COMPANY STATISTICS:

52-week Range: C$2.64 - 4.55

Avg. Daily Vol.: 2,470,575

Market Cap (M): C$2,552

Shares Out (M) basic: 642.8

Shares Out (M) fd: 670.6

LT Debt (M): US$26

Working Capital (M): US$124

EARNINGS SUMMARY:

FYE Dec 2011A 2012E 2013E 2014E

Production 000oz: 145 158 368 400

Total Cash Costs

(US$/oz): 612 655 721 710

P/E: 17.5 19.9 11.9 7.9

CFPS (US$): 0.31 0.30 0.42 0.59

P/CF: 12.9 13.3 9.6 6.8

EPS (US$): Q1 0.05A 0.05A 0.04E 0.13E

Q2 0.06A 0.05A 0.09E 0.13E

Q3 0.05A 0.05A 0.10E 0.13E

Q4 0.07A 0.06E 0.11E 0.13E

Total 0.23 0.20 0.34 0.51

SHARE PRICE PERFORMANCE:

Source: Interactive Data Corporation

COMPANY DESCRIPTION:

B2Gold is a Vancouver-based gold producer led by the

former management team of Bema Gold. The company is

targeting production growth from the Limon and La

Libertad mines in Nicaragua and a pipeline of exploration

projects in Namibia, Nicaragua, Colombia, Costa Rica and

Uruguay.

All amounts in C$ unless otherwise noted.