joint venture); and advance a portfolio of projects and joint ventures that include the Primavera JV (51%/49% B2Gold/Calibre Mining), the Cebollati project in Uruguay, and the Bellavista mine (care and maintenance) in Costa Rica. The recently proposed merger with CGA Mining and the acquisition of CGAs Masbate operation offers similar potential through development / operation and exploration in the Philippines. Management Track Record B2Gold was founded in 2007 by the former executive and management team of Bema Gold Corporation, a company acquired by Kinross Gold Corporation through a $3.5 billion transaction in February 2007. More recently, B2Gold acquired Central Sun Mining Inc. (1Q09), owner of the La Libertad and El Limn mines and the Bellavista property (all share transaction valued at ~$74.8 million) and successfully converted the La Libertad mine from a heap leach mine to a conventional milling operation (commercial production achieved on February 1, 2010). A second ball mill was installed and commissioned in 2010 which increased the design throughput to ~5,500 t/d. B2Gold has delivered a history of production and resource growth from its operations (specifically La Libertad) while maintaining a steady-state cost profile, complemented by exploration success. This exploration promises to translate into near-term production growth at the companys operations, notably La Libertad (Jabali discovery) and a steady addition of resources, net of production. B2Gold has also built a track record of consistently delivering annual consolidated production and operating costs in-line with guidance, which has instilled market confidence and rewarded the company with a high P/CFPS multiple (~15.0x 2012E CFPS). This has translated into a healthy track record of delivering consistent cash flow since 4Q10 on a quarter-by-quarter basis, apart from 3Q11 4Q11 when B2Gold held over the sale of 3,907 ounces of gold to 4Q11 to capture higher gold prices. Also, cash flow per share for 1Q12 2Q12 was affected by ~10% dilution of B2Golds share base (37.2 million shares issued to buy Auryx Gold). Of note, La Libertad (B2Golds flagship asset) has also demonstrated a history of production and operating costs that have either matched or beaten guidance; an impressive record in an environment of disappointment and cost inflation. Exhibit 1: B2Gold Historical Production and Cash Cost Guidance vs. Realized Values
2010 Cash Cost Guidance (US$/oz) La Libertad $545-$565 El Limon $675-$685 Consolidated $595-$605 Reported Cash Costs (US$/oz) La Libertad $522 El Limon $710 Consolidated $591 2011 $440-$460 $720-$740 $540-$560 2012 $550-$575 $700-$725 $590-$625 YTD $502 $773 $585 2010 Production Guidance (k oz) La Libertad 70 El Limon 40 Consolidated 110 Reported Production (k oz) La Libertad 69 El Limon 40 Consolidated 109 2011 90 45 135 2012 102-110 48-50 150-160 YTD 49 22 71
$460 $678 $528
100 45 145
Source: B2Gold Corp., Raymond James Ltd.
B2Gold Corp. Exhibit 2: Quarterly Production (2009-2Q12)

45 40
Canada Research | Page 7 of 35 Exhibit 3: Quarterly Cash Costs, Gold Price & CFPS (2009-2Q12)
1800
0.12 0.10 0.10 0.08 0.07 0.07 0.06 0.07 0.07 0.08
CFPS (excl WC) $US/share
Cash Op. Cost Realized Gold Price ($US/oz)
1600 1400 1200 1000 800 600
2009-2Q12 Gold Production ( k oz)
35 30 25 20 15 10 5 0
0.06
0.04 0.04
0.02
400 200
0.01 (0.00) (0.00)
0.00 -
(0.01)
0
(0.02)
El Limon Prod'n (k oz)
La Libertad Prod'n (k oz) CFPS (excl WC)//share Gold Price US$/oz Cons. Op. Cash Costs (US$/oz)
Source: B2Gold Corp., Raymond James Ltd. Exhibit 4: Resource Growth at El Limon and La Libertad (Koz Au)
El Limon and Libertad 2P + Resources ( k oz)
2,500 700 600 2,000 500 1,500 400 300 200 500 100 0 2008 2009 2010 2011
La Libertad 2P+M&I+Inf (k oz) El Limon 2P (k oz) El Limon 2P+M&I +Inf (k oz) La Libertad 2P (k oz)
1,000
Source: B2Gold Corp., Raymond James Ltd. La Libertad and El Limn The Cash Flow Generators The discovery of the high grade Jabali zones, a short truck haul from La Libertad mill, is an example of B2Golds ability to turn near mine-site exploration potential to near-term production growth. Raymond James Ltd. models the commencement of ore haulage from Jabali to the La Libertad mill in late 2012E. Raymond James Ltd. anticipates that Jabali ore will comprise 25% of La Libertads mill feed throughout 2013E and 35% throughout 2014E, effectively replacing spent ore, previously processed from heap leach operations. The inclusion of Jabali ore as La Libertad mill feed promises to increase mill feed grade (Raymond James Ltd. forecasts - Av 2012E: 1.8 g/t, Av 2013E: 2.3 g/t, Av 2014E: 2.8 g/t) which will drive an increase in La Libertads production (Raymond James Ltd. forecasts 2012E: 105 Koz; 2013E: 139 Koz; 2014E: 167 Koz) and lower cash operating costs (Raymond James Ltd. forecasts 2012E: ~$544/oz; 2013E: ~$383/oz; 2014E: ~$327/oz) from the same tonnage of ore.
El Limon and Libertad Reserves (k oz)
Canada Research | Page 8 of 35 Exhibit 5: La Libertad and El Limon Operating and Financial Forecasts
La Libertad Operating Summary Tonnes milled Gold Production Grade Recovery Operating costs Cash operating costs Total cash costs CAPEX (including Jabali) Exploration Gold Price Unit k tonnes k oz g/tonne % US$/tonne US$/oz US$/oz US$ 000 US$ 000 US$/oz 2012E 2,023 105 1.8 92% 28.5 544 604 48,700 8,350 1,660 2013E 2,008 139 2.3 92% 26.5 383 471 37,000 4,000 1,760 2014E 2,008 167 2.8 92% 27.2 327 412 13,000 4,000 1,700 El Limon Operating Summary Tonnes milled Gold Production Grade Recovery Operating costs Cash operating costs Total cash costs CAPEX Exploration Gold Price Unit k tonnes k oz g/tonne % US$/tonne US$/oz US$/oz US$ 000 US$ 000 US$/oz 2012E 399 49 4.2 91% 87.3 709 808 21,300 4,600 1,660 2013E 409 51 4.2 92% 80.4 645 751 15,000 4,000 1,760
B2Gold Corp.
2014E 406 47 3.9 92% 82.5 712 814 15,000 4,000 1,700
Financial Summary Net Revenue Operating Costs (Total) Operating Profit
US$ mln US$ mln US$ mln
167 57.6 110
232 53.1 179
270 54.5 215
Financial Summary Net Revenue Operating Costs (Total) Operating Profit
76 34.4 41
84 32.9 51
75 33.5 42
Source: Raymond James Ltd. In addition, the Otjikoto Project (92%) development potential in Namibia and the Gramalote Project in Colombia (a 49% 51% B2Gold AngloGold Ashanti JV), offers shareholders additional medium-term production growth potential. Masbate (via the Proposed Merger with CGA Mining) The successful completion of the proposed merger of B2Gold and CGA Mining and the acquisition of CGAs 100% interest in the Masbate Project in the Philippines for net ~C$1,030 million (shares worth ~C$1,010 million, based on B2Gold share price of $3.97/share, less $32 million CGA working capital plus $51 million in LT liabilities) is anticipated by year-end and supports B2Golds prowess in the M&A space. The Masbate Project was originally operated for 14 years (1980 1994) as an open pit and underground mine exploiting oxide, transition, and fresh material with subsequent processing using CIL and heap leach processing. The operation reportedly closed due to low commodity prices. The construction of a 4 Mtpa plant was completed on schedule in February 2009 for a total capital expenditure of $178 million, followed by the first gold pour on May 12, 2009. The addition of a second ball mill enabled the grinding circuit to operate above design capacity achieving ~5 Mtpa throughput by year-end. To the end of 2Q12 the Masbate plant has processed 15.3 Mt of material at an average grade of 1.16 g/t Au (432 Koz). Process recovery averaged 84.9% for the period July 2009 to March 2012. The project has a record of achieving consistent growth and quarterly improvements in gold production, throughput, and plant availability, apart from 2H11 when the SAG mill suffered a sudden and unexpected failure. The milling of oxide, fine ore through the ball milling circuit, bypassing the SAG mill, commenced within 11 days of the failure and normal milling resumed in late December 2011. Efficiencies were also enhanced by the commissioning of a supplementary crushing circuit. The successful re-commissioning of the repaired SAG mill prompted CGA management to issue production guidance of 100,000 ounces during 1H12, which was met (100,013 oz). Masbate achieved record quarterly production of 50,813 ounces for 2Q12 (1,728,751 tonnes grading 1.08 g/t Au with 84% recovery) and operated above expectations with mill availabilities for 1H12 averaging 94.8%. Since re-commissioning, the SAG mill has consistently operated at or above 6.6 Mtpa with the highest throughput recorded in May, reaching an annualized throughput rate of 7.6 Mtpa.
B2Gold Corp. Raymond James Ltd. forecasts ~195 Koz production at a cash operating cost of ~$770/oz in 2012E increasing to ~210 Koz at a cash operating cost of ~$710/oz in 2013E and ~220 Koz at a cash operating cost of ~$640/oz in 2014E. Raymond James Ltd. models ramped mill throughput to 17,500 tpd by 4Q12E and 20,500 tpd by 4Q13E at a head grade of 1.1 g/t Au (2013E 2014E) and recoveries of 84%. We note that this assumes a grade in excess of Masbates stated reserve grade of 0.83 g/t Au. Sustaining capital is estimated at ~$15 million per annum over an estimated 12 year mine life (based on an estimated reserve base of 115 Mt grading 0.8 g/t Au containing 3,168,000 ounces of gold, announced in October 2011). The inclusion of Masbate in B2Golds production profile, together with the companys Nicaraguan operations, offers potential to boost annual production to ~400 Koz in 2013E and over 430 Koz in 2014E. Near-term operating cash flow is estimated to grow from $0.26/share in 2012E to $0.49/share in 2013E and $0.60/share in 2014E (benefiting from the settlement of a gold hedge in 2013E). CGA carries a gold hedge detailed in Exhibit 6. As at December 31, 2012 the hedge totaled 50,225 ounces at an average price of $912.76/oz deliverable in 2013. Exhibit 6: CGA Hedge Position
Expiry Date 26-Apr-2012 - 31-Dec-2012 29-Jan-13 - 27-Dec-2013 Settlement Date 30-Apr-2012 - 31-Dec-2012 31-Jan-2013 - 31-Dec-2013 Total oz 43,689 50,225 Avg. Price $880.12 $912.67
Source: CGA Mining, Raymond James Ltd. Raymond James Ltd. estimates a NAV5% of $947 million ($1.41/share), a 12% discount to CGAs purchase price, after adjustments for working capital and LT debt. Exhibit 7: Masbate Operating and Financial Forecasts
Masbate Operating Summary Tonnes milled Gold Production Grade Recovery Operating Costs Cash operating costs Total cash costs CAPEX Gold Price Financial Summary Net Revenue Operating Costs (Total) Operating Profit Unit k tonnes k oz's g/tonne % US$/tonne US$/oz US$/oz U$ 000 US$/oz 2012E 6,489 194 1.1 84% 22.9 770 800 16,148 1,660 2013E 7,212 213 1.1 84% 20.9 707 738 15,000 1,760 2014E 7,483 221 1.1 84% 19.0 643 677 15,000 1,700
263 142 116
333 151 175
376 142 226
Source: Raymond James Ltd.
Canada Research | Page 10 of 35 Exhibit 8: Production Growth (2011-2014E)

500
B2Gold Corp. Exhibit 9: Cash Costs, Gold Price and CFO/share (2011-2014E)
2000
2011 -2014E Gold Production ( k oz)
450 400 350 300 250 200 150 100 50 0
Cash Op. Cost & RJL Gold Price ($US/oz)
Near term production growth estimated to grow from 145 k oz in 2011 to 435 k oz in 2014E
0.70
1800 1600 1400 1200 1000 800 600 400
*CFPS decrease due to share issuance from Auryx acquisition

0.49
0.60
0.60 0.50 0.40
0.32 0.26* 0.30 0.20 0.10
200 0
0.00 2011 2012E 2013E 2014E

Cons. Op. Cash Costs (US$/oz)
2011
Masbate Prod'n (k oz)
2012E
2013E
2014E
La Libertad Prod'n (k oz)
El Limon Prod'n (k oz)
CFPS (excl WC)//share
Gold Price US$/oz
Source: B2Gold Corp., Raymond James Ltd. Otjikoto (92% ownership) The successful acquisition of a 92% interest in the Otjikoto Project in Namibia for net ~C$97 million (shares and minor cash worth ~C$115 million less $17.8 million Auryx cash balance) by completing a business combination with Auryx Gold in late 2011, further supports B2Golds prowess in the M&A space. Raymond James Ltd. forecasts fully financed production from Otjikoto commencing in 2015E (10.5 year mine life) at 110 Koz at a LOM cash operating cost of ~$680/oz. Raymond James Ltd. models a mineral resource of 24.93 million tonnes at a grade of 1.74 g/t Au containing 1,392,690 ounces of gold, consistent with an estimate of an optimized indicated resource for Otjikoto using a cut-off grade of 0.4 g/t Au (announced in April 2012). Raymond James Ltd. estimates a NAV5% (recognizing B2Golds 92% ownership) of $133 million ($0.20/share), a premium to Auryx Golds purchase price, less cash acquired during the transaction. Confirmation of Otjikotos economics will be verified in a feasibility anticipated in 4Q12. The addition of Otjikoto to B2Golds production profile offers the potential to boosts the companys total production to plus-525 Koz at a cash operating cost of <$600/oz in 2015E/2016E. Exhibit 10: Otjikoto Operating Assumptions/Outputs
Otjikoto (92%) Ownership Interest Mine Start-Up Throughput Strip Ratio L/T Gold Grade Recovery Operating Costs Mining Processing Transportation Capital Costs Sustaining Cap Tax Rate Discount Rate Unit % Date tpd % g/t % Assumptions 92% 1-Jan-15 6,575 7.0:1 1.50 92% NPV (Attrib) NAVPS (Attrib) Op.Cash Costs Unit C$ mln C$/share US$/oz Au 2012E 2013E 2014E LOM 2015E 2016E 2017E LOM $US 000 US$ 000's /yr % % $130,000 $1,364 38% 5% Output $133.1 $0.20 $665 $557 $644 $677 110 132 114 1,105
US$/t mined US$/t mined US$/t mined
$2.05 $11.37 $4.75
Production
000's oz's
Mine Life
Years
10.5

CFPS (excl WC) US$/ share
B2Gold Corp. Exhibit 11: Production Growth, Cash Costs, Gold Price (2011-2016E)
600
2000 1800 1600 1400 1200
2011 -2014E Gold Production ( k oz)
400
300
1000 800
200
600 400 200
100
0 2011
Masbate Prod'n (k oz) La Libertad Prod'n (k oz)
2012E
2013E
2014E
2015E
2016E
El Limon Prod'n (k oz) Op. Cash Costs ($/oz)
Otjikoto Prod'n (k oz) RJL Gold Price ($/oz)
Source: B2Gold Corp., Raymond James Ltd. Gramalote (49% ownership) The development potential offered by the Gramalote project in Colombia (49% B2Gold 51% AngloGold Ashanti) offers longer-term growth potential. Highlights from 2011 and 2012 work programs on the Gramalote property include positive metallurgical test results showing in excess of 90% recovery and encouraging drill results from Gramalote Central and outside targets indicating the potential for a larger resource. In April 2012 the joint venture tabled a new resource estimate that significantly increased the size of the Gramalote deposit (currently hosting a global resource of 193 million tonnes grading 0.63 g/t Au, using a 0.25 g/t cut-off; see Exhibit 12). The joint venture is currently conducting exploration, feasibility and development work budgeted at $18 million for 2012 and funded on a pro rata basis. A prefeasibility study is scheduled to be completed in 2H12 and a final feasibility study is planned for 4Q13 with commencement of production slated for 2016. The development of the Gramalote Project is viewed by JV partner AngloGold Ashanti as a precursor and demonstrator of AngloGold Ashantis operating and sustainability credentials, to developing the massive La Colosa Project (24 million ounces). Production from La Colosa is anticipated in 2019. Exhibit 12: Gramalote Resources and Valuation
Gramalote (100% Resource shown, B2Gold is 49%) Location Gramalote Central Gramalote Central Gramalote Central Trinidad Total Resources Category Measured Indicated Inferred Inferred Measured Indicated Inferred M&I M&I & Inf Tonnes ('000) 30,501 66,607 52,159 43,529 30,501 66,607 95,688 97,108 192,796 Au (g/t) 0.85 0.79 0.35 0.55 0.85 0.79 0.44 0.81 0.63 Au (k oz) 834 1,692 587 770 834 1,692 1,357 2,525 3,882 Cut-Off (g/t) 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 Gramalote Valuation (49%) Attrib. Au oz's (49%) Measured Indicated Inferred Total Applied value per oz Total Value $ per share k k k k Unit oz oz oz oz 408 829 665 1,902 $70 133,151 $0.20
Gold Price and Op. Cost (US$/oz)
500
C$/oz (C$ 000) C$/share
Total Resources
Canada Research | Page 12 of 35 Exhibit 13: Location- Gramalote Project
B2Gold Corp.
Source: B2Gold Corp.
Bellavista (100% ownership) The Bellavista Mine in Costa Rica was previously operated by Glencairn Gold Corporation as a heap leach operation and hosts ~7.9 million tonnes grading 1.44 g/t Au (~365 K in-situ oz) and ~8.7 million tonnes grading 1.5 g/t Au (~421 K in-situ oz), as of 1Q07. Mining operations were suspended by Glencairn in July 2007 due to indications of potential ground movement, which in part was caused by water saturation due to abnormally high rainfall during the preceding several years. Following the suspension of mining operations, Glencairn undertook a program of rinsing the heap leach with fresh water to remove cyanide from the heap, and a monitoring program to evaluate ground movement concerns. In October 2007, a landslide at the Bellavista Mine occurred resulting in damage to the east side of the heap leach pad and the recovery plant. The preventative measures taken by Glencairn averted a potential environmental disaster. The B2Golds reclamation activities continue with the planting of trees on portions of the waste dump area and with work programs focused on controlling runoff from rain storms and keeping water levels from building up in the slide area. B2Gold is investigating various alternatives relating to the Bellavista property, including the potential for re-opening the mine on the Bellavista property using different technologies, including a milling and carbon-in-leach process. The development potential offered by the Bellavista Project is unknown and as such Raymond James Ltd. recognizes no value for Bellavista in our B2Gold valuation.
B2Gold Corp. Calibre Mining JV Primavera Project The Primavera gold-copper project forms part of the Borosi concession option agreement with Calibre Mining Corp, whereby B2Gold will earn a 51% interest in specific concessions within the Borosi area by year-end. B2Gold may elect to carry an individual prospect within the concession area through to a Preliminary Feasibility Study for an additional 14% interest in the prospect. B2Gold has a 2012 exploration budget of $4.0 million (at B2Golds interest) to fund drilling. B2Gold and Calibre recently announced drill results that discovered significant porphyry style gold and copper mineralization at the Primavera project within the Borosi concessions in north east Nicaragua. Selected phase 1 drill results include: Hole PR-11-001: 276.8 m of 0.50 g/t Au and 0.21% Cu from surface, including 103 m of 0.78 g/t Au and 0.32% Cu, Hole PR-11-002: 261.7 m of 0.78 g/t Au and 0.3% Cu from surface, including 134.5 m of 1.01 g/t Au and 0.36% Cu, Hole PR-11-003: 323.2 m of 0.41 g/t Au and 0.18% Cu from surface, including 146.5 m of 0.65 g/t Au and 0.27% Cu, Hole PR-11-011: 159.5 m of 0.46 g/t Au and 0.2% Cu from surface, including 88.7 m of 0.53 g/t Au and 0.22% Cu.
Exploration drilling going forward will continue with two drill rigs (a 12,000 m phase II program which commenced in June 2012) with the focus on infill drilling of the main Primavera zone as well as the testing of additional porphyry and vein targets. Drilling will also test for the displaced mineralization to the west of the main Primavera zone. Results are pending. Exhibit 14: B2Gold-Calibre JV Work Plans / Budget (2010 2012)
Year 2012 2011 2010 Work Program 12,000 m of drill program Drilling, trenching, sampling, geochem 5,000 m drill program Budget / Actual (US$ mlns) 4.00 1.34 2.84
Source: B2Gold Corp., Raymond James Ltd. Radius Gold JV Trebol and Pavon Projects Earlier this year, B2Gold acquired a 100% interest in the Trebol and El Pavon gold properties in Nicaragua from Radius Gold Inc. for $20 million payable in shares (4.8 million shares) to acquire a 100% interest in the Trebol and El Pavon gold properties in Nicaragua. In addition, B2Gold has agreed to make contingent payments to Radius of $10 per ounce of gold on 40% of any proven and probable mineral reserves in excess of 500,000 ounces (on a 100% basis). B2Gold had earned a 60% interest in the Trebol and Pavon properties by spending $4 million on exploration. In addition, B2Gold has a 60% 40% joint venture with Radius that governs the San Jose and La Magnolia properties, with each party contributing 60% and 40%, respectively, of the exploration expenditures of each joint venture. The Trebol property, located in northeastern Nicaragua, is a low sulphidation epithermal hot springs district consisting of numerous strong gold anomalies spanning over 14 km of strike length. The Pavon resource property, located in central Nicaragua, is a low sulphidation system discovered by Radius in 2003. Several veins occurring over a strike length of 6 km have been explored with trenches and diamond drill holes.
Canada Research | Page 14 of 35 The 2012 exploration program (5,000 m of drilling budgeted at $2.4 million for B2Gold) is focused on 5,000 m of drilling on the Trebol, San Jose and Pavon targets located along the 6 km northeast trending belt of continuously mineralized volcanic rock. Exhibit 15: Radius Gold JV Work Plans (2010 2012)
Year 2012 2011 2010 Work Program 5,000 m drill program 4,000 m drill program 3,000 m drill program (Trebol), trenching (Pavon) Budget / Actual (US$ mlns) 2.40 2.87 1.63
B2Gold Corp.
Source: B2Gold Corp., Raymond James Ltd. Cebollati Project The Cebollati Property is located 180 km northeast of Montevideo in southern Uruguay. The Cebollati Property has excellent paved road access approximately 8 km from a highway in rolling farm country. B2Gold is earning an 80% interest in the Cebollati Property for $1 million in cash (paid) and by funding all exploration through to feasibility. Additional obligations include the completion of a feasibility study, a per ounce gold payment, and a net smelter royalty for additional production. Concentrated drilling in two zones, the Southern and Windmill zones, has confirmed the existence of continuous, shallow, mineralized zones which are open along strike and to depth. In conjunction with the trenching, each of these zones extends for in excess of 400 m within a mineralized system, which has been defined over greater than 2.2 km in strike length. Mechanical stripping has been done to increase the understanding of the mineralization controls in the Southern Zone. Selected drill results from 2011 drilling includes: Hole UC11-019: 11.15 m of 11.59 g/t Au within a broader 23.85 m interval of mineralization grading 5.69 g/t Au, Hole UC11-032: 7.55 m of 4.51 g/t Au including 12.81 g/t Au over 2.3 m, Hole UC11-037: 4 m of 4.04 g/t Au and 8 g/t Au over 2.84 m.
The 2012 exploration program for the Cebollati Property has a budget of $3.4 million, which includes 4,000 m of drilling and the stripping of two 50 by 20 m areas to understand the geology. Exhibit 16: Cebollati Work Plans (2010 2012)
Year 2012 2011 2010 Work Program 4,000 m drill program, stripping 8,500 m drill program mapping, sampling, trenching Budget / Actual (US$ mlns) 3.40 4.19 1.01
B2Gold Corp. Strong and Flexible Balance Sheet B2Gold had ~$77 million in cash and equivalents at June 30, 2012 and a $25 million credit facility (currently undrawn). B2Golds treasury will benefit from CGAs cash reserves of $80 million which will contribute to our 2012E year-end cash balance estimate of $177 million once the B2Gold / CGA transaction closes. Raymond James Ltd. forecasts a steady increase in year-end cash reserves (2012E: ~$177 million; 2013E: ~$340 million; 2014E: ~$589 million) despite B2Golds aggressive funding of exploration and development (see Exhibit 17), and no additional capital expenditures (beyond our modeled $15 million sustaining capital estimate) are incurred. Exhibit 17: B2Gold Cash Balance (2009-2016E)
US$ mlns Cash Balance (EOP) Cash Flow from Operations Cash Flow from Investing Cash Flow from Financing Free Cash Flow Free Cash Flow/diluted share 2011A 102.3 102.3 (77.7) 7.6 32.7 0.09 2012E 176.7* 100.5 (145.3) 9.4 (35.1) (0.08) 2013E 339.2 329.0 (141.0) (25.4) 188.0 0.28 2014E 588.6 397.4 (144.6) (3.5) 255.9 0.38 2015E 887.9 364.4 (72.3) 7.1 301.3 0.45 2016E 1,211.3 360.0 (72.3) 35.7 286.5 0.43
*2012 Year End Cash Balance Estimated on a B2Gold/ CGA Mining Consolidate Basis
Source: B2Gold Corp. Raymond James Ltd.
Leverage (Sensitivity) to the Gold Price As Exhibit 18 demonstrates below, B2Golds stock price correlates very well with the Spot Gold price (3-Year Correlation Coefficient: 0.97), which offers investors with a proxy for investing in gold. Exhibit 18: BTO Share Price vs. Gold Price (Correlation)
Correllation 3 Yr 0.97 2 Yr 0.90 1 Yr 0.69 6 Mo 0.81 3 Mo 0.91 1 Mo 0.79 1 wk 0.72
$5.00 $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 Gold Price (US$/oz) BTO Share Price
2000 1800 1600 1200 1000 800 600 400 200 0
Mar-10
Mar-11
Mar-12
Jan-09
Jun-09
Jun-10
Jun-11
Sep-09
Dec-09
Sep-10
Dec-10
Sep-11
Dec-11
Jun-12
Apr-09
Sep-12
Source: Capital IQ. Raymond James Ltd.
Dec-12
Gold Price (US$/oz)
Share Price (C$)
1400
Canada Research | Page 16 of 35 Gold Price and Operating Cost Sensitivity Our valuation of B2Gold, which is underpinned by the companys near-term ability (2013E) to deliver cash flow, is sensitive to the price of gold and operating costs. Raymond James Ltd.s gold price forecasts are $1,760/oz for 2013E decreasing to a longterm price of $1,200 in 2018E (see Exhibit 19). Exhibit 19: Raymond James Ltd.s Gold Price Deck
Year Gold Price (US$/oz) 2012 $1,660 2013 $1,760 2014 $1,700 2015 $1,500 2016 $1,400 2017 $1,300 LT $1,200
B2Gold Corp.
Source: Raymond James Ltd. A 10% increase in the gold price from our base case (2013E: $1,760) delivers a $3.03 billion NAV estimate (15% increase from our $2.57 billion NAV base case estimate), all other assumptions being held constant. A 10% increase in operating costs from our base case delivers a $2.35 billion NAV estimate (9% decrease from our $2.57 billion NAV base case estimate), all other assumptions being held constant. Exhibit 20: NAV Sensitivity Analysis
$2,567 30% 20% 10% 0% -10% -20% -30% -30% $459 $676 $906 $1,122 $1,378 $1,594 $1,811 -20% $942 $1,158 $1,413 $1,630 $1,846 $2,065 $2,280 Gold Price -10% $1,449 $1,665 $1,882 $2,100 $2,316 $2,531 $2,747 (US$/oz) 0% $1,920 $2,136 $2,351 $2,567 $2,782 $2,998 $3,213 10% $2,387 $2,602 $2,818 $3,034 $3,249 $3,465 $3,680 20% $2,854 $3,069 $3,285 $3,500 $3,716 $3,931 $4,147 30% $3,320 $3,536 $3,751 $3,967 $4,182 $4,398 $4,614
Based on our base case estimate for 2013 CFPS C$($0.50/share), the key driver of Raymond James Ltd.s $5.50/share target price, a 10% increase in the gold price from our base case (2013E: $1,760) delivers a C$0.58/share estimate of 2013E CFPS (a 16% increase over our base case). A 10% increase in operating costs delivers a $0.47/share estimate of 2013E OCF (a 7% decrease in our base case). Exhibit 21: Operating Cash Flow/ per share Sensitivity Analysis (C$)
0.50 30% 20% 10% 0% -10% -20% -30% -30% 0.18 0.21 0.24 0.28 0.30 0.34 0.37 -20% 0.25 0.29 0.31 0.35 0.38 0.41 0.44 Gold Price (US$/oz) -10% 0% 0.33 0.40 0.36 0.43 0.39 0.47 0.42 0.50 0.46 0.53 0.49 0.56 0.52 0.60 10% 0.48 0.51 0.54 0.58 0.61 0.64 0.67 20% 0.56 0.59 0.62 0.65 0.68 0.72 0.75 30% 0.63 0.66 0.70 0.73 0.76 0.79 0.83
Operating Costs
Operating Costs
B2Gold Corp.
Valuation & Recommendation

We are re-initiating coverage on B2Gold Corp., with an Outperform rating and a C$5.50 target price. We assume that the proposed merger between B2Gold and CGA Mining will receive shareholder approval (anticipated by year-end). We value the combined entity using a 10.0x multiple to our 2013E CFPS estimate and apply additional attributable value to B2Golds development and exploration assets. In our view a 10x P/2013E CFPS multiple adequately captures the value of B2Golds Nicaraguan production base and production growth opportunity presented by acquiring the Masbate mine in the Philippines. We recognize the aggressive production growth opportunity offered by the companys flagship La Libertad mine and managements stellar track record in delivering value by (1) growing production, (2) maintaining a hold in operating costs, and (3) delivering on annual production and cost guidance. We await management cost and production guidance for Masbate, and estimate Masbates cash flow contribution assuming steady-state 2Q12 production and cost assumptions. A 10.0x P/2013E CFPS multiple compares to our covered producer peer group P/2013E CFPS average of 9.9x (ranging from 3.9x to 16.3x) and a target price CFPS average of 11.6x (ranging from 3.8x to 19.9x) (See Appendix D for Comps). We value Otjikoto (C$133 million or C$0.20/share) using a discounted cash flow (DCF) analysis, discounted at a rate of 5%, which we believe is reasonable, relative to the price that was paid for an 92% interest in the project ($97 million = purchase price of ~$115 million less cash acquired with Auryx Gold of ~$18 million). Confirmation of Otjikotos economics (feasibility anticipated in 4Q12) will prompt re-visiting our NAV valuation. Our valuation equates to ~$104 / attributable in-situ resource ounce for Otjikoto. We apply a resource credit of C$70 / attributable in-situ resource ounce (our long-term gold price of $1,200 x ~6% x 1.9 million ounces) to justify a C$133 million or C$0.20/share valuation for B2Golds 49% interest in the Gramalote project and await a prefeasibility statement (2H12) to affirm the economic potential offered by the Gramalote project. Lastly, we apply an exploration credit of C$65 million (based on 3x this years $18 million non-core exploration expenditures) or C$0.10/share to recognize value offered by B2Golds property portfolio outside of its mines and development stage projects. A 2012 exploration budget of $18 million and an ongoing estimate of $20 million a year amply justify this credit, in our view. Exhibit 22: B2Gold Valuation Summary
Cash Flow CFPS (C$) Target Multiple Value Per Share 2011A $0.32 2012E $0.27 2013E $0.50 10.0x $5.01
P/CFPS (x)
Exhibit 23: B2Gold P/CFPS and TP/CFPS vs. Peer Group

2.5 20.0x 2 15.0x 1.5 10.0x 1 5.0x
Prod'n Growth 2012-2015E (%)
Development and Exploration Credits (C$) Asset Value (C$mlns) Otjikoto (DCF 5%) $133 Gramalote ($/oz) $133 Other Exploration Assets $65 Total Exploration $331 Target Price Return to Target Implied Market P/CFPS Implied Target P/CFPS Adjusted Fully Diluted Shares (mlns)
Per Share $0.20 $0.20 $0.10 $0.49 $5.50
0.5
AEM
GSC
ASR
BTO
AGI
OSK
EDV
7.9x 11.0x 672.4
2013E P/CFPS
Target P/CFPS
% Prod'n Growth (2012-2015E)
*Note - Production Growth % are RJL Estimates, for EDV and BTO, we assume pending transactions will close, resulting in increased produciton.

ELD
YRI
40%
0.0x
Canada Research | Page 18 of 35 Based on a NAV metric, Raymond James Ltd. estimates a NAV for B2Golds Nicaraguan operations (La Libertad and El Limon) of $883 million or $1.32/share, a NAV for CGAs Masbate Project of $947 million or $1.41/share which when added to our valuation for B2Golds share in Otjikoto ($133 million or $0.20/share), Gramalote ($133 million or $0.20/share) and an exploration credit ($65 million or $0.10/share) implies a total project NAV of $2,161 million or $3.21/share. In addition, we include a corporate adjustment (including adjustments for CGA Minings working capital and long-term debt) of $408 million or $0.62/share which justifies a total NAV of $2.57 billion or $3.82/share. The market implied P/NAV multiple is 1.0x which compares with our covered producer peer P/NAV average of 1.2x (ranging from 0.7x to 1.6x). Our target price of C$5.50 implies a target P/NAV multiple of 1.44x which compares to our covered producer peer average of 1.3x (ranging from 1.1x to 1.6x). Exhibit 24: B2Gold NAV Summary
NAV Summary Project Masbate (DCF 5%) Libertad (DCF 5%) Limon (DCF 5%) Otjikoto (DCF 5%) Gramalote ($/oz) Other Assets Project Total Corporate NAV Working Capital Additional Capital LT Liabilities Total Corporate Net Asset Value Implied Market P/NAV Implied Target P/NAV Adjusted Fully Diluted Shares (mlns) C$ 000 $947,149 $796,917 $86,162 $133,145 $133,151 $65,000 $2,161,523 C$/fd $1.41 $1.19 $0.13 $0.20 $0.20 $0.10 $3.21 % NAV 37% 31% 3% 5% 5% 3% 84%
B2Gold Corp.
Exhibit 25: B2Gold P/NAV and TP/NAV vs. Peer Group

1.8x 1.6x 1.4x
P/NAV (x)
250%
200%
1.2x 150% 1.0x 0.8x
$376,220 $56,388 ($16,266) $416,342 $2,577,865
$0.56 $0.08 ($0.02) $0.62 $3.83 1.04x 1.43x 672.4
15% 2% -1% 16% 100%
100% 0.6x 0.4x 0.2x 0.0x

EDV ASR YRI AEM BTO AGI GSC OSK ELD
50%
0%
Current P/NAV
Target P/NAV
% Prod'n Growth (2012-2015E)
*Note - Production Growth % are RJL Estimates, for EDV and BTO, we assume pending transactions will close, resulting in increased produciton.
Source: Capital IQ. Raymond James Ltd.
Prod'n Growth 2012-2015E (%)
B2Gold Corp.
Corporate Structure
B2Golds shares trade on the Toronto Stock Exchange under the symbol BTO. There are approximately 397.2 million shares outstanding, and 417.8 million fully diluted shares. We calculate a pro-forma capital structure (assuming a successful merger of B2Gold and CGA Mining) of 651 million shares outstanding and 672 million fully diluted shares. Exhibit 26: Capital Structure Breakdown (Pro-forma)
Security Number (000's) Exercis e Price Value (C$ 000's) Years to Expiration Expiration Date Total (000's) 651,832 2.1 2.5 3.4 4.5 3.2 1-Aug-14 25-Dec-14 4-Nov-15 17-Dec-16 11-Sep-15 20,084 0.08 1-Nov-12 516 672,432 $3.94 $2,649,380 $54,064 $157,010 $2,546,435
Issued and Outstanding (Pro Forma-Including CGA Merger) Options 712 0.80 570 1,368 1.50 2,052 5,496 2.42 13,300 12,434 3.14 39,043 74 4.00 296 Total Options Warrants $20,084 516 $2.75 4,340 $55,261 2,238 $2,238
Total Warrants $516 $4.34 Fully Diluted (000's) Share Price (Sep-27-2012) Total Capitalization (f.d.) Total Debt Cash and Equivalents (Jun-3-2012) Enterprise Value (f.d.)
Source: B2Gold Corp., Raymond James Ltd. A list of the major shareholders of B2Gold is shown in Exhibit 27. Management, directors and insiders collectively own approximately 8.3% of the shares outstanding. Exhibit 27: B2Gold Ownership Breakdown
Ownership Summary
Management. Directors and Other Insiders Johnson, Clive T. Garagan, Tom Corra, Mark Anthony Richer, Roger Thomas Stansbury, Dennis Robert Total Management & Insiders Institutional Ownership Fidelity Investments Resolute Funds Ltd. Van Eck Associates Corporation Sentry Select Capital Corp. BlackRock, Inc. RBC Global Asset Management Inc. Canada Pension Plan Investment Board Total Institutional Investors Total Management + Institutional Investors Total Shares Outstanding Total Fully Diluted Shares 43,891,842 33,800,000 23,452,746 19,569,900 18,815,681 17,941,580 7,759,000 243,112,041 275,549,053 397,200,000 417,799,775 11.2 8.6 6.0 5.0 4.8 4.6 2.0 61.9 69.4% 100.0%
Institutional Investors 61.9%
Shares Owned
7,716,820 4,829,832 4,823,582 4,569,832 3,949,132 32,437,012
%
1.97 1.23 1.23 1.16 1.01 8.26
Other 29.8%
Management and Insiders 8.3%
Source: Capital IQ, Raymond James Ltd.
Canada Research | Page 20 of 35 A list of the major shareholders of CGA Mining is shown in Exhibit 28. Management, directors, and insiders collectively own approximately 2.3% of the shares outstanding.
B2Gold Corp.
Exhibit 28: CGA Mining Ownership Breakdown

Ownership Summary
Management. Directors and Other Insiders Savage, Mark Stuart Chase, Jim Magee, Justine Alexandria Cruse, David A. Carrick, Michael Joseph Total Management & Insiders Institutional Ownership Franklin Resources Inc. Deans Knight Capital Management Ltd. Van Eck Associates Corporation Royce & Associates, LLC Mackenzie Financial Corporation Amg Analysen & Anlagen Ag CIBC Asset Management Inc. RBC Global Asset Management Inc. Total Institutional Investors Total Management + Institutional Investors Total Shares Outstanding Total Fully Diluted Shares 3,973,880 2,379,741 1,100,000 119,600 55,000 7,628,221 1.18 0.70 0.33 0.04 0.02 2.26
Other 51.1%
Shares Owned
%
Management and Insiders 2.3%
34,858,750 25,916,925 24,497,367 6,518,000 6,412,400 4,400,000 4,244,820 4,178,270 157,671,460 165,299,681 337,775,726 342,453,451
10.3 7.7 7.3 1.9 1.9 1.3 1.3 1.2 46.7 48.9%
Institutional Investors 46.7%
Source: Capital IQ, Raymond James Ltd
B2Gold Corp.
Appendix A Management Team

President, CEO: Clive Johnson Former CEO of Bema Gold Corporation. Mr. Johnson was instrumental in Bemas transition from a junior exploration company to an international intermediate gold producer that was sold to Kinross Gold Corporation in 2007. Senior VP Finance and CFO: Mark Corra A Certified Management Accountant with over 25 years of experience in the gold mining industry with companies that include B2Gold, Bema Gold Corporation, and Placer Dome Inc. Senior VP Exploration: Tom Garagan A geologist with over 30 years of experience in the mining sector, instrumental in several discoveries, including the Cerro Casale and Kupol deposits with Bema Gold Corporation. Senior VP Production and Development: Dennis Stansbury A mining engineer with over 30 years of experience in the mining sector with companies that include B2Gold and Bema Gold Corporation. Senior VP Operations: George Johnson A mining engineer with over 40 years of experience in the mining sector with companies that include B2Gold, Bema Gold Corporation, and Hecla Mining Company. VP Investor Relations: Ian MacLean Over 15 years of experience in investor relations with companies that include B2Gold, Bema Gold Corporation, and Nevsun Resources Ltd.
B2Gold Corp.
Appendix B: Financial Statements

Exhibit 29: Income Statement (2010-2013E)
Income Statement (US$ 000's) Revenues Operating Expenses Production Costs Royalties and Production Taxes Cost of Sales Depreciation and Depletion Total Operating Expenses Mine Operating Profit Total Other Expenses Operating Income Non-Operating Income (Expenses) Total Non-Operating Income Earnings (Loss) before Taxes & NCI Taxes Net Income (Loss) Basic EPS (Loss) per share F/D EPS (Loss) per share WA Shares Outstanding Basic Shares Outstanding (000's) F/D Shares Outstanding (000's) EBITDA EBITDA % 2010 127,521 62,762 7,178 69,940 14,305 85,723 41,798 19,300 22,498 2011 225,352 75,229 12,921 88,150 26,175 115,592 109,760 22,825 86,935 2012E 257,604 92,570 11,144 103,713 37,121 141,727 115,877 32,799 83,078 2013E 659,905 236,706 24,241 260,947 68,087 329,035 330,870 22,000 308,870
13,686 36,184 6,694 29,490 0.10 0.09
(6,426) 80,509 24,209 56,300 0.17 0.16
(1,387) 81,691 25,481 56,211 0.14 0.13
(1,887) 306,983 50,069 256,914 0.39 0.38
307,068 313,572 44,988 35%
338,541 344,812 106,073 47%
397,200 418,000 118,812 46%
652,348 672,432 373,183 57%
Source: B2Gold Corp., Raymond James Ltd. Exhibit 30: Balance Sheet (2010-2013E)
BALANCE SHEET (US$ 000's) 2010 Assets Cash & Equiv 70,012 Total Current Assets 101,063 Mining Interests (PP&E and Mineral Properties) 235,735 Other Non-Current Assets 1,056 Total Assets 337,854 Liabilities Current Liabilities Accounts Payable and Accrued Liabilities Total Current Liabilities Asset retirement obligation (ARO) Future tax liability Other Non-Current Liabilities Total Liabilities Shareholders' Equity Share Capital Contributed surplus Retained Earnings Total Shareholders Equity Total Liabilities & Shareholders Equity 2011 102,292 149,508 412,537 996 563,041 2012E 66,854 117,375 512,566 4,287 634,229 2013E 339,235 452,214 777,345 4,287 1,381,845
15,003 16,494 13,578 16,367 2,776 49,215 300,985 20,143 (32,489) 288,639 337,854
28,864 30,321 26,731 26,638 4,017 87,707 435,048 22,712 13,631 471,391 563,041
19,644 21,092 24,106 31,780 4,487 81,465 451,893 27,133 69,842 548,868 634,229
41,443 83,518 24,106 37,275 4,487 166,575 749,860 31,133 430,381 1,211,375 1,381,845
B2Gold Corp. Exhibit 31: Cash Flow Statement (2010-2013E)

Cash Flow Statement (US$ 000's) Operating Activities Net Income Add:Non-Cash items: Depreciation & Depletion Deferred income tax expense Stock based comp. Operating CF before changes in WC Net change in non-cash WC Cash flow from Operations CFO/diluted share CFO/ diluted share (Excluding WC) Investing Activities Capital Expenditures Exploration Cash flow from Investing Financing Activities Issuance of common shares Debt Issued Debt Repaid Cash flow from Financing Net Change in Cash Cash, BOP Cash, EOP Free Cash Flow Free Cash Flow FCF/Diluted Share 2010 29,490 14,305 4,454 1,943 35,849 (1,523) 34,326 0.11 0.11 2011 56,300 26,175 17,917 6,190 108,930 (6,583) 102,347 0.30 0.32 2012E 56,211 37,121 5,142 12,803 109,651 (9,142) 100,509 0.24 0.26 2013E 256,914 68,087 0 4,000 329,001 (32) 328,969 0.49 0.49
(28,346) (13,882) (9,895)
(71,606) (22,436) (77,688)
(80,867) (63,853) (145,326)
(113,000) (28,000) (141,000)
57,116 7,500 (21,959) 42,657 67,088 2,924 70,012
7,943 0 (322) 7,621 32,280 70,012 102,292
9,451 0 (73) 9,378 (35,438) 102,292 66,854
0 0 (25,375) (25,375) 162,595 66,854 229,448
26,621 0.08
32,709 0.09
(35,069) (0.08)
188,001 0.28
B2Gold Corp.
Appendix C: Corporate Tear-sheet

B2Gold Corp
Rating: 6-12 Mth Target Projected Return:
OUTPERFORM 2 Share Price: NAV YR-END: $3.94 $2,578 31-Dec Reporting Currency: Management Johnson, Clive T. (CEO) Garagan, Tom (VP Exp) Corra, Mark Anthony Market Statistics Share Price 52 Week High/Low Market Cap. (mln) Enterprise Value (mln) US % Ownership 2.0 1.2 1.2 RAYMOND JAMES RESEARCH Analyst: Chris Thompson 604 659 8282 Associate: Brian Martin 604 654 1236 28-Sep-12 Instiutitonal Shareholders % Ownership Fidelity Investments 11.2 Resolute Funds Ltd. 8.6 Van Eck Associates Corp. 6.0
C$ 5.50 40%
Investment Thesis B2Gold is an emerging mid-tier gold producer with a robust growth profile from existing operations, a development stage project pipeline, an attractive portfolio of exploration project joint-ventures, a solid balance sheet, and a proven management team Key Attributes: -Growing production near-term (2011: ~145K to 2015E: ~528Koz) and CFPS (2011: $0.32 to 2015E: $0.56) from two producing mines in Nicaragua (La Libertad and El Limon) and one in the Phillipines (Masbate) -Attractive development project pipeline, 92% of Otjikoto (Namibia), 49% of Gramalote with AngloGold Ashanti JV (Colombia) and Bellavista (Costa Rica, on care and maintenance) -High quality management team (ex-Bema Gold) with proven track record -Strong balance sheet,~US$154 mln in cash and equiv, and ~$54 mln in debt as of June 30 2012 (pro-forma) -Self-funded (Nicaragua and Namibia) growth agenda, both organic and through acquisition -Attractive portfolio of exploration project joint-ventures in Nicaragua and Uruguay Key Concerns -Development Risk -Cost Inflation -Gold Price Risk -Political Risk -Operational / Labour Risk Reserves & Resources Profile (Attributable) - Pro-forma w/ Masbate (As of Dec-31-11) Project Category Tonnes ('000) Au (g/t) Au ('000 oz) Reserves Libertad Limon Masbate Total Libertad Limon Masbate Otjikoto (92%) Gramalote (49%) Global Total Operating Summary 2011 Production - Au (k oz) - 100% basis Libertad 100 Limon 45 Masbate 0 Otjikoto 0 Total - Au (k oz) 145 Op. Cash Costs ($/oz) Libertad 460 Limon 678 Masbate 0 Otjikoto 0 528
600 500 400 300 200 100 0
C$ 3.94 4.55-2.64 $2,649 $2,572
Shares Basic (mln) Shares Fully Diluted (mln) Adj. Shares used in NAV calc (mln) Avg Daily Volume:
651.8 672.4 672.4 2,208
P&P P&P P&P
11,265 1,561 118,600 131,426 12,149 2,146 314,499 22,939 94,470 577,629 2013E 139 51 213 0 403 383 645 707 0 588
1.63 4.72 0.83 0.94 2.40 4.80 0.79 1.74 0.63 0.88 2014E 167 47 221 0 435 327 712 643 0 529
589 237 3,165 3,991 939 331 7,947 1,283 1,902 16,393 2015E 167 49 211 110 528 327 753 673 665 571
2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0
Financial Metrics Cash & Equiv. (mlns) Working capital (mlns) Current ratio (x) LT Debt (mlns) Common Equity (mln's) Price/book (x) ROE CFO (US$mln) CFI (US$mln) FCF (US$mln)
2011 102 119 4.9x 471 2.8x 12% 102.3 (77.7) 32.7
2012E 67 96 5.6x 549 2.9x 10% 100.5 (145.3) (35.1)
2013E 339 369 5.4x 16 1,211 2.1x 21% 329.0 (141.0) 188.0
2014E 589 621 8.5x 10 1,541 1.7x 21% 397.4 (144.6) 255.9
2015E 888 929 11.0x 3 1,843 1.4x 15% 364.4 (72.3) 301.3
Resources M&I +Inf. M&I +Inf. M&I +Inf. M&I +Inf. M&I +Inf.
2012E 105 49 0 0 153 544 709 0 0 596
Earnings/Cash Flow RJ Gold Forecast US$/oz Revenue ($mln) Corporate EBITDA ($mln) EBITDA margin (%) EV/EBITDA (x) Corporate EBIT ($mln) Net earnings ($mln) EPS (US$) P/E (x) CFPS (US$) P/CF (x) Capex ($mln)
2011 1,571 225.4 106.1 47% 24.2 80.5 56.3 0.17 23.7x 0.32 12.5x (72)
2012E 1,660 257.6 118.8 46% 21.6 81.7 56.2 0.14 27.8x 0.26 15.0x (81)
2013E 1,760 659.9 373.2 57% 6.9 307.0 256.9 0.39 10.0x 0.49 8.1x (113)
2014E 1,700 732.2 451.9 62% 5.7 379.5 323.2 0.49 8.0x 0.60 6.6x (117)
2015E 1,500 786.4 434.6 55% 5.9 349.8 284.3 0.43 9.1x 0.56 7.1x (44)
Valuation (C$) Cash Flow CFPS (C$) Target Multiple Value Per Share
2011A $0.32
2012E $0.27
2013E $0.50 10.0x $5.01 Per Share $0.20 $0.20 $0.10 $0.49 $5.50 40%
2014E $0.61
2015E $0.57
Development and Exploration Credits Otjikoto (DCF 5%) Gramalote ($/oz) Other Exploration Assets Total Exploration Target Price Projected Return to Target
Value (C$mlns) $133 $133 $65 $331
2011
Otjikoto Prod'n (k oz's) Libertad Prod'n (k oz's)
2012E
2013E
Masbate Prod'n (k oz's) Op. Cash Costs ($/oz)
2014E
2015E
Limon Prod'n (k oz's) RJ Gold Forecast US$/oz
Valuation Measures Price/ 2013E CFPS Price/ NAV
Target Multiple 10.0x 1.0x
Current Multiple 7.9x 1.4x
RJL Covered Gold's P/CFPS Multiples (2013E)

250% 20.0x 200%
P/CFPS (x) Prod'n Growth 2012-2015E (%)
Valuation Summary (100%) = $5.50/share

91%
CFPS $5.01 /share Otjikoto (DCF 5%) $0.20 /share
15.0x 150% 10.0x 100% 50% 0%

ASR BTO AEM GSC OSK AGI EDV ELD YRI
3% 4% 2%
Gramalote ($/oz) $0.20 /share Other Exploration Assets $0.10 /share
5.0x
0.0x
Current P/CFPS
Target P/CFPS
Attrib % Prod'n Growth (2012-2015E)
Note: % Attrib Production Growth is RJL Estimates, for EDV and BTO, assume pending transactions close

B2Gold Corp.
Appendix D: Industry Comparables

Primary Ticker RJL Covered Gold Producers (1) Agnico-Eagle Alacer Gold Alamos Gold Eldorado Gold Endeavour Mining Golden Star Osisko Yamana Gold Group Average B2Gold Corp Comparable Producers New Gold, Inc. San Gold Corporation Semafo, Inc. Aurizon Mines Ltd. AuRico Gold Inc. Brigus Gold Corp Group Average TSX:NGD TSX:SGR TSX:SMF TSX:ARZ TSX:AUQ TSX:BRD C$12.05 C$1.07 C$4.49 C$6.06 C$5.16 C$6.91 C$0.97 na na na na na na na na na na na na na na 462.0 325.3 273.2 188.9 164.4 281.9 217.3 5,567 348 1,227 1,145 848 1,948 211 154 (21) (148) (12) (209) 231 44 5,721 327 1,078 1,132 640 2,178 255 0.66 0.16 0.57 0.25 0.54 0.50 0.21 1.14 0.26 0.70 0.53 0.62 1.02 0.31 18.3x 6.9x 7.9x 24.3x 9.5x 13.9x 4.7x 12.2x 10.6x 4.0x 6.4x 11.6x 8.3x 6.8x 3.1x 7.3x na na na na na na na na na na na na na na na na na na na na na na na na na na na na TSX:BTO C$3.94 $5.50 OP2 397.2 1,565 (77) 1,488 0.27 0.50 TSX:AEM TSX:ASR TSX:AGI TSX:ELD TSX:EDV TSX:GSC TSX:OSK TSX:YRI C$51.00 C$7.26 C$19.11 C$14.99 C$2.22 C$1.97 C$9.74 C$18.78 $50.00 $7.50 $24.50 $18.50 $3.80 $1.95 $11.00 $22.00 MP3 MP3 OP2 OP2 OP2 MP3 MP3 OP2 170.3 287.9 119.9 713.0 406.6 258.9 387.3 746.5 8,684 2,090 2,290 10,688 903 510 3,772 14,019 541 (200) (236) (327) (15) (18) 233 67 9,357 1,890 2,089 10,523 901 499 4,005 14,299 3.55 0.91 1.44 0.60 0.38 0.44 0.50 1.45 3.71 0.87 1.66 0.93 0.33 0.51 1.13 2.02 14.6x 8.0x 13.5x 25.2x 6.0x 4.6x 19.7x 13.2x 13.1x 14.7x 13.9x 8.3x 11.7x 16.3x 6.9x 3.9x 8.6x 9.4x 9.9x 7.9x $3.83 $32.84 $6.32 $19.40 $13.22 $3.20 $1.81 $8.23 $13.60 1.6x 1.1x 1.0x 1.2x 0.7x 1.1x 1.2x 1.4x 1.2x 1.0x 13.5x 8.6x 14.7x 19.9x 11.6x 3.8x 9.7x 10.9x 11.6x 11.0x 1.5x 1.2x 1.3x 1.4x 1.2x 1.1x 1.3x 1.6x 1.3x 1.4x Share Price Target (2) Stock Basic S/O Mkt Cap Net Debt Price Rating (mln) ($mln) ($mln) EV ($mln) CFPS 1 2012E 2013E P/CF 2012E Target Target P/NAV 2013E NAVPS (1) P/NAV P/CFPS
Medusa Mining Limited ASX:MML
(1) (2)
CFPS/EPS and NAVPS estimates are RJL Estimates for all RJL Covered Gold Producers, all other estimates are Capital IQ or Thomson One Concensus estimates.
Target Prices are all RJL estimates P/E and P/CF ratio's greater than 30 deemed "n.m." n.a. = estimates not available
Source: Capital IQ, Thomson One, Company Reports, Raymond James Ltd.
B2Gold Corp.
Appendix E: Company History and Share Price

B2Gold Share Price History and Gold Price
B2Gold Corp - Key Events
$5.00 $4.50 $4.00 $3.50 Gold Price (US$/oz) BTO Share Price Key Events 2000 1800
19 16 15 17 11 8 10 12 2 4 3 5 6 7 9 13 14 18 20 22
21 23
1600 1400 1200 1000 800 600 400 200 0
Share Price (C$)
$3.00 $2.50 $2.00 $1.50 $1.00 $0.50
1
$0.00
Event 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
Date 27-Jan-09 9-Feb-09 26-Mar-09 9-Apr-09 22-Jul-09 4-Nov-09 16-Nov-09 5-Jan-10 18-Feb-10 3-Mar-10 21-Jun-10 22-Jul-10 12-Aug-10 24-Jan-11 31-Mar-11 8-Jun-11 21-Jun-11 11-Oct-11 1-Dec-11 23-Jan-12 5-Apr-12 24-Apr-12 19-Sep-12
Jan-09 Jan-09 Mar-09 Apr-09 May-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12
Event Description B2Gold proposes a business combination with Central Sun Mining which includes the Limon and Libertad gold mines in Nicaragua B2Gold and Central Sun Mining sign definitive agreements Central Sun shareholders approve business combination with B2Gold B2Gold provides corporate update and gold production, cash costs and development programs for the remainder of 2009 B2Gold completes $25 mln bought deal equity financing B2Gold announces illegal strike and shutdown at Limon mine, provides corporate update at Libertad Mine, and signs $20 mln credit facility Limon Mine labour dispute is resolved and mine re-commences operations B2Gold announces gold and silver production start-up at Libertad Mine, first dore bar produced B2Gold completes $32 mln common share offering B2Gold provides corporate update and gold production, cash costs and development programs for the remainder of 2010 B2Gold announces additional positive exploration results at both Libertad and Limon, including drill results at Jabali B2Gold sells interest in Kupol East and West Licenses in Russia to Kinross Gold B2Gold and AngloGold reach agreement to recommence exploration and feasibility work at Gramalote, Colombia B2Gold reports fourth quarter production and guidance for 2011 production and exploration plans/budgets. B2Gold annouces record 4th quarter and 2010 financial results, reserve and resource update and new large high grade resource at Jabali B2Gold announces exploration work and drill results from Libertad, increasing size of the Jabali and Mojon zones B2Gold reports heavy rains and flooding at Limon, resulting in temporary operations shutdown B2Gold and Auryx Gold sign agreement for proposed business combination, including 92% in Otjikoto (Namibia) development project B2Gold announces exploration results at Libertad, increasing size of Jabali and Mojon West Deposits B2Gold reports fourth quarter production and guidance for 2012 production and exploration plans/budgets. B2Gold announces updates resources for Jabali, and Otjikoto project in Namibia B2Gold announces updated resource calculation for Gramalote Gold property in Colombia B2Gold announces merger with CGA Mining (TSX:CGA)
Gold Price (US$/oz)
B2Gold Corp. Company Citations Company Name Agnico-Eagle Mines Alacer Gold Corp Alamos Gold Inc. AngloGold Ashanti Ltd. AuRico Gold Inc. Aurizon Mines Ltd. Auryx Gold Corp. Batero Gold Corp. BlackRock, Inc. Brigus Gold Corp Calibre Mining Corp. Canadian Imperial Bank of Commerce CGA Mining Ltd. Eldorado Gold Corp. Endeavour Mining Corp. Fidelity National Financial, Inc. Golden Star Resources Hecla Mining Company Kinross Gold Corp. Medusa Mining Ltd Nevsun Resources Ltd. New Gold, Inc. Osisko Mining Corp. Radius Gold, Inc. Royal Bank of Canada San Gold Corp. Semafo Inc. Yamana Gold Inc.
Ticker AEM ASR AGI AU AUQ ARZ AYX BAT BLK BRD CXB CM CGA EGO EDV FNF GSS HL KGC MML NSU NGD OSK RDU RY SGR SMF AUY
Exchange NYSE TSX TSX NYSE TSX TSX TSX TSXV NYSE TSX TSXV TSX TSX NYSE TSX NYSE AMEX NYSE NYSE ASX TSX TSX TSX TSXV TSX TSX TSX NYSE
Currency US$ C$ C$ US$ C$ C$
Closing Price 51.88 7.26 19.11 9.08 5.16 0.48
C$ US$ C$ US$
2.80 15.24 2.22 1.97
C$
9.74
C$ US$
1.07 19.11
RJ Rating 3 3 2 NC NC UR NC 2 NC NC NC NC UR 2 2 NC 3 NC NC NC NC NC 3 NC NC UR NC 2
RJ Entity RJ LTD. RJ LTD. RJ LTD.
RJ LTD. RJ LTD.
RJ LTD. RJ LTD. RJ LTD. RJ LTD.
RJ LTD.
RJ LTD. RJ LTD.
Notes: Prices are as of the most recent close on the indicated exchange and may not be in US$. See Disclosure section for rating definitions. Stocks that do not trade on a U.S. national exchange may not be approved for sale in all U.S. states. NC=not covered.
B2Gold Corp.
Important Investor Disclosures

Raymond James & Associates (RJA) is a FINRA member firm and is responsible for the preparation and distribution of research created in the United States. Raymond James & Associates is located at The Raymond James Financial Center, 880 Carillon Parkway, St. Petersburg, FL 33716, (727) 567-1000. Non-U.S. affiliates, which are not FINRA member firms, include the following entities which are responsible for the creation and distribution of research in their respective areas; In Canada, Raymond James Ltd., Suite 2100, 925 West Georgia Street, Vancouver, BC V6C 3L2, (604) 659-8200; In Latin America, Raymond James Latin America, Ruta 8, km 17, 500, 91600 Montevideo, Uruguay, 00598 2 518 2033; In Europe, Raymond James Euro Equities, SAS, 40, rue La Boetie, 75008, Paris, France, +33 1 45 61 64 90. This document is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. The securities discussed in this document may not be eligible for sale in some jurisdictions. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation nor does it take into account the particular investment objectives, financial situations, or needs of individual clients. Information in this report should not be construed as advice designed to meet the individual objectives of any particular investor. Investors should consider this report as only a single factor in making their investment decision. Consultation with your investment advisor is recommended. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. The information provided is as of the date above and subject to change, and it should not be deemed a recommendation to buy or sell any security. Certain information has been obtained from third-party sources we consider reliable, but we do not guarantee that such information is accurate or complete. Persons within the Raymond James family of companies may have information that is not available to the contributors of the information contained in this publication. Raymond James, including affiliates and employees, may execute transactions in the securities listed in this publication that may not be consistent with the ratings appearing in this publication. With respect to materials prepared by Raymond James Ltd. (RJL), all expressions of opinion reflect the judgment of the Research Department of RJL, or its affiliates, at this date and are subject to change. RJL may perform investment banking or other services for, or solicit investment banking business from, any company mentioned in this document. All Raymond James Ltd. research reports are distributed electronically and are available to clients at the same time via the firms website (http://www.raymondjames.ca). Immediately upon being posted to the firms website, the research reports are then distributed electronically to clients via email upon request and to clients with access to Bloomberg (home page: RJLC), Capital IQ and Thomson Reuters. Selected research reports are also printed and mailed at the same time to clients upon request. Requests for Raymond James Ltd. research may be made by contacting the Raymond James Product Group during market hours at (604) 659-8000. In the event that this is a compendium report (i.e., covers 6 or more subject companies), Raymond James Ltd. may choose to provide specific disclosures for the subject companies by reference. To access these disclosures, clients should refer to: http://www.raymondjames.ca (click on Equity Capital Markets / Equity Research / Research Disclosures) or call toll-free at 1-800-667-2899.
Analyst Information
Analyst Compensation: Equity research analysts and associates at Raymond James are compensated on a salary and bonus system. Several factors enter into the compensation determination for an analyst, including i) research quality and overall productivity, including success in rating stocks on an absolute basis and relative to the local exchange composite Index and/or a sector index, ii) recognition from institutional investors, iii) support effectiveness to the institutional and retail sales forces and traders, iv) commissions generated in stocks under coverage that are attributable to the analysts efforts, v) net revenues of the overall Equity Capital Markets Group, and vi) compensation levels for analysts at competing investment dealers. Analyst Stock Holdings: Effective September 2002, Raymond James equity research analysts and associates or members of their households are forbidden from investing in securities of companies covered by them. Analysts and associates are
B2Gold Corp.
permitted to hold long positions in the securities of companies they cover which were in place prior to September 2002 but are only permitted to sell those positions five days after the rating has been lowered to Underperform. The views expressed in this report accurately reflect the personal views of the analyst(s) covering the subject securities. No part of said person's compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research report. In addition, said analyst has not received compensation from any subject company in the last 12 months.
Ratings and Definitions

Raymond James Ltd. (Canada) definitions Strong Buy (SB1) The stock is expected to appreciate and produce a total return of at least 15% and outperform the S&P/TSX Composite Index over the next six months. Outperform (MO2) The stock is expected to appreciate and outperform the S&P/TSX Composite Index over the next twelve months. Market Perform (MP3) The stock is expected to perform generally in line with the S&P/TSX Composite Index over the next twelve months and is potentially a source of funds for more highly rated securities. Underperform (MU4) The stock is expected to underperform the S&P/TSX Composite Index or its sector over the next six to twelve months and should be sold. Raymond James & Associates (U.S.) definitions Strong Buy (SB1) Expected to appreciate, produce a total return of at least 15%, and outperform the S&P 500 over the next six to 12 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, a total return of at least 15% is expected to be realized over the next 12 months. Outperform (MO2) Expected to appreciate and outperform the S&P 500 over the next 12-18 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, an Outperform rating is used for securities where we are comfortable with the relative safety of the dividend and expect a total return modestly exceeding the dividend yield over the next 12-18 months. Market Perform (MP3) Expected to perform generally in line with the S&P 500 over the next 12 months. Underperform (MU4) Expected to underperform the S&P 500 or its sector over the next six to 12 months and should be sold. Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon. Raymond James Latin American rating definitions Strong Buy (SB1) Expected to appreciate and produce a total return of at least 25.0% over the next twelve months. Outperform (MO2) Expected to appreciate and produce a total return of between 15.0% and 25.0% over the next twelve months. Market Perform (MP3) Expected to perform in line with the underlying country index. Underperform (MU4) Expected to underperform the underlying country index. Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon. Raymond James Euro Equities, SAS rating definitions Strong Buy (1) Expected to appreciate, produce a total return of at least 15%, and outperform the Stoxx 600 over the next 6 to 12 months. Outperform (2) Expected to appreciate and outperform the Stoxx 600 over the next 12 months. Market Perform (3) Expected to perform generally in line with the Stoxx 600 over the next 12 months. Underperform (4) Expected to underperform the Stoxx 600 or its sector over the next 6 to 12 months. Suspended (S) The rating and target price have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and target price are no longer in effect for this security and should not be relied upon.
In transacting in any security, investors should be aware that other securities in the Raymond James research coverage universe might carry a higher or lower rating. Investors should feel free to contact their Financial Advisor to discuss the merits of other available investments.
Canada Research | Page 30 of 35 Suitability Categories (SR)
B2Gold Corp.
For stocks rated by Raymond James & Associates only, the following Suitability Categories provide an assessment of potential risk factors for investors. Suitability ratings are not assigned to stocks rated Underperform (Sell). Projected 12month price targets are assigned only to stocks rated Strong Buy or Outperform. Total Return (TR) Lower risk equities possessing dividend yields above that of the S&P 500 and greater stability of principal. Growth (G) Low to average risk equities with sound financials, more consistent earnings growth, at least a small dividend, and the potential for long-term price appreciation. Aggressive Growth (AG) Medium or higher risk equities of companies in fast growing and competitive industries, with less predictable earnings and acceptable, but possibly more leveraged balance sheets. High Risk (HR) Companies with less predictable earnings (or losses), rapidly changing market dynamics, financial and competitive issues, higher price volatility (beta), and risk of principal. Venture Risk (VR) Companies with a short or unprofitable operating history, limited or less predictable revenues, very high risk associated with success, and a substantial risk of principal.
Rating Distributions
Coverage Universe Rating Distribution RJL Strong Buy and Outperform (Buy) Market Perform (Hold) Underperform (Sell) 64% 34% 3% RJA 52% 40% 8% RJ LatAm 29% 62% 9% RJEE 52% 34% 14% Investment Banking Distribution RJL 37% 19% 50% RJA 17% 7% 0% RJ LatAm 0% 2% 0% RJEE 0% 0% 0%
Raymond James Relationship Disclosures

Raymond James Ltd. or its affiliates expects to receive or intends to seek compensation for investment banking services from all companies under research coverage within the next three months. Company Name Agnico-Eagle Mines Disclosure Raymond James Ltd - the analyst and/or associate has viewed the material operations of Agnico-Eagle Mines. Raymond James Ltd - within the last 12 months, Agnico-Eagle Mines has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. Alacer Gold Corp Raymond James Ltd - the analyst and/or associate has viewed the material operations of Alacer Gold Corp. Raymond James Ltd - within the last 12 months, Alacer Gold Corp has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. Alamos Gold Inc. Raymond James Ltd - the analyst and/or associate has viewed the material operations of Alamos Gold Inc. Raymond James Ltd - within the last 12 months, Alamos Gold Inc. has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to Alamos Gold Inc. Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to Alamos Gold Inc.
B2Gold Corp. Company Name Aurizon Mines Ltd. Disclosure
Raymond James Ltd - within the last 12 months, Aurizon Mines Ltd. has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to Aurizon Mines Ltd. Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to Aurizon Mines Ltd.
B2Gold Corp.
Raymond James Ltd - the analyst and/or associate has viewed the material operations of B2Gold Corp. Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to B2Gold Corp. Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to B2Gold Corp.
Batero Gold Corp.
Raymond James Ltd - the analyst and/or associate has viewed the material operations of Batero Gold Corp. Raymond James Ltd - within the last 12 months, Batero Gold Corp. has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. Raymond James Ltd. has managed or co-managed a public offering of securities within the last 12 months with respect to Batero Gold Corp. Raymond James Ltd. has provided investment banking services within the last 12 months with respect to Batero Gold Corp. Raymond James Ltd. has received compensation for investment banking services within the last 12 months with respect to Batero Gold Corp.
BlackRock, Inc. CGA Mining Ltd.
Raymond James & Associates co-managed a secondary offering of BLK shares within the past 12 months. Raymond James Ltd - within the last 12 months, CGA Mining Ltd. has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. Raymond James Ltd - the analyst and/or associate has viewed the material operations of Eldorado Gold Corp. Raymond James Ltd - within the last 12 months, Eldorado Gold Corp. has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. Ross Cory who is an employee of Raymond James Ltd. or its affiliates serves as a director of Eldorado Gold Corp.
Eldorado Gold Corp.
Endeavour Mining Corp. Golden Star Resources
Raymond James Ltd - the analyst and/or associate has viewed the material operations of Endeavour Mining Corp. Raymond James Ltd - the analyst and/or associate has viewed the material operations of Golden Star Resources. Raymond James Ltd. makes a market in the securities of Golden Star Resources. Raymond James Ltd - the analyst and/or associate has viewed the material operations of Osisko Mining Corp. Raymond James Ltd - within the last 12 months, Osisko Mining Corp. has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate.
Osisko Mining Corp.
Canada Research | Page 32 of 35 Company Name Yamana Gold Inc. Disclosure
B2Gold Corp.
Raymond James Ltd - the analyst and/or associate has viewed the material operations of Yamana Gold Inc. Raymond James Ltd - within the last 12 months, Yamana Gold Inc. has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate.
Stock Charts, Target Prices, and Valuation Methodologies

Valuation Methodology: The Raymond James methodology for assigning ratings and target prices includes a number of qualitative and quantitative factors including an assessment of industry size, structure, business trends and overall attractiveness; management effectiveness; competition; visibility; financial condition, and expected total return, among other factors. These factors are subject to change depending on overall economic conditions or industry- or companyspecific occurrences. Target Prices: The information below indicates our target price and rating changes for BTO stock over the past three years.
Update Date Closing Price Target Price 2.30 2.00 1.80 1.60 1.20 Rating UR 2 2 2 2
B2Gold Corp. (BTO) 3 yr. Stock Perform ance

M O2 C$1.20 M O2 C$1.60 4.80 4.50 4.20 3.90 3.60 3.30 3.00 2.70 2.40 2.10 1.80 1.50 1.20 0.90 0.60 0.30 0.00 O ct-01-09 O ct-29-09 O ct-28-10 Feb-18-10 Feb-17-11 O ct-28-11 Feb-18-12 A pr-15-10 A pr-14-11 Mar-18-10 Mar-17-11 May-13-10 May-13-11 Mar-20-12 A pr-18-12 May-16-12 A ug-05-10 S ep-02-10 S ep-30-10 A ug-05-11 S ep-02-11 S ep-30-11 A ug-09-12 S ep-05-12 Nov-26-09 Dec-24-09 Nov-24-10 Dec-23-10 Nov-25-11 Dec-24-11 S ep-20-12 Ju l-08-10 Ju l-08-11 Ja n-21-10 Ju n-10-10 Ja n-20-11 Ju n-10-11 Ja n-21-12 Ju n-12-12 Ju l-11-12 M O2 C$1.80 MO2 C$2.00 UR C$2.30
Security P rice (C$)
Aug-13-10 May-12-10 Mar-04-10 Dec-01-09 Oct-22-09
1.75 1.87 1.33 1.36 0.78
Analyst Recommendations & 12 Month SB1: Strong Buy MO2: MP3: Market Perform MU4: NR : Not Rated R:
Price Objective Outperform Underperform Restricted
D ate: September 27 2012 P rice C overage Suspended R ating C hange Target P rice and R ating C hange Target P rice C hange Split Adjustm ent
Valuation Methodology: We value B2Gold Corp. on a CFPS-multiple basis versus comparable gold producers, with additional credit given for non-cash flowing assets.
Risk Factors
General Risk Factors: Following are some general risk factors that pertain to the projected target prices included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product / service pricing could change and adversely impact expected revenues and earnings; (2) Issues relating to major competitors or market shares or new product expectations could change investor attitudes toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation. Risks - B2Gold Corp. Development Risk. 2013 and 2014 are critical years for B2Gold as it prepares to double existing production by developing its Jabali (La Libertad) and Otjikoto projects as well as execute on its operational / development plans for Masbate. Political Risk. BTOs asset base is located in Nicaragua, Namibia and Colombia. With the successful merger of B2Gold and CGA, this asset base will also include CGAs Masbate operation in the Philippines. Despite Nicaraguas rank as the second poorest country in the Western Hemisphere next to Haiti, the country remains a stable democracy. Whilst mining ranks as the biggest contributor to Namibia's economy in terms of revenue and infrastructure is rated as one of the best in Africa, changes in tax and royalty rates are being considered. An export levy on raw materials, increases in the corporate income
B2Gold Corp.
tax rate and a windfall tax on profits are being considered. Also, whilst the risk of nationalization of mining projects in Namibia are low, uncertainty prompted by last years declaration of uranium, copper, gold, zinc and coal as strategic minerals for exploitation by state-owned Epangelo Mining should be noted. A major mining reform was undertaken last year in the Philippines including a moratorium on new projects. A new executive order detailing the government's policy on mining was signed in July, and is waiting to be implemented. The moratorium on new projects remains and is expected to be lifted when a new law of passed by the Philippines congress giving the government a larger share in resource contracts. Risk of an increase in royalties and a level of revenue-sharing should be noted. Security and geopolitical risks remain a concern in Colombia. Gold Price Risk. A drop in the gold price could cause deterioration in B2Golds ability to fund its development project pipeline, part of which Raymond James estimates will be financed via cash flow. Cost Inflation Risk. Our outlook assumes certain future capital and operating costs for development projects. Although we apply conservative estimates to these assumptions there is a risk that we have understated these costs or that these costs may increase in the future. Operational and Labour Risk. There is a risk that the El Limon, La Libertad and Masbate operations suffer accidents or disruptions to production or development which could impair the value of the assets. Risks of labour disruptions due to strike action, may also impact production and profitability. We also note that Nicaragua and the Philippines are located in active earthquake regions. Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available for Raymond James at rjcapitalmarkets.com/Disclosures/index and for Raymond James Limited at www.raymondjames.ca/researchdisclosures.
International Disclosures
For clients in the United States: Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. There may be limited information available on such securities. Investors who have received this report may be prohibited in certain states or other jurisdictions from purchasing the securities mentioned in this report. Please ask your Financial Advisor for additional details. Raymond James Ltd. is not a U.S. broker-dealer and therefore is not governed by U.S. laws, rules or regulations applicable to U.S. broker-dealers. Consequently, the persons responsible for the content of this publication are not licensed in the U.S. as research analysts in accordance with applicable rules promulgated by the U.S. Self Regulatory Organizations. Any U.S. Institutional Investor wishing to effect trades in any security should contact Raymond James (USA) Ltd., a U.S. broker-dealer affiliate of Raymond James Ltd. For clients in the United Kingdom: For clients of Raymond James & Associates (London Branch) and Raymond James Financial International Limited (RJFI): This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in the FSA rules or persons described in Articles 19(5) (Investment professionals) or 49(2) (High net worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or any other person to whom this promotion may lawfully be directed. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients. For clients of Raymond James Investment Services, Ltd.: This report is for the use of professional investment advisers and managers and is not intended for use by clients. For purposes of the Financial Services Authority requirements, this research report is classified as independent with respect to conflict of interest management. RJA, RJFI, and Raymond James Investment Services, Ltd. are authorised and regulated by the Financial Services Authority in the United Kingdom. For clients in France: This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in Code Montaire et
B2Gold Corp.
Financier and Rglement Gnral de lAutorit des Marchs Financiers. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients. For institutional clients in the European Economic Area (EEA) outside of the United Kingdom: This document (and any attachments or exhibits hereto) is intended only for EEA institutional clients or others to whom it may lawfully be submitted. Proprietary Rights Notice: By accepting a copy of this report, you acknowledge and agree as follows: This report is provided to clients of Raymond James only for your personal, noncommercial use. Except as expressly authorized by Raymond James, you may not copy, reproduce, transmit, sell, display, distribute, publish, broadcast, circulate, modify, disseminate or commercially exploit the information contained in this report, in printed, electronic or any other form, in any manner, without the prior express written consent of Raymond James. You also agree not to use the information provided in this report for any unlawful purpose.
This is RJA client releasable research
This report and its contents are the property of Raymond James and are protected by applicable copyright, trade secret or other intellectual property laws (of the United States and other countries). United States law, 17 U.S.C. Sec.501 et seq, provides for civil and criminal penalties for copyright infringement. Additional information is available upon request. This document may not be reprinted without permission. RJL is a member of the Canadian Investor Protection Fund. 2012 Raymond James Ltd.
B2Gold Corp. EQUITY RESEARCH

HEAD OF EQUITY RESEARCH DARYL SWETLISHOFF, CFA 604.659.8246

RAYMOND JAMES LTD. CANADIAN INSTITUTIONAL EQUITY TEAM WWW.RAYMONDJAMES.CA
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Canada Research

Published by Raymond James Ltd.

October 3, 2012 Company Report - Initiation of Coverage

Mining | Precious Metals - Gold

B2Gold - A Go2 Growth-Focused Golden Opportunity Event

Source: Raymond James Ltd., Thomson One

Canada Research | Page 2 of 35

Canada Research | Page 3 of 35

Canada Research | Page 5 of 35

Canada Research | Page 6 of 35

$460 $678 $528

Source: B2Gold Corp., Raymond James Ltd.

B2Gold Corp. Exhibit 2: Quarterly Production (2009-2Q12)

Cash Op. Cost Realized Gold Price ($US/oz)

1600 1400 1200 1000 800 600

2009-2Q12 Gold Production ( k oz)

0.01 (0.00) (0.00)

El Limon Prod'n (k oz)

El Limon and Libertad Reserves (k oz)

Financial Summary Net Revenue Operating Costs (Total) Operating Profit

US$ mln US$ mln US$ mln

167 57.6 110

232 53.1 179

270 54.5 215

Financial Summary Net Revenue Operating Costs (Total) Operating Profit

US$ mln US$ mln US$ mln

Canada Research | Page 9 of 35

US$ mln US$ mln US$ mln

263 142 116

333 151 175

376 142 226

Source: Raymond James Ltd.

Canada Research | Page 10 of 35 Exhibit 8: Production Growth (2011-2014E)

2011 -2014E Gold Production ( k oz)

450 400 350 300 250 200 150 100 50 0

Cash Op. Cost & RJL Gold Price ($US/oz)

1800 1600 1400 1200 1000 800 600 400

*CFPS decrease due to share issuance from Auryx acquisition

0.60 0.50 0.40

0.32 0.26* 0.30 0.20 0.10

0.00 2011 2012E 2013E 2014E

El Limon Prod'n (k oz)

CFPS (excl WC)//share

Gold Price US$/oz

US$/t mined US$/t mined US$/t mined

$2.05 $11.37 $4.75

Source: B2Gold Corp., Raymond James Ltd.

CFPS (excl WC) US$/ share

Canada Research | Page 11 of 35

2000 1800 1600 1400 1200

2011 -2014E Gold Production ( k oz)

600 400 200

Otjikoto Prod'n (k oz) RJL Gold Price ($/oz)

Gold Price and Op. Cost (US$/oz)

C$/oz (C$ 000) C$/share

Source: B2Gold Corp., Raymond James Ltd.

Canada Research | Page 12 of 35 Exhibit 13: Location- Gramalote Project

Source: B2Gold Corp.

Canada Research | Page 13 of 35

Source: B2Gold Corp., Raymond James Ltd.

Canada Research | Page 15 of 35

Source: B2Gold Corp. Raymond James Ltd.

2000 1800 1600 1200 1000 800 600 400 200 0

Source: Capital IQ. Raymond James Ltd.