B2Gold Corp. announced robust results from the Feasibility Study ("FS") and commencement of construction at the Otjikoto gold project in Namibia. Highlights of the Otjikoto Feasibility Study: Open pit gold mine with an initial life of mine ("LOM") of 12 years based on the probable mineral reserves; Average annual gold production for years one to five of 141,000 ounces per year at a $524 operating cash cost per ounce; Average annual gold production LOM of 112,000 ounces per year at an operating cash cost of $689 per ounce; New probable open pit mineral reserves of 29.4 million tonnes at a grade of 1.42 grams per tonne ("g/t") gold containing 1.34 million ounces of gold at a stripping ratio of 5.59:1; Average LOM gold recovery increased to 95.6%; Estimated pre-production capital cost of $244.2 million; Cumulative LOM net cash flow pre-tax of $659 million and after-tax of $413 million; Net present value ("NPV") pre-tax of $402 million and after-tax of $243.4 million at a 5% discount rate generating an after-tax internal rate of return ("IRR") of 23.6%; Plant and supporting infrastructure will be built to support a plant expansion from initial design capacity of 2.5 million tonnes per annum to 3.0 million tonnes per annum with minimal additional capital required; Recent high grade discovery indicates the potential to expand reserves and mill through put capacity which could facilitate an increase in annual gold production; B2Gold Namibia has received all required government permits and licenses for construction; and construction activities have commenced at the Otjikoto project.

The company announced that it has accepted a committed letter of offer from Macquarie Bank for a fully underwritten $150 million secured Facility. Macquarie Bank is the Sole Underwriter and the Facility Agent. The syndicate will include HSBC Securities (USA) Inc. as a Lead Arranger and HSBC Bank USA, National Association has committed to fund $50 million of the Facility. The Facility comprises three tranches of $50 million each for a total of $150 million and replaces the existing $25 million revolving credit facility with Macquarie Bank. Drawdowns are subject to the completion of loan documentation and satisfaction of certain conditions precedent. Drawdowns in excess of $50 million required the completion of a FS for the Otjikoto gold project in Namibia, which has now been completed. The term of the Facility will be for a period of four years with a final repayment date of March 31, 2017 and the Facility has an interest rate of LIBOR plus a margin of 3.5%. The Facility will be used to fund construction and development costs related to the Otjikoto gold project in Namibia and for general corporate purposes.